2023-05-15 21:19:03
The four major U.S. stock indexes closed higher on Monday (15th) as traders continued to assess debt ceiling negotiations and digest economic data.Dow JonesAfter fluctuating within a narrow range near the flat market during the session, it ended with a small red, ending the decline for five consecutive trading days. The S&P 500 andThat fingerperformed well, closing up 0.3% and 0.66% respectively,fee halfIt closed strongly up nearly 2.7 percent.
US President Biden plans to meet with congressional leaders on Tuesday (16th) for a second negotiation on the debt ceiling issue, and the two sides sent mixed signals on the eve of the meeting.
House Speaker Kevin McCarthy (Kevin McCarthy) said earlier that the two sides were far from reaching a conclusion and that the ongoing staff meeting was ineffective. In contrast, Biden said on Sunday (14th) that he was still concerned regarding the Optimistic regarding reaching an agreement.
U.S. Treasury Secretary Yellen reiterated to Congress that if Congress fails to raise or suspend the debt ceiling, causing the Treasury to fail to meet its debt repayment obligations, the United States will default on its debt as soon as June 1. However, she said last Saturday (13th) ) After the G7 finance ministers meeting, the interview pointed out that the debt ceiling related talks are making progress, and it is believed that an agreement may still be reached in the end.
Meanwhile, investors continued to digest economic data. The Federal Reserve Bank of New York announced that the Empire State Business Index plummeted to -31.8 in May, the largest drop since April 2020 and far worse than market expectations.
Upcoming economic data this week includes retail sales, weekly jobless claims and housing market indicators. As the Federal Reserve (Fed) struggles to combat high inflation, slowing economic data has raised expectations for when the Fed will pause its rate-hike cycle.
Several Fed officials said on Monday that they expected interest rates to remain at a high level, inconsistent with market expectations that the Fed will cut interest rates before the end of the year. Richmond Fed President Thomas Barkin (Thomas Barkin) believes that inflation has not yet stabilized. Federal Reserve Bank President Austan Goolsbee said inflation has improved, but not enough.
Fed Chairman Jerome Powell will attend a seminar on monetary policy this Friday (19th). Investors will pay attention to his speech at the conference, looking for signals related to this year’s interest rate movements.
In addition, as the US stock earnings season draws to a close, this week’s retail earnings report will help investors understand the state of consumption in the US, Home Depot (HD-US), Target (TGT-US) and Walmart (WMT-US) will release earnings on Tuesday through Thursday, respectively.
On Monday (15th), the performance of the four major US stock indexes:
Focus stocks
The five kings of technology have their ups and downs. apple (AAPL-US) down 0.29%; Meta Platforms (META-US) rose 2.16%; Alphabet (GOOGL-US) down 0.85%; Amazon (AMZN-US) up 0.85%; Microsoft (MSFT-US) up 0.16%.
Dow JonesConstituent stocks rose more and fell less. Intel (INTC-US) up 2.94%; American Express (AXP-US) up 1.4%; Walgreens Boots United (WBA-US) rose 1.38%; Boeing (BA-US) rose 1.03%; Disney (DIS-US) up 0.95%: Wal-Mart (WMT-US) down 0.78%; UnitedHealth (UNH-US) down 0.89%; Verizon (VZ-US) down 2.18%.
fee halfOnly one of the constituent stocks received black. Micron (MU-US) up 6.11%; Marvell (MRVL-US) up 4.86%; Kelin R&D (LRCX-US) up 4.78%; Applied Materials (AMAT-US) up 4.32%; Qualcomm (QCOM-US) up 2.57%; AMD (AMD-US) up 2.25%; Huida (NVDA-US) up 2.16%; Lange (ALGM-US) fell 0.24%.
Taiwan stock ADR Qi Yang. TSMC ADR(TSM-US) rose 2.67%; ASE ADR (ASX-US) up 1.90%; UMC ADR (UMC-US) up 0.90%; Chunghwa Telecom ADR (CHT US) up 0.47%.
Corporate News
Weiteng Electronics (WDC-US) closed up 11.26% on Monday. Archyde.com quoted two people familiar with the matter as saying that the company is stepping up its pace of merger negotiations with Kioxia (Kioxia), because the downturn in the flash memory market has brought new integration pressure on the two memory giants.
According to the current plan, the combined entity will be 43% owned by Kioxia, 37% by Weiteng Electronics, and the remaining shares will be held by existing shareholders of the two companies, one source said. After the merger of the two, it will control one-third of the global NAND Flash market, keeping pace with Samsung Electronics.
Microsoft (MSFT-US) closed up 0.16% on Monday, Activision Blizzard (ATVI-US) rose 1.24%. The acquisition still needs to be approved by the anti-monopoly authorities of the United States and the United Kingdom.
Newmont(NON-US) closed up 2.5 percent. Gold mining giant Newmont agreed to acquire peer Newcrest in what Archyde.com reported was the world’s third-largest M&A deal so far this year, worth regarding $17.8 billion.
Economic data
- May New York Fed manufacturing index reported -31.8, expected -5, previous value 10.8
Wall Street Analysis
As for whether low stock market volatility is a sign of complacency, Chris Larkin, head of trading at Morgan Stanley’s E*TRADE, said a debt default might not be the most likely scenario, but protracted negotiations might be an unexpected move. developments, are likely to trigger higher volatility.
JPMorgan Chase & Co. strategist Marko Kolanovic joined other Wall Street strategists in warning that the debt-ceiling impasse is a headwind that threatens the outlook for U.S. stocks.
“It’s a waiting game,” said Keith Buchanan, portfolio manager at Globalt Investments. “Day by day, every delay in negotiations, every day of lack of progress … I think it’s going to be harder and harder for the market to gain traction.”
“We’re in a period where, from a stock market perspective, bad news is actually good news and vice versa,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, in the face of the slump in the Fed manufacturing index in New York. But when the data is bad, the stock market still reacts because everyone starts worrying regarding a recession. So we want the economy to be weak enough to bring down inflation but not enough to trigger a recession.”
The numbers are all updated before the deadline, please refer to the actual quotation
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