2023-12-13 14:45:25
Before the Federal Reserve (Fed) announced its final interest rate decision this year, the latest data in the United States showed signs of cooling in inflation, but the market still generally expected interest rates to remain on hold. The major U.S. stock indexes were mixed on Wednesday (13th).
before deadline,Dow Jones Industrial Averagefell more than 40 points or nearly 0.02%,Nasdaq Composite Indexrose more than 40 points or nearly 0.3%,S&P 500 Indexrose nearly 0.1%,Philadelphia SemiconductorThe index rose nearly 0.3%.
The Fed will announce its latest interest rate decision at 3 a.m. Taiwan time on Thursday (14th), and the market generally expects interest rates to remain unchanged. The latest data from the United States yesterday showed that the inflation rate accelerated in November and interest rates may remain at their peak for a longer period of time, dampening market investors’ expectations that the Fed will cut interest rates as soon as March next year.
The latest data on Wednesday showed that the U.S. producer price index (PPI) increased by 0.9% year-on-year in November, lower than the 1% expected by economists. It fell further from 1.3% in October and hit a new low since June this year; on a monthly basis The growth rate was 0%, lower than the expected 0.2% and the same as the previous value.
It is worth noting that the core PPI, which excludes food and energy, increased by 2% year-on-year in November, lower than the expected 2.2%, and also slowed down from the previous value of 2.4%, hitting a new low since January 2021; on a monthly basis, the core PPI The growth rate was 0%, in line with expectations. U.S. stock index futures, bonds and the dollar were trading modestly following the data.
As of 22:00 Taipei time on Wednesday (13th): Focus stocks:
Tesla (TSLA-US) fell 0.77% in early trading to $235.18 per share
Tesla announced the recall of more than 2 million electric vehicles following the U.S. National Highway Traffic Safety Administration (NHTSA) determined that Tesla’s driver assistance system “Autopilot” had insufficient measures to prevent misuse. Tesla’s stock price fell nearly 1.5% before the market opened on Wednesday.
Asmore (ASML-US) rose 0.59% in early trading to $724.78 per share
ASML and Samsung Electronics will jointly invest 1 trillionwon($760 million) to build a factory in South Korea to develop cutting-edge semiconductor processing technology. Asmore said in a statement on Tuesday that the factory will use next-generation extreme ultraviolet (EUV) lithography technology, which is exclusively provided by Asmore, for the production of high-end wafers. The new factory expands ASML’s presence in South Korea, where the company already has four factories serving customers including Samsung.
Airbnb(ABNB-US) rose 1.86% to $143.17 per share in early trading
Airbnb said on Wednesday it would pay $576 million to the Italian tax agencyEUR, approximately $620.58 million, to settle unpaid landlord income tax obligations for tax years 2017-2021. Airbnb said in a regulatory filing that Airbnb Ireland did not admit any liability as part of the settlement, which excludes assessments in 2022 and 2023 and amounts that may be “significant.”
Today’s key economic data:
- U.S. PPI increased by 0.9% year-on-year in November, expected to be 1.0%, and the previous value was 1.2%
- U.S. PPI increased by 0.0% in November, expected to be 0.1%, and the previous value was -0.4%
- U.S. core PPI increased by 2.0% year-on-year in November, expected 2.2%, and the previous value was 2.3%
- U.S. core PPI increased by 0.0% in November, expected to be 0.2%, and the previous value was 0.0%
Wall Street analysis:
Chris Harvey, head of U.S. equity strategy at Wells Fargo, said the stock market was moving too fast due to bets that the Fed’s tightening policy was over. Harvey predicts the Fed will continue to emphasize “higher interest rates for longer” and try to dissuade market expectations of loosening policy in the near future.
Investors have poured a record $1.4 trillion into money market funds this year, hoping for a return on cash of regarding 5% amid the Fed’s rate hikes. But BlackRock said that during the Fed’s “pause period,” investors should hold stocks instead of collecting cash interest from money market funds. BlackRock believes the Fed will begin cutting interest rates in the second half of next year.
1702488529
#U.S #Stocks #Early #Trading #Fed #interest #rate #decision #released #major #indexes #mixed #Anue #JuhengU.S #Stock #Radar