2024-01-09 22:07:41
Traders were cautious ahead of the release of key inflation data, with the main U.S. stock index closing mixed on Tuesday (9th). Energy and financial stocks led the decline,Dow JonesIt fell nearly 160 points, with the S&P closing 0.15% lower.
Samsung and Microchip issued profit warnings, and chip stocks showed signs of profit-taking in early trading, then rebounded in midday. As Huida hit another record high,half feeIt ended up slightly up 0.05%.that fingerIt closed at a loss of 0.09%.
The 2-year U.S. Treasury yield rose 3 basis points to 4.38% following a $52 billion three-year Treasury auction met strong demand.10-year U.S. Treasury yieldrose 2 basis points to 4.02%.
In terms of data, the U.S. trade deficit in November last year was US$63.2 billion, lower than market expectations of US$65 billion and narrowed by US$1.3 billion from October. The goods trade deficit was US$89.4 billion and the service trade surplus was US$26.2 billion.
In addition, survey data from the National Federation of Independent Business (NFIB) showed that in December 2023, the NFIB Small Business Optimism Index rose to 91.9, the highest in five months.
On the political and economic front, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, expressed his preference on Monday for adopting more stringent policies to ensure that inflation is truly within reach. He reiterated his view that he expects to cut interest rates by 2% before the end of this year, and the first interest rate cut may occur at some point in the third quarter.
Federal Reserve (Fed) Governor Michelle Bowman changed her hawkish view and believed that the current U.S. monetary policy is “sufficiently restrictive”. As inflation problems ease, she signaled her willingness to support interest rate cuts.
Expectations that the U.S. central bank may begin cutting interest rates as early as March have been slowly declining, with CME’s FedWatch tool showing a 65.7% chance of a 1-digit rate cut in March, down from 79% a week ago.
JPMorgan (JPM-US),Bank of America (BAC-US), Citigroup (C-US) and Wells Fargo (WFC-US) will report fourth-quarter and full-year results on Friday. Banking giants are expected to report lower fourth-quarter profits this week as they set aside funds to pay down bad loans while paying more to depositors, Wall Street forecasts.
In its latest “Global Economic Prospects” report, the World Bank predicts that global economic growth will be slower than in previous decades. High interest rates, sluggish trade and geopolitical tensions will drag down the rebound following the epidemic, and developing countries will be the hardest hit. blow.
Performance of major U.S. stock indexes on Tuesday (9th):
- US stocksDow Jones IndexIt fell 157.85 points, or 0.42%, to close at 37,525.16 points.
- NasdaqThe index rose 13.94 points, or 0.09%, to close at 14,857.71 points.
- S&P 500 IndexIt fell 7.04 points, or 0.15%, to close at 4,756.5 points.
- Philadelphia SemiconductorThe index rose 2.18 points, or 0.05%, to close at 4,064.65 points.
- The NYSE FANG + index rose 23.43 points, or 0.27%, to close at 8,669.57 points.
Four of the 11 major S&P sectors were higher, while seven of them were lower. The information technology sector (+0.3%) was the best performer, while the energy sector (-1.6%) and materials (-1.1%) declined the most. (Image: finviz) Focus Stocks
The five technology kings in the NYSE FANG+ index saw gains and losses. apple (AAPL-US) fell 0.23%; Alphabet (GOOGL-US) rose 1.52%; Meta (META-US) fell 0.34%; Microsoft (MSFT-US) rose 0.29%; Amazon (AMZN-US) rose 1.52%.
Dow JonesComponent stocks generally ended lower. Chevron (CVX-US) fell 2.54%; Dow Chemical (DOW-US) fell 2.07%; Disney (DIS-US) fell 2.05%; Boeing (BA-US) fell 1.41%; Merck (MRK-US) rose 0.89%.
half feeConstituent stocks have waxed and waned with each other. Micron (MU-US) fell 1.91%; AMD (AMD-US) rose 2.11%; Broadcom (AVGO-US) rose 0.71%; Qualcomm (QCOM-US) rose 0.62%; Huida (NVDA-US) rose 1.70%; Applied Materials (AMAT-US) fell 0.35%; Deyi (TXN-US) rose 0.05%.
Taiwan stock ADRs all fell. TSMC ADR (TSM-US) fell 0.34%; ASE ADR (ASX-US) fell 0.45%; UMC ADR (UMC-US) fell 1.46%; Chunghwa Telecom ADR (CHT-US) fell 0.65%.
Corporate News
Juniper Networks(JNPR-US) surged 21.81%, Hewlett Packard Enterprise (HPE) (HPE-US) down 8.92%. HPE is negotiating to acquire Juniper for regarding US$13 billion, and may announce a merger agreement as early as this week. This transaction is expected to give the nearly century-old HPE its artificial intelligence (AI) products.
Huida (NVDA-US) rose 1.70% to $531.40 per share, setting a new all-time high for the second consecutive trading day. Huida launches three new desktop computer graphics chip (GPU) products to help the personal computer (PC) industry rely on “AI PC” to attract consumers and take advantage of the power of PC devices without the need for remote services. AI capabilities.
Microsoft (MSFT-US) closed at a 0.29% dividend to $375.79 per share. Microsoft’s $13 billion investment in OpenAI may face a comprehensive investigation by the European Commission following the latter’s high-level personnel turmoil exposed the deep ties between the two companies. The UK Competition and Markets Authority (CMA) has previously taken similar measures.
Tesla (TSLA-US) closed 2.28% to $234.96 per share. As the U.S. government’s new vehicle testing regulations take effect, Tesla has lowered its cruising range estimates for its electric vehicles Model X, S, Y and 3 models.
Although Boeing’s aircraft delivery volume last year met its jetliner delivery target, the haze of the grounding of the Boeing 737 MAX passenger plane has not cleared up. Boeing (BA-US) closed 1.41% lower at $225.76 per share. Boeing will deliver a total of 528 aircraft in 2023, up from 480 aircraft deliveries in 2022, an increase of 10%. At the same time, net orders rose 70% to 1,314 aircraft.
Wall Street Analysis
Technology stocks are the best-performing sector in 2023, but their upside in 2024 is limited. “We’re moving away from big tech companies and we’re seeing more buyers interested in health care,” said Quincy Krosby, global strategist at LPL Financial.
“We may be seeing a fake out in the market right now,” said Matt Maley, chief market strategist at Miller Tabak. “We just don’t know yet whether last week’s decline or Monday’s rally was fake.”
10-year U.S. Treasury yieldHovering around 4%, Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said: “This is all speculation on what action the Fed may or may not take, and the bond market’s expectations for interest rate cuts starting in March are obviously a little ahead of themselves.”
The figures are all updated before the deadline, please refer to the actual quotation.
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