2024-03-07 14:44:24
The major U.S. stock indexes opened higher on Thursday (7th) as the market awaited Federal Reserve Chairman (Fed) Powell to testify before the Senate later to make more comments on interest rate policy or economic outlook. Ball testified before the House of Representatives yesterday and maintained his previous argument that the central bank is in no rush to cut interest rates, but it may be appropriate to cut interest rates at some point this year.
before deadline,Dow Jones Industrial Averagerose more than 180 points or nearly 0.5%,Nasdaq Composite Indexrose more than 110 points or nearly 0.7%,S&P 500 Indexrose nearly 0.6%,Philadelphia SemiconductorThe index gained nearly 2.0%.
Wall Street traders were holding back on making big bets ahead of Fed Chairman Jerome Powell’s testimony before Congress and Friday’s jobs data. In addition, as the European Central Bank (ECB) kept interest rates stable and lowered its inflation expectations,EURfell.
S&P 500 IndexContracts suggest the index will continue its upward trend above 5,100 points. The 10-year U.S. Treasury yield fell 3 basis points to 4.07%;EURIt depreciated by 0.2% and German government bonds continued to rise.Driven by a range of reports and payroll dataJPYThe move higher came as speculation surged that the Bank of Japan (BOJ) would raise interest rates this month for the first time since 2007.
The number of people claiming unemployment benefits in the United States last week remained at a record low of 217,000, highlighting that the strong job market has not deteriorated. On the other hand, the number of people continuing to receive unemployment benefits rose steadily to 1.906 million last week, higher than market expectations and the previous value, indicating that people are taking longer to find new jobs. This is the clearest sign that the job market has lost some of its energy.
Thomas Simons, a U.S. analyst at Jefferies, said: “Data since the end of October show a significant increase in the number of people continuing to apply for unemployment benefits, suggesting some friction in the job market as unemployed people find it increasingly difficult to find new jobs.”
In other news, once morest the backdrop of ongoing conflicts in Ukraine and Gaza, the upcoming U.S. presidential election, and uncertainty regarding interest rates and inflation,goldThe safe-haven asset has posted gains for two straight months.However, Doug Boneparth, a certified financial planner and founder and president of Bone Fide Wealth in New York, said that despite the short-term rebound in gold prices,goldThe average annual return lags far behind that of stocks and bonds.
As of 22:00 Taipei time on Thursday (7th): Focus stocks:
Huida (NVDA-US) shares rose 1.28% to $897.80 per share in early trading
Two Huida directors recently sold approximately US$180 million worth of company stock, joining the ranks of insiders taking advantage of the situation as stock prices continue to hit record highs. According to the announcement, Tench Coxe, who has served on Huida’s board of directors since 1993, sold 200,000 shares on March 5 at prices ranging from $850.03 to $852.50 per share. Coxe, a former managing director of venture capital firm Sutter Hill Ventures, still holds more than 3.7 million shares of Huida.
Intel (INTC-US) shares rose 3.47% to $46.05 per share in early trading
The U.S. government is preparing to allocate $3.5 billion to Intel to allow the chip giant to produce advanced semiconductors for military and intelligence projects, according to U.S. congressional sources. The funding, which was added to a fast-moving spending bill passed by the U.S. House of Representatives on Wednesday, would give Intel a dominant position in the lucrative defense market. The funding, which will last three years for the “Secure Enclave” program, comes from a broader $39 billion in funding from the Chip and Science Act.
New York Community Bank (NYCB-US) shares rose 13.02% to $3.91 per share in early trading
New York Community Bank disclosed on Thursday that it held $77.2 billion in deposits, down regarding 7% from $83 billion on February 5, causing its shares to fall 3.3% in premarket. The bank also said that its strategic measures this year include reducing commercial real estate risks.
Today’s key economic data:
- U.S. Challenger layoffs reported 84,638 in February, compared with 82,307 previously
- The annual growth rate of Challenger layoffs in the United States in February was 8.8%, compared with the previous value of 7.92%.
- The U.S. trade balance in January reported -$67.4 billion, -$63.4 billion, compared with the previous value of -$64.2 billion.
- The number of people claiming unemployment benefits in the United States last week was 217,000, which was expected to be 217,000, and the previous value was 217,000
- The number of people continuing to receive unemployment benefits in the United States last week was 1.906 million, 1.889 million, and the previous value was 1.898 million.
Wall Street analysis:
Tom Essaye, founder of The Sevens Report, said: “Fed Chairman Ball’s testimony before Congress did not materially change current policy expectations. To a large extent, Ball repeated the Fed’s consistent message: interest rates have peaked and will be lowered. , but it won’t happen anytime soon because the central bank needs more evidence that inflation will reach 2%.”
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