2024-04-22 21:35:58
US Stock Journal｜Gold price fell 3% as S&P Nasdaq rebounded, weakest in two years (Reuters/Reuters)
US stocks are doing well.NvidiaUnder management, the S&P 500 Index and the Nasdaq Index rebounded significantly following 6 consecutive days of decline, with the latter increasing more than 1%. The situation in the Middle East temporarily stabilized and gold prices, which reached record highs in recent days, retreated rapidly, falling almost 3%, the largest drop in a single period. over the past two years.Investors are paying attention to the performance of major stocks reporting results this week, includingMicrosoft、Alphabet、Meta、You’re herewait.
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Market conditions on April 19 (Friday)
I Dow Jones Index It rose 253.58 points or 0.67% to 38,239.98 points.
I S&P500 It rose 43.37 points or 0.87% to 5,010.60 points.
I Nasdaq Index It rose 169.30 points or 1.11% to 15,451.31 points.
I May Oil Futures in New York It closed at $82.85 a barrel, down $0.29 or 0.3%.
I June gold futures in New York It closed at US$2,398.0 an ounce, up US$9.6 or 0.4%.
I 10-year U.S. Treasury Bond Interest Rate It closed at 4.623%, up 0.8 points.
Nvidia rebounded 4.3% following plunging 10% last Friday. With big banks wondering if the AI boom had ended, Melius Research analyst Ben Reitzes said there was no need to worry regarding Nvidia’s demand outlook at the moment. There are at least 10 suppliers who can support its sales each month. He estimates the next Blackwell should drive double-digit growth in public use by the end of this year and early next year.
On the other hand, Jonathan Golub, chief US equity strategist at UBS, believes that the growing momentum of US technology giants is fading and lowered the sector rating of the six major technology giants Alphabet, Apple, Amazon, Meta, Microsoft and Nvidia “overweight”. to “Neutral” because “earnings momentum has turned firmly negative following a sharp increase in earnings.” He said the downgrade was due to “comparing the difficulties faced by these stocks and the constraints of cyclical forces” rather than “based on valuations.” Forecasts of value expansion or doubts regarding artificial intelligence.
Tesla fell as low as $138.8, a new low since late ’22, and closed at $142, down 3.4%. The company announced Friday that it has lowered prices for Models Y, X and S in the United States. In Germany and China, the price of the Model 3 was lowered to boost sales amid falling sales and rising inventories. The company announced its results on Tuesday and the market is expecting a 40% drop in operating profit.
Marko Kolanovic, chief market strategist at JPMorgan Chase, said that in terms of market capitalization, regarding 40% of U.S. companies will report earnings this week. These results will affect market performance and may stabilize in the short term. However, Kolanovic said: “We believe the sell-off is not yet “it will continue.” He stressed that current stock valuations are too complacent, inflation remains high and expectations of rate cuts interest rates by the Federal Reserve were further adjusted, coupled with rising bond interest rates, high oil prices and high stock market concentration, they estimate that US stocks have fallen following three consecutive weeks. .The momentum is not over yet.
The performance period is regarding to peak, and big banks have differing views on whether U.S. companies can deliver strong profit forecasts this year. Michael Wilson, chief investment officer at Morgan Stanley, said the economy is strong and corporate profit growth is expected to improve further in 2024 and 2025.
But JPMorgan Chase strategists say high inflation, a strong dollar and recent heightened geopolitical tensions cast a shadow over that outlook. “Investors expect S&P 500 earnings per share to rise nearly 20% in the fourth quarter from expected first-quarter levels,” strategist Mislav Matejka wrote in a note. “We think this level is too high.”
The price of gold has fallen and UBS believes that each adjustment can be profited at a low price, as geopolitical risks continue to support the gold market in the long term. However, unless the situation deteriorates, gold might enter a period of consolidation; .
Bitcoin mining expansion revenue “halved” last Friday and performed well. However, JPMorgan strategist Nikolaos Panigirtzoglou believes: “The price of Bitcoin is not expected to increase following the halving because it has already been digested.
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