2024-05-06 20:20:51
American Stock Journal｜Continue to speculate on interest rate cuts, three indexes rise for two consecutive years (Spencer Platt via Getty Images)
U.S. stocks performed well, with all three major indexes closing at near highs for the day. The S&P 500 and Nasdaq rose for three straight days, each rising more than 1%, and the Dow Jones rose for four straight days. Last week’s jobs data was worse than expected, boosting investors’ expectations for lower interest rates. Additionally, the performance of the U.S. stock market has generally been better than expected, attracting capital inflows to the stock market. The dollar weakened and the price of gold increased.
The trend of oil stocks has increased several times. Hamas expressed its acceptance of the ceasefire plan negotiated by Middle Eastern countries. However, Israel has not agreed for the moment and has asked Palestinian civilians to evacuate Hamas’s last stronghold, Rafah. Prices of oil from Eurasian sources in Saudi Arabia have increased.
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Market conditions on May 6 (Monday)
I Dow Jones Index It rose 176.59 points or 0.46% to 38,852.27 points.
I S&P500 It rose 52.95 points or 1.03% to 5,180.74 points.
I Nasdaq Index It rose 192.92 points or 1.19% to 16,349.25 points.
I Oil futures in New York for June It closed at US$78.48 per barrel, up US$0.37 or 0.5%.
I June gold futures in New York In followingnoon Eastern time, it was trading at US$2,333.6 an ounce, up US$25.0 or 1.0%.
I Interest rate on 10-year US Treasury bonds It closed at 4.489%, down 1.1 points.
Technology stocks continue to dominate the market,Nvidiaincreased by 3.5%,Metaincreased by almost 3%,applefell 1%, giving up some of the gains made following the previous day’s results.You’re hereIt rose 3.5%, but the gain narrowed late in the day. A Bank of America report says that if China approves the use of fully autonomous driving software, the company’s profits might reach more than $2 billion a year by 2030.
Boeingfell 1.3%. The Wall Street Journal reported that the United States Federal Aviation Administration was investigating inspection records for Boeing 787 passenger planes. It said employees discovered something abnormal during the production process and that some employees had violated the process and failed to perform certain tests.Weight Loss Drug Concept StocksElie Lillyrebounded by 4.2%,AmgenIt lost 3.5%.
Popular trading platformRobin HoodSoft, the SEC intends to file a complaint once morest its cryptocurrency department,Bitcoinfell.actions memesStoppage of playIt has already fallen almost 10%, but the closing decline has narrowed significantly.Galactic VirgoOnce it reached double digits, its Delta-class spacecraft ground test facility began operating.
Mike Wilson, chief investment officer at Morgan Stanley, said key U.S. economic data was mixed, causing stock market swings, and called on investors to increase their holdings of defensive stocks, such as consumer stocks. basic, public service actions, etc.
He believes that the inflation rate is the key to understanding the evolution of monetary policy and market expectations. In the current macroeconomic uncertainty, the market reaction following the release of inflation data might be more important than the data itself.
Nonfarm payrolls data released last Friday were worse than expected, U.S. stocks hit their highest level in nearly a month and market expectations for an interest rate cut increased.
Ken Griffin, founder of hedge fund Citadel, said he expects the Federal Reserve to cut interest rates this year. If it chooses to maintain the status quo in September, it may be possible to cut interest rates in December. Powell, who called on Powell to gradually reduce interest rates, believes that authorities have made a “reasonable choice” in maintaining higher interest rates for a longer period.
New York Fed President Williams said the ups and downs in the data might be unpredictable and the decision on whether to cut interest rates will be based on the overall situation, but the central bank will ultimately by reducing interest rates.
Thomas Barkin, president of the Federal Reserve Bank of Richmond, said the full impact of rising interest rates on the economy has not yet been felt. He believes that the current level of binding interest rates can dampen demand and bring inflation back to target. However, housing costs and rising prices in the services sector are expected to remain high, while the labor market is strong, giving the agency time to wait until it is convinced that inflation will continue to fall before reducing interest rates.
Jane Fraser, Chairman of Citigroup, said that the consumption model in the United States has developed into two poles. Low-income people have become very cautious regarding spending, but the rich continue to spend money.
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