Last week’s non-agricultural employment report made the market worry that the Federal Reserve (Fed) will continue to raise interest rates. Coupled with the lingering sentiment of economic recession, investors focused on the upcoming important inflation data and the earnings reports of many large banks. The US stock index On Monday (10th) received more red, onlyThat fingerReceive black 0.03%.
Apple shares fell 1.6 percent, thoughDow JonesIt turned red in late trading and closed up more than 100 points. The S&P rose 0.1 percent. Under the leadership of Micron,fee halfThe index performed well, closing up 1.8%.
In terms of data, the Federal Reserve Bank of New York’s monthly consumer inflation survey shows that American consumers’ perceptions of short-term inflation decline have reversed, and inflation expectations will rise to 4.7% following one year, compared with 4.2% in the previous month. It was the first rise since October last year.
In terms of politics and economy, the first financial reporting season for US stocks kicks off this week. Large banks such as Citigroup, JPMorgan Chase, and Wells Fargo will announce their latest results. Analysts at Goldman Sachs predict that although US stocks may usher in the worst earnings season in three years Plunging, but developing an appropriate investment strategy may help investors protect their portfolios.
The spring meetings of the World Bank and the International Monetary Fund are coming up this week, with topics focused on debt, interest rates and US-China risks. U.S. Treasury Secretary Yellen will push for debt relief and World Bank reform at Tuesday’s meeting.
World Bank President David Malpass noted on Monday that the outlook for global growth in 2023 was raised slightly to 2 percent from 1.7 percent forecast in January, but warned that the banking crisis and high oil prices might bring downside growth forecasts for the rest of the year pressure.
U.S. President Joe Biden said in an interview on Monday that he plans to run for re-election in 2024 but is not yet ready to announce it. Senior White House advisers will make the final decision on launching Biden’s re-election campaign.
Biden will visit the United Kingdom and Ireland this week, accompanied by U.S. Secretary of State Blinken, who will then visit Vietnam and Japan.
The situation in the South China Sea is heating up. The United States and the Philippines will hold the largest-ever “Side-to-Side Joint Exercise” (Balikatan) from the 11th to the 28th of this month. Australia and Japan will also participate.
The performance of the four major US stock indexes on Monday (10th):
Focus stocks
The five kings of science and technology generally fell. Amazon (AMZN-US) up 0.11%; Meta (META-US) down 0.62%; Apple (AAPL-US) down 1.60%; Alphabet (GOOGL-US) down 1.83%; Microsoft (MSFT-US) fell 0.76%.
Dow JonesConstituent stocks were mixed. Kintor Heavy Industries (CAT-US) rose 3.04%; Dow Chemical (DOW-US) rose 2.1 percent; American Express (AXP-US) rose 1.45%; Amgen (AMGN-US) down 0.96%; Intel (INTC-US) down 0.88%.
fee halfThe constituent stocks are almost all red. Micron (MU-US) soared 8.04%; Huida (NVDA-US) up 2.00%; AMD (AMD-US) rose 3.26%; Applied Materials (AMAT-US) rose 1.79%; Texas Instruments (TXN-US) up 0.73%; Qualcomm (QCOM-US) rose 1.05%.
Only Chunghwa Telecom has the strongest ADR in Taiwan stocks. TSMC ADR (TSM-US) down 1.35%; ASE ADR (ASX-US) down 2.05%; UMC ADR (UMC-US) fell 1.41%; Chunghwa Telecom ADR (CHT US) rose 1.65%.
Corporate News
TSMC ADR (TSM-US) fell 1.35% to $89.02 per share. Wafer foundry leader TSMC announced on Monday that its revenue in March was 145.408 billion yuan, a monthly decrease of 10.9% and a yearly decrease of 15.4%, which was a low in nearly 17 months; revenue in the first quarter was 508.633 billion yuan, a quarterly decrease of 18.7% and a yearly decrease of 18.7%. An increase of 3.6%, a record high for the same period over the years, but lower than the financial forecast.
Micron (MU-US) soared 8.04 percent to $63.27 a share. South Korean technology giant Samsung Electronics announced on the 7th that it would cut production in its memory chip division, the first cut since 1998. KeyBanc Capital Markets believes that Samsung’s production cuts are bullish news for Micron, as Samsung’s production cuts “will allow a faster return to supply-demand balance and potential rebound, and remove concerns regarding irrational supply behavior.”
apple (AAPL-US) slipped 1.60% to $162.03 per share. Market research firm IDC released that global personal computer (PC) shipments in the first quarter of 2023 will drop by 29%, with a total shipment of 56.9 million units, which is lower than the 80.2 million PCs in the same period last year. According to the report, Apple PC shipments fell the most in the first quarter, reaching 40.5%.
Tesla (TSLA-US) edged down 0.30% to $184.51 per share. Tesla will announce its first-quarter results next Monday (17th). The market expects revenue to be US$23.46 billion and net profit per share to be US$0.86. Wells Fargo expects Tesla’s gross profit margin to be 18.3%, lower than before. more than 20% of the forecast. Citigroup analysts believe that Tesla’s recent price cuts have continued, prompting the gross profit margin in the first quarter to become a determinant of recent market sentiment.
Pioneer Natural Resources (PXD-US) surged 5.79% to $220.22 per share. Exxon Mobil, which holds a lot of cash, is expected to launch a rare super acquisition in history. The company is negotiating to buy shale oil production giant Pioneer Natural Resources. If successful, it will be the largest acquisition since Exxon and Mobil merged in 1999.
IMAX (IMAX-US) surged 5.25% to US$20.85 per share. Nintendo ADR (NTDOY-US) strengthened 2.70% to $10.27 per share. Cinemark (CNK-US) surged 6.57% to US$16.21 per share. AMC Entertainment (AMC-US) soared 6.94% to $5.24 per share.
IMAX announced on Monday that “The Super Mario Bros. Movie” (The Super Mario Bros. Movie) created a box office of 146 million US dollars on the 3rd last weekend, topping the North American box office, surpassing “Ant-Man and the Wasp: Quantum Mania”, It’s the highest-grossing opening weekend of the year so far.
Boosted by strong movies, Cinemark Holdings said April 8 was the highest attendance day for the chain since Christmas 2019.
Netease ADR (NTES-US) closed down 0.82 percent at $89.02 a share. Artist Jay Chou and Jewel Music sued the three companies belonging to the mainland Internet giant NetEase. The lottery is related to new albums and concert tickets.
Economic data
- The U.S. Conference Board Employment Trend Index reported 116.24 in March, compared with an expected 118.64 and the previous value of 116.75.
- The monthly growth rate of wholesale inventories in the United States in February was reported at 0.1%, which was expected to be 0.20%, and the previous value was -0.3%.
Wall Street Analysis
Jason Pride, chief investment officer at Private Wealth, said: “These data confirm expectations that the U.S. is going through a slow recession, but it doesn’t suggest that the inflation problem will be resolved immediately. The possibility of a 1-point rise in May should be higher because the data seems Doesn’t justify the Fed pausing rate hikes.”
Ian Lyngen, head of U.S. interest rate strategy at BMO Capital Markets, judged: “The March non-agricultural employment data will not prevent the Fed from raising interest rates by 1 yard in May, although the upcoming inflation data may affect this decision. Although most of the global central bank policies Tightening, but the employment situation remains surprisingly strong, and the Fed’s upcoming interest rate decision will depend almost entirely on the March Consumer Price Index (CPI) report.”
Saira Malik, chief investment officer at Nuveen, said: “A slew of economic data including JOLTS, ADP employment data, and services and manufacturing PMIs were weaker than expected, raising the odds of at least a mild recession.”
Peter Tchir, director of macro research at Academy Securities, said: “Investors were not focused on geopolitical risks on Monday following Chinese military exercises increased tensions between the United States and China. But I think that risk is growing, which is a bit nervous.”
The numbers are all updated before the deadline, please refer to the actual quotation