2023-04-28 20:52:24
The main U.S. stock index closed steadily on Friday (28th). Strong earnings reports from Exxon Mobil and Intel eliminated concerns regarding Amazon’s slowdown warning, while economic data strengthened expectations that the Federal Reserve will raise interest rates next week.
While First Republic Bank has been in talks with multiple partners regarding strategic options, including a potential asset sale, the most likely outcome for the bank was a FDIC ) take over. The stock closed down more than 43% on Friday. At one point, the stock price collapsed by more than 50% and trading was suspended several times. The stock has fallen by regarding 97% so far this year.
Dow Jones IndexIt closed at 272 points in red on Friday, marking a new high since February 15. The S&P 500 rose 0.8%, its highest level since Feb. 2,Nasdaq Composite Indexrose 0.7 percent, the highest since Sept. 12 last year,Philadelphia SemiconductorThe index surged 1.81%.
DowThis week rose regarding 0.86%, this month rose 2.48%, writing the best monthly performance since January this year. The S&P rose 0.87% this week and rose 1.46% on a monthly basis, the second consecutive month of gains.That fingerIt was up 1.28% for the week and was almost flat in April.
In political and economic news, the US House of Representatives voted 221 to 202 on Friday to “terminate” tariff exemptions for solar panels in four Southeast Asian countries (Cambodia, Malaysia, Thailand and Vietnam). The White House said that if the resolution is passed, US President Biden will veto it.
House Speaker McCarthy reached a deal with Republican Rep. Nancy Mace, agreeing to allow a House Oversight subcommittee to debate and vote on a marijuana legalization bill in exchange for her support for a bill to raise the debt ceiling. Mace is pushing for a bill that would require the federal government to legalize marijuana.
Biden declared a national emergency on Thursday in response to the threat posed by international drug trafficking to U.S. national security, foreign policy and the economy.
The performance of the four major indexes on Friday (28th):
Focus stocks
The five kings of science and technology saw each other’s ups and downs. Amazon (AMZN-US) down 3.98%; Meta (META-US) up 0.74%; Apple (AAPL-US) rose 0.75%; Alphabet (GOOGL-US) down 0.23%; Microsoft (MSFT-US) rose 0.80%.
Dow JonesMore than half of the constituent stocks received dividends. Intel (INTC-US) rose 4.02%; Disney (DIS-US) rose 2.57%; Home Depot (HD-US) rose 2.25%; Kintor Heavy Industry (CAT-US) rose 2.09%; IBM (IBM-US) fell 0.44%.
fee halfConstituent stocks Duoxi Nuanqiang rose. Micron (MU-US) rose 3.97%; Huida (NVDA-US) rose 1.92%; AMD (AMD-US) rose 2.21%; Applied Materials (AMAT-US) rose 1.21%; Texas Instruments (TXN-US) rose 1.17%; Qualcomm (QCOM-US) rose 2.53%.
ADRs of Taiwan stocks closed higher. TSMC ADR (TSM-US) rose 0.75%; ASE ADR (ASX-US) rose 1.18%; UMC ADR (UMC-US) rose 1.52%; Chunghwa Telecom ADR (CHT US) down 0.60%.
Corporate News
The bank storm doesn’t seem to be over yet, with First Republic Bank (FRC-US) fell 43.20% to $3.51 per share, a record closing low.
The news broke that First Republic’s most likely outcome would be a takeover by the Federal Deposit Insurance Corporation (FDIC), which would still be asking other banks for possible takeover bids. “We are in discussions with various parties regarding our strategic options while continuing to serve our clients,” the bank said on Friday.
Intel (INTC-US) rose 4.02% to $31.06 per share. Intel posted a record quarterly loss following the close on Thursday, and the outlook for short-term profits is dim. However, Intel believes that the personal computer (PC) market may be bottoming out, and the gross profit margin will increase to more than 40% in the second half of the year. It is optimistic that the decline in computer demand has eased.
Exxon Mobil Corporation (XOM-US) closed up more than 1.9% to $118.34 per share following hitting an all-time high (119.92) during the session. The oil major posted a record first-quarter profit as higher oil and gas output overcame a pullback in energy prices from their peaks, sending the S&P energy index up more than 0.4 percent.
Amazon (AMZN-US) tumbled 3.98 percent to $105.45 a share, dragging down the consumer discretionary index.
Amazon reported better-than-expected first-quarter revenue and better-than-expected profit on Thursday, driven by strength in its cloud and businesses, underscoring that recent cost-cutting efforts are starting to pay off, though the company expects its cloud computing business to Growth will slow further.
key data
- The PCE price index in the United States reported an annual growth rate of 4.2% in March, expected to be 4.1%, and the previous value of 5.1%
- U.S. March PCE price index monthly growth rate reported 0.1%, expected 0.1%, previous value 0.3%
- The core PCE price index in the United States reported an annual growth rate of 4.6% in March, expected to be 4.5%, and the previous value of 4.7%
- The monthly growth rate of the US core PCE price index in March was 0.3%, expected 0.3%, and the previous value was 0.3%
- U.S. personal income rose 0.3% in March, compared with 0.2% expected and 0.3% previously
- The monthly growth rate of personal spending in the United States was reported at 0.0% in March, expected to be -0.1%, and the previous value was 0.1%
- The monthly growth rate of real personal consumption in the United States was reported at 0% in March, and the previous value was -0.2%
- U.S. first-quarter employment cost index grew at an annual rate of 1.2%, expected 1.1%, and the previous value of 1.1%
- In the first quarter of the United States, labor employment and wages increased at an annual rate of 1.2%, expected 0.9, and the previous value was 1.2%
- U.S. April Chicago PMI index reported 48.6, expected 43.5, previous value 43.8
- The final value of the U.S. Consumer Confidence Index in April was 63.5, expected 63.5, and the previous value was 63.5
Wall Street Analysis
The earnings season so far has been largely better than expected, with regarding 81% of the 261 S&P 500 companies that have reported earnings beating expectations.
“Earnings numbers from big companies have been good. Expectations were bad, but the results weren’t as bad as feared. That might be a relief,” said John Praveen, co-chief information officer at Paleo Leon.
Praveen sees Friday’s economic data as helping to bolster expectations ahead of next week’s Fed meeting and ease fears of a sharp economic slowdown.
Greg Bassuk, chief executive of AXS Investments, said: “Friday’s stock market is dominated by three major factors. Earnings, economic data and Fed policy movements, this is still the most concerned issue for investors.”
The numbers are all updated before the deadline, please refer to the actual quotation
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