2023-08-30 21:38:42
The latest data showed that the U.S. economy is gradually cooling down, alleviating the concerns of the Federal Reserve hawks raising interest rates. U.S. bond yields continued to fall, and U.S. stocks closed in red on Wednesday (30th).
Apple leads,Dow Jones IndexSlightly closed in red by nearly 40 points, marking the fourth consecutive day of gains. The S&P 500 index edged up more than 0.3%. Hewlett-Packard, Box slumped following earnings misses,Nasdaq Composite IndexIt edged up more than 0.5 percent.
Huida hit another record high, but semiconductor maker Ambarella plummeted following releasing a weaker-than-expected financial forecast.Philadelphia SemiconductorThe index was up 0.4 percent.
In terms of data, the ADP employment report, known as the “small non-agricultural”, showed that the number of U.S. private sector employment increased by 177,000 following seasonal adjustment in August, which was lower than the expected 195,000, the smallest increase in five months, another There are signs that the U.S. economy may be starting to slow.
U.S. gross domestic product (GDP) in the second quarter was revised to a quarterly growth rate of 2.1%, not as good as the 2.4% growth expected by the market, but slightly higher than the 2% growth in the first quarter, reflecting the decline in business spending on equipment and intellectual property. to the downward revision and inventory investment was lower than expected.
In political and economic news, former Boston Union Bank President Eric Rosengren pointed out that if the job market and the economy maintain the current slow pace of growth, the Federal Reserve can pause interest rate hikes. Rosengren also pointed out that it is still too early to say that the U.S. economy has reached a soft landing, and that the Fed should not discuss the possibility of cutting interest rates unless the annual increase in personal consumption expenditures (PCE) data falls back to close to 3%.
Huida said in a regulatory document submitted this week that the United States has extended restrictions on the export of advanced Huida artificial intelligence (AI) chips such as A100 and H100 to other regions outside China, including some countries in the Middle East.
The performance of the four major US stock indexes on Wednesday (30th): 9 of the 11 major S&P sectors closed in the red, with information technology, energy and industrials the top three gainers, while utilities and healthcare closed in the black. (Picture: finviz) Focus stocks
The five kings of science and technology received more red. Meta (META-US) down 0.97%; Apple (AAPL-US) up 1.92%; Alphabet (GOOGL-US) rose 0.97%; Microsoft (MSFT-US) rose 0.12%; Amazon (AMZN-US) rose 0.12%.
Dow JonesMore than half of constituent stocks were higher. Salesforce (CRM-US) rose 1.45%; Home Depot (HD-US) rose 1.02%; Kintor Heavy Industry (CAT-US) up 0.82%; 3M (MMM-US) fell 1.06%; Amgen (AMGN-US) fell 0.68%.
fee halfConstituent stocks generally rose. Huida (NVDA-US) rose 0.98%; Micron (MU-US) rose 2.11%; Qualcomm (QCOM-US) rose 0.26%; Applied Materials (AMAT-US) rose 0.65%; AMD (AMD-US) rose 0.63%; Texas Instruments (TXN-US) fell 0.86%.
Taiwan stock ADRs were mixed. TSMC ADR (TSM-US) down 0.32%; ASE ADR (ASX-US) rose 0.24%; UMC ADR (UMC-US) rose 1.25%; Chunghwa Telecom ADR (CHT US) down 0.51%.
Corporate News
AI Behemoth Huida (NVDA-US) edged up 0.98% to US$492.64 per share, closing at a record high for two consecutive days. Analysts at Rosenblatt Securities set a target price of $1,100 for Huida. If this level is reached, the market value will rise to more than $2.7 trillion, comparable to Apple’s $2.9 trillion
apple (AAPL-US) rose 1.92 percent to $187.65 a share. Apple will hold an autumn conference at its California headquarters at 1:00 am on September 13 to release the high-profile iPhone 15 series. Citi estimates that Apple will increase the price of the new iPhone by $100 to $200. The new machine may stimulate the enthusiasm of iPhone 12 users. Upgrade waves.
Apple is rumored to be using 3D printing to replace the steel chassis used in some of its upcoming smartwatches.This new manufacturing technique will use less material than traditional CNC manufacturing and will also reduce manufacturing time
Tesla (TSLA-US) closed down 0.11 percent at $256.90 a share. Tesla on Tuesday launched its $300 million AI computing cluster, a supercomputer “comprised of thousands of graphics chips from Vida, more powerful than the world’s third most efficient supercomputer.”
The world’s PC leader Hewlett-Packard (HPQ-US) fell 6.63% to $29.29 per share, the biggest drop since May 2020. Hewlett-Packard reported mixed results for the previous quarter on Tuesday, reflecting weaker demand for printers and lower-than-expected PC prices, and lowered its full-year forecast as fundamentals improved more slowly than expected.
Baidu ADR (BIDU-US) rose 3.11 percent to $145.08 a share. China is rumored to approve the first batch of generative artificial intelligence (AI) services to be rolled out to the public as soon as this week, allowing local tech giants such as Baidu and OpenAI Inc., Microsoft (MSFT-US) and other companies openly compete.
Economic data ADP in the United States reported 177,000 new jobs in August, expected to be 195,000, and the previous value was 312,000. The US second-quarter GDP quarterly growth rate was revised to 2.1%, expected to be 2.4%, and the previous value was 2.0%. The annual growth rate was revised to 2.5%, expected to be 2.6%, and the previous value was 4.1%. Reported at 1.7%, expected 1.6%, and the previous value was 4.2%. The initial monthly rate of wholesale inventory in the United States in July was reported at -0.1%, expected -0.3%, and the previous value was -0.5%. %, expected -0.6%, previous value 0.4% Wall Street analysis
“After two years of extraordinary recovery-related gains, the U.S. is on track for more sustainable wage and employment growth as the economic fallout from the COVID-19 pandemic fades,” ADP Chief Economist Nela Richardson said Wednesday. “
Quincy Krosby, chief global strategist at LPL Financial, said: “Although the ADP data does not necessarily have a strong correlation with Friday’s non-farm payrolls report, it still shows that the overheated labor market may begin to cool and gradually move towards balance. of.”
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