The US non-farm payrolls data in June was far better than expected, strengthening the firepower of the Federal Reserve to raise interest rates sharply, and the 2-year period and the 10-Year U.S. Treasury YieldContinuing to hang upside down and the haze of recession lingering, U.S. stocks battled long and short on Friday (8th), the four major indexes closed mixed, and technology stocks struggled to support the market.that fingerIt closed up 0.12 percent at 11,635.31, its highest close since June 9, extending its five-session rally.
Looking at this week, the four major indexes have been on the rise all week.Dow JonesThe weekly increase reached 0.77%, and the S&P rose 1.94% for the week.that fingerWeekly up 4.56%,half feeThe performance is even brighter, with a cumulative increase of 6.49% this week.
In terms of data, the U.S. Department of Labor announced on Friday that non-farm payrolls in June were 372,000, far exceeding market expectations of 268,000. The unemployment rate was 3.6%, unchanged from May, and the non-agricultural data was the third consecutive month. beyond expectation.
On the political and economic front, Asia-Pacific Federal Reserve Bank President Raphael Bostic, who until recently was one of the Fed’s most dovish officials, said Friday in a hawkish tone that he fully supports another rate hike in July3 code. New York Fed President John Williams forecast on Friday that U.S. economic growth is likely to fall below 1 percent this year and remain subdued until 2023.
The United States is facing the worst inflation in more than 40 years. The Biden administration intends to cancel some tariffs on Chinese goods to curb inflation. Biden held a meeting with his advisers on Friday to discuss whether to cut Chinese tariffs. After the meeting, he said that it has not yet been decided Whether to cancel tariffs on China.
The US Trade Representative (USTR) has received more than 400 requests to maintain all “Section 301” tariffs imposed on China by former President Donald Trump, leaving US authorities in a dilemma.
A series of major events have occurred in the political arena of various countries recently. After British Prime Minister Johnson announced his resignation on Thursday, former Japanese Prime Minister Shinzo Abe was shot and died on Friday. Abe’s political career was famous for his hawkish policies and “Abenomics” economic strategy. longest serving prime minister. Biden said he was shocked, angry and deeply saddened that the United States and Japan stand together at this sad time.
The global epidemic of new coronary pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University in the United States pointed out that the number of confirmed cases worldwide has exceeded 553 million, and the number of deaths has exceeded 6.34 million. More than 12.1 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Friday (8th):
Focus stocks
The five heavenly kings of science and technology fluctuate with each other. apple (AAPL-US) rose 0.47%; Meta (META-US) fell 0.76%; Alphabet (GOOGL-US) rose 0.48%; Amazon (AMZN-US) fell 0.68%; Microsoft (MSFT-US) fell 0.28%.
Dow JonesMore than half of the constituents closed in the dark. Walgreens United Boots (WBA-US) fell 1.73 percent; Dow Chemical (DOW-US) fell 1.72%; Disney (DIS-US) fell 1.61%; 3M (MMM-US) fell 1.02%; UnitedHealth (UNH-US) rose 0.83%;
half feeConstituent stocks rose almost entirely. AMD (AMD-US) rose 0.063%; NVIDIA (NVDA-US) fell 0.13 percent; Applied Materials (AMAT-US) rose 0.48%; Micron (MU-US) rose 0.69%; Texas Instruments (TXN-US) rose 0.54%; Qualcomm (QCOM-US) rose 1.20%.
Taiwan stock ADR was mixed. TSMC ADR (TSM-US) rose 1.07%; ASE ADR (ASX-US) rose 1.17%; UMC ADR (UMC-US) fell 0.15%; Chunghwa Telecom ADR (CHT US) fell 0.40%.
Corporate News
Intel (INTC-US) fell 0.39 percent to $37.99 a share. According to foreign media reports, Intel’s 14th-generation Meteor Lake flagship product plan has been delayed until the second half of next year, and Intel CEO Pat Gelsinger may visit TSMC next month to revise its 3nm production. plan.
TSMC ADR (TSM-US) rose 1.07 percent to $81.51 a share. TSMC announced on Friday that its consolidated revenue in June was regarding 175.874 billion yuan, a monthly decrease of 5.3% and an annual increase of 18.5%. The second quarter’s consolidated revenue was 534.14 billion yuan, compared with 491.08 billion yuan in the previous quarter, a quarterly increase of 8.77%, better than Expected and exceeded the financial forecast high standard.
Tesla (TSLA-US) rose 2.54 percent to $752.29 a share. The China Passenger Car Association (CPCA) announced on the 8th that Tesla’s Shanghai plant sold 78,906 Chinese-made electric vehicles in June, achieving the highest monthly sales of manufactured vehicles since it opened in 2019.
Twitter (TWTR-US) fell 4.98 percent to $36.81 per share. Investment bank Wedbush analyst Dan Ives released a report stating that it is basically impossible for Musk to maintain the current purchase price of $54.20. The market is closely watching Twitter’s fake account and Musk’s financing issues, predicting that there is a 60% chance of renegotiation.
American video game retailer GameStop (GME-US) fell 4.87 percent to $128.54 a share. GameStop on Thursday announced the firing of Chief Financial Officer Michael Recupero following approving a 4-for-1 stock split, amid rumors of imminent layoffs.
Economic data
- U.S. non-farm payrolls reported 372,000 in June, compared with an expected 268,000, and the previous value was lowered to 384,000 from 390,000
- The U.S. unemployment rate in June was 3.6%, expected to be 3.6%, and the previous value of 3.6%
- U.S. average workweek in June was 5.1 hours, compared with 5.3 hours before
- U.S. average hourly wage growth rate at 5.1% in June, expected 5%, the previous value of 5.3%
- U.S. average hourly wage growth in June was 0.3%, expected 0.3%, and the previous value of 0.4%
- The U.S. labor force participation rate in June reported 62.2%, expected 62.4%, and the previous value of 62.3%
- The final value of US wholesale inventories in May was 1.8%, expected 2%, and the previous value was 2.3%
- The monthly growth rate of US wholesale sales in May was 0.5%, expected 0.9%, and the previous value was 0.8%
Wall Street Analysis
Derek Izuel, chief investment officer at Shelton Capital Management, commented: “In the past few days, some people have begun to expect signs of an improvement in the inflation environment, which will give the Fed a reason to abandon a big rate hike. No one wants to miss it, so the market has fluctuated.”
“For stocks, overheating nonfarm payrolls mean the Fed is going to be more aggressive, raising recession risks and hurting growth stocks,” said Steve Chiavarone, equity market strategist at Federated Hermse.
“Everyone thinks the U.S. is in a recession, except for signs of cooling in the labor market, the stock market and the housing market, but so far it’s disconnected from the job market,” said Bledi Taska, an economist at labor analysis group Lightcast.
Bank of America strategist Michael Hartnett believes that the global economic slowdown may be worse than expected, adding to the pressure on the S&P index in the second half of the year, and the S&P may fluctuate in a range of 3,800 to 4,200 points this summer, and there will be no sustained rebound.
Looking ahead to next week, with a new earnings season looming, Wall Street will be looking to corporate forecasts and next week’s consumer price index (CPI) to gauge the health of the economy.
The figures are updated before the deadline, please refer to the actual quotation.
