Federal Reserve Chairman Powell continued to release hawkish remarks on Thursday (8th), but as health care and financial stocks led the rise, U.S. stocks continued the rebound from the previous day, and all the four major indexes closed in the red.Dow JonesUp nearly 200 points, the S&P rose 0.66%, breaking the 4,000-point mark.
On the data front, the U.S. Bureau of Labor announced that as of September 3, the number of Americans filing for unemployment benefits for the first time last week fell by 6,000 from the previous week to 222,000, a sign that the labor market is still stronger than the Fed expected strong.
In political and economic news, the hawks of global central banks are deafening, and Powell reiterated during his last speech before the September meeting on Thursday that the Fed has vowed to fight inflation and will not back down until its mission is achieved to prevent a repeat of Qualcomm in the 1970s. The mistakes of paying a “high social cost” during the inflation period. CME’s FedWatch data showed that the market is pricing in a more than 86 percent chance of the Fed raising interest rates three yards in September.
The European Central Bank (ECB) raised several interest rates by 3 yards each at its decision-making meeting on Thursday, raising the benchmark deposit rate from 0 to 0.75%, the highest since 2011.
U.S. President Joe Biden “delayed” the removal of Trump-era tariffs on Chinese goods, citing sources, foreign media reported, as any decision before the U.S. midterm elections in November would pose a risk to Biden and Democrats. Biden is also reluctant to give up the leverage provided by tariffs ahead of the G20 (G20) summit of the heads of state.
platinumThe Han Palace announced on Thursday that Queen Elizabeth II had passed away at the age of 96. To commemorate her death, the United Kingdom will hold a 10-day national mourning period and a funeral will be held on the 10th day following the Queen’s death. The London Stock Exchange will then Market will be closed.
The new crown pneumonia (COVID-19) epidemic continues to spread around the world. Before the deadline, data from Johns Hopkins University in the United States pointed out that the number of confirmed cases worldwide has exceeded 607 million, and the number of deaths has exceeded 6.5 million. More than 12.6 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Thursday (8th):
Focus stocks
The five heavenly kings of science and technology fluctuate with each other. apple (AAPL-US) fell 0.96%; Meta (META-US) rose 1.04%; Alphabet (GOOGL-US) fell 0.98%; Amazon (AMZN-US) rose 0.26%; Microsoft (MSFT-US) rose 0.17%.
Dow JonesMore than half of the constituents closed in the red. Salesforce (CRM-US) rose 2.36 percent; JPMorgan (JPM-US) rose 2.33 percent; Goldman Sachs (GS-US) rose 1.46%; Kaiyuan Heavy Industry (CAT-US) rose 1.27%; 3M (MMM-US) fell 1.06%.
half feeConstituent stocks generally ended higher. AMD (AMD-US) rose 3.98%; Intel (INTC-US) rose 0.33%; Micron (MU-US) rose 0.71%; NVIDIA (NVDA-US) rose 2.01 percent; Applied Materials (AMAT-US) rose 2.01 percent; Qualcomm (QCOM-US) rose 0.19%; Texas Instruments (TXN-US) rose 1.56%.
Taiwan stock ADR was mixed. TSMC ADR (TSM-US) rose 0.36%; ASE ADR (ASX-US) rose 2.35%; UMC ADR (UMC-US) fell 0.47%; Chunghwa Telecom ADR (CHT US) fell 0.05%.
Corporate News
apple (AAPL-US) fell 0.96 percent to $154.46 a share. Musk, the world’s richest man, revealed that his space exploration company SpaceX has held talks with Apple, involving the satellite broadband service Starlink to provide emergency communication functions for Apple’s flagship new iPhone 14.
Tesla (TSLA-US) received a 1.96% dividend to $289.26 per share. The China Passenger Car Market Information Joint Conference released that China’s retail sales of new energy passenger cars in August reached 529,000, of which Tesla’s Chinese-made car sales reached 76,965. After Shanghai’s epidemic prevention blockade caused production to slow down, Tesla Vehicle deliveries have picked up strongly.
Modena (MRNA-US) rose 4.73 percent to $141.28 a share. Deutsche Bank upgraded the pharmaceutical giant’s stock to “buy” from “hold.” Moderna estimated on Thursday that future annual sales of the new crown vaccine in the United States might be between $5.2 billion and $12.9 billion.
Advanced Micro Devices (AMD) rose 3.98% to $82.78 per share. Investment bank Stifel raised AMD’s target price to $122 per share, which would be more than 40% higher than the current price.
BYD ADR (BYDDY-US) slipped 2.85% to $55.81 per share. BYD announced on the 8th that it will build an electric vehicle manufacturing plant in Thailand. It has signed a land purchase agreement for 96 metric tons and will produce 150,000 electric vehicles a year from 2024.
US telecommunications company T-Mobile (TMUS-US) closed down 0.093 percent at $145.36 a share, following rising more than 2.8 percent in following-hours trading. After T-Mobile sold its cable business to Cogent, the company announced Thursday a $14 billion treasury stock plan that will run through September.
Economic data
- The number of Americans receiving unemployment benefits last week reported 222,000, expected 240,000, the previous value of 228,000
- The number of people receiving unemployment benefits in the United States last week reported 1.473 million, expected 1.435 million, and the previous value of 1.437 million
Wall Street Analysis
Cathie Wood, founder of Ark Investment Management Co., known as the “woman of the stock market”, criticized that Powell is imitating former Federal Reserve Chairman Paul Volcker in wielding a sledgehammer to fight inflation, but he A big mistake is being made as commodity markets have gone from positive to deflationary.
Bank of America economist Michael Gapen judged: “If the consumer price index (CPI) data unexpectedly declines on September 13, it may increase the probability of a small interest rate hike, but the Fed is still more likely to raise interest rates by 3 yards.”
The figures are updated before the deadline, please refer to the actual quotation.
