2023-06-12 21:16:02
The Federal Reserve is regarding to hold its June monetary policy meeting. U.S. stocks continued their gains last week on Monday (12th). Bulls in technology stocks continued to advance. The four major indexes collectively closed in the red, with the S&P index up 0.93%, ushering in a 13-month closing high.
In terms of politics and economy, investors will usher in a busy week. The US consumer price index (CPI) will be released on Tuesday, and the Federal Reserve will announce its monetary policy decision on Wednesday. Traders see regarding an 80 percent chance the Fed will keep rates on hold, but expect the Fed to raise rates in July.
Goldman Sachs Group Inc. Chief Executive David Solomon warned on Monday that the Federal Reserve might still raise interest rates given stubborn inflation, which might make the economic environment more challenging.
Wall Street Journal (WSJ) reporter Nick Timiraos, who is recognized by the market as the Fed’s megaphone, wrote on Monday that despite several bank failures in the United States, some officials tend to keep interest rates unchanged at this week’s meeting. Meanwhile, Fed Chairman Jerome Powell is torn between fighting high inflation, which requires tightening policy, and avoiding a credit crunch, which requires looser monetary policy.
The performance of the four major indexes on Monday (12th):
- US stocksDow Jones IndexIt gained 189.55 points, or 0.56%, to close at 34,066.33.
- NasdaqThe index rose 202.78 points, or 1.53 percent, to close at 13,461.92.
- S&P 500 IndexIt gained 40.07 points, or 0.93%, to close at 4,338.93.
- Philadelphia SemiconductorThe index rose 116.69 points, or 3.31 percent, to close at 3,641.66.
Focus stocks
All the five kings of science and technology ascended. Amazon (AMZN-US) up 2.54%; Meta (META-US) up 2.30%; Apple (AAPL-US) rose 1.56%; Alphabet (GOOGL-US) rose 1.15%; Microsoft (MSFT-US) rose 1.55%.
Dow JonesConstituent stocks rose more and fell less. Intel (INTC-US) surged 5.52%; Boeing (BA-US) rose 1.96%; Cisco (CSCO-US) rose 1.65%; Chevron (CVX-US) down 0.96%; Po Kiu (PG-US) down 0.78%
fee halfComponent stocks generally closed higher. Applied Materials (AMAT-US) rose 2.86%; AMD (AMD-US) rose 3.42%; Micron (MU-US) rose 3.09%; Texas Instruments (TXN-US) rose 2.02%; Qualcomm (QCOM-US) rose 2.54%; Huida (NVDA-US) rose 1.84%.
Among the ADRs of Taiwan stocks, TSMC performed the best. TSMC ADR (TSM-US) rose 4.14%; ASE ADR (ASX-US) rose 2.19%; UMC ADR (UMC-US) rose 2.72%; Chunghwa Telecom ADR (CHT US) down 0.52%.
Corporate News
apple (AAPL-US) received a dividend of 1.56% to US$183.79 per share, a record high, and its market value came to US$2.89 trillion. According to foreign media reports, Apple is currently developing a lower-priced mixed reality (MR) headset, so that more people can have access to this new product. Mark Gurman, a well-known technology reporter, broke the news and pointed out that the name “Vision Pro” implies that there is a non-Pro version of the product, which may be called “Vision” or “Vision One”.
Due to Huida’s additional artificial intelligence (AI) related orders, the utilization rate of TSMC’s advanced process capacity has been greatly increased, and legal persons are generally optimistic regarding TSMC’s future market. TSMC ADR (TSM-US) surged more than 4% to $107.7 per share on Monday, with a conversion price of 658.37 yuan, a discount or premium of 14.70%
Tesla (TSLA-US) rose 2.22% to $249.83 per share, rising for the 12th consecutive day, setting a record for the longest winning streak in history. Tesla’s electric vehicle charging technology has gained more support from charging companies who say they will provide equipment compatible with Tesla’s charging network, further cementing Tesla’s charging system as the U.S. standard.
UBS (UBS-US) rose 0.5 percent to $20.29 a share. UBS announced that it has officially completed the acquisition of Credit Suisse, becoming a new giant in the Swiss banking industry with an asset management scale of US$1.6 trillion.
Cruise operator Carnival Corporation (CCL-US) soared 12.45% to $14.72 per share following JPMorgan Chase & Co. upgraded the stock.
Foreign media quoted sources on Monday as reporting that the top US antitrust regulator, the Federal Trade Commission (FTC), will apply to the court for an injunction seeking to block Microsoft’s $69 billion acquisition of Activision Blizzard. microsoft (MSFT-US) rose 1.55% to $331.85 per share; Activision Blizzard (ATVI-US) fell 0.76 percent to $79.77 a share.
Wall Street Analysis
According to Goldman Sachs analysis, along with the AI investment boom, technology stocks contributed most of the gains in US stocks,S&P 500 Index It will reach 4,500 points by the end of 2023, compared with the previous expectation of 4,000 points.
Dylan Kremer, co-chief investment officer at Certuity, said: “The Fed will eventually decide to skip a rate hike in June, but the Fed’s overall rate hike process may not be complete.”
Fundstrat analyst Tom Lee believes: “This week will be one of the big moments in the stock market, because if the Fed admits that progress has been made in fighting inflation, then they will pause interest rate hikes in June and may even continue in July. No interest rate hikes for now, which is expected to fuel a sharp rebound in some sectors.”
The numbers are all updated before the deadline, please refer to the actual quotation
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