Nick Timiraos, a reporter for the Wall Street Journal, known as the Fed’s mouthpiece, revealed that the Fed may raise the terminal interest rate higher than expected. Meta led the decline in tech stocks, dragged by Intel and Amgen,Dow JonesClosed black nearly 130 points, butDow JonesBest monthly performance since January 1976.
All major indexes rose sharply in October,Dow JonesMonthly increase of 13.95%, S&P andthat fingerThey rose about 8% and 3.9% respectively, ending a two-month losing streak.
In terms of politics and economy, the Federal Reserve will hold the Federal Open Market Committee (FOMC) meeting in November. JPMorgan strategists expect that the pace of aggressive interest rate hikes by the Federal Reserve may slow down in December. Analysts at Morgan Stanley believe that, 3 months and 10-Year U.S. Treasury YieldBoth inversions suggest that the Fed will turn dovish sooner or later.
U.S. President Joe Biden has called on Congress to consider a windfall tax on oil and gas companies as high oil prices weigh on Democratic midterm election prospects.
The global food crisis has worsened again, with the price of wheat soaring as Russia terminated its participation in a UN-brokered Black Sea grain export deal after claiming a drone attack on its Crimean fleet.
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 630 million, and the number of deaths has exceeded 6.58 million. More than 12.7 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Monday (31st):
Focus stocks
The five kings of science and technology have collectively declined. apple (AAPL-US) fell 1.54%; Alphabet (GOOGL-US) fell 1.85%; Microsoft (MSFT-US) fell 1.59%; Meta (META-US) fell 6.09%; Amazon (AMZN-US) fell 0.94%.
Dow JonesMore than half of the constituents closed in the dark. Dow Chemical (DOW-US) fell 1.56 percent; Coca-Cola (KO-US) fell 1.5 percent; American Express (AXP-US) fell 1.32%; Kaiyuan Heavy Industry (CAT-US) fell 1.31%; Traveller (TRV-US) rose 1.37%.
half feeConstituent stocks were broadly weak. Intel (INTC-US) fell 2.20%; Qualcomm (QCOM-US) fell 1.30%; AMD (AMD-US) fell 3.14%; NVIDIA (NVDA-US) fell 2.44 percent; Applied Materials (AMAT-US) fell 1.59%; Texas Instruments (TXN-US) fell 0.45%; Micron (MU-US) rose 0.11%.
Taiwan stock ADR fell the most with ASE. TSMC ADR (TSM-US) fell 0.74%; ASE ADR (ASX-US) fell 4.14%; UMC ADR (UMC-US) fell 1.50%; Chunghwa Telecom ADR (CHT US) rose 1.06%.
Corporate News
apple (AAPL-US) fell 1.54 percent to $153.34 a share. A number of foreign media reported that Foxconn’s Zhengzhou plant had previously suffered a large-scale infection. Due to reports of employees fleeing overnight, the Zhengzhou plant’s iPhone production may be reduced by as much as 30% in November. Foxconn is preparing to bring spare production capacity online and increase employees’ hourly wages by more than 30%. one-half to respond.
Twitter (TWTR-US) remains suspended and will be delisted from the New York Stock Exchange on November 8. Musk will serve as Twitter CEO, and will arrange for more than 50 Tesla employees to conduct code reviews and other work, redesign the Twitter subscription and verification system, and management requires them to work two shifts day and night, seven days a week to achieve their goals. , otherwise the job will not be guaranteed.
American self-driving truck company TuSimple (TuSimple) (TSP-US) shares nearly halved on Monday, plunging 45.64% to $3.43 per share. Former TuSimple CEO Hou Xiaodi confirmed Monday that he had been removed from his position as chairman and CEO by the company’s board of directors, which is facing a federal investigation into allegations that the company improperly provided funds and transferred technology to start-up company Hydron.
American automotive semiconductor IDM factory Onsemi (Onsemi) (ON-US) fell 8.97% to $61.43 per share. ON Semiconductor’s latest earnings report beat expectations in both revenue and profit, and the financial forecast was in line with expectations. Japanese media reported that Japanese private equity funds will acquire ON Semiconductor’s fab in Niigata, Japan.
Amgen (AMGN-US) fell 1.26% to $270.35 per share, ending a three-day winning streak. Barclays analysts believe that Amgen’s recent gains are mainly driven by early weight-loss therapy AMG133, but the valuation is too high, and Amgen stock is downgraded to “Reduce”.
Economic data
- US October Chicago PMI reported 45.2, expected 47, the previous value of 45.7
Wall Street Analysis
Stephen Innes, managing partner of SPI Asset Management, pointed out that the outcome of this week’s Fed meeting will be crucial for the trend of U.S. stocks before the end of the year.
ActivTrades analyst Pierre Veyret said the market remains volatile and will likely continue into Friday as investors have a lot to digest this week, and volatility is expected to peak when Chairman Powell speaks, as many traders expect Powell. The hawkish rhetoric will weaken slightly.
Jason Draho, head of U.S. asset allocation at UBS, believes that while the recent rally in equities looks unsustainable, that doesn’t mean the market can’t continue to move higher in the coming weeks, assuming the Fed, jobs and inflation data don’t disappoint .
The figures are updated before the deadline, please refer to the actual quotation.