2023-08-10 21:01:20
The U.S. consumer price index (CPI) rose by 3.2% in July, lower than expected, deepening investors’ expectations for the Federal Reserve to pause interest rate hikes in September, but Fed officials poured cold water on the market. The main U.S. stock index on Thursday (10 Day) more thrilling income red.
Disney closed up nearly 5 percent,Dow JonesSlightly rose more than 50 points, the S & P edged up 0.03%, almost flat,That fingerReceived 0.12% bonus,fee halfAlone at 1.87%.
In terms of data, the U.S. Department of Labor announced on Thursday that the consumer price index (CPI) increased by 3.2% year-on-year in July, higher than the 3% in June, which hit a new low in more than two years. But slightly lower than market expectations of 3.3%, core CPI rose 4.7%, also lower than market expectations.
On the political and economic front, US inflation slowed in July. San Francisco Federal Reserve Bank President Mary Daly said on Thursday that the consumer price index (CPI) data was basically in line with expectations. This time the data does not represent a victory in the fight once morest inflation .
Wall Street Journal reporter Nick Timiraos, who is recognized by the market as the Fed’s megaphone, wrote that the core CPI progress in July was encouraging, and mild price pressures may allow the US central bank to keep interest rates unchanged next month.
According to the FedWatch tool of the Chicago Mercantile Exchange (CME), traders predict that the probability of raising interest rates by 1 yard in September is only 9.5%, keeping interest rates unchanged at 90.5%, and the probability of reducing interest rates is 0.
Global crude supply deficits exceeded 2.2 million barrels per day (bpd) in the third quarter following Saudi Arabia voluntarily cut additional production, OPEC data showed.
China’s real estate bubble has become even bigger. After China’s real estate leader Evergrande Group has been in financial crisis for the past two years, following “Wanda Group” reported on July 17 that it has the risk of debt default, less than a month later, the real estate giant Country Garden has recently fallen into liquidity. Due to the financial crisis, the company failed to pay two bond interest payments as scheduled.
In this regard, the China Securities Regulatory Commission reported that it will hold a real estate market meeting on Friday, showing that China has a growing sense of urgency to deal with the increasingly serious real estate crisis.
The U.S.-China technology war has further escalated. U.S. President Joe Biden signed an executive order on Thursday to prohibit or restrict U.S. companies and individuals from investing in China’s three major areas of semiconductors, quantum computing, and artificial intelligence (AI), preventing China from developing its military through advanced technology capabilities and threaten U.S. national security.
The performance of the four major US stock indexes on Thursday (10th): US stocksDow Jones IndexIt gained 52.79 points, or 0.15%, to close at 35,176.15.
NasdaqThe index rose 15.97 points, or 0.12 percent, to close at 13,737.99.
S&P 500 IndexIt gained 1.12 points, or 0.03%, to close at 4,468.83.
Philadelphia SemiconductorThe index fell 68.9 points, or 1.87 percent, to close at 3,610.47 points. Five of the 11 major S&P sectors closed in the red, with communication services, consumer discretionary and materials leading the way. Utilities, real estate and industrials underperformed. (Picture: finviz) Focus stocks
Of the five kings of science and technology, only Apple fell. Amazon (AMZN-US) up 0.52%; Meta (META-US) rose 0.17%; Apple (AAPL-US) down 0.12%; Alphabet (GOOGL-US) rose 0.02%; Microsoft (MSFT-US) up 0.22%.
Dow JonesComponent stocks mostly weakened. Disney (DIS-US) soared 4.88%; Intel (INTC-US) rose 1.17%; Salesforce (CRM-US) rose 1.16%; Nike (OF THE US) fell 0.6%; Goldman Sachs (GS-US) fell 0.67%.
fee halfConstituent stocks generally received black. Qualcomm (QCOM-US) down 0.82%; Applied Materials (AMAT-US) down 0.38%; AMD (AMD-US) down 0.22%; Micron (MU-US) fell 1.89%; Texas Instruments (TXN-US) up 0.17%; Huida (NVDA-US) fell 0.39%.
Taiwan stock ADR received more red. TSMC ADR (TSM-US) up 0.87%; ASE ADR (ASX-US) down 0.13%; UMC ADR (UMC-US) up 0.14%; Chunghwa Telecom ADR (CHT US) up 0.46%.
Corporate News
Disney (DIS-US) surged 4.85% to $91.76 per share. Disney announced following the close on Wednesday that its financial results for the third quarter of the 2023 fiscal year were still mixed. Revenue rose 4% compared to the same period last year to $22.33 billion, which was lower than Wall Street expectations. The total number of Disney+ subscribers was 146.1 million, also At the same time, Disney announced that it will increase the price of streaming services from October 2, and Disney + will crack down on parasitic accounts. It is expected to propose a specific strategy before the end of the year.
Alibaba ADR (BABA-US) rose 4.60 percent to $99.21 a share.Ant Group’s net profit for the three months ended March 31 rose 17.5 percent year-on-year toRMB 13.37 billion yuan ($1.85 billion). The group’s profit growth means it has emerged from a slump in a more than two-year crackdown by Chinese regulators. Ant Group’s financial report is released one quarter later than Alibaba Group.
American casino giant Wynn Resorts (Wynn Resorts, referred to as Wynn) (WYNN-US) rose 2.63% to $104.22 per share. Benefited from the continued strong enthusiasm for gaming tourism in US casinos and Macau, the company delivered better-than-expected earnings.
Metaverse concept stocks, online game platform Roblox (RBLX-US) rose 3.94% to $30.61 per share. Roblox’s second-quarter earnings and profits fell short of analysts’ expectations. However, Wedbush analyst Nick McKay remains optimistic regarding Roblox’s long-term development and upgraded Roblox’s stock price rating to “outperform.”
Economic data U.S. July CPI annual growth rate reported 3.2%, expected 3.3%, previous value 3.0% U.S. July CPI monthly growth rate reported 0.2%, expected 0.2%, previous value 0.2% U.S. July core CPI annual growth rate reported 4.7 %, expected 4.8%, previous value 4.8% U.S. July core CPI monthly growth rate reported 0.2%, expected 0.2%, previous value 0.2% U.S. early jobless claims reported 248,000 last week, expected 230,000, previous value 227,000 The number of Americans continuing to receive unemployment benefits last week reported 1.684 million, expected 1.71 million, and the previous value of 1.692 million Wall Street analysis
Investment bank Barclays said that while service sector inflation had eased recently, it was largely due to lower hotel prices and airfares, both of which are volatile. Part of the reason for the decline in air ticket prices is the decline in the cost of jet fuel, so it is inferred that the Fed may raise interest rates once more before the end of the year.
Other economists say the Fed has made enough progress in curbing inflation that the chances of holding rates on hold in the future have increased significantly.
“Overall, on top of expectations for a potential soft landing, this is encouraging inflation data for both the market and the Fed,” said Michelle Culver, portfolio strategist at Global X.
Seema Shah, chief global strategist at Principal Asset Management, commented that the case for the Fed to remain unchanged in September is now being formed. While inflation is heading in the right direction, it is still elevated, suggesting that the Fed is still some way away from cutting rates.
David Kelly, chief global strategist at JPMorgan Asset Management, believes that the US CPI data provides reasons for market optimism. It is expected that the inflation rate will move towards 2% by the end of next year. The stock market will reward patient investors, while bonds will provide solid capital gains.
The numbers are all updated before the deadline, please refer to the actual quotation
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