2023-09-14 21:22:41
U.S. Stock Diary｜ARM’s listing surges, Dow rises 300 points
The three major U.S. stock indexes performed well, with the Dow rising more than 300 points. Chip design stock ARM surged 25% on its first day of trading, boosting market sentiment. New York oil futures rose above the level of US$90 per barrel, which increased inflationary pressure and PPI rose higher than market expectations.
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Market conditions on September 14 (Thursday)
l The Dow Jones index rose 331.58 points, or 0.96%, to 34,907.11 points.
l The S&P 500 index rose 37.66 points, or 0.84%, to 4,505.10 points.
l The Nasdaq index rose 112.47 points, or 0.81%, to 13,926.05 points.
l New York oil futures for October delivery closed at US$90.16 a barrel, up US$1.64 or 1.9%.
l New York December gold futures closed at US$1,932.80 an ounce, up US$0.3 or less than 0.1%.
l The U.S. 10-year Treasury bond yield closed at 4.288%, up 3.9 points.
The market focused on the chip design company Arm’s first day of listing. The stock price surged 25% to close at US$63.59, with a closing market value of US$65.248 billion, making it the world’s largest IPO this year. Driven by ARM’s success, technology stocks generally rose, with artificial intelligence-related stocks Microsoft rising 0.79% and Nvidia rising 0.21%.
The successful listing of large-scale IPOs may mean that listing activities are booming again, driving the rise of leading banks. Goldman Sachs rose 2.86%, JPMorgan Chase rose 1.94%, and Morgan Stanley rose 1.7%.
Citigroup has launched its biggest restructuring plan in 20 years and is preparing for a wave of layoffs to reverse years of sluggish stock prices. The company’s stock price closed up 1.77%, rising for the third consecutive trading day and approaching its mid-August high.
New York oil futures exceeded $90 a barrel, and Brent oil futures rose 1.6% to a high of $93.50 a barrel. Earlier this week, the International Energy Agency (IEA) warned that extending oil supply restrictions by major OPEC+ members could cause “serious supply shortages.” U.S. President Biden said he is once again trying to lower gasoline prices.
Affected by oil prices, the U.S. PPI recorded its largest increase in more than a year in August, rising 0.7% month-on-month, higher than market expectations of 0.4%. It rose 1.6% year-on-year, also higher than market expectations. Excluding food and energy, core PPI rose 0.2% month-on-month, in line with market expectations. It showed that inflationary pressures at the wholesale level were higher than market expectations. The price of gasoline in the PPI index soared by 20% in August, which was the main reason for the increase in the index.
Retail sales data also beat expectations. U.S. retail sales rose 0.6% month-on-month in August, while economists on average expected a 0.1% increase. Excluding automobiles, retail sales increased by 0.6% month-on-month in August, while market expectations were for a 0.4% increase.
Regarding next week’s interest rate meeting, JP Morgan chief economist Bruce Kasman said, “It is impossible for them to signal that the interest rate hike is complete now.” According to traders, although the Federal Reserve may stop raising interest rates next week, the message it conveys will be hawkish. Kasman said a dot plot released next week will likely show officials predicting one more rate hike this year at the midpoint, leaving open the possibility of a rate hike in November or December.
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