2023-07-17 13:35:12
U.S. stocks open: the three major stock indexes are mixed, and the market is concerned about the heavy financial report
2023-07-17 21:35:12 Source: Financial circles share to:
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U.S. stocks opened mixed on Monday, with the Dow down 0.11%, the Nasdaq up 0.26%, and the S&P 500 up 0.04%. Activision Blizzard rose nearly 4%, Microsoft and Sony signed an agreement, and Activision Blizzard’s “Call of Duty” will supply the PS platform for ten years. Tesla rose nearly 2%. After two years of delay, the first Cybertruck rolled off the assembly line. Popular Chinese concept stocks fell, Bilibili and Pinduoduo fell 3%, and JD.com, Xiaopeng Motors, and Alibaba fell more than 2%.
Bank of America and Goldman Sachs are due to report earnings before the bell on Tuesday, and their results will provide further insight into how the financial system is coping with the fallout from a string of bank failures this spring.
On the economic data front, U.S. retail sales data for June, homebuilder confidence and the latest housing starts data are due out this week.
Short positions have been a challenge for hedge funds, especially since early June, JPMorgan said, adding that the unwinding of short positions had become “extreme” in recent days.
Goldman Sachs said on Friday that short covering in U.S. macro products reached the highest level since November 2020.
In the view of some optimistic analysts, the U.S. stock market rally led by the epic rebound of technology stocks means the beginning of a new round of bull market. In addition, as the world enters the AI era, the AI revolution will comprehensively increase corporate profits and further boost Technology stocks and broader U.S. stocks.
In the view of analysts who are firmly bearish on the market outlook, technology stocks with high valuations may experience an “internet bubble burst” similar to the end of 1999.
Goldman Sachs Group partner John Flood said in a research report last Wednesday that the S&P 500 is expected to hit a record high by the end of the year. The S&P 500 index has fully recovered all the losses since the Fed started this round of interest rate hike cycle, and it is even 3% higher than when it started raising interest rates in March 2022.
John Flood said in a research report: “In 2023, for the first time, we have been asked by many clients whether we think the S & P 500 index will hit a new all-time high before the end of the year. And our view of this is yes.”
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