2024-05-10 21:31:43
US Stock Diary｜Dow Jones up for 4 consecutive weeks, best performance since December (Spencer Platt via Getty Images)
US stocks moved individually, with the Dow Jones closing up 125 points, the S&P 500 slightly higher and the Nasdaq slightly lower. The Dow Jones has risen for eight straight days, its best performance since December of last year. The University of Michigan’s consumer confidence index in May was just 67, falling to a six-month low and worse than expected. This has caused the market to fear a resumption of inflation, which is equivalent to delaying interest rate cuts and weakening market sentiment. .
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Market conditions on May 10 (Friday)
I Dow Jones Index It rose 125.08 points or 0.32% to 39,512.84 points. To summarize the week, the Dow rose 2.16%, up for four consecutive weeks.
I S&P500 It increased by 8.60 points or less than 0.16% to 5,222.68 points. Up 1.85% for the whole week
I Nasdaq Index It fell 5.40 points or 0.03% to 16,340.87 points. It rose 1.14% this week.
I Oil futures in New York for June It closed at $78.26 a barrel, down $1.00 or 1.3%. It increased by 0.2% in one week.
I June gold futures in New York At 4:30 p.m. ET, it was trading at US$2,370.0 an ounce, up US$29.7, or 1.2%.
I 10-year U.S. Treasury bond interest rate It closed at 4.504%, up 5.5 points.
The Dow Jones has risen for eight straight days, its best performance since December of last year. At the same time, the Dow also rose for 4 consecutive weeks.
The best performing stocks in the Dow this week arecaterpillarup 5.4% over the week, with financial companies being the best performing category,J.P. Morgan、American ExpressAndVisaIt’s the company with the biggest increase this week, with all three up more than 4%.
Biotechnology companyNovavaxAfter announcing a multibillion-dollar deal with French pharmaceutical company Sanofi to jointly market its COVID-19 vaccine starting next year, the company’s stock price soared, closing in 99% increase.
Benefiting from the strong demand for AI,TSMCApril profit rose 60% year-on-year, benefiting from continued demand for artificial intelligence, and closed up 4.5%. AI darlingNvidiaCloses up 1.27%, another AI stocksound dogFirst quarter results were significantly better than expected, closing up more than 7%.
Chinese electric carsZeekr JiKr went public, with an IPO price of US$21 per share, and closed up 35% at US$28.26. The company is a premium electric vehicle brand owned by Geely Holdings, and it is also the largest listing of a Chinese company in the United States since 2021.
Chicago Fed President Goolsbee said what matters is long-term inflation expectations, not short-term inflation expectations. There is no indication that US inflation has remained stable at 3% and will not fall further. Even if inflation fluctuates, we remain on the sidelines for now. Currently, the Fed’s policy is relatively restrictive. If rebounding inflation causes the economy to overheat, the Fed must do everything in its power to keep inflation at 2%.
The preliminary value of the University of Michigan Consumer Confidence Index in May was 67.4, which was well below market expectations of 76 and fell to the lowest level in six months. Brian Nick, senior investment strategist at the Macro Institute, said the data might reflect that “inflation is also not moving in the right direction.” He added: “It’s now a two-pronged situation, where people are thinking worse than the actual economic situation and worrying regarding inflation. This is not ideal for stocks or the obligations.”
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