2024-04-09 21:08:54
U.S. Stock Diary｜Tesla rose 7% in two days and gold prices reached the top once more (Michael M. Santiago via Getty Images)
U.S. stocks had mixed performances, with mixed closing performances. The Dow Jones index opened higher and then fell rapidly, falling more than 300 points at one point. It recovered most of its losses at the end of the market but still fell; the S&P 500 index and the Nasdaq index rose slightly. The market is waiting to see the first-quarter earnings season, which begins this week, as well as the latest inflation data and Federal Reserve meeting minutes. Geopolitical risks are increasing day by day, and the price of gold has reached a new high, with New York gold futures reaching a level of nearly US$2,390 an ounce.
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Market conditions on April 9 (Tuesday)
l The Dow Jones Index fell 396.61 points, or 1.00%, to 39,170.24 points.
l The S&P 500 index fell 37.96 points, or 0.72%, to 5,205.81 points.
l The Nasdaq index fell 156.38 points, or 0.95%, to 16,240.45 points.
l New York May oil futures closed at US$85.23 a barrel, down US$1.20 or 1.4%.
l New York gold futures for June delivery closed at US$2,315.0 an ounce, up US$17.3, or 1.4%.
l The U.S. 10-year Treasury bond yield closed at 4.366%, down 5.8 points.
Large technology stocks developed individually, with Nvidia falling more than 2% and hitting its lowest level in the past month. Intel released a new version of its AI chip, Gaudi 3, which will be delivered in the third quarter. It claims to be more efficient than rival Nvidia’s H100. The stock price once rose by more than 1% and closed steadily.
Tesla has risen for two days in a row. Stimulated by Musk’s announcement that the autonomous taxi Robotaxi will be launched in August, Tesla has risen by regarding 7% in the past two days. However, major banks’ views on it are not one-sided. Wedbush reiterated its “outperform” rating on Tesla with a target price of $250.
Tesla’s sales decline disappointed investors, but Robert W. Baird analyst Ben Kallo said sales may fall once more this quarter, expected to be only 444,000 units, down 4.4% year-on-year; on the other hand, rival Lucid’s price reduction strategy successfully boosted sales , the stock price rose 2.2%, Rivian rose nearly 2%. Other sectors performed differently, with Eli Lilly down 3%.
Major banks have mixed views on the market outlook. Christopher Harvey, head of equity strategy at Wells Fargo, raised his year-end target for the S&P 500 from 4,625 points to 5,535 points, which is the highest among strategists tracked by Yahoo Finance. There is regarding 6% room for upside from the current price.
However, Evercore ISI warns that there is a risk of a correction in the index this quarter: “Momentum stocks have lost momentum since Nvidia’s sharp reversal. Seasonal momentum underperformance was also common in April.” Analysts believe that inflation continues, while current P/E ratios As high as 23 times, resulting in historically low return potential and the fact that the market has not kept up with the trend of “energy stocks leading the rally”. The bank’s benchmark index target remained unchanged at 4,750 points.
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