2024-05-02 21:27:23
US Stock Diary｜The stock market turned positive following the interest rate discussion. Apple’s largest buyback in history rose 7% following the opening bell. (Michael M. Santiago via Getty Images)
U.S. stocks rose across the board, with the Dow rising more than 300 points and the Nasdaq 1.5%. After Federal Reserve Chairman Powell downplayed expectations of an interest rate hike, the market expected the Federal Reserve to cut interest rates as early as September, and interest rates Interest on US Treasury bonds continued to fall. Apple, which announced its results following the market closed, announced its largest buyback plan in history, which will involve $110 billion. The stock price rose more than 7% following the market closed.
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Market conditions on May 2 (Thursday)
I Dow Jones Index It rose 322.57 points or 0.85% to 38,225.86 points.
I S&P500 It rose 45.80 points or 0.91% to 5,064.19 points.
I Nasdaq Index It rose 235.48 points or 1.51% to 15,840.96 points.
I Oil futures in New York for June It closed at US$78.95 per barrel, down US$0.05 or 0.01%.
I June gold futures in New York It closed at 2,313.4 yuan per ounce, up $2.40 or 0.10 percent.
I 10-year U.S. Treasury Bond Interest Rate It closed at 4.571%, down 2.4 points.
All seven tech giants rose across the board, with the biggest rise among themNvidiaAndAmazonThey closed respectively up more than 3%. Announcement of results following market closeappleIt closed up 2.2%.
The market focuses on business performance. Apple’s performance was slightly better than expected. Although iPhone sales fell 10%, the company announced the largest US$1,100 cash buyback in history. After the market closed, the extended trading session rose more than 7%.
chip stocksQualcommThe results were better than expected and, coupled with strong earnings guidance, the stock closed up almost 10%.Takeaway PlatformPorteDashThe loss per share was greater than market expectations and the stock price fell 10.3%.
Also announces results following market closeCoinbase First-quarter results were better than expected, but the stock fell 3% during the extended trading session following the market closed. Since the start of this year, the stock has surged alongside Bitcoin’s performance, increasing more than 30% year to date.
In response to Federal Reserve Chairman Powell’s remarks, the market expects the Federal Reserve to begin cutting interest rates as early as September. Money markets estimate a 58% chance of a rate cut of at least 25 basis points in September and a 69% chance of a rate cut in November, according to the CME Group’s FedWatch tool.
Brian Belski, chief investment strategist at BMO Capital Markets, said the market correction isn’t over yet: “I think people are trying to be too optimistic and say a 5 to 5 correction % will be the most superficial correction in history. the bull market. » Additionally, no interest rate cut is expected in 2024, but if it does happen, he believes it will happen following this year’s US presidential election.
In terms of data, the U.S. Department of Labor reported that there were 208,000 new unemployment benefits in the week ending April 27, which was lower than market expectations of 212,000.
The preliminary value of non-agricultural productivity in the United States in the first quarter increased by 0.3% quarter on quarter, significantly lower than the expected 0.8%, and the previous value was 3.30%. The preliminary value of non-agricultural unit labor costs in the first quarter increased by 4.7% quarter-on-quarter, significantly higher than the expected 3.3%, and the previous value was 0.40%. Some analysts point out that, for a market already concerned regarding rising wages, the rise in unit labor costs constitutes a serious signal. Previous revisions had lessened its impact, but only to a certain extent.
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