2023-12-06 22:35:20
The rebound momentum of the Wall Street stock market faded. The three major stock markets rose first and then recovered, and ended down. Energy stocks and technology stocks dragged down the market. In the morning market, stimulated by the slowdown in “small non-farm payrolls” data, the Dow rose to its highest level in nearly two years, and then subsequently fell, together with the S&P 500 index, which fell for three consecutive days. Although some analysts warned that investors were overly optimistic regarding expectations of U.S. interest rate cuts, the bond market continued to rise, with the 10-year Treasury bond interest rate falling to around 4.1%. Cryptocurrencies continued to rise, with Bitcoin crossing the 44,000 yuan level once more.
Oil prices plummeted, with New York oil futures closing below $70, hitting the lowest since June, and U.S. retail gasoline prices hitting their lowest since January. New York oil futures fell for a fifth day in a row despite OPEC’s pledge to cut supply in the first quarter of 2024 to boost prices. U.S. crude oil inventories fell more than expected, but Moody’s lowered China’s credit rating outlook to negative, saying the chances of a rating downgrade were increasing and the market was worried regarding weak demand.
Real-time quotations of U.S. stocks and foreign currencies, multi-country news
Market conditions on December 6 (Wednesday)
l The Dow Jones index fell 70.13 points, or 0.19%, to 36,054.43 points.
l The S&P 500 index fell 17.84 points, or 0.39%, to 4,549.34 points.
l The Nasdaq index fell 83.20 points, or 0.58%, to 14,146.71 points.
l New York January oil futures closed at US$69.38 a barrel, down US$2.94 or 4.1%.
l New York February gold futures closed at $2,047.936.3 an ounce, up $11.2 or 0.6%.
l The U.S. 10-year Treasury bond yield closed at 4.121%, down 5.0 points.
Large-scale technology stocks generally fell, and chip stocks fell sharply. Nvidia fell 2.3% to a one-month low. Its president Huang Jensen said that it will continue to supply chips that comply with U.S. regulations to China; AMD launched a new artificial intelligence chip MI300X, saying it is currently the most advanced One, the stock price still fell by more than 1%; ARM fell by nearly 4%.
Microsoft fell 1%. Its acquisition of Activision Blizzard may still be uncertain, and U.S. regulatory authorities may challenge the approval of its acquisition in the appeals court. Energy stocks fell with oil prices and were the worst-performing sectors on the S&P 500. Marathon Oil fell 3.5% and Halliburton fell 4%.
“The fall in the U.S. 10-year Treasury bond yield has been an obvious catalyst for the recent turn in the stock market. With economic conditions still uncertain, investor sentiment has improved and risk appetite has increased.” Citi analyst Chris Montagu said, “This The positive sentiment may be short-lived as U.S. equities remain net short and new short selling is increasing.”
Montagu added: “In the long term, we continue to recommend high-quality growth stocks, but short-term style fluctuations may intensify.”
Market expectations for U.S. interest rate cuts are increasingly being questioned. A survey of major academic economists conducted by the Financial Times and the University of Chicago earlier this month found that two-thirds of the respondents believed that the U.S. Federal Reserve would cut interest rates by at least July next year. A rate cut will come later or later, and the cut will be smaller than Wall Street forecasts.
Three-quarters of economists expect interest rate cuts next year to be only half a percentage point or less; this is in line with futures markets indicating a full percentage point cut by the end of next year.
Following the previous day’s JOLTS job openings, another data showed that the U.S. job market is slowing down. The ADP employment report, known as the “small non-agricultural sector”, shows that in November 2023, there were 103,000 private enterprise jobs in the United States, lower than the downwardly revised 106,000 jobs in October. The market expected 130,000 jobs. Among them, the manufacturing and construction industries will cut 15,000 and 4,000 positions respectively, and the commodity industry will cut a total of 14,000 employees. Wage growth continues to slow.
Cryptocurrencies seem to have emerged from last year’s “cold winter”, but JPMorgan Chase President Jamie Dimon once once more criticized cryptocurrencies, suggesting a ban on Bitcoin and many of its similar products with a market value of US$1.6 trillion. “Its only real uses are criminals, drug dealers… Money laundering and tax avoidance”.
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