On the eve of the release of the U.S. non-farm payrolls data, investors digested mixed economic data and hawkish comments from Federal Reserve officials. The U.S. dollar continued to fall along with U.S. bond yields.
Salesforce plummeted under pressure,Dow JonesIt closed down nearly 200 points.S&P 500 IndexSlightly fell 0.09%, holding the 200-day moving average, meme stocks such as AMC and Bed Bath & Beyond took off,That fingerIt edged up 0.13 percent.fee halfIt was down 0.78%.
In terms of data, the inflation index that the Federal Reserve prefers to refer to—the core personal consumption expenditure price index fell to 5% in October, indicating that inflation continued to cool down, while personal income and expenditure both rose strongly, releasing a soft landing for the economy The signal boosted market confidence in early trading.
However, the ISM manufacturing index in the United States reported 49 in November, falling below the 50 line of prosperity and contraction, lower than the market expectation of 49.8, shrinking for the first time since May 2020, and the pressure of a rapid economic recession hit, pouring cold water on the bulls.
Investors await Friday’s non-farm payrolls data to provide more overall economic news. Wall Street predicts that the U.S. added 200,000 non-farm jobs in November, the lowest since December 2020, and the unemployment rate is expected to remain unchanged at 3.7%.
On the political and economic front, following Federal Reserve Chairman Jerome Powell said on Wednesday that the pace of interest rate hikes may slow down in December at the earliest, New York Federal Reserve Bank President John Williams (John Williams) did not comment on the rate hike in December on Thursday, but Emphasize that the Fed needs to raise interest rates further to reduce excessive price pressures.
Federal Reserve Governor Bowman (Michelle Bowman) said on Thursday that while the Fed may soon slow down the pace of interest rate hikes, inflation is still too high and monetary policy needs to remain sufficiently restrictive for a period of time to keep the With inflation down, the end-point rate may be slightly higher than 4.6%.
The U.S. Congress is trying to prevent a shutdown of the U.S. rail system in the run-up to Christmas, and the Senate on Thursday approved legislation to enforce a temporary labor agreement previously hammered out by railroads, unions and the Biden administration, but a separate bill on paid sick leave faltered However, the crux of the strike still exists.
The European Union’s Russian oil sanctions will come into effect on December 5, and the EU reported on Thursday that it is close to reaching an agreement to set the Russian oil price ceiling at around US$60 per barrel, which is expected to be implemented before the deadline next Monday.
The novel coronavirus pneumonia (COVID-19) global epidemic continues to spread. Before the deadline, the Johns Hopkins University (Johns Hopkins University) data pointed out that the number of confirmed cases worldwide has exceeded 643 million, and the number of deaths has exceeded 6.63 million. More than 12.7 billion doses of vaccines have been administered in 184 countries around the world.
The performance of the four major US stock indexes on Thursday (1st):
Focus stocks
The five kings of technology were mixed. apple (AAPL-US) rose 0.19%; Alphabet (GOOGL-US) was flat; Microsoft (MSFT-US) down 0.18%; Meta (META-US) rose 1.98%; Amazon (AMZN-US) fell 1.08%.
Dow JonesMore than half of the constituent stocks closed black. Salesforce (CRM-US) plummeted 8.27%; UnitedHealth (UNH-US) down 1.98%; Boeing (BA-US) down 1.73%; Nike (OF THE US) rose 1.29%; Home Depot (HD-US) rose 0.95%.
fee halfConstituent stocks were generally weak. NVIDIA (NVDA-US) rose 1.25%; Applied Materials (AMAT-US) fell 2.36%; Texas Instruments (TXN-US) down 1.64%; Micron (MU-US) down 3.75%; Intel (INTC-US) down 0.80%; Qualcomm (QCOM-US) rose 0.25%; AMD (AMD-US) fell 0.19%.
All ADRs of Taiwan stocks fell. TSMC ADR (TSM-US) down 0.36%; ASE ADR (ASX-US) down 0.15%; UMC ADR (UMC-US) fell 1.86%; Chunghwa Telecom ADR (CHT US) down 0.88%.
Corporate News
TSMC ADR (TSM-US) fell 0.36% to US$82.68 per share, the conversion price was 506.50 yuan, and the discount premium rate reached 1.60%. Foreign media quoted sources as saying that TSMC has drawn up a new upgrade plan. The Arizona plant in the United States will start producing 4-nanometer chips immediately following it opens in 2024. This new plan is expected to be announced at the machine transfer ceremony.
Salesforce (CRM-US) plunged 8.27% to $147.00 per share. Salesforce’s fourth-quarter earnings forecast fell short of market expectations, and investors were caught off guard by the sudden departure of Salesforce co-CEO Bret Taylor.
NIO ADR (NIO-US) fell 5.40%, Li Auto ADR (LI-US) fell 3.18%, Xiaopeng Motors ADR (XPEV-US) plummeted 7.77%.
China’s new carmakers announced their sales data for November. Among them, GAC Aian won the championship with 28,700 vehicles. The monthly deliveries of Lixiang and NIO both hit record highs, while the monthly deliveries of Xiaopeng Motors increased by more than 10%.
Roivant Sciences (ROIV-US) soared 8.21%. Pfizer (Pfizer) (PFE-US) up 1.90%. The two companies formed a unit on Thursday to develop RVT-3101, a drug used to treat inflammatory bowel disease.
FuGuo bank (WFC-US) fell 2.25% to $46.87 per share. According to foreign media news, Wells Fargo plans to reduce the number of employees in the mortgage loan department once more due to the cooling of the housing market.
Economic data
- The number of people claiming unemployment benefits in the United States reported 225,000 last week, compared with 235,000 expected and 241,000 previously
- The number of Americans continuing to receive unemployment benefits last week was reported at 1.608 million, expected to be 1.573 million, and the previous value was 1.551 million
- The PCE price index in the United States reported an annual rate of 6% in October, expected to be 6%, and the previous value to be 6.3%
- U.S. October PCE price index monthly rate reported 0.3%, expected 0.6%, previous value 0.3%
- The core PCE price index in the United States reported an annual rate of 5% in October, which was expected to be 5% and the previous value was 5.2%
- The core PCE price index in the United States in October was reported at 0.2%, expected 0.3%, and the previous value was 0.5%
- U.S. November ISM manufacturing index reported 49, expected 49.8, previous value 50.2
- The final value of the U.S. manufacturing PMI in November was 47.7, expected 47.6, and the previous value was 47.6
- The monthly rate of personal spending in the United States in October was reported at 0.8%, expected 0.8%, and the previous value was 0.6%
- The monthly rate of personal income in the United States in October was reported at 0.7%, expected 0.4%, and the previous value of 0.4%
- U.S. real personal consumption monthly rate reported 0.5% in October, the previous value was 0.3%
Wall Street Analysis
Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions, said: “U.S. stocks looked a bit overwhelmed following Wednesday’s big rally, with investors still digesting the data and waiting for Friday’s non-farm payrolls data. That would help stocks because that would provide support for the Fed to cut rates, which would be good for a rally into the end of the year.”
Fawad Razaqzada, market analyst at City Index and Forex.com, said: “The lower the magnitude of the stock market pullback, the more likely it is to go higher. At the same time, as we enter the final month of the year, if the bears want to keep this year’s bear trend If things change, they will need to defend this bearish trendline to push the S&P back below the 200-day moving average.”
The numbers are all updated before the deadline, please refer to the actual quotation
