Wall Street is waiting for the release of non-farm payroll data. U.S. stocks entered a “wait and see” mode on Thursday (6th), with light trading volume. Usher in a rebound.
The main U.S. stock index closed almost all in the red on Thursday,Dow Jonesalmost even,That fingerrose more than 0.7%, the S & P rose more than 0.3%,fee halfSadly closed nearly 0.5%.
U.S. stocks are closed on Friday for Good Friday. Looking at this week,Dow JonesThe weekly line closed 0.6%, and the S&P fell 0.1% this week, the first black in four weeks.That fingerWeekly losses were even steeper, as much as 1.1%.
In terms of data, the U.S. Department of Labor announced on Thursday that the adjusted number of initial jobless claims last week was 228,000, higher than market expectations, showing signs of loosening in the tight U.S. job market.
The Federal Reserve Bank of New York announced on the same day that the global supply chain stress index rose to -1.06 in March, the lowest since 2009, reflecting that the pressure on the supply chain is lower than the historical average, and the tight situation in the international supply chain continues to ease.
In political and economic news, St. Louis Federal Reserve Bank President James Bullard, known as the “Eagle King” of the Federal Reserve, said on Thursday that the recent sharp drop in U.S. bond yields has eased the impact of bank turmoil on the economy. Unfavorable impact, support the Federal Reserve will further raise interest rates to reduce inflation.
International Monetary Fund (IMF) Managing Director Georgieva said on Thursday that global economic growth is expected to fall below 3% in 2023 and remain around 3% for the next five years, indicating increased downside risks. This is the IMF’s lowest medium-term economic growth forecast since the 1990s, well below the average growth rate of 3.8% over the past 20 years.
The first-quarter earnings report for U.S. stocks is regarding to be released. Goldman Sachs believes that the profits of U.S. listed companies will experience the largest decline since the new crown epidemic. There may be only three industries with rising profit margins, including energy, industrials and consumer discretionary.
Chinese leader Xi Jinping held talks with French President Emmanuel Macron in Beijing. After the meeting, Xi Jinping mentioned that with regard to the Ukrainian crisis, China insists on promoting peace talks and a political settlement. According to sources, Xi Jinping is preparing to speak with Ukrainian President Volodymyr Zelensky, expecting to negotiate an end to the Russia-Ukraine war.
The performance of the four major US stock indexes on Thursday (6th):
Focus stocks
The five kings of science and technology rebounded collectively. Amazon (AMZN-US) up 0.95%; Meta (META-US) rose 2.18%; Apple (AAPL-US) rose 0.55%; Alphabet (GOOGL-US) rose 3.78%; Microsoft (MSFT-US) rose 2.55%.
Dow JonesConstituent stocks were mixed. Kintor Heavy Industries (CAT-US) down 2.04%; Salesforce (CRM-US) fell 1.41%; American Express (AXP-US) fell 1.4%; Walmart (WMT-US) up 0.75%; UnitedHealth (UNH-US) rose 0.7%; Boeing (BA-US) up 0.65%.
fee halfMore than half of the constituent stocks closed black. Micron (MU-US) rose 2.91%; Huida (NVDA-US) up 0.58%; AMD (AMD-US) down 0.097%; Applied Materials (AMAT-US) fell 2.45%; Texas Instruments (TXN-US) up 0.52%; Qualcomm (QCOM-US) down 0.033%.
ADRs of Taiwan stocks rebounded and went higher. TSMC ADR (TSM-US) up 0.04%; ASE ADR (ASX-US) rose 1.17%; UMC ADR (UMC-US) rose 1.19%; Chunghwa Telecom ADR (CHT US) up 0.05%.
Corporate News
apple (AAPL-US) rose 0.55 percent to $164.66 a share. Apple announced on Wednesday that it will open its first directly-operated store in Mumbai, India’s financial capital. Bloomberg reporter Mark Gurman wrote that Apple is secretly dispersing its supply chain to India, Vietnam, Malaysia and Ireland, and intends to reduce its dependence on Taiwan chips.
Tesla (TSLA-US) slipped 0.25 percent to $185.06 a share. Tesla on Wednesday released the full documentation of its “Master Plan 3” for a sustainable energy future.
C3.ai (AI-US) soared 8.30% to US$22.84 per share, ending the two consecutive trading days of sharp decline. The short-selling agency Kerrisdale previously accused C3.ai of having “serious accounting and disclosure problems.” C3.ai CEO Tom Siebel responded that the short-selling report was actually stock price manipulation, which caused C3.ai’s stock price to plummet 38% in the past 2 days. Siebel reminded the market that Kerrisdale is one of the companies being investigated by regulators.
Economic data
- The number of people claiming unemployment benefits in the United States reported 228,000 last week, 200,000 expected, and 246,000 previously
- The number of Americans continuing to receive unemployment benefits last week was reported at 1.823 million, expected to be 1.699 million, and the previous value was 1.817 million
Wall Street Analysis
Investors are awaiting U.S. non-farm payrolls data for a gauge of the extent of the slowdown in the labor market, which had previously shown solid growth despite waves of layoffs in the technology and financial sectors, but many believe the trend will soon will reverse.
“The initial jobless claims confirm the view that Fed rate hikes are starting to cool the labor market and slow economic growth, making it more likely than most to cause a recession, or even a deep recession,” said Chris Zaccarelli, chief information officer at Independent Advisor Alliance. People’s expectations are much higher now.”
“The U.S. labor market continues to cool, with a recession looming and the market continuing to maintain a risk-off tone,” said Andrew Tyler, market analyst at JPMorgan Chase & Co.
Rob Haworth, senior vice president and senior investment strategist at Bank of America Wealth Management, said: “Investors are starting to question whether the Fed has gone too far in cooling inflation to the point of causing a severe slowdown to the point of recession. “
Haworth said: “The market is now paying more and more attention to the data that comes with it, and trying to judge from these data when the terminal rate will be reached. Many people are thinking, is there a recession? The market has begun to price a recession, so Bad news is bound to be bad news.”
The numbers are all updated before the deadline, please refer to the actual quotation