2023-12-29 14:44:28
The major U.S. stock indexes opened flat on Friday (29th),S&P 500 IndexIt has risen to near record highs this year on expectations that the U.S. Federal Reserve will cut interest rates early next year.
before deadline,Dow Jones Industrial Averageup 0.05%,Nasdaq Composite Indexrose 0.06%,S&P 500 Indexrose nearly 0.07%,Philadelphia SemiconductorThe index gained nearly 0.1%.
Major U.S. stock index futures held steady on the final trading day of the year,S&P 500 IndexJust shy of all-time highs, global stock markets are on track for their best annual performance since 2019.
S&P 500 IndexIt was just a few points shy of its all-time high yesterday, extending its 2023 gains to nearly 25%.Nasdaq The 100 Index has posted its best performance since 1999 on expectations that the U.S. Federal Reserve will cut interest rates sharply in 2024.
On the other hand, an indicator of the dollar held steady amid illiquidity in foreign exchange markets. This would be the worst annual loss since the start of the coronavirus pandemic. U.S. Treasuries extended yesterday’s losses,10-Year Treasury Bond YieldIt rose 3 basis points but is still more than 100 basis points below its mid-October high. Meanwhile, global bonds remain on track for their biggest two-month gain on record.
Brian Barish, chief investment officer at Cambiar Investors LLC, said: “This rebound is fueled by the belief that the major central banks must have done enough to curb the inflation surge in 2022-23. It is not difficult to imagine that the market will be worried about something new, Things like the election, massive bond financing needs from the U.S. government, and/or any idea of inflation picking up again. But for now, there’s not a lot of news and not a lot of sellers.”
As of 22:00 Taipei time on Friday (29th): Focus stocks:
JD.com (JD-US) shares rose 1.05% to $28.81 per share in early trading
According to news announced by JD.com on Friday, the Beijing Higher People’s Court issued a ruling that Alibaba (BABA-US) abused its market dominance to implement a “choose-one” monopoly, which caused serious damage to JD.com and was ordered to compensate JD.com for 1 billion yuan. Alibaba responded: “We have been informed of the news and we respect the court’s decision.”
Amazon (AMZN-US) shares fell 0.40% in early trading to $152.76 per share
The latest view from investment bank Wedbush states that it is optimistic about U.S. consumer online platforms in 2024, with top choices including Amazon and Booking(BKNG-US) and Uber (UBER-US). The bank predicts that retail media will lead the growth of digital , with a growth rate of 22%, and Amazon’s revenue growth will exceed that of the entire industry.
Tesla (TSLA-US) shares fell 0.39% in early trading to $252.18 per share
According to the media Teslarati, Tesla CEO Musk will visit India in January 2024, at which time Musk may announce news about Tesla India at a summit held there. According to local media, Tesla is in the final stages of negotiations with the local government on land to build the factory.
Today’s key economic data:
none
Wall Street analysis:
Fundstrat Global Advisors head of research estimates end-2024S&P 500 IndexThe target is 5,200, which represents a potential gain of 9% from current levels. The executive is most optimistic about small-cap stocks in 2024, believing that small-cap stocks may catch up with the market next year, rising by more than 50%. It is worth mentioning that his prediction of the stock market trend in 2023 was the most accurate, when almost everyone was bearish.
The chief investment officer of asset management company Richard Bernstein Advisors said that U.S. stocks may be about to usher in a huge investment opportunity, and this opportunity may not be in the market area expected by investors.He believes that although the “Seven Heroes of U.S. stocks” will dominate the market in 2023,S&P 500 Index’ s rising, but less spectacular stocks are now poised to deliver big returns over the next decade.
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