2024-04-23 13:49:50
Major US stock indices opened higher on Tuesday (23), with some growth and chip stocks rising. At the same time, investors digested the first-quarter financial reports released by most companies and awaited results from blockbuster tech stocks later this week. .
before the deadline,Dow Jones Industrial Averageincreased by almost 160 points or almost 0.4%,Nasdaq Composite Indexincreased by more than 140 points or almost 1%,S&P 500 Indexincreased by almost 0.7%,Philadelphia SemiconductorThe index fell almost 1.4%.
With a number of major technology companies expected to report results this week, major U.S. stock indexes fluctuated before opening Tuesday. Investors’ hopes for a continued recovery hinge on whether big tech companies can prove that high valuations are powered by artificial intelligence. AI) craze are reasonably justified.S&P 500 IndexAndNasdaq 100 futures contracts reported modest gains.
Before the US stock market opened, many companies released financial reports one after another, with different results. UPS (USP-US), Lockheed Martin (.LMT-US), General motors (GM-US) generated impressive results last quarter and its stock price rose before the market opened;PEP-US), Invesco Investment Company (IVZ-US), Mingsheng Company (MSCI-US), Philip Morris International (PM-US) The stock price fell pre-market due to the impact of the financial report.
But the most important thing is Tesla, the American leader in electric cars (TSLA-United States)’s first quarter financial report was released after the market closed on Tuesday. As a member of the “giant seven” of US stocks that prioritized earnings announcements, it attracted special attention from the market.
This week, around 180 companies (representingS&P 500 IndexMore than 40% of market capitalization) will announce financial reports and profits will become the priority of investors. Geopolitical concerns triggered a slide in stocks before investors focused on corporate profits, a sign that the Federal Reserve would be in no rush to cut interest rates.
Eddie Cheung, senior strategist at Crédit Agricole CIB, said: “Whether the market consolidates further from now on may depend on assessing the sustainability of AI demand after the earnings release. »
Furthermore, driven by a buoyant services sector and a return to growth in Germany,EURInterregional trade activity reached its highest level last year. European Central Bank (ECB) Vice-President Luis de Guindos said that barring an economic surprise, an interest rate cut in June would be a “fait accompli”.
“We remain focused on the current earnings season, which could refocus investors on strong underlying fundamentals,” Citigroup strategists Mihir Tirodkar and Beata Manthey wrote in a note. “We would view the recent pullback as a buying opportunity.”
From 10:00 p.m. Taipei time, Tuesday (23): Focus on stocks:
apple (AAPL-US) shares fell 0.21% in early trading to $165.50 per share
According to data from Counterpoint Research, Apple’s iPhone sales in China fell 19% in the first quarter of this year, marking the worst sales performance in China since the outbreak of the new crown epidemic around 2020. The agency estimates that Apple will fall to third place in the fiercely competitive China market, about the same as its fast-growing rival Huawei. The iPhone’s weakness is notable in part because the first quarter is when China celebrates the Lunar New Year, typically a peak consumption period.
Huida (NVDA-US) shares rose 1.51% to $807.21 per share in early trading
Reuters exclusively reported on Tuesday that although the United States imposed excessive restrictions on the export of advanced artificial intelligence (AI) chips to China last year, Chinese universities and research institutes have recently obtained Huida through distributors.NVDA-US) high-end AI chip. The report highlights that after reviewing hundreds of bidding documents, it was found that since the United States expanded the implementation of chip export controls on November 17, last year, imposing more chips and domestic compliance licensing requirements, 10 Chinese entities withdrew from Supermicro (SMCI-US), Dell Technologies (DELL US) and the Taiwanese manufacturer GIGABYTE (2376-TW), the advanced Huida chips embedded in it are obtained.
General engines (GM-US) shares rose 2.90% to $44.47 per share in early trading
General Motors’ first-quarter revenue and profit beat expectations and the company raised its full-year forecast. The automaker said it decided to raise its forecast after strong North American business in the first quarter offset losses elsewhere, and now expects adjusted profit of between $12.5 billion and $14.5 billion. dollars, or 9 to 10 dollars per share, up compared to the previous one. range of US$12-14 billion, or US$8.5-9.5 per share.
Key economic data of the day:
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Wall Street Analysis:
BlackRock’s head of global fixed income still predicts the Fed is likely to cut interest rates twice again this year as inflation slows in the coming months. He also highlighted that BlackRock had reduced its exposure to interest rates and shifted its investment portion towards shorter-term investments.
Deutsche Bank AG strategists said investors continued to reduce their exposure to large-cap growth stocks and technology stocks, from the 97th percentile in early March to the current 77th percentile. The strategists write that the sector remains the only one to be above its historical average, although it is no longer extreme.
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