With the opening of the Jackson Hole Global Central Bank Annual Conference, the main US stock index continued to rise on Thursday (25th),10-year U.S. Treasury yieldFalling back, Wall Street ignored NVIDIA’s poor financial report, chip stocks made rapid progress, Snowflake surged 22.82%, and U.S. stocks rose sharply in late trading.Dow JonesIt closed more than 320 points in the red, and the S&P rose more than 1.4%, extending the gains for the second trading day.that fingerrose more than 1.6%,half feeIt rose 3.66%.
In terms of politics and economy, the annual meeting of global central banks will be held on Thursday. Before Fed Chairman Powell’s speech on Friday, Fed officials once again “played eagles”.
St. Louis Fed President James Bullard said on Thursday that inflation could be more persistent than many expected, supporting a hike in the benchmark interest rate to 3.75% to 4% by the end of the year. Kansas Federal Reserve Bank President Esther George (Esther George) said that the federal funds rate may need to exceed 4% and remain high for some time to achieve the desired effect.
In addition, the White House said on Thursday that U.S. President Biden plans to participate in Intel’s groundbreaking ceremony for a new fab area in Ohio on September 9. Biden will publish information on the “Chip and Science Act” and the bipartisan infrastructure bill passed in 2021. the conversation.
In terms of geopolitics, under the active promotion of the European Union, the United States and Iran have recently launched indirect negotiations on the resumption of the 2015 Iran nuclear deal. The United States responded to the European Union by resuming the Iran nuclear deal on Wednesday.”The United States will agree to the Iran nuclear deal if it is in the best interests of the United States,” White House spokeswoman Karine Jean-Pierre further revealed on Thursday. Brent CrudeFutures fell below $100 a barrel on Thursday.
Foreign media reported on Thursday that U.S. and Chinese regulators are close to reaching an agreement on auditing Chinese stocks, with representatives from the U.S. Public Company Accounting Oversight Board (PCAOB) heading to Hong Kong to audit papers as soon as next month. The news pushed Chinese stocks to rally on Thursday.
Republican Senator Marsha Blackburn arrived in Taiwan on a special plane on Thursday, showing strong support for Taiwan, following US House Speaker Nancy Pelosi and US Senate Foreign Relations Committee Chairman Ed Markey , the third delegation of the US Congress visited Taiwan in August.
The global epidemic of new coronary pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University in the United States pointed out that the number of confirmed cases worldwide has exceeded 599 million, and the number of deaths has exceeded 6.48 million. More than 12.5 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Thursday (25th):
- US stocksDow JonesUp 322.55 points, or 0.98%, to 33,291.78.
- NasdaqThe index rose 207.74 points, or 1.67 percent, to end at 12,639.27.
- S&P 500 IndexUp 58.35 points, or 1.41 percent, to settle at 4,199.12.
- Philadelphia SemiconductorThe index rose 104.9 points, or 3.66 percent, to end at 2,971.1.
Focus stocks
The five kings of science and technology have collectively climbed. apple (AAPL-US) rose 1.49%; Meta (META-US) rose 3.38%; Alphabet (GOOGL-US) rose 2.60%; Amazon (AMZN-US) rose 2.60%; Microsoft (MSFT-US) rose 1.11 percent.
Dow JonesConstituent stocks generally closed in the red. Boeing (BA-US) rose 3.53 percent; Dow Chemical (DOW-US) rose 2.8 percent; Kaiyuan Heavy Industries (CAT-US) rose 2.43%; JPMorgan (JPM-US) rose 2.37%; Salesforce (CRM-US) fell 3.39%.
half feeAlmost all of the constituent stocks were higher. Micron (MU-US) rose 4.96%; AMD (AMD-US) rose 4.80%; NVIDIA (NVDA-US) rose 4.01 percent; Applied Materials (AMAT-US) rose 3.47%; Texas Instruments (TXN-US) rose 2.97%; Qualcomm (QCOM-US) rose 3.50%.
Taiwan stock ADR group hit high. TSMC ADR (TSM-US) rose 2.35%; ASE ADR (ASX-US) rose 3.24%; UMC ADR (UMC-US) rose 3.57%; Chunghwa Telecom ADR (CHT US) rose 0.22%.
Corporate News
Twitter (TWTR-US) reversed course on Thursday, closing up 0.56% at $41.05 a share. A U.S. judge ordered Twitter to provide an estimate of the number of bots or spam accounts in a sample of Musk’s audits in the fourth quarter of last year, rejecting most of Musk’s “ridiculous and extensive” data requests.
American electric car leader Tesla (TSLA-US), which traded at less than $300 a share at the open on Thursday, after executing a “one-for-three” stock split, its shares closed down 0.35% at $296.07 a share.
NVIDIA (NVDA-US) rose 4.01 percent to $179.13 a share. Although NVIDIA’s second-quarter earnings missed expectations and its forecasts were conservative, Morgan Stanley expects NVIDIA’s gaming business to bottom out in the third quarter, leading to a rather sharp rebound in the business as early as the fourth quarter.
Cloud software computing company Snowflake (SNOW-US) surged 23.07% to $196.28 per share, its biggest one-day gain since its listing. Snowflake reported second-quarter earnings after the bell on Wednesday, with revenue beating analysts’ expectations and raising its full-year forecast, boosting market confidence in healthy demand for cloud computing services.
Citi (C-US) rose 2.06 percent to $52.06 a share on Thursday. Citigroup said it would close its consumer banking and local commercial banking operations in Russia, expecting to incur charges of about $170 million over the next 18 months. Citi’s exposure to Russia was $8.4 billion as of June 30.
Economic data
- The number of Americans receiving unemployment benefits last week reported 243,000, expected 253,000, the previous value of 245,000
- The number of people receiving unemployment benefits in the United States reported 1.415 million last week, 1.442 million is expected, and the previous value was 1.434 million
- U.S. second-quarter real GDP quarterly growth rate revised to -0.6%, expected -0.8%, previous value -0.9%
- The U.S. core PCE price index in the second quarter was revised to an annualized rate of 4.4%, expected to be 4.4%, and the previous value of 5.2%
- US August Kansas Fed manufacturing index reported -9, the previous value of 7
- The U.S. Kansas Federal Reserve Bank Manufacturing Composite Index reported 3 in August, from 13 previously
Wall Street Analysis
“The Fed should not hesitate to respond to high inflation, while Powell faces the enormous challenge of finding ways to cool price growth without hurting the economy,” said Mohamed El-Erian, chief economic adviser at Allianz Group.
“With inflation so high and the labor market very tight, there is no reason for Powell to take a more dovish stance, instead the focus of Powell’s speech should be to demonstrate a determination to restore price stability, even at the expense of economic growth,” UBS analysts said. “
Federated Hermes fund manager Steve Chiavarone advises: “Bauer’s talk has always been an unknown, and no one knows what he will convey? So investors need to be flexible in any situation. This is a market driven by general economic factors.”
The figures are updated before the deadline, please refer to the actual quotation.