The Dow jumped more than 300 points above 33,000 today, with Wall Street rallying. After plummeting last week
At 9:12 p.m. Thai time, the Dow Jones Industrial Average was 33,232.74, up 333.04, or 1.01%.
Market trading was boosted by China’s easing of COVID-19 control measures. in beijing
The Dow was down 0.9% last week, down nine of the past 10 weeks, while the S&P 500 was down 1% and the Nasdaq was down 1.2 percent. past Amid concerns about inflation and stronger-than-expected US employment numbers This will encourage the US Federal Reserve (Fed) to accelerate interest rates.
Energy stocks were the only group that fell today. following the fall in oil prices in the world market
Banking stocks rebound It is expected that the trend of raising interest rates by the Fed will support financial institutions’ performance.
US photovoltaic conglomerate shares jumped today. after the news that US President Joe Biden will use his powers to issue a temporary protection order today against imports of solar energy equipment. or solar panels from Thailand, Malaysia, Vietnam and Cambodia, which are classified as duty-free products for 24 months.
“If such news is confirmed It will be good news for the photovoltaic market. It has been facing uncertainty since the Commerce Department announced an investigation in March,” JPMorgan analyst Mark Strauss said in a report.
Shares of Sunrun, SunPower, Enphase Energy, SolarEdge Technology and Array Technologies all surged in Wall Street trading today in response to the news.
“The action of the President is very necessary. Within two years, the US industry will be able to install more solar cells. And the promulgation of the Defense Manufacturing Act (PDA) will help the industry grow more,” said Abigail Ross Hopper, president of the Solar Energy Industry Association (SEIA).
The source stated that President Biden plans to issue such an order today. after receiving complaints from the industry congressman and the U.S. governor on whether the Commerce Department’s investigation into imports of such devices helped China avoid U.S. tariffs. which, if true, will cause the retroactive tax to be charged up to 250%
Investors will keep an eye on the Consumer Price Index (CPI) on Friday. After the US Department of Commerce released the personal consumption expenditure (PCE) price index last week. This indicates that US inflation has passed its peak.
Markets are also keeping an eye on the Fed meeting on June 14-15, with the Fed expected to raise interest rates by 0.50% at the meeting. including in the July meeting to extract inflation
The Fed has started to reduce the size of the balance sheet. Quantitative Tightening (QT) in June According to a resolution at its May 4 monetary policy meeting, starting June 1, the Fed will reduce its balance sheet by $47.5 billion a month. And starting Sept. 1, the Fed will double its balance sheet cuts to $95 billion/month.