U.S. stocks opened lower on Friday (16th) with the arrival of the Fourth Witch Day in U.S. stocks and the issuance of a performance warning by logistics giant FedEx, led by economic-sensitive industrial stocks and energy stocks.Dow JonesAt one point, it fell more than 400 points during the session. Although there were bargain-hunting buying in late trading, the three major indexes were still weak and closed in the black.half feeAgainst the trend, it closed in the red 0.53%.
Inflation, rate hikes and recession fears linger after a slew of economic data this week,that fingerThe cumulative decline this week was 5.48%, and the S&P fell 4.78%.Dow JonesIt fell 4.14% for the week, its worst performance since June 10.
In terms of data, the US consumer confidence index in September reported 59.5, the highest since April this year, but still below expectations of 60. The University of Michigan’s initial one-year inflation forecast was 4.6%, a one-year low, in line with expectations.
On the political and economic front, the White House released its first regulation on Fridaycryptocurrencyframework, attempts to double down on enforcement in the digital asset space, and findscryptocurrencyRegulatory loopholes to avoid fraud in the digital asset space.
In terms of geopolitics, after the United States announced a US$1.1 billion arms sale to Taiwan, China announced sanctions on Raytheon and Boeing executives involved in the arms sale.
In order to ensure energy supply, the German government announced on Friday that it would take over the business of Russian oil giant Rosneft in Rosneft Deutschland, a German subsidiary of the Russian oil giant. The latest move by industry.
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 611 million, and the number of deaths has exceeded 6.52 million. More than 12.7 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Friday (16th):
Focus stocks
The five kings of science and technology collectively collect black. apple (AAPL-US) fell 1.10%; Meta (META-US) ) fell 2.18%; Alphabet (GOOGL-US) fell 0.11%; Amazon (AMZN-US) fell 2.18 percent; Microsoft (MSFT-US) fell 0.26%.
Dow JonesConstituent stocks trade with each other. Boeing (BA-US) fell 3.67 percent; Chevron (CVX-US) fell 2.6 percent; Disney (DIS-US) fell 2.27%; Home Depot (HD-US) rose 1.63%; Johnson & Johnson (JNJ-US) rose 1.53%.
half feeMore than half of the constituents closed in the red. Intel (INTC-US) rose 1.39 percent; Micron (MU-US) rose 0.30%; NVIDIA (NVDA-US) rose 2.08%; AMD (AMD-US) fell 0.20%; Applied Materials (AMAT-US) fell 0.056%; Qualcomm (QCOM-US) fell 0.024%; Texas Instruments (TXN-US) rose 1.59%.
Taiwan stock ADR was the best performer with ASE. TSMC ADR (TSM-US) fell 0.12%; ASE ADR (ASX-US) rose 3.53%; UMC ADR (UMC-US) rose 0.79%; Chunghwa Telecom ADR (CHT US) fell 0.32%.
Corporate News
apple (AAPL-US) fell 1.10 percent to $150.70 a share. The latest dismantling video shows that China Yangtze Memory has entered the Apple supply chain, and the NAND flash memory provided by Yangtze Memory is used in the Apple iPhone 14 and iPhone 14 Pro models sold in China.
FedEx (FDX-US) tumbled 21.44% to $161.02 a share, its biggest one-day drop since 1980. FedEx said global shipping demand was weakening, announcing that it was withdrawing its full-year forecast and pushing for a massive cost-cutting plan.
Strange (GE-US) fell 3.64% to $66.39 a share, dragging industrial stocks lower. Gigi said that ongoing supply chain issues will continue to hinder not only product deliveries, but cash flow as well.
Wall Street questions Adobe’s timing and price of Figma acquisition, Adobe (ADBE-US) shares closed 3.12% lower at $299.50 per share, down 24.1% for the week, the worst weekly drop in 20 years.
Meta closed down 2.2% to $146.29 per share, a new closing low since March 2020, plunged 14% this week, and fell more than 60% for the year. that fingerDuring the same period, the decline was 27.69%.
Economic data
- The initial value of the U.S. Michigan consumer confidence index in September was 59.5, expected to be 60, and the previous value of 58.2
Wall Street Analysis
FedEx, the International Monetary Fund (IMF) and the World Bank have all warned that the global economy is at risk of recession.
Jonathan Corpina, senior managing partner at Meridian Equity Partners, said: “The FedEx news shows that supply chain issues, labor issues, inflation, interest rate hikes, all of which combine to have a significant impact.”
“FedEx is the latest example of a company facing challenges in the global economy, where recession fears persist and companies are bracing for cost-cutting in the months and quarters ahead,” Corpina said.
Goldman Sachs analyst Dominic Wilson said: “If a deep recession can keep inflation in check, and the Fed’s aggressive rate hikes bring about a deep recession, there could be downside for stocks and bonds on top of the losses already seen. It’s still going to be huge.”
David Carter, managing director of JPMorgan Chase, commented: “It’s been a tough week. It feels like Halloween has come early and we’re facing this poison of high inflation, high interest rates and low growth, which is not good for stocks or bonds.”
The figures are updated before the deadline, please refer to the actual quotation.