2023-05-15 13:45:16
The market is optimistic that the United States may reach an agreement on raising the debt ceiling. At the same time, focusing on the speeches of the Federal Reserve (Fed) policymakers this week and more latest economic data, major US stock indexes rose and fell on Monday (15th).
before the deadline,Dow Jones Industrial Averagefell more than 70 points or nearly 0.2%,Nasdaq Composite Indexrose nearly 23 points or nearly 0.2%,S&P 500 Indexdown 0.03%,Philadelphia SemiconductorThe index rose 0.12%.
Major index futures and commodity prices climbed ahead of the U.S. stock market, with investors betting that U.S. politicians will be able to negotiate a resolution to the debt-ceiling impasse, with U.S. President Joe Biden expressing optimism for a deal.
S&P 500 IndexFutures rose 0.2%, pointing to a modest rebound from Friday’s losses, as U.S. Treasury prices fell, paring Friday’s gains, while the dollar fell against almost all G10 currencies. While risk appetite in other markets improved, copper prices rose, and mining stocks led European stock markets higher.
The US debt ceiling remained in focus for investors this week, with Wall Street strategists warning of market turmoil and economic disaster if politicians do not agree to raise the government’s $31.4 trillion borrowing limit. U.S. President Joe Biden, House Speaker McCarthy and other congressional leaders plan to hold further talks on Tuesday.
The debt-ceiling standoff is just one of many risks keeping investors out, including a recession, a ruptured banking system and dashed hopes of a shift to easy monetary policy.
Atlanta Federal Reserve Bank President Raphael Bostic on Monday pushed back on financial market bets the Fed would cut interest rates this year, warning that further rate hikes may be needed if inflation doesn’t cool. He does not expect a rate cut this year, and may not actually start thinking about it until 2024, because he believes that inflation will not fall as fast as market participants think, and if it does, it may need to continue to raise interest rates.
As of 21:00 on Monday (15th) Taipei time:
Focus stocks:
Neogames(NGMS-US) soared 113.43% in early trading to $27.41 per share
Shares of gaming technology provider Neogames soared more than 120% in pre-market trading. The company said yesterday it had agreed to be bought by Australian gaming machine maker Aristocrat Leisure for $29.50 a share in cash, a nearly 130 percent premium to Friday’s closing price.
Shake Shack(SHAK-US) rose 5.24 percent to $68.63 a share in early trade
Activist firm Engage Capital plans to launch a proxy fight against burger chain Shake Shack (SHAK.US ) for three board seats on the burger chain. Engage Capital, including the swap, owns 6.6 percent of Shake Shack, the media reported Sunday, citing people familiar with the matter. The company has been in talks with the chain’s management for the past six months but have been unable to reach a deal.
apple (AAPL-US) rose 0.16 percent to $172.85 a share in early trade
TF International analyst Ming-Chi Kuo pointed out that Apple’s AR/MR headset may be unveiled at WWDC in June, and Apple has made full preparations for the release of this new device. From the perspective of the material cost of new equipment, in addition to assembly (exclusive to Luxshare Precision), the top 5 most expensive are Micro OLED displays (exclusive to Sony), dual processors (TSMC (2330-TW) exclusive), casing (mainly supplied by Everwin Precision), 12 camera model sets (exclusive to Cowell Electronics), and external power supply (exclusive to Goertek).
Today’s key economic data:
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Wall Street Analysis:
Luke Hickmore, director of investment at Abrdn, said that from the perspective of European countries, it is difficult to see how the United States can reach a consensus on the debt issue, and a bad situation of default may force American politicians to agree on a way to solve the problem, but Risks remain.
Audrey Goh, senior cross-asset strategist at Standard Chartered Wealth Management Group, said that there are considerable persistent risks in the market, and the debt ceiling negotiations are still ongoing. At the same time, the US inflation rate remains high. From the current point of view, US stocks There may be further declines.
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