The U.S. November non-farm payrolls data was hot. As Wall Street worried that the Federal Reserve would consider a hawkish interest rate hike, the U.S. stock index opened lower on Friday (2nd) and then fluctuated. As the Fed’s “megaphone” reiterated that it is expected to raise interest rates by 2 yards in December , bargain hunting entered, and the decline of US stocks in late trading converged.Dow JonesThrilling red 34.87 points, S&P,That fingerblackened slightly,fee halfdown more than 1%.
Come see for a week,That fingerThis week’s increase was 2.1%, and the S&P rose 1.1% for the week,Dow JonesWeekly rose 0.2%, the three major stock indexes rose for two consecutive weeks for the first time since October.
In terms of data, the U.S. Department of Labor announced that non-agricultural employment increased by 263,000 in November, far higher than the 200,000 expected by the market. The monthly growth rate of average hourly wages rose from 0.5% in October to 0.6% in November. Much higher than the expected 0.3%. The unemployment rate remained at 3.7% in November, in line with market expectations and still near a 50-year low.
The Wall Street Journal (WSJ) reporter Nick Timiraos, who is recognized by the market as the Fed’s megaphone, tweeted on Friday that the November non-agricultural report made it possible for the Fed to raise interest rates by 2 yards at the December meeting and highlighted the The risk of the Fed raising the terminal rate above 5%.
According to the CME’s FedWatch tool, traders of fed funds futures forecast a 2-point rate hike in December, slipping to about 79 percent from 86 percent on Thursday.
On the political and economic front, U.S. President Joe Biden signed a bill to prevent strikes by railroad workers on Friday to avoid major supply chain disruptions ahead of the peak holiday season.
The European Union’s Russian oil sanctions will come into effect on December 5. The EU has reached an agreement to set a ceiling on the price of Russian oil at US$60 per barrel, hoping to curb Russia’s use of it to earn war funds while maintaining global oil price stability
The novel coronavirus pneumonia (COVID-19) global epidemic continues to spread. Before the deadline, the Johns Hopkins University (Johns Hopkins University) data pointed out that the number of confirmed cases worldwide has exceeded 644 million, and the number of deaths has exceeded 6.63 million. More than 12.7 billion doses of vaccines have been administered in 184 countries around the world.
The performance of the four major US stock indexes on Friday (2nd):
Focus stocks
The five kings of technology were mixed. apple (AAPL-US) down 0.34%; Alphabet (GOOGL-US) down 0.54%; Microsoft (MSFT-US) up 0.13%; Meta (META-US) rose 2.53%; Amazon (AMZN-US) fell 1.43%.
Dow JonesComponent stocks led by Boeing. Boeing (BA-US) up 4.03%; Nike (OF THE US) rose 1.29%; Dow Chemical (DOW-US) rose 0.94%; Salesforce (CRM-US) down 1.66%; Goldman Sachs (GS-US) fell 0.84%.
fee halfConstituent stocks generally received black. NVIDIA (NVDA-US) down 1.51%; Applied Materials (AMAT-US) down 0.28%; Texas Instruments (TXN-US) up 0.090%; Micron (MU-US) down 1.46%; Intel (INTC-US) fell 1.41%; Qualcomm (QCOM-US) down 0.91%; AMD (AMD-US) down 3.23%.
The ADRs of Taiwan stocks were up and down. TSMC ADR (TSM-US) down 1.43%; ASE ADR (ASX-US) down 0.15%; UMC ADR (UMC-US) up 0.14%; Chunghwa Telecom ADR (CHT US) up 0.58%.
Corporate News
IC design company Marvell Technology (MRVL-US) fell 1.50% to $44.72 per share. Marvell’s revenue increased by 27% year-on-year (1.3% quarter-on-quarter) to a record-breaking US$1.5373 billion, mainly due to major growth drivers such as cloud, 5G, and automobiles, as well as the expansion of market share and market size in the enterprise network terminal market.
DoorDash (DASH-US) fell 3.40 percent to $55.19 a share. DoorDash announced that it will lay off about 1,250 employees to control costs, but in view of the slowdown in order growth, Canadian investment bank RBC downgraded DoorDash’s stock rating.
Pfizer (PFE-US) closed down 0.47 percent at $50.91 a share. Pfizer will spend more than $2.5 billion investing in pharmaceutical factories in Belgium and Ireland to launch new products, hoping to make up for lost revenue caused by patent expirations and declining sales of the new crown vaccine.
Economic data
- U.S. non-agricultural employment reported 263,000 in November, 200,000 expected, 284,000 previously revised
- U.S. unemployment rate reported at 3.7% in November, 3.7% expected, 3.7% previously
- The average weekly working hours in the United States in November was 34.4 hours, expected 34.5 hours, and the previous value was 34.5 hours
- U.S. average hourly wages rose 5.1% in November, compared with 4.6% expected and 4.9% previously
- U.S. average hourly wages rose 0.6% in November, compared with 0.3% expected and 0.5% previously
- U.S. November labor force participation rate reported at 62.1%, expected 62.3%, previous value 62.2%
Wall Street Analysis
Seema Shah, chief global strategist at Principal Asset Management, mentioned: “Although the Federal Reserve has raised interest rates by more than 350 basis points so far this year, the number of new non-agricultural jobs has increased by 263,000. The job market is too hot. There will be pressure to raise interest rates. Fed officials will not ignore the steady rise in average hourly wages over the past three months, which has exceeded all expectations and runs counter to the Fed’s wishes.”
Anna Han, vice president of Wells Fargo Securities, said: “After Powell’s speech, just a strong non-agricultural employment report is not enough to affect the Fed’s decision to slow down interest rate hikes. Tightening policies are having an impact on inflation. Soothe the market and reduce the pressure to a certain extent.”
The numbers are all updated before the deadline, please refer to the actual quotation