With Fed Chairman Powell releasing a hawkish message at Jackson Hole and rising pressure on U.S. bond yields, the major U.S. stock indexes continued their weak trend from last week on Monday (29th), with technology stocks and Real estate stocks are chilling.
Although energy stocks moved higher with oil prices,Dow JonesAnd the S&P briefly turned red in midday trading, and there was still stalled selling in late trading, and the four major indexes all closed in the black.Dow JonesIt closed down nearly 190 points and closed above the 50-day moving average. The S&P fell 0.67%.that fingerandhalf feeDown 1.02% and 1.93% respectively, TSMC ADR fell 2.23%.
Minneapolis Fed Bank President Neel Kashkari on Monday took relief from the recent rout in U.S. stocks, arguing that the sharp sell-off in stocks shows investors understand that “the Fed is serious about fighting inflation” and that the Fed is serious about fighting inflation. As you will learn from the inflation wars of the 1970s, it was a mistake to prematurely declare victory over inflation.
On the geopolitical front, the U.S. and China have reached a tentative agreement on a decades-old audit standoff,NasdaqSenior Vice President Robert H. McCooey Jr. said Monday,NasdaqIt hopes to become the first choice for overseas companies to list, and Chinese companies are welcome to list in the United States. However, Goldman Sachs predicted on Monday that despite the agreement between the United States and China, the probability of Chinese companies listing from the United States is still as high as 50%.
South Korea will negotiate electric vehicle trade with the United States. Previously, the United States passed the “Inflation Reduction Act”, which stipulates that only electric vehicles assembled in North America can enjoy car purchase subsidies, triggering a strong backlash from South Korea, which sent a delegation to the United States on Monday to negotiate.
In view of the soaring energy prices across Europe caused by the Ukrainian-Russian war, EU energy ministers will hold an emergency meeting on September 9 to discuss solutions. Czech Trade and Industry Minister Jozef Sikela stressed that the EU must correct the energy market.
White House National Security Council (NSC) spokesman John Kirby said that as winter approaches, the United States is concerned about potential energy shortages in Europe and will work closely with allies and partners to do what it can to alleviate any shortages.
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 601 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 Monday (29th):
Focus stocks
The five kings of science and technology fell endlessly. apple (AAPL-US) fell 1.37%; Meta (META-US) fell 1.61%; Alphabet (GOOGL-US) fell 0.83%; Amazon (AMZN-US) fell 0.73%; Microsoft (MSFT-US) fell 1.07%.
Dow JonesMore than half of the constituents closed in the dark. Salesforce (CRM-US) fell 3.04%; 3M (MMM-US) fell 2.09%; Merck (MRK-US) fell 1.87%; Walmart (WMT-US) rose 0.97%; Chevron (CVX-US) rose 0.75%.
half feeConstituent stocks became the focus of killing. NVIDIA (NVDA-US) fell 2.82%; AMD (AMD-US) fell 2.95 percent; Applied Materials (AMAT-US) fell 2.29%; Micron (MU-US) fell 1.08%; Qualcomm (QCOM-US) fell 0.94%; Intel (INTC-US) fell 1.26%; Texas Instruments (TXN-US) fell 0.91%.
Taiwan stock ADR generally weakened. TSMC ADR (TSM-US) fell 2.23%; ASE ADR (ASX-US) fell 1.89%; UMC ADR (UMC-US) fell 1.66%; Chunghwa Telecom ADR (CHT US) rose 0.27%.
Corporate News
apple (AAPL-US) fell 1.37 percent to $161.38 a share. Apple’s first press conference “Fare Out” this fall is about to debut. It is rumored that Apple may launch the iPhone 14 series with satellite communication functions. Tianfeng International Securities analyst Ming-Chi Kuo tweeted on Monday that Apple has completed the satellite communication hardware for the iPhone 14. test.
Chinese e-commerce platform Pinduoduo (PDD-US) surged 14.71% to $66.04 per share. Pinduoduo announced its financial results for the second quarter of 2022 before the market on Monday. In view of the continued demand for online shopping, Pinduoduo’s revenue has increased by nearly 40% year-on-year, and its profit performance has also been outstanding, all of which are far better than market analysts expected.
Microsoft (MSFT-US) fell 1.07 percent to $265.23 a share. Microsoft on Monday unveiled new Azure virtual machines powered by Ampere Altra Arm processors.
Qualcomm (QCOM-US) fell 0.94 percent to $137.08 a share.EU antitrust agency will not quash $997 million against U.S. chipmaker Qualcomm over court order, Archyde.com reportsEUR ($991 million) in fines.
Netflix (NFLX-US) rose 0.58 percent to $224.57 a share. Netflix is facing a crisis of user loss. Foreign media broke the news that Netflix plans to launch an subscription plan that is half cheaper than the traditional monthly fee for price-sensitive consumers, with a price of about $7 to $9.
Economic data
- US August Dallas Fed manufacturing index reported -12.9, the previous value -22.6
Wall Street Analysis
Jeff Schulze, investment strategist at ClearBridge Investments, said: “The Fed took its wine glass from the party last week, and stocks are the easiest category to get drunk at a party, and the market will deal with the hangover problem, reassess recession risk, and realize that the Fed Commodore will put price stability over economic stability.”
Morgan Stanley strategist Michael J. Wilson said in a report on Monday: “Looking ahead, weak earnings, not higher interest rates, may pose the biggest threat to U.S. stocks. Morgan Stanley’s model shows that in the coming months, Corporate earnings per share growth will decline sharply.”
Wilson advises: “The stock market’s direction from here on will depend on earnings performance, and investors should focus on that risk, not the Fed.”
The figures are updated before the deadline, please refer to the actual quotation.