U.S. stocks strengthened thanks to the Senate’s passage of the debt ceiling bill | Anue tycoon

2023-06-02 13:41:38

Authorities released their latest jobs report, which showed job growth well above expectations, while traders were still celebrating the passage of the debt ceiling bill by Congress.U.S. stocks Friday (2nd) morning sessionDow Jones Indexup 0.68%,S&P 500 Indexup 0.66%,NasdaqThe index rose 0.76%,fee halfUp 0.95%.

The employment report released by the US Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 339,000 last month, far exceeding expectations. The unemployment rate rose to 3.7%, while wage growth slowed.

Easing concerns over the U.S. debt ceiling also boosted market sentiment. The Senate passed a bill to raise the debt ceiling late Thursday and sent it to President Joe Biden’s desk. The move followed the passage of the fiscal responsibility bill by the House of Representatives on Wednesday, just days before a June 5 deadline set by U.S. Treasury Secretary Janet Yellen.

Earlier this week, some investors worried that the U.S. could default if lawmakers failed to reach an agreement, an uncertainty that has now largely dissipated.

Tech giants are still driving much of the stock market’s gains, with Bank of America saying tech stocks attracted record inflows last week. In addition to the artificial intelligence-related obsession that drove large-cap stocks up 17 percent in May, technology stocks were also boosted by bets that the Federal Reserve will soon stop raising interest rates.

As of 21:00 on Friday, Taipei time:
  • Dow Jones IndexUp 224.96 points or 0.68%, tentatively at 33286.53 points
  • NasdaqUp 99.90 points or 0.76%, tentatively reported at 13200.88 points
  • The S&P 500 rose 28.04 points or 0.66%, tentatively at 4249.06 points
  • fee halfUp 33.43 points or 0.95%, tentatively at 3540.16 points
  • TSMC ADR up 2.22% to $101.05 per share
  • 10-Year U.S. Treasury YieldUp 5 basis points to 3.65%
  • N.Y. Light crude rose 2.37% to $71.76 a barrel
  • Brent Crude OilUp 2.29% to $75.98 a barrel
  • goldfell 0.4% to $1,988 an ounce
  • dollar indexUp 0.08% to 103.64
Focus stocks:

Meta (META-US) rose 0.84 percent to $274.90

Meta took the lead in announcing the Quest 3 VR headset ahead of Apple’s WWDC developer conference next Monday. Meta’s previous generation headset, Quest2, was released in September 2020 and is positioned as a virtual reality (VR) headset, while the new Quest 3 claims to use a new Qualcomm chipset, and the body is also 40% thinner than the previous generation , providing immersive VR and a breakthrough Meta Reality experience, users can seamlessly integrate the physical and virtual worlds.

Quest 3 is expected to be priced at $499.99 and is expected to ship this fall, and Zuckerberg promised to provide more details at the annual AR/VR conference on September 27.

apple (AAPL-US) rose 0.72 percent to $181.38

Apple sent an email to developers announcing that the 2023 Apple Worldwide Developers Conference (WWDC) will be held at 1:00 a.m. Taiwan time next Tuesday (6th). Information about wearing the device.

The outside world expects that according to Apple’s habit in previous years, it is expected that the Worldwide Developers Conference will bring updates to the five major software systems, namely iOS, iPadOS, macOS, watchOS and tvOS.

But the focus of the most attention this time is undoubtedly the upcoming MR glasses. In addition, Apple plans to release a variety of new models of Mac, and the long-rumored 15-inch notebook MacBook Air also attracted attention.

Lululemon (LULU-US) up 16.86 percent to $383.72

Lululemon, a major yoga and high-priced sportswear manufacturer, announced on Thursday (1st) that its first-quarter revenue and profit were higher than Wall Street’s expectations, and it raised its full-year forecast on the back of improved performance in China and lower freight costs.

Chief Financial Officer Meghan Frank said that the first quarter performance was very strong, customers in the global market responded well, and the sales trend in China accelerated significantly, coupled with the decline in air freight, created better-than-expected financial results. “We are pleased with the momentum heading into the second quarter and the full year, and are therefore revising our outlook for fiscal 2023 upwards.”

Daily key economic data:
  • The change in non-agricultural employment in the United States in May was 339,000 (10,000 people), estimated at 19.5, and the previous value was 25.3
  • The average hourly wage in the United States increased by 4.3 (%) in May, the previous value was 4.4
  • The US labor force participation rate in May was 62.6 (%), the previous value was 62.6
  • U.S. May unemployment rate 3.7 (%), forecast 3.5, previous value 3.4
Wall Street Analysis:

No matter how bullish investors are on AI’s potential, they should brace for turmoil, warns Miller Tabak analyst Matt Maley. Sometimes deep pullbacks are persistent, as seen after the dot-com bubble burst. Sometimes they only last a few weeks before a new, very strong rally follows, pushing stocks even higher.

Nicholas Colas, co-founder of DataTrek Research, said that May’s large US technology stocks are almost the only place in the world where excess positive returns can be found. In the current investment environment, just like the old Keynesian saying – “the irrationality of the market can last longer than your solvency”.

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