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After Amazon (AMZN-US) and Alphabet (GOOGL-US) released strong after-hours earnings reports on Tuesday, US stocks opened mixed on Wednesday (3). The Dow Jones industrial average fell 69 points or 0.2%, and the Nasdaq index rose 0.5%, the S&P 500 index 0.1% and the fee was up 0.01%.
Alphabet and Amazon opened 7% and 0.7%, respectively, on Wednesday, leading the Nasdaq and S&P 500 higher. The two most recent earnings reports performed well. Amazon CEO Jeff Bezos announced that he would step down as CEO in the third quarter and be taken over by AWS CEO Andy Jassy.
According to Rfinitiv IBES data, as of now, 80% of financial reports from S&P 500 companies are better than analyst expectations, and 97% of tech industry companies report better than expected .
Last week, GameStop (GME-US) and AMC (AMC-US), which skyrocketed due to a shortage of retail sales, opened more than 10% and 7% respectively. Robinjood announced later on Tuesday that it would relax trading restrictions, allowing users to buy up to 100 GameStop shares and cancel trading restrictions on stocks such as Nokia, EExpress (EXPR) and Naked Brand Group (NAKD-US), but the restrictions about AMC have not yet been removed. limit.
On the other hand, the market continues to absorb the news of a new round of bailout bills.
Both houses of the United States Senate and the House of Representatives began debates on the budget resolution on Tuesday. Once approved by the Senate and House of Representatives, the budget coordination process will begin. Difficult case.
In terms of economic data, the small non-farm employment data in the United States unexpectedly recovered in January, with more than 170,000 new jobs in the private sector, much better than the 50,000 expected by the market.
At 22 o’clock on Wednesday (3) Taipei time:
- The Dow Jones Index fell 69.01 points, or -0.22%, to 30,618.47 points temporarily.
- Nasdaq rose 63.96 points, or 0.47%, to 13,676.74 points temporarily
- The S&P 500 Index was up 5.53 points, or 0.14%, to 3,831.84 temporarily.
- Rates and media increased 0.34 points or 0.01%, temporarily reported at 3,047.67 points
- TSMC ADR fell 0.52% to US $ 127.77 per share
- Yield on 10-year US Treasuries increased to 1.122%
- New York light crude oil rose 1.08% to $ 55.35 a barrel
- Brent crude oil rose 1.01% to $ 58.04 a barrel
- Gold rose 0.28% to $ 1,838.60 an ounce
- The dollar index fell 0% to 91,185 points.
Focus actions:
Spotify (SPOT-US) fell 8.37% in early trading to US $ 316.18.
Key figures for the results report for the fourth quarter of 2020:
- Revenues: 2,168 million euros, an annual increase of 17%
- Loss: 125 million euros, compared to a loss of 209 million euros in the same period last year
- Loss per share: 66 euro cents, compared to 1.14 euros per share in the same period last year
- Monthly active users: 345 million, an annual increase of 27%
- Premium paying users: 155 million, an annual increase of 24%
Financial forecast for the first quarter for 2021:
- Revenues: 1.99 billion euros to 2.19 billion euros
- Monthly active users: 354 million to 364 million
- Premium paying users: 155 million to 158 million
Alphabet (GOOGL-US) was up 7.6% in early trading to $ 2,065.04.
F2020 Fourth Quarter Financial Report Data:
- Adjusted EPS (excluding one-time items): $ 22.3, better than analyst expectations of $ 15.9 in a Refinitiv survey
- Revenue: $ 56.9 billion, better than analysts surveyed by Refinitiv expected $ 53.13 billion
- Traffic Acquisition Cost (TAC): $ 10.47 billion, better than StreetAccount’s survey of analyst expectations of $ 9.32 billion
Amazon (AMZN-US) was up 0.71% in early trading to $ 3,404.
Key facts from the 2020 fourth quarter financial report vs. Refinitiv’s consensus survey of analyst expectations
F2021 First Quarter Forecast
Key daily economic data:
- In the United States in January, ADP reported 174,000 new jobs, with an expectation of 50,000. The previous value rose from -123,000 to -78,000
- At 10:45 p.m. Taipei time, the US January Markit Service Industry PMI will be announced, the previous value was 57.5
- At 10:45 p.m. Taipei time, the comprehensive US January Markit PMI will be announced, the previous value was 58.0
- At 10:45 p.m. Taipei time, the US ISM Non-Manufacturing PMI for January will be announced, which is expected to be 56.8, and the old value is 57.2
- At 23:30 Taipei time, the rise and fall of crude oil inventories from the US EIA will be announced last week, which is expected to rise by 1.5 million barrels, while the previous value will decrease by 9.91 million barrels.
Wall Street Analysis:
Matt Forester, chief investment officer at Lockwood Advisor, a BNY Mellon subsidiary, said corporate financial reporting is more likely to be expected to be stronger and dominated by fields related to technology and the housing economics, but there is still a lot worthwhile. Planned areas, especially those industries that have been most affected by the epidemic.
In response to the new round of negotiations for the US bailout bill, Seema Shah, chief strategist at Principal Global Advisors, believes the focus is now on the right moment. Generally, the stimulus measures are believed to be large-scale, but the bigger issue is relief. If the tough measures come out soon, the US economy needs it.
Megan Horneman, head of portfolio strategy at Verdence Capital Advisors, said that as retail speculation fades and the market cools, investors will breathe a sigh of relief when the market stabilizes.
However, Bank of America (BofA) strategists cautioned that market sentiment indicators have shown “sell” signs.
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