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Economic data on Wednesday (14) gradually showed the impact of the new crown crisis. US retail and manufacturing reports were worse than expected, and oil prices fell to a 20-year low.
Goldman Sachs, Citigroup and Bank of America earnings reports continued to explode, deterring Wall Street hopes of a rapid V-shaped recovery, the VIX panic index rose, energy and financial stocks led the drop, and all four Main indices faded.
The Federal Reserve released the latest Beige Book on Wednesday, the epidemic prevention measures taken during the panic of the new crown epidemic. Economic activities have contracted dramatically. Casual dining and retail stores have been the hardest hit. And the economic situation is expected to deteriorate.
The global epidemic of new coronary pneumonia (COVID-19) continued to spread and 212 countries around the world decreased. The number of diagnoses worldwide rose to 2.04 million and the number of deaths also exceeded 130,000. The United States has become the world’s largest epicenter, with more than 632,000 diagnoses and more than 27,000 deaths.
United States President Trump announced that he will suspend funding from the World Health Organization (WHO), and WHO Secretary-General Tan Desai regrets this. Germany announced a plan to gradually unlock it, and New York Governor Andrew Cuomo ordered state residents to wear masks in public areas.
Wednesday (14) US Stock Index Performance:
- The Dow Jones Index of US stocks fell 445.41 points, or 1.86%, to close at 23,504.35 points.
- The S&P 500 index fell 62.70 points, or 2.20%, to close at 2,783.36 points.
- The Nasdaq index fell 122.56 points, or 1.44%, to close at 8,393.18 points.
- The Philadelphia semiconductor index fell 47.85 points, or 2.82%, to close at 1,647.91 points.
The five giants of science and technology are all black. Amazon (AMZN-US) rose 1.07%; Apple (AAPL-US) fell 0.91%; Facebook (FB-US) fell 0.67%; Alphabet (GOOGL-US) fell 0.63%; Microsoft (MSFT-US) fell 1.05%.
Dow Jones’ 30 constituent stocks were mostly low. Dow Chemical (DOW-US) fell 8.88%; Walgreens United Bose (WBA-US) fell 6.34%; American Express (AXP-US) fell 5.20%; IBM (IBM-US) fell 4.21%; JPMorgan Chase (JPM-US) fell 4.91%; Boeing (BA-US) rose 3.53%; Exxon Mobil (XOM-US) fell 4.62%.
Only half of the constituent shares received a dividend from AMD. AMD (AMD-US) rose 0.11%; Intel (INTC-US) fell 2.95%; Micron (MU-US) fell 2.50%; Qualcomm (QCOM-US) fell 2.01%; Nvidia (NVDA-US) fell 1.10%; Applied materials (AMAT-US) fell 4.00%.
Taiwan ADR shares fell collectively. The TSMC Act said it will debut Thursday. Under the bearish atmosphere of the foreign investment circle, TSMC’s ADR (TSM-US) fell 1.90%. ASE ADR (ASX-US) fell 2.99%; UMC ADR (UMC-US) fell 1.22%; Chunghwa Telecom ADR (CHT-US) fell 0.36%.
Focus actions and financial news
UnitedHealth Group earnings for the first quarter of 2020, double-digit growth in first-quarter revenue from its Optum business, United Health (UNH-US) shares rose 4.10% on Wednesday to 281.6 US dollars per share.
Goldman Sachs (GS-US), Citi (C-US) and Bank of America (BAC-US) reported sunk earnings, Bank of America’s loan default rate will rise, its share price plummeted 6.49%, Goldman Sachs rose 0.16%, Citi fell 5.64%.
The epidemic caused the “home economy” to power, and Netflix (NFLX-US) broadcast media rose 3.19%, hitting a record high, continuing its three-day gain, and its current market value has surpassed Disney. At the same time, Activision Blizzard (ATVI-US) rose to $ 65.71 per share, the highest closing price since November 2018.
Apple’s official website launches the new iPhone SE, which is equipped with the Apple-designed A13 bionic chip and uses a 4.7-inch LCD screen, which is smaller than the iPhone 11 and earlier models.
Economic data
- The US New York Fed April Manufacturing Index. USA Reported -78.2, estimated -32.5, previous value -21.5
- United States March retail sales reported monthly growth rate -8.7%, estimated -8.0%, previous value -0.5%
- The monthly growth rate of United States central retail sales in March reported -4.5%, estimated -4.8%, previous value -0.4%
- The monthly growth rate of US industrial production. USA In March it was -5.4%, the forecast was -4.2%, the previous value was 0.6%
- Monthly production growth rate in the United States of manufacturing production in March -6.3%, estimated -3.6%, previous value 0.1%
- The capacity utilization rate of the United States in March reported 72.7%, estimated 73.9%, previous value 77.0%
Wall Street Analysis
Mark McCormick, head of global currency exchange strategy at Toronto Dominion Bank, said in a report: “This is not surprising in our opinion. Poor data and tragic expectations from financial reporting, market sentiment in the context of self-blocking countries, strategies business suspension and recent overbought routes. Sudden decline … Stock prices have begun to reflect new realities. “
Paul Nolte, portfolio manager at Kingsview Investment Management, said disappointing bank earnings have raised concerns about the outlook for the remaining earnings season.
Paul Nolte said that in the coming weeks, it will be more important to look at corporate operations from a debt perspective … I’m not sure if the recovery will be as strong.
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