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The cluster infection outbreak in Seoul and the increase in newly diagnosed cases in Germany have caused investors to worry that it is too early to restart the economy. A second wave of outbreaks may occur and the Dow Jones Industrial Index fell 110 points. Large-scale tech stocks generally rose, helping the S&P 500 index recover from its losses and closing flat. The Nasdaq Composite Index also reversed the initial decline and closed higher. The sixth consecutive day of earnings was the most persistent gain this year. It is only 6% lower than the all-time high in February, and has risen 3% year-round.
Nightclubs in Itaewon, Seoul, South Korea experienced a massive infection and the number of related diagnoses increased rapidly, but more than 3,000 people have yet to be contacted. The Seoul Metro will require passengers to wear masks on the 13th to avoid an increase in immunity. The World Health Organization (WHO) warns that in countries where isolation measures have been relaxed, there has been an increase in confirmed cases.
Paul Tudor Jones, founder of Tudor Investment Corp, warned on Monday (11) that if the epidemic cannot be controlled within a year, the US economy will fall into a “second” economic depression. “If we are still in the same situation a year later, this will result in the second economic slump. It all depends on whether the blockade measures are lifted.”
The new global epidemic of coronary pneumonia (COVID-19) continues. According to Johns Hopkins University real-time statistics before the deadline, there are more than 4.15 million diagnoses worldwide and more than 280,000 deaths. The cumulative number of diagnoses in the United States so far has exceeded 1.34 million, the death toll exceeding 80,000.
Monday (11) performance of the top four US stock indices:
- US stocks on the Dow Jones Index fell 109.33 points, or 0.45%, to close at 24,221.99 points.
- The S&P 500 Index increased slightly by 0.39 points, or 0.01%, to close at 2,930.19 points.
- The Nasdaq index rose 71.02 points, or 0.78%, to close at 9,192.34 points.
- The Philadelphia Semiconductor Index fell slightly by 1.29 points, or 0.07%, to close at 1,774.31 points.
The top five tech kings rose: Apple (AAPL-US) rose 1.57%; Facebook (FB-US) rose 0.39%; Alphabet (GOOGL-US) rose 1.39%; Amazon (AMZN-US) rose 1.24%; Microsoft (MSFT -US) rose 1.11%.
Shares of 30 Dow Jones components were mixed: Boeing (BA-US) fell 3.39%; JPMorgan Chase (JPM-US) fell 2.94%; Pfizer (PFE-US) rose 2.36%; Merck (MRK-US) up 1.98%
Semi-component stocks fell more and less. ON Semiconductor fell 8.53%; Klei (KLA-US) fell 1.59%; Colin R&D (LRCX-US) fell 1.19%; Nvidia (NVDA-US) increased 3.24%; AMD (US-US) increased 4.79%.
Taiwan’s stock ADR fell: TSMC’s ADR (TSM-US) fell 0.51%; ASE ADR (ASX-US) fell 0.65%; UMC’s ADR (UMC-US) fell 0.39%; Chunghwa Telecom’s ADR (CHT-US) fell 1.97%.
Focus actions
Nvidia (NVDA-US) shares rose 3.24% to $ 322.62 per share, a record. Needham raised its target price to $ 360, as Nintendo’s best-selling sales led to the sale of gaming chips.
Apple (AAPL-US) rose 1.6% to $ 315.01 per share, hitting a three-month high as it will issue a quarterly dividend of $ 0.82 per share on May 14. Apple plans to transfer a fifth of its production capacity from China to India and expand its local production operations in India through cooperative manufacturers such as Foxconn and Wistron. The investment scale may increase to $ 40 billion in the next five years. Make India the largest exporter of Apple products.
Shares of AMC Cinema (AMC-US) closed up 29.76%, and once increased 80% during the session. The media reported that Amazon had negotiated with the Wanda Group to acquire AMC, but it was unclear whether an agreement was reached.
Tesla (TSLA-USA) fell 0.99%. The Tesla plant in Fremont, California, although it has not obtained permission from the local Alameda County government, has resumed work. United States Secretary of the Treasury Steve Mnuchin said California should take all necessary steps to help Tes get back to work.
Under Armor (UAA-US) fell 9.36%. The US sports goods maker announced Monday that it went from profit to loss in the first quarter. The net after-tax loss was $ 589 million or a loss of $ 0.34 per share, and revenue also fell sharply by 23%, reflecting the impact of the epidemic that caused the store to close. He also estimates that the sales forecast for the second quarter will drop sharply by 50-60%.
Economic data
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Wall Street Analysis
Salvatore Ruscitti, US equity strategist at MRB Partners, said: “COVID-19 strengthens the necessary role that technology stocks play between companies and consumers, and many high-growth stocks will be more important in the future.”
Adam Crisafulli, founder of Vital Knowledge, said: “The world is paying attention to the restart rate of the economy, and the speed of restart will increase in the coming weeks.” However, the S&P 500 is still at an overbought level. At trial these two views are currently overly optimistic. “
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