[ad_1]
Tech stocks led the way. On Friday (28), the Dow Jones Industrial Average recovered the ground lost this year. S&P 500 and Nasdaq set all-time records. This is the sixth day in a row that S&P has rewritten a record and is further consolidated on August 18. The bull market that started the day rose. As US stocks enter September with strong gains, investors will focus on the August non-farm employment report next week, and the Apple and Tesla stock split will begin trading next Monday (31).
China’s Ministry of Commerce on Friday adjusted the “China Catalog of Prohibited and Restricted Export Technologies”, which includes 53 technical contents. With the U.S. Department of Commerce saying on Wednesday it was considering new restrictions on technology exports to prevent key technologies from falling into the hands of enemies like China, the timing of China’s review is quite delicate.
TikTok commercial offerings in the United States and elsewhere once again heard from new buyers. Following Wal-Mart’s announcement of an offering with Microsoft, Bloomberg reported on Friday that London’s Centricus Asset Management and American music social platform Triller joined forces to buy TikTok’s assets in the United States, New Zealand, Australia and India for 20,000 million dollars.
US stocks rose after the Fed announced major policy changes on Thursday. Fed Chairman Bauer declared at the annual meeting of world central banks on Thursday that he would adopt an “average inflation target”, allowing the inflation rate to temporarily rise above 2% and also tolerating a rate of higher unemployment to support the economy. This means that the Fed is close to zero. Interest rates can stay for a long time.
Led by Wal-Mart and Coca-Cola, the Dow Jones closed 160 points higher on Friday and has gained 0.4% this year, making it the last of the three major indices to regain lost ground. . Analysts said tech stocks are the biggest force driving the stock market rally this year and they gradually spread to other stocks, helping Dow Jones rebound.
S&P and Nasdaq have risen for five consecutive weeks, rising more than 3% in the last week; These are the first five consecutive rises for the S&P 500 since late 2019, and it’s also the longest extension for Nasdaq since late January. The rally. Dow Jones has gained 2.6% in one week, the third weekly gain in the last four weeks.
The S&P index rose 7.2% this month through Friday, which is expected to create its best performance in August since 1984.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 24.57 million and the number of deaths has exceeded 830,000. The United States has accumulated more than 5.906 million cases were diagnosed and at least 181,000 people died in total.
Friday (28) the performance of the four main US stock indices:
- The Dow Jones index rose 161.60 points, or 0.57%, to close at 28,653.87 points.
- The S&P 500 Index rose 23.46 points, or 0.67%, to close at 3,508.01 points.
- The Nasdaq index rose 70.30 points, or 0.60%, to close at 11,695.63 points.
- The Philadelphia Semiconductor Index rose 43.99 points, or 1.98%, to close at 2,264.14 points.
Only Apple (AAPL-US) fell 0.16%; Facebook (FB-US) rose 0.15%; Alphabet (GOOGL-US) was up 0.67%; Amazon (AMZN-US) was up 0.05%; Microsoft (MSFT) -US) was up 1.03%.
30 Dow Jones shares rose more and fell less: Coca-Cola (KO-US) rose 3.3%; Walmart (WMT-US) rose 2.7%; Exxon Mobil (XOM-US) rose 2.4%; VISA (V-US)) rose 2.2%.
Fei’s semi-constituent shares almost closed higher. Marvell (MRVL-US) was up 6.5%; Huida (NVDA-US) rose 4.1%; ON Semiconductor (ON-US) was up 3.26%; Microchip (MCHP-US) rose 2.9%; Micron (MU-US), Advanced Micro Devices (AMD-US) both rose more than 2%.
ASE-backed Taiwan Stock ADR: TSMC ADR (TSM-US) down 0.20%; ASE ADR (ASX-US) rose 1.46%; UMC ADR (UMC-US) fell 0.55%; Chunghwa Telecom ADR (CHT-US) fell 0.30%.
Focus actions
Wal-Mart (WMT-US) was up 2.7%. The company announced Thursday that it has joined the Microsoft field in bidding for the TikTok business, arguing that TikTok’s combination of e-commerce and advertising will bring obvious benefits.
Coca-Cola (KO-US) rose 3.3%. The company announced Friday that it will adjust its organization to reduce expenses. It will abolish nearly half of its business units and offer nearly 4,000 American employees voluntary departure.
United Airlines (UAL-US) also rose more than 3% due to austerity measures. The company announced Thursday that it will cut 2,850 pilots, which is more than American Airlines and Delta Air Lines.
The home office trend continues to benefit tech stocks. Workday (WDAY-US) increased 12.6% and the company raised its annual subscription forecast.
Dell (DELL-US) and Hewlett-Packard (HPQ-US) announced their financial reports Thursday showing that the epidemic has boosted PC sales. The two companies closed on Friday with strong gains of 6%.
Apple (AAPL-US) fell 0.16% and Tesla (TSLA-US) fell 1.3%. The two companies have completed their stock split and will be officially traded after the market opens next Monday (31). Apple divided 1 share into 4 shares and Tesla divided 1 share into 5 shares.
S&P 500 energy stocks were up 1.9% as Hurricane Laura passed through the Gulf of Mexico but did not cause widespread disasters as expected, and refineries and oil wells resumed operations.
Economic data
- The July US underlying PCE annual growth rate was reported at 1.3%, expected to be 1.2%, and the above value was 0.9%
- The July US underlying PCE monthly growth rate registered 0.3%, which is expected to be 0.5%, and the previous value is 0.2%.
- US personal consumption spending in July increased 1.9%, the market expected 1.5% and the previous value was 6.2%
- The 0.4% monthly increase in US personal income in July was below market expectations by 0.2%.
Wall Street Analysis
Charles Schwab Vice President of Derivatives and Trading Randy Frederick said: “Industrial stocks are the last (to make up lost ground this year). To some extent, this is psychologically beneficial for the stock market. However, it is Dow Jones is almost certain to catch on sooner or later after all. Nasdaq has made up lost ground for some time, and the S&P 500 has gained 8% this year. “
StoneX Global Market Strategist Yousef Abbasi said: “At this stage, the stock market appears to be enjoying two major benefits. One is that economic momentum is showing signs of improvement and the other is that monetary policy is still it’s pretty relaxed and there may be more fiscal stimulus. “
Greg Daco, chief economist at Oxford Economics in the United States, said: “The announcement by the Fed of an asymmetric unemployment policy is very important and we are happy to see such development. The Fed will not rush to raise interest rates. In the future, when the unemployment rate falls, the Fed will work hard to ensure easing policies. ” The benefits are as inclusive as possible. “
[ad_2]
