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On Thursday (24), the US stock market experienced a turbulent day on the roller coaster: the number of unemployment benefits in the United States remained high and Wall Street opened lower.
As the two sides in the United States hope to resume negotiations on the bailout case, new home sales data is better than expected, technology stocks took off, financial stocks soared, but Apple and Microsoft gave up some From their gains in recent trading, tech stocks weakened and the four major US stock indices were slightly off the red.
US Treasury Secretary May Mnuchin plans to resume negotiations with the Speaker of the House of Representatives, Pelosi, to resolve differences between the two sides in a new round of the economic stimulus package.
According to several Democrats, Democrats in the House of Representatives are preparing to introduce a $ 2.4 trillion stimulus bill, which includes unemployment benefits, small business loans and aviation aid.
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 31.9 million and the number of deaths has exceeded 977,000. The United States has confirmed more than 6.93 million cases and the cumulative number of deaths has exceeded 201,000.
On Thursday (24) the performance of the four main US stock indices:
- The Dow Jones index rose 52.31 points, or 0.20%, to close at 26,815.44 points.
- The S&P 500 Index rose 9.67 points, or 0.30%, to close at 3,246.59 points.
- The Nasdaq index rose 39.28 points, or 0.37%, to close at 10,672.27 points.
- The Philadelphia Semiconductor Index rose 20.73 points, or 0.97%, to close at 2,147.42 points.
Five big tech giants collectively received red. Apple (AAPL-US) rose 1.03%; Microsoft (MSFT-US) was up 1.30%; Amazon (AMZN-US) rose 0.66%; Alphabet (GOOGL-US) was up 0.96%; Facebook (FB-US) was up 0.20%.
Dow Jones constituent stocks led Goldman Sachs’ gains. Goldman Sachs (GS-US) rose 4.83%; Boeing (BA-US) fell 3.39%; Nike (NKE-US) fell 1.86%; Cisco (CSCO-US) fell 1.12%; Coca-Cola (KO-US) was up 1.02%.
Shares of half of Fei constituents overpaid. AMD (AMD-US) was up 1.46%; Intel (INTC-US) rose 0.70%; Micron (MU-US) was up 1.85%; NVIDIA (NVDA-US) fell 0.76%; Qualcomm (QCOM-US) was up 1.47%.
ADRs for Taiwan stocks were mixed. TSMC ADR (TSM-US) rose 0.62%; UMC ADR (UMC-US) rose 1.38%; ASE ADR (ASX-US) fell 0.25%; Chunghwa Telecom ADR (CHT-US) fell 0.96%.
Featured Stock News
Electric truck maker Nikola (NKLA-US) fell 9.69%. Investment bank Wedbush analyzed that the company was hit by the key short selling report and the founder’s resignation, and that the shares were too much. risky to maintain.
UBS reported that potential election turmoil may boost Goldman Sachs’ business revenue, with Goldman Sachs (GS-US) up 4.83%.
Amazon (AMZN-US) was up 0.66%. The company launched two new Fire TV products, a new Echo Show voice assistant product and Ring Always Home Cam, a small home security surveillance drone at the company’s new product launch.
Economic data
- The United States last week (9/19) reported 870,000 unemployment benefits for the first time, with an expectation of 850,000. The previous value rose from 860,000 to 866,000.
- The United States reported last week (9/12) 12,258 million renewed unemployment benefits, which is expected to be 12,275 million. The previous value rose from 12,628 million to 12,747 million
- Total annualized US new home sales in August reported 1.01 million, with an expected value of 880,000, and the previous value of 901,000.
Wall Street Analysis
The president of the United States Federal Reserve (Fed), Ball, said that the economic recovery still has a long way to go, which may require additional financial support. James Bullard, president of the Federal Bank of St. Louis, said I am more optimistic than most, although he admits there are downside risks lurking.
Aneta Markowska, chief financial economist at Jefferies, an investment bank, wrote: “The possibility of the fourth round of stimulus laws is very small. Although it is still possible, the risk that it will not happen this year is high. Without it We expect the economy to be in the fourth quarter. It suffered a major slowdown. “
Evercore ISI strategist Dennis DeBusschere analyzed: “The number of initial jobless claims is currently the most important high frequency key data. It has not met expectations and is increasing every week.
Dennis DeBusschere said that as the Fed continues to emphasize the ineffectiveness of monetary policy and plead for financial support, this has weakened the credibility of the Fed.
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