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On Tuesday (6), the two parties in the United States continued to negotiate, and the chairman of the Federal Reserve continued to ask Congress to increase rescue efforts. Wall Street was eagerly awaiting a new round of stimulus bills. US equities moved higher in early trading.
At the end of the negotiation session, the president of the United States, Trump, asked to suspend the negotiations on a new bailout case. The VIX panic index went up in response to the sound. US stocks heard the sound of pigs and sheep. All four major indices closed, Boeing tumbled and the Dow Jones closed more than 300 points.
Trump tweeted that he has instructed White House representatives to stop negotiations (with Democratic representatives) until after the US election. The reason for the breakdown in this round of negotiations is that the two sides still have no consensus on the scale and purpose of the bailout money.
The Speaker of the House of Representatives, Nancy Pelosi (Nancy Pelosi) later issued a statement in response. Trump has fully demonstrated his true qualities. With the full cooperation of Republicans in Congress, she put herself first at the expense of the country.
Fed Chairman Bauer attended the National Association for Business Economics (National Association for Business Economics) and delivered a speech on Tuesday.
Ball said the economic recovery is not complete and the United States may still slide into recession. He called on Congress to take active fiscal and monetary stimulus measures to promote economic recovery. The risk of excessive tax relief appears to be small.
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 35.6 million and the number of deaths has exceeded 1.04 million . The United States has confirmed more than 7.47 million cases and the cumulative number of deaths has exceeded 210,000.
Tuesday (6) the performance of the four main US stock indices:
- The Dow Jones index fell 375.88 points, or 1.34%, to close at 27,772.76 points.
- The S&P 500 Index fell 47.68 points, or 1.40%, to close at 3,360.95 points.
- The Nasdaq index fell 177.88 points, or 1.57%, to close at 11,154.60 points.
- The Philadelphia Semiconductor Index fell 14.47 points, or 0.63%, to close at 2,281.09 points.
The five big tech giants fell simultaneously. Apple (AAPL-US) fell 2.87%; Microsoft (MSFT-US) fell 2.12%; Amazon (AMZN-US) fell 3.10%; Alphabet (GOOGL-US) fell 2.15%; Facebook (FB-US) fell 2.26%.
Boeing led the fall in the constituent shares of the Dow Jones. Boeing (BA-US) fell 6.81%; American Express (AXP-US) fell 2.08%; Home Depot (HD-US) fell 2.03%; Chevron (CVX-US) fell 0.51%; Caterpillar (CAT-US)) fell 1.26%.
Fei’s half-component shares received more blacks. AMD (AMD-US) fell 1.94%; Micron (MU-US) fell 0.59%; Intel (INTC-US) fell 0.62%; NVIDIA (NVDA-US) was up 0.69%; Qualcomm (QCOM-US) fell 0.81%; Applicable materials (AMAT-US) fell 0.33%.
Taiwan ADR shares fell almost all. UMC ADR (UMC-US) fell 3.37%; TSMC ADR (TSM-US) fell 1.68%; ASE ADR (ASX-US) fell 1.21%; Chunghwa Telecom ADR (CHT-US) was up 0.30%.
Featured Stock News
Apple sent out invitations to media customers on Tuesday, and the second fall special conference will be held at 1 a.m. on October 14, Taiwan time. According to estimates, in addition to the long-awaited iPhone 12, Apple is expected to launch other new products such as AirTags. Apple fell 2.87% to $ 113.16 a share on Tuesday.
Boeing (BA-US) announced that due to the impact of the epidemic, the world will only need 18,350 new aircraft in the next ten years, a decrease of 11% from last year’s forecast, causing the price to of the company’s shares fell 6.84% to $ 159.54 per share.
NVIDIA (NVDA-US) rose 0.69% and investment bank BMO will be optimistic about NVIDIA’s profitability and will increase its price target from US $ 565 to US $ 650.
Economic data
- The US trade deficit in August was reported at $ 67.1 billion, which is expected to be $ 66.1 billion, and the previous value was $ 63.6 billion.
- The number of JOLTS vacancies in the United States in August was 6.49 million, is expected to be 6.5 million and the previous value was 6.7 million.
Wall Street Analysis
David Joy, Ameriprise’s chief market strategist, said that it is clear that the areas most directly affected by the epidemic need additional support from the US government, including small businesses, state and local governments, airlines, industries. hotel and leisure and retail.
Ed Clissold, chief US equity strategist at Ned Davis Research, said the market is being stimulated again, which should surprise the market. Before a new round of stimulus measures is introduced, it is difficult for the economy to gain much momentum for the recovery.
Robert Phipps, director of Per Stirling Capital Management, said that the gains that we have seen last week are mainly based on the hope of a new round of stimulus packages. Now, the reasons for investing money before the election have been significantly reduced.
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