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On Thursday (22) Wall Street continued to wait and watch the progress of the negotiations on the new stimulus bill. The number of unemployment benefits fell more than expected. Existing home sales increased for the fourth consecutive month. The US Dow Jones stock market opened slightly higher and then faded.
In the final hours of trading, the House of Representatives Pelosi said it had almost negotiated with the White House and encouraged Dow Jones to turn red. Bank stocks led the rise, UMC ADR was up 8.55% and all four Major indices closed in red simultaneously.
The global epidemic of new corona pneumonia (COVID-19) continues to have a fever. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide exceeded 41.3 million and the number of deaths exceeded 1.13 million. The cumulative number of confirmed cases in the United States exceeds 8.35 million and the cumulative number of deaths exceeds 222,000.
On Thursday (22) the performance of the four main US stock indices:
- The Dow Jones index rose 152.84 points, or 0.54%, to close at 28,363.66 points.
- The S&P 500 Index rose 17.93 points, or 0.52%, to close at 3,453.49 points.
- The Nasdaq index rose 21.31 points, or 0.19%, to close at 11,506.01 points.
- The Philadelphia Semiconductor Index rose 3.19 points, or 0.13%, to close at 2,370.45 points.
The big five tech giants got mixed up. Apple (AAPL-US) fell 0.96%; Microsoft (MSFT-US) was up 0.042%; Amazon (AMZN-US) fell 0.27%; Alphabet (GOOGL-US) was up 1.30%; Facebook (FB-US) fell 0.22%.
The constituent shares of Dow Jones closed higher. Chevron (CVX-US) rose 3.57%; JP Morgan Chase (JPM-US) rose 3.54%; American Express (AXP-US) was up 3.31%; Boeing (BA-US) rose 3.17%; Hanwei United (HON-USA) rose 2.31%.
Fei’s semi-component stocks were mixed. Intel (INTC-US) rose 0.75%; AMD (AMD-US) was up 0.28%; Micron (MU-US) was up 2.01%; NVIDIA (NVDA-US) fell 1.21%; Qualcomm (QCOM-US) fell 0.13%; Texas Instruments (TXN-US) was up 1.43%.
Taiwan ADR shares collectively closed higher. UMC ADR (UMC-US) was up 8.55%; TSMC ADR (TSM-US) was up 0.65%; ASE ADR (ASX-US) rose 0.91%; Chunghwa Telecom ADR (CHT-US) was up 0.65%.
Featured Stock News
The United States Food and Drug Administration (FDA) approved Gilead’s Remdesivir (GILD-US) and it became the only fully approved new crown drug in the United States. Gilead’s share price rose 0.76% to $ 60.67 a share. 4%.
JPMorgan Chase, last quarter iPhone revenue may not meet expectations, the current market consensus of 40.4 million iPhone shipments is too high, but iPhone 12 will promote revenue growth in 2021. Apple fell up 0.96% Thursday at $ 115.75 a share.
Coca-Cola (KO-US) announced its latest financial report on Thursday, both revenue and earnings were better than market expectations, encouraging the company’s share price to rise 1.36%.
UBS upgraded the rating on Goldman Sachs (GS-US) shares from “hold” to “buy,” and the company’s share price rose 1.23%. Goldman Sachs was involved in the 1MDB (1MDB) scandal, and on Thursday the company agreed to pay more than $ 2.9 billion in fines to regulators.
Electric truck startup Nikola (NKLA-US) was up 2.16% to $ 22.72 a share, and Hindenburg Research founder Nathan Anderson (Nathan Anderson) said Nikola will face more bad news, and this certainly It has not finished.
Economic data
- In the United States, last week (10/17), the number of initial jobless claims was 787 thousand, which is expected to be 870 thousand, the previous value dropped from 898 thousand to 842 thousand.
- In the United States last week (10/10), the number of people who continued to claim unemployment benefits was 8,373 million, which is expected to be 9,625 million. The previous value was lowered from 10,018 million to 9,397 million.
- Total annualized sales of existing homes in the United States in September reported 6.5 million, which is expected to be 6.2 million, and the previous value was 5.98 million.
Wall Street Analysis
Since the pandemic in mid-March, the number of unemployed has fallen below 800,000 for the first time, boosting the economy again. White House economist Joseph LaVorgna is optimistic that the number of unemployed continues to decline, saying this heralds the good news that the US economy will rebound from the epidemic.
The Pantheon Macroeconomic Research said: “We doubt this situation will continue as the epidemic heats up rapidly, thus reducing the demand for free consumer services, especially in the hotel and restaurant industry.”
Pelosi continued to post upbeat news about the negotiations. Prajakta Bhide, a strategist at MRB Partners, said in a report: “There is no clear signal of the end of the epidemic, so the economy needs additional financial support lasting several months. The new fiscal stimulus measures and the timely approval of medical solutions will be approved early next year. Better control of the new corona epidemic next year is very important to ensure continued economic growth next year. “
Mike Zigmont, Head of Operations at Harvest Volatility Management, said: “These irritating rumors continue to spread. But I think the market has gotten used to rumors flying around, and each new rumor has less impact than in the past. Strictly speaking, now. it’s an emotion. The problem is a market perception problem. “
Tom Lee, founder and director of research at Fundstrat Global Advisors, said the subject of the new stimulus bill is “when” rather than “if.”
Tom Lee said: “In the last three days, the stock market seemed to treat fiscal stimulus as a dual event. If it didn’t happen this week, it would be unfortunate. If it happened this week, it would be great. I think, even No Deal Before elections, and the post-election stock market will pick up momentum. The more the market loses now, the more impressive the post-election impact will be. “
Wall Street is also looking forward to the second and final debate of the presidential election between Trump and Biden, which is scheduled for Thursday at 9 p.m. ET (9 a.m. Taipei time on Friday).
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