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On Monday (26), the average number of new diagnoses in the United States reached a record high. Wall Street deemed the chances of the US Congress issuing a stimulus plan before Election Day on November 3 were slim. US stocks opened immediately and energy and industrial stocks led the decline. The Dow Jones tumbled more than 700 points in intraday trading and eventually fell back slightly to close 650 points, its worst performance since early September, and the S&P overcame its biggest drop the following month.
Congress and the White House continued without remedying major differences again. After meeting with Treasury Secretary May Nuchin on Monday, House Speaker Pelosi criticized the Trump administration for not agreeing with the Democratic Party bailout plan for the new crown test. White House economic adviser Couder Larry Kudlow said progress in the negotiations has slowed, but they are continuing.
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 has exceeded 43.3 million and the number of deaths has exceeded 1.15 million . The United States has confirmed more than 8.67 million cases and the cumulative number of deaths has exceeded 225,000.
As of Sunday, the United States has set a record 68,954 confirmed cases in a single day in seven days. The previous average was 66,844 cases. The outbreak in the midwestern states of the United States is urgent. In European countries, after Italy, Spain and France implemented emergency prevention and control measures. The World Health Organization (WHO) said that controlling the epidemic may require the sacrifice of many lives.
Monday (26) the performance of the four main stock indices of the United States:
- The Dow Jones index fell 650.19 points, or 2.29%, to close at 27,685.38 points.
- The S&P 500 Index fell 64.42 points, or 1.86%, to close at 3,400.97 points.
- The Nasdaq index fell 189.34 points, or 1.64%, to close at 11,358.94 points.
- The Philadelphia Semiconductor Index fell 51.78 points, or 2.19%, to close at 2,308.45 points.
The big five tech giants got mixed up. Apple (AAPL-US) was up 0.0087%; Microsoft (MSFT-US) fell 2.84%; Amazon (AMZN-US) was up 0.082%; Alphabet (GOOGL-US) fell 2.98%; Facebook (FB-US) fell 2.70%.
Dow Jones constituent stocks closed in the black across the board. American Express (AXP-US) fell 4.06%; Boeing (BA-US) fell 3.90%; Traveler (TRV-US) fell 3.52%; the sales force (CRM-US) fell 3.41%; Disney (DIS-US) fell 3.34%%; IBM (IBM-US) fell 3.26%.
Half of Fei’s constituent shares fell sharply, and only AMD closed the red. AMD (AMD-US) was up 0.33%; NVIDIA (NVDA-US) fell 3.30%; Intel (INTC-US) fell 3.09%; Qualcomm (QCOM-US) fell 2.08%; Micron (MU-US) fell 1.34%.
Taiwan Semiconductor Manufacturing Co., Ltd. is the worst performer. UMC ADR (UMC-US) fell 1.08%; TSMC ADR (TSM-US) fell 1.79%; ASE ADR (ASX-US) rose 0.89%; Chunghwa Telecom ADR (CHT-US) was up 0.35%.
Featured Stock News
Alibaba’s Ant Group, which operates Alipay, will soon be listed in Shanghai and Hong Kong. The total size of the IPO of the two exchanges is just under $ 34.5 billion, topping Saudi Aramco’s $ 29 billion, and the scale of the IPO is the highest ever. A small plate of Alibaba (BABA-US) status 0.98% to US $ 306.87 per share.
China announced on Monday that it will take the necessary steps to deal with US companies such as Lockheed Martin (LMT-US), Boeing Defense (a Boeing subsidiary) and Raytheon (RTX-US) involved in arms sales to Taiwan, as well as with those involved in the sale of arms to Taiwan. Of the US-related individuals and entities that imposed sanctions, Lockheed Martin fell 1.49%, Boeing fell 3.90% and Raytheon fell 2.81%.
After the FDA allowed AstraZeneca last week to resume late-stage vaccine trials in the United States, the company announced Monday that its new corona candidate vaccine has produced similar immune responses in the elderly and young tested. AstraZeneca (AZN-US) was up 1.69% on Monday.
The share price of SAP-US, a German business software company, plunged 23.16% to $ 115.02 a share, ushering in its worst day in 12 years, dragging down Oracle and Microsoft. The company’s latest financial report failed and it revised down its financial report, arguing that, based on weaker business in the third quarter and the uncertainty of the epidemic, it warned companies to limit spending and investments. market prospects.
US toy maker Hasbro’s (HAS-US) third-quarter earnings beat expectations, but sales in the TV, film and entertainment divisions were lower than expected.
Economic data
- The Chicago Fed’s September National Activity Index reported 0.27, the previous value increased from 0.79 to 1.11
- Total annualized sales of new homes in the United States in September was 9.95 million, which is projected to be 1.024 million and the previous value was 9.94 million.
Wall Street Analysis
Wall Street strategists blamed Monday’s sell-off on rising coronavirus cases, Congress’s inability to agree to stimulus spending and the uncertainty of the US elections.
Frank Rybinski, chief macrostrategist at Aegon Asset Management, said that, in my opinion, this is the stage of the second major outbreak of the epidemic. Before we completely eradicate the virus, the market is in trouble.
BTIG strategist Julian Emanuel said in a report: “The new bailout bill is weak and disappointing. The epidemic has worsened and electoral uncertainty. The S&P may fall in the short term. The first wave of points of support for”. If it is in 3209.
Ryan Detrick, chief market strategist at LPL Financial, said: “The double whammy of the stagnation in the economic stimulus plan and the new highs of confirmed new diagnoses is a strong reminder that there are still many concerns. Recently, most of the The data has been robust, but we see parts of Europe gradually coming back. When locked down, it reminds us that this fight against viruses is not over yet. “
Ally Invest Head of Investment Strategy Lindsey Bell said: “The fear of the virus is back. The average number of new cases in the United States on Day 7 hit a record, and just when it’s cold outside, the number of Infections in other parts of the world are also on the rise Vaccines Timing remains crucial, but elusive, raising people’s concern about the economic outlook.
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