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On Wednesday (28) the global epidemic of the new crown deteriorated rapidly, Germany and France in Europe announced a major lockdown, uncertainty before the US presidential elections and the potential impact of the world economy, a great panic gripped Wall Street, the VIX skyrocketed by more than 20% and rose to the highest since June.
Oil prices fell below $ 38 a barrel, US Treasury yields fell and the US dollar rose. Following the collapse of European stocks, US stocks were in a mess and tech, energy, hotels, aviation and other leisure stocks plummeted.
In the last minutes of the last trades, the sale accelerated rapidly. The Dow Jones tumbled more than 900 points, breaking the 27,000 mark, triggering the biggest selloff since June.
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 44.09 million and the number of deaths has exceeded 1.16 million. The cumulative number of confirmed cases in the United States exceeds 8.78 million and the cumulative number of deaths exceeds 226,000.
Last week, the average number of newly diagnosed cases in a single day in the United States reached a record 71,832. The 12 states of the United States set a new record for hospitalized patients. Chicago is ordered by the state of Illinois in the United States to ban indoor meals and some restrictions will be reinstated. A citywide curfew will be implemented at 9 p.m. on Wednesday night.
The number of confirmed cases in Europe is also increasing dramatically. France and Germany announced new lockdown measures from Friday and Monday, bars and restaurants will be closed and schools will remain open.
The performance of the four main US stock indices on Wednesday (28):
- The Dow Jones index fell 943.24 points, or 3.43%, to close at 26,519.95 points.
- The S&P 500 Index fell 119.65 points, or 3.53%, to close at 3,271.03 points.
- The Nasdaq index fell 426.48 points, or 3.73%, to close at 11,004.87 points.
- The Philadelphia Semiconductor Index fell 77.93 points, or 3.39%, to close at 2,222.98 points.
The five great tech giants collectively collapsed. Apple (AAPL-US) fell 4.63%; Microsoft (MSFT-US) fell 4.96%; Amazon (AMZN-US) fell 3.76%; Alphabet (GOOGL-US) fell 5.51%; Facebook (FB-US) fell 5.51%.
Shares of Dow Jones constituents only received red for travelers. The sales force (CRM-US) fell 4.74%; Boeing (BA-US) fell 4.57%; Nike (NKE-US) fell 4.62%; Walgreens and Boots (WBA-US) fell 3.92%; Caterpillar (CAT) -US) fell 4.27%.
Half of Fei’s constituent shares fell. AMD (AMD-US) fell 3.16%; Intel (INTC-US) fell 3.02%; Micron (MU-US) fell 3.81%; Xilinx (XLNX-US) fell 3.68%; NVIDIA (NVDA-US) fell 5.75%; Qualcomm (QCOM-US) fell 3.49%.
The ADR for Taiwan shares fell collectively. UMC ADR (UMC-US) fell 3.83%; TSMC ADR (TSM-US) fell 3.30%; ASE ADR (ASX-US) fell 3.39%; Chunghwa Telecom ADR (CHT-US) fell 1.21%.
Featured Stock News
GE-US, a multinational conglomerate in the United States, was up 4.51%. Its third quarter financial report performed well, with surprising adjusted earnings and higher-than-expected revenue. Adjusted earnings per share (EPS) was 6 cents and revenue was $ 19.42 billion.
Shares of the parcel company UPS fell 8.82%. The company’s latest financial report was better than expected, but it was unable to provide financial forecasts and its earnings outlook was disappointing. UPS net earnings per share was $ 2.28 and revenue was $ 21.24 billion.
Boeing (BA-US) fell 4.57% on Wednesday. The company announced the third quarter financial report to the market.Although the income statement was not as good as before, the third quarter net loss reached US $ 470 million, which was still better than market expectations . However, the company plans to lay off another 3,000 employees by the end of next year due to concerns that the epidemic will continue to affect demand for airplanes and travel.
The United States Senate held a hearing on the content review of the tech giants. In attendance were Twitter CEO Jack Dorsey, Facebook CEO Mark Zuckerberg, and Alphabet Google CEO Larry Page. Chapter 230 provides for the protection of freedom of expression. At the same time, Trump tweeted calling for the law to be repealed.
Economic data
- The initial value of the monthly growth rate of the US wholesale inventory in September reported: 0.1%, the previous value was 0.4%
- The initial monthly growth rate of US retail inventories in September was 1.6% and the previous value was 0.8%.
Wall Street Analysis
Eric Kuby, chief investment officer at North Star Investment Management, said: “The epidemic has clearly been out of control. The number of cases has skyrocketed, which is bad. The idea that the virus will go away is just a guess. false “.
Jim Cramer, a well-known financial presenter, said Wednesday: “I think there will be people calling for a Chicago-like lockdown. The lockdown without stimulus measures is equivalent to what we are seeing. This is unfortunate because if there are new stimulus measures, We will focus on corporate financial reports and corporate earnings are pretty good. “
Mark Zandi, chief economist at Moody’s Analytics, said: “The Fed has almost limited tools. They just don’t have a lot of room for maneuver in monetary policy. I really don’t see what else they can do. That’s why the Fed has told Congress. and the White House so clearly that more needs to be done because they know they can’t do anything. “
State Street Global Advisors Deputy Chief Investment Officer Lori Heinel said: “Obviously, electoral concerns have been raised. Obviously, the new corona epidemic is accelerating in the United States and Europe, and then new bailout cases are missing. According to our estimates, the Before the medical solution, the new rescue case was still a necessary measure to overcome this stage. Now the market is facing a triple blow. “
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