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Wall Street weighed the progress of the new crown vaccine, the increase in the number of new crown diagnoses, and the economic recovery. On Wednesday (11), the small-cap index “Russell 2000” stopped its two-day rise. After consecutive days of decline, tech stocks returned to the market hot spot. , Apple and Amazon led the rally in technology stocks, and the Nasdaq and Feban index closed higher than 2%.
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 51.62 million and the number of deaths has exceeded 1.27 million . The cumulative number of confirmed cases in the United States exceeds 10.26 million and the cumulative number of deaths exceeds 239,000.
Texas became the first state in the United States to have more than 1 million confirmed cases. As the epidemic worsened, New York Governor Cuomo established new epidemic prevention rules, and California and the Midwest and Northeast states also tightened epidemic prevention restrictions.
The president of the European Central Bank (ECB), Lagarde, warned against optimism about vaccines, that the economic recovery may not be linear but unstable.
The performance of the four major US stock indices on Wednesday (11):
- The US Dow Jones stock index fell 23.29 points, or 0.08%, to close at 29,397.63 points.
- The S&P 500 Index rose 27.13 points, or 0.77%, to close at 3,572.66 points.
- The Nasdaq index rose 232.57 points, or 2.01%, to close at 11,786.43 points.
- The Philadelphia Semiconductor Index rose 88.91 points, or 3.67%, to close at 2,511.24 points.
The five kings of science and technology collectively recovered. Apple (AAPL-US) rose 3.04%; Facebook (FB-US) rose 1.49%; Alphabet (GOOGL-US) was up 0.55%; Amazon (AMZN-US) rose 3.37%; Microsoft (MSFT-US) was up 2.63%.
All 30 Dow Jones shares closed lower. American Express (AXP-US) fell 4.17%; Boeing (BA-US) fell 3.47%; Disney (DIS-US) fell 3.02%; the sales force (CRM-US) increased by 2.63%; Dow Chemical (DOW-US) fell 2.34%; McDonald’s (MCD-US) rose 2.20%.
Fei’s semi-constituent stocks collectively recovered. AMD (AMD-US) was up 4.22%; Intel (INTC-US) was up 2.00%; NVIDIA (NVDA-US) was up 5.07%; Qualcomm (QCOM-US) was up 5.41%; Micron (MU-US) was up 1.71%.
The ADR for Taiwan stocks rose simultaneously. TSMC ADR (TSM-US) was up 3.67%; ASE ADR (ASX-US) rose 2.02%; UMC ADR (UMC-US) was up 2.78%; Chunghwa Telecom ADR (CHT-US) was up 0.50%.
Featured Stock News
Tmall set a sales record of RMB 498.2 billion during Double 11, Alibaba (BABA-US) oscillated and closed 0.33% in black. However, other Double 11 stocks rallied, with Jingdong (JD-US) closing 3.45% higher, Pinduoduo (PDD-US) up 8.12% and Vipshop (VIPS-US) up 1.01 %.
The European Union agreed to order up to 300 million doses of the new corona vaccine produced by Pfizer and BioNTech, but on Monday Pfizer (PFE-US) announced that its new corona vaccine is more than 90% effective. At the same time, Pfizer CEO Albert Bourla sold nearly US $ 5.6 million worth of shares, this news prompting Pfizer to close 0.47% on Wednesday.
REVLON Revlon (REV-US) reached an agreement with investment magnate Carl Icahn to include $ 236.5 million in outstanding bonds in the company’s business plan to avoid bankruptcy. His share price soared 65% during intraday trading and he eventually received a bonus of 22.53% to 10.77 per share. Dollars
Investment bank Stifel downgraded the ratings of the cannabis stocks Aurora (ACB-US) and Tilray (TLRY-US) from “hold” to “sell”, and the stock prices of the two companies fell 6.93 % and 3.48%, respectively.
Lyft (LYFT-US), from the ride-sharing business, said that even if the epidemic threatens the company’s recovery, it is still expected to achieve adjusted EBITDA earnings in the fourth quarter of 2021. The company’s share price it closed 1.00% at US $ 36.41 per share.
Wall Street Analysis
Leo Grohowski, Chief Investment Officer in the Bank of New York Mellon’s Wealth Management Department, said we will still face a slowdown in economic growth. As the number of new crown diagnoses continues to rise, we may see a suspension of the economic reset and the reset of the lockdown policy.
Craig Fehr, investment strategist at Edward Jones, an investment institution, said the trend this week and today is that Wall Street has a leveraged and oscillating market view between growth stocks, technology stocks, beneficiaries. of the housing economy and more cyclical value stocks.
JPMorgan Chase strategists said value stocks that have underperformed growth stocks for many years are expected to rebound. There is still room for further normalization of the market. This week’s rise in US stocks is largely due to short-hedging strategies. These strategies bought the winners from last year and sold the losers.
Shawn Snyder, head of investment strategy for personal wealth management at Citi, said the market could enter an intermittent rotation phase before next spring. Profits from these big tech companies remain very strong and throughout the winter investors are still facing an increase in the number of new crown-confirmed cases, as well as new restrictions and closures for epidemic prevention. .
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