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On Thursday (11) a lot of bad news came out in a row: the VIX panic index rose sharply, investors were highly risk-averse, and funds poured into the bond and gold market. Energy, technology and finance stocks fell simultaneously, China’s concept stocks bucked the trend, and all four major US stock indices fell.
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 52.3 million and the number of deaths has exceeded 1.28 million . The cumulative number of confirmed cases in the United States exceeds 10.41 million and the cumulative number of deaths exceeds 241,000.
On Wednesday, the United States reported more than 144,000 new diagnoses, which is the highest record in a single day so far. The infection rate and hospitalization rate in 49 US states are increasing. Boston, New York and Chicago have announced new restrictions and curfews.
In addition to the bad news about the epidemic, the White House declared that on behalf of Secretary of the Treasury, Mnuchin, it will no longer negotiate with Speaker of the House, Pelosi, and will let the Republican leader of the Senate, McConnell, take over negotiations, but McConnell insists on launching a small-scale relief. The hard case may make it difficult to get out of the deadlock in negotiations.
Fed Chairman Bauer also brought other bad news during the session. He and the President of the European Central Bank (ECB), Lagarde, and the President of the Bank of England, Bailey, attended the European Central Bank’s online forum. Bauer said The US economy continues to be affected by the uncertainty of the epidemic in the short term and the recovery is slowing down.
In the last hours of negotiation, US President Trump once again signed an executive order against Chinese investment that prohibits Americans from investing in companies related to the Chinese military. About 31 Chinese companies are expected to be involved. US stocks fell immediately and the Dow Jones closed more than 300 points. .
On Thursday (12) the performance of the four main US stock indices:
- The Dow Jones index fell 317.46 points, or 1.08%, to close at 29,080.17 points.
- The S&P 500 Index fell 35.65 points, or 1.00%, to close at 3,537.01 points.
- The Nasdaq index fell 76.84 points, or 0.65%, to close at 11,709.59 points.
- The Philadelphia Semiconductor Index fell 32.81 points, or 1.31%, to close at 2,478.43 points.
The five kings of science and technology collectively fell. Apple (AAPL-US) fell 0.23%; Facebook (FB-US) fell 0.51%; Alphabet (GOOGL-US) fell 0.25%; Amazon (AMZN-US) fell 0.86%; Microsoft (MSFT-US) fell 0.51%.
All 30 Dow Jones stocks were led by Intel. Intel (INTC-US) fell 3.02%; Boeing (BA-US) fell 2.98%; IBM (IBM-US) fell 2.30%; Dow Chemical (DOW-US) fell 2.24%; McDonald’s (MCD-US) fell 2.27%; Visa (V-US) fell 1.94%.
Fei’s half-component shares received more blacks. AMD (AMD-US) was up 0.69%; NVIDIA (NVDA-US) was up 0.29%; Qualcomm (QCOM-US) fell 2.56%; Micron (MU-US) fell 0.20%.
ADRs for Taiwan stocks are not issued. TSMC ADR (TSM-US) fell 1.12%; ASE ADR (ASX-US) fell 1.98%; UMC ADR (UMC-US) fell 1.81%; Chunghwa Telecom ADR (CHT-US) fell 0.80%.
Featured Stock News
Pinduoduo (PDD-USA) shot up 20.41%. The company’s latest financial report was quick and it made its first quarterly profit after listing, and its revenue grew nearly 90% over the same period last year.
Moderna (MRNA-US) rose 6.51%. The company said Wednesday it obtained enough data to conduct the first interim analysis of the new corona mRNA-1273 vaccine, but did not say when the effectiveness data would be sent to an independent committee for review.
Foreign media quoted people familiar with the matter as saying that Wells Fargo Bank (WFC-US) is willing to sell its own credit card unit and has now contacted potential buyers. Wells Fargo Bank fell 1.57%.
Economic data
- The annual growth rate of the US CPI in October reported 1.2%, expected to be 1.3%, and 1.4% earlier
- US October CPI Monthly Growth Rate Reported 0%, expected 0.2%, previous value 0.2%
- The annual growth rate of the core CPI of the United States in October reported 1.6%, expected 1.7%, previous value 1.7%
- The monthly growth rate of the underlying US CPI in October reported 0%, expected to be 0.2% and the previous value was 0.2%
- The United States reported 709,000 unemployment benefits for the first time last week (7/11), and 734,000 were expected. The previous value rose from 751,000 to 757,000
- The United States reported 6.786 million unemployment benefits last week (10/31), with an expectation of 6.9 million. The previous value was reduced from 7,585 million to 7,222 million
Wall Street Analysis
Globalt Investments senior portfolio manager Tom Martin said the reality is that even if we recover from the epidemic, we don’t know what the new normal will look like and there is still a long way to go before dissent ends.
Investment bank Jefferies said that although the large-scale lockdown earlier in the year does not appear to have been relaunched, many local governments are expected to quickly tighten anti-epidemic restrictions to promote economic activities, which may lead to a new wave of layoffs. corporate.
Yousef Abbasi, Global Market Strategist at StoneX, said: “As investors focus on the worrying epidemic trends and difficult situation in the coming months, the market is a bit depleted.”
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