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On Wednesday (25), the new corona epidemic continued to worsen. California had the highest number of confirmed cases in a single day (more than 18,000) in history. The economic data was not good. The number of initial jobless claims in the United States increased for two consecutive weeks. Investors suspended buying value stocks and favored Tech stocks again, Tesla continued to build a history of record stock prices, topping the list of individual stocks in trading volume, Slack skyrocketed 37% and Dow Jones ended with a small drop of more than 170 points, falling from yesterday’s all-time high of 30,000 points.
The minutes of the meeting announced by the Fed showed that the Fed is about to adjust its bond purchase plan. Many participants believe that the Fed may want to strengthen its forward-looking guidance on asset purchases as soon as possible. Most officials support that the Fed will gradually reduce and stop raising interest rates. Purchase of debt.
Before the Thanksgiving holiday, the trading volume of US equities declined compared to previous years. The trading volume of the SPDR S&P 500 ETF exceeded 33 million, less than half of its 30-day average (79.3 million shares).
In his Thanksgiving speech, President-elect Biden urged Americans to work hard again to fight the new corona epidemic: “Let us remember that when we are together, America will not lose this war. We will be reborn and life will return. to normal “.
In terms of election news, after US President Trump reported that he was absent from the Pennsylvania Republican Party’s election fraud hearing, Trump unexpectedly called the conference. He said: “We must reverse the election results.” All evidence of fraud.
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 59.96 million and the number of deaths has exceeded 1.41 million . The cumulative number of confirmed cases in the United States exceeds 12.61 million and the cumulative number of deaths exceeds 260,000.
The performance of the four major US stock indices on Wednesday (25):
- The Dow Jones index fell 173.77 points, or 0.58%, to close at 29,872.47 points.
- The S&P 500 Index fell 5.76 points, or 0.16%, to close at 3,629.65 points.
- The Nasdaq index rose 57.08 points, or 0.47%, to close at 12,094.40 points.
- The Philadelphia Semiconductor Index fell 8.77 points, or 0.34%, to close at 2,600.24 points.
The five kings of technology only declined on Facebook. Apple (AAPL-US) rose 0.75%; Facebook (FB-US) fell 0.48%; Alphabet (GOOGL-US) was up 0.013%; Amazon (AMZN-US) was up 2.15%; Microsoft (MSFT-US) was up 0.0047%.
All 30 Dow Jones shares closed lower. The sales force (CRM-US) fell; Chevron (CVX-US) fell 3.64%; Dow Chemical (DOW-US) fell 2.25%; Walgreens and Boots (WBA-US) rose 1.43%; Disney (DIS) -US) fell 1.58%; Caterpillar (CAT-US) fell 1.28%.
Fei’s semicomponent stocks were mixed. AMD (AMD-US) was up 1.93%; Intel (INTC-US) was up 0.085%; NVIDIA (NVDA-US) was up 2.14%; Qualcomm (QCOM-US) fell 1.27%; Micron (MU-US) fell 0.81%.
The ADR for Taiwan stocks was mixed. TSMC ADR (TSM-US) was up 0.88%; ASE ADR (ASX-US) fell 1.91%; UMC ADR (UMC-US) was up 1.35%; Chunghwa Telecom ADR (CHT-US) fell 0.65%.
Featured Stock News
On Wednesday, Tesla continued to rise 3.35% to $ 574.00 a share, setting a new record again. Since the announcement of the S&P stock listing, Tesla’s stock price has risen 41% and its market value has soared to $ 543 billion, the second Buffett-owned Berkshire Hathaway is expected to be Become S & P’s fifth or sixth largest company.
Slack (WORK-US) jumped 37.64% to $ 40.70 per share, and Salesforce (CRM-US) fell 5.38%. Foreign media cited sources as saying that software service provider Salesforce (CRM-US) intends to acquire Slack (WORK-US), an office communications software development company, for more than $ 17 billion. If the two sides negotiate successfully, it will become the largest in the history of the industry. One of the software transactions.
Heavy machinery maker Deere (DE-US) reported net earnings per share of $ 2.39, which was better than Wall Street expectations. The company is also optimistic that improving fundamentals in the agricultural sector is laying the groundwork for strong demand in the coming year, but the market response is cold. The price of its shares fell 1.95%.
Moderna announced that the European Commission had approved an agreement to buy 80 million doses of vaccines, and its share price rose 10.78%.
The market reported that the $ 2 billion deal between General Motors and Nikola might fall through, causing Nikola, known as the “Tesla in the trucking industry,” to drop 12.35% to $ 30.24 per year. action.
Exxon Mobil (XOM-US) fell 2.79%. The company plans to lay off workers in Canada. Oil prices are expected to fall as much as 17% in the next seven years, and the price of Brent crude in the next five years will be between US $ 50 and US $ 55 per barrel.
Economic data
- The revised annual rate of real GDP growth in the third quarter of the United States reported 33.1%, which is expected to be 33.1%, and the previous value is 33.1%
- The revised quarterly annual rate of US consumer spending in the third quarter was 25.22%, down from the previous value of 40.7%
- The monthly growth rate of US retail inventories in October recorded 0.8%, which is expected to be 0.6% and 1.6% earlier.
- The United States last week (11/21) reported 778,000 unemployment benefits for the first time, which is expected to be 730,000. The previous value rose from 742,000 to 748,000.
- The United States reported last week (11/14) 6.071 million renewed unemployment benefits, which are expected to be 6 million. The previous value of 6,372 million was reduced to 6,37 million.
- The initial monthly growth rate of durable goods orders in the United States in October was reported at 1.3%, it was expected to be 1.0% and the previous value was 1.9%
Wall Street Analysis
Christopher Grisanti, chief equity strategist at MAI Capital Management, said the question is who will win the battle – vaccines or increasing cases anytime soon.
Christopher Grisanti said that in recent weeks the market has been paying attention to the bullish news, but when looking at the statistics of initial unemployment benefits, the eyes of the market returned to the short-term dilemma that we are currently facing.
Jeff Klingelhofer, portfolio manager at Thornburg Investment Management, said: “The market is caught between two powerful driving forces. Optimism and fear after the epidemic are spreading. The reality is that the epidemic is raging across the country. The market can be very volatile, but the vaccine can be limit your negative space.
Diane Swonk, a senior economist at Grant Thornton, said the winter closures of outdoor venues, the reduction in unemployment benefits and an increase in the number of new crowns confirmed spending and consumer confidence.
Peter Cardillo, chief market economist at Spartan Capital Securities, said that a lot of optimistic news about the future of the economy and the new krone has been largely discounted, and the Dow Jones may continue to rise, but not too much.
Juheng’s Warm Reminder: The US Stock Market will be closed for one day on Thanksgiving on the 26th and will be closed early on the 27th.
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