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Benefited from the reduction in political uncertainty and positive vaccines, US stocks opened slightly higher on Friday (27). The Dow Jones Industrial Average rose more than 100 points or 0.5% in early trading, the S&P 500 Index rose 0.4% and the Nasdaq Index rose. 0.6%, the rate increased by 1.4%. Gold futures broke the $ 1,800 support point and market risk sentiment improved.
US President Trump said on Thursday (26) that if the Electoral College voted for Joe Biden in December, he would resign from power and leave the White House. Although Trump reiterated that the election was riddled with fraud, his comments still helped. Reduce political uncertainty.
Additionally, Black Friday kicked off an important holiday shopping season in the United States. Investors will use indicators such as e-commerce and mobile data as the basis for measuring consumer confidence.
As part of the epidemic, the number of hospitalizations for the new coronavirus in the United States exceeded 90,000 on Thursday (26), setting a new record, with more than 110,000 newly diagnosed cases. Although the number of infections in various parts of the United States continues to rise and economic data shows that the pace of recovery has slowed, the market is still active this week, with the Dow Jones, S&P 500 and Russell 1000 breaking all-time records.
The Wall Street Panic Index (VIX) fell to its lowest level since Friday’s outbreak (27), falling below 20 for the first time since February this year. New York Comex gold futures for December delivery fell below the 1,800 mark, or 1.8%, indicating that market risk sentiment has improved.
In the bulk commodity market, due to market expectations of increased Chinese demand and the recent reduction in global inventories, the price of copper futures for December delivery rose almost 2.5%, the most high since 2014.
On Friday (27), US stocks will close early at 1:00 am Taipei time.
Starting at 22:00 on Friday (27) Taipei time:
- The Dow Jones Index rose 136.57 points, or 0.46%, to 3,0009.04 points temporarily
- Nasdaq rose 74.54 points or 0.62% to 12,168.94 points temporarily
- The S&P 500 Index was up 13.46 points, or 0.37%, to 3,643.11 points temporarily.
- Commissions and a half rose 36.51 points or 1.40%, temporarily to 2,636.76 points
- TSMC ADR rises 1.41% to $ 98.86 per share
- Yield on 10-year US Treasuries fell to 0.864%
- New York light crude oil fell 1.14% to $ 45.19 a barrel
- Brent crude fell 1.38% to $ 47.94 a barrel
- Gold fell 1.83% to $ 1,778.00 an ounce
- The US dollar index fell 0.10% to 91.87 points
Focus actions:
AstraZeneca (AZN-US) fell 1.92% in early trading to US $ 51.59.
To remove doubts about its vaccine trials, AstraZeneca CEO Pascal Soriot said the company will launch a new round of global trials to test the vaccine’s effectiveness at a lower dose. In view of the high efficacy, Soriot said the new study may be faster.
AstraZeneca announced on Monday (23) the results of a clinical trial of the new corona vaccine developed in cooperation with the University of Oxford. The results of the tests of the two dosage regimens showed that the average effectiveness of the vaccine reached 70, 4%. The lower the dose, the better the effect. Academic circles questioned.
Disney (DIS-US) fell 0.26% in early trading to $ 148.70.
Affected by the epidemic, Disney said in a filing with the SEC that it will lay off 32,000 employees in the first half of next year, up from the 28,000 announced in September. The cut in workforce comes mainly from the product departments, Disney experience and theme parks.
Additionally, as of October 3, a total of 37,000 Disney employees are still on vacation.
The Bank of Exchange of Spain (BBVA-US) rose 3.15% in the first operations to 4.59 dollars.
As the two parties could not reach a consensus on the conditions of the acquisition, the acquisition negotiations between Banco Bilbao Vizcaya Argentaria SA and Banco de Sabadell SA were broken.
The two banks announced the start of acquisition negotiations on the 16th of this month, hoping to accelerate the integration of the Spanish banking sector under the impact of the epidemic and create the second largest bank in Spain.
Daily key economic data:
No
Wall Street Analysis:
Samy Chaar, Lombard Odier’s chief economist, said there are still many confirmed cases and restrictions in the United States, and many activities will stall once again. He believes this may have an impact on the November non-farm employment report.
Esty Dwek, Director of Global Marketing Strategy at Natixis Investment Solutions, said that for many retailers this year has been a very difficult year and in light of this they definitely look forward to catching up. Dwek believes that Black Friday will have a good impact on the economic data.
The Brexit deadline is approaching day by day and trade negotiations between the UK and the EU are still continuing. CMC Markets chief market analyst Michael Hewson said the uncertainty of Brexit and the tertiary epidemic prevention system has grown more dire, even outpacing any optimism related to vaccines.
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