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US stocks opened slightly higher on Thursday (3). The Dow Jones industrial average was up 80 points or 0.3%, the Nasdaq index was up 0.3, the S&P 500 was up 0.1% and the fee was up 0.6%. Investors continued to pay attention to the rescue. Negotiations on the case and news related to the epidemic.
On the news of the epidemic, according to data from Johns Hopkins University, the number of new confirmed cases in the United States on Wednesday (2) skyrocketed to 200,000, and the number of new deaths surpassed 2,800, a record in a single day. The epidemic is still serious.
The worsening of the epidemic forced the mayor of Los Angeles, California to dictate emergency measures on Wednesday (2), demanding that people stay home to prevent the epidemic. Almost all social gatherings are prohibited.
As the epidemic continues to interfere, investors are also focusing on the progress of the fiscal stimulus negotiations.
Nancy Pelosi and Senate Minority Leader Chuck Schumer issued a statement in which they stated that they are willing to abandon a larger stimulus package and use the two sides to propose a $ 908 billion bailout in negotiation with the Republican Party. base. The two sides’ proposed bailout draft includes subsidies for small and medium-sized businesses, state and local governments, and unemployment benefits.
Regarding economic data, this Thursday it was announced that the unemployment benefit received at the beginning of last week was 712 thousand, which was the first decrease in three weeks, which was better than expected and previous values. The Department of Labor is about to announce the non-farm employment report on Friday the 4th. Dow Jones predicts that non-farm employment will add 440,000 jobs in November, and the unemployment rate is estimated to drop to 6.7%. In October, non-farm employment generated about 640,000 and the unemployment rate was 6.9%.
At 22 o’clock on Thursday (3) Taipei time:
- The Dow Jones Index rose 79.92 points, or 0.27%, temporarily to 29,963.71 points.
- Nasdaq climbed 38.41 points, or 0.31%, to 12,387.77 points temporarily
- The S&P 500 Index rose 4.42 points or 0.12%, temporarily to 3,673.43 points
- Commissions and averages rose 15.13 points or 0.56%, temporarily to 2731.49 points
- TSMC ADR increased 1.15% to $ 100.68 per share
- Yield on 10-year US Treasuries fell to 0.934%
- New York light crude oil fell 0.38% to $ 45.11 a barrel
- Brent crude fell 0.19% to $ 48.16 a barrel
- Gold rose 0.85% to $ 1,845.80 an ounce
- The dollar index fell 0.47% to 90.68 points
Focus actions:
Tesla (TSLA-US) was up 3.61% in early trading to $ 589.34.
Goldman Sachs upgraded Tesla’s stock rating from “Neutral” to “Buy” on the grounds that the penetration rate of EVs exceeded expectations and helped Tesla consolidate its leadership position in the market. The target price for the next 12 months rises from US $ 455 to US $ 780.
Goldman Sachs analysts believe that EV adoption is still accelerating, beyond their imagination, and battery prices are falling faster than expected. Several reasons make electric vehicles more attractive. Electric vehicles are estimated to represent the share of global car sales in 2030, reaching 18% and reaching 29% in 2035.
Boeing (BA-US) was up 3.64% in early trading to $ 232.00.
After the Federal Aviation Administration (FAA) granted the certificate of airworthiness for the Boeing 737 Max, many airlines are preparing to relaunch the plane.
According to various foreign media reports, American Airlines will use the 737 Mac to carry passengers by the end of the year, United Airlines is expected to resume flights in the first quarter of next year, Southwest Airlines is expected to open in the second quarter of next year and European and Brazilian regulators are expected to lift the 737 Max flight ban before the end of the year. .
Snowflake (SNOW-US) was up 5.51% to $ 308.82 in early trading.
Cloud data storage company Snowflake released its first post-IPO financial report on Wednesday (2). In fiscal 2021, third quarter revenue was reported at $ 159.6 million, which was better than expected, but the loss was much higher than market expectations by more than 4 times. The stock has a net loss of US $ 1.01 and is expected to be US $ 0.26.
Key daily economic data:
- The United States reported last week (11/28) 712,000 initial unemployment benefits and an expected 775,000. The previous value rose from 778,000 to 787,000
- The United States reported 5.52 million renewed unemployment benefits last week (11/21), which is expected to be 5.08 million. The previous value rose from 6,071 million to 6,089 million.
- At 22:45 Taipei time, the US November Markit Service Industry PMI will be announced, which is expected to be 57.5, and the old value is 57.7
- At 10:45 p.m. Taipei time, the comprehensive Markit US November PMI will be announced, the previous value was 57.9
- At 23:00 Taipei time, the US ISM Non-Manufacturing PMI for November will be announced, which is expected to be 56.0 and the previous value of 56.6
Wall Street Analysis:
Paul Donovan, an economist at UBS Global Wealth Management, said the effect of the promised bailout program to stabilize the economy is greater than stimulating consumption. However, expanding unemployment benefits will also help ease the public’s fear of unemployment. . Encourage them to increase spending.
Commerzbank economist Peter Dixon said the market is still on the up and the economy is expected to rebound in 2021. However, it is worrying that a lot of good news has been absorbed in advance.
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