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US stocks collectively opened higher on Tuesday (2). The Dow Jones industrial average was up more than 300 points, or 1%. The Nasdaq and S&P 500 were up 1.1% and rates were up 1.4%. GameStop and AMC fell more than 40% in early trading. GameStop fell 42% when it hit its limit. Silver futures prices also fell sharply.
The short squeeze market dominated by retail investors appears to be losing momentum. GameStop (GME-US), AMC (AMC-US) and Goss Electronics (KOSS-US) slumped at the opening on Tuesday, and Express (EXPR-US), Naked Brand (NAKD-US) and BlackBerry (BB-EE) It also posted Spit earnings.
Silver futures fell more than 7% on Tuesday, prompting Hecla Mining (HL-US) and Coeur Mining (CDE-US) to reduce domestic mining stocks.
The yield on the 10-year US Treasury bonds increased to 1.108%. Democrats began the budget reconciliation process on Monday, lowering the threshold for passing the bill to 51 votes by consent, hoping to bypass the Republican Party to pass the $ 1.9 trillion bailout bill. fight for speedy customs clearance and reject the Republican Party’s proposal for a Draft $ 618 Billion Rescue Plan.
At the same time, the US epidemic appears to have improved, fueling optimism from the Wall Street bulls. According to data from the COVID Tracking Project, the number of hospitalized patients in the United States on Monday was 93,536, which fell to the lowest level since November 29 last year. The Centers for Disease Control and Prevention (CDC) have so far received 26.03 million people. with the first dose of the vaccine.
As the earnings season draws to a close, FactSet data shows that as of now, 81% of S&P 500 companies have reported better-than-expected earnings. Amazon (AMZN-US) and Alphabet (GOOGL-US) will announce their latest after-market earnings reports on Tuesday, and both have opened more than 1%.
Starting at 10:00 p.m. on Tuesday (second) Taipei time:
- The Dow Jones Index rose 305.03 points, or 1.01%, to 30,516.94 points temporarily.
- Nasdaq climbed 149.35 points, or 1.11%, to 13,552.75 points temporarily
- The S&P 500 Index rose 40.66 points or 1.08%, temporarily to 3,814.52
- Commissions and media rose 41.68 points or 1.39%, temporarily reporting 3.0441.67 points
- TSMC ADR rises 2.24% to US $ 129.50 per share
- Yield on 10-year US Treasuries increased to 1,108%
- New York light crude oil rose 2.73% to $ 55.01 a barrel
- Brent crude oil rose 2.63% to $ 57.83 a barrel
- Gold fell 1.36% to $ 1,838.50 an ounce
- The US dollar index rose 0.14% to 91.10 points
Focus actions:
GameStop (GME-US) fell 52.40% to US $ 106.91 in early trading; AMC (AMC-US) fell 42.56% to US $ 7.46; and Goss Electronics (KOSS-US) fell 24.86% to US $ 26.3.
Recent bullish stocks that have been highly sought after by retail investors fell sharply at the open on Tuesday (2).
Pfizer (PFE-US) fell 2.49% to $ 34.91 in early trading.
Pfizer announced that its fourth quarter revenue increased 12% year-on-year to US $ 11.68 billion, better than expected. Adjusted EPS reported $ 42. The company expects to sell about 15 billion doses of the new corona vaccine this year, with annual revenues ranging from $ 59.4 billion to $ 61.4 billion, and Adjusted EPS forecasts from $ 3.0-3.1 to $ 3.1-3.2.
Alibaba (BABA-US) fell 0.78% in early trading to US $ 262.63.
Alibaba’s fourth quarter revenue reached RMB 221.08 billion and net profit was RMB 59.21 billion, both higher than the same period last year and market expectations. Alibaba said there are still large uncertainties in Ant Group’s IPO outlook and plans, and it is currently impossible to accurately understand the impact of these changes on Alibaba Group.
Key daily economic data:
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Wall Street Analysis:
Mohit Kumar, a strategist at Jefferies, said that when the economic recovery has delivered positive results, the combination of loose monetary policy and fiscal stimulus is expected to bode well for risk assets. Although it’s unclear if the retail shopping frenzy is over, Kumar believes the shock should be temporary.
Hani Redha, investment manager at PineBridge Investments, said that while the threshold for financial reporting performance for tech stocks is relatively high, overall, the tech industry still shows very sizable earnings.
In response to the highly anticipated US epidemic aid bill, Redha believes the two sides are still waiting to reach a consensus. Even if an aid case of less than $ 1.9 trillion is approved, it is expected to have a positive impact on the market, which will spend more than Biden’s tenure. Aid measures pave the way.
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