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On the first trading day after the business holidays, the main US stock indices opened on Tuesday (8). The Dow Jones Industrial Average fell more than 400 points or 1.6%, the Nasdaq index fell 356 points or 3.15% and the S&P 500 index fell 2%. , Rates fell 3.5% in half.
After the sell off in nearly half a year last week, tech stocks continued to collapse on Tuesday. Tesla (TSLA-US) fell 15% in early trading, Apple (AAPL-US) fell 5% and Amazon (AMZN-US) fell. 4.2 Microsoft (MSFT-US) fell 3.4%, Facebook fell 3.3% and Netflix (NFLX-US) fell 2.3%.
Fei’s semicomponent stocks are green across the board, with AMZT-US (AMZT-US) leading the decline with a 7% drop, ON Semiconductor (NVDA-US) falling 6.7%, Nvidia (NVDA- US) fell 5.31%, Qualcomm (QCOM-US) fell 3.4%, AMD (AMD-US) fell 3.04%.
Regarding the tension between the United States and China, the president of the United States, Trump, said on Monday (7) that he is considering disengaging from China, emphasizing that China can no longer be trusted and that the restrictions on China will be expanded. even more in the future, such as prohibiting outsourcing of federal government contracts for Chinese companies.
Starting on Tuesday (8) 21 o’clock Taipei time:
- The Dow Jones index fell 449.19 points or -1.60%, temporarily reporting 27,684.12 points.
- Nasdaq fell 343.40 points or -3.04%, temporarily reporting 10,969.74 points
- The S&P 500 fell 70.97 points, or -2.07%, to 3355.99 points temporarily
- Rates and a half fell 78.13 points or -3.53%, temporarily reported at 2,134.60 points
- TSMC ADR fell 1.41% to $ 77.80 per share
- Yield on 10-year US Treasuries fell to 0.677%
- New York light crude fell 6.39% to $ 37.23 a barrel
- Brent crude fell 5.74% to $ 40.21 a barrel
- Gold fell 0.65% to $ 1,921.80 an ounce
- The US dollar index rose 0.59% to 93.27 points
Focus actions:
Tesla (TSLA-US) fell 16.09% in early trading to $ 351.01.
The S&P 500 Index Committee decided on Friday (4) to include the e-commerce platform Etsy, the supplier of automatic testing machines Teradyne and the pharmaceutical company Catalent in the S&P 500 index. Tesla unexpectedly did not win the favor.
Nikola (NKLA-US) was up 28.69% in early trading to $ 45.75.
Nikola and General Motors (GM-US) announced on Tuesday (8) that the two parties have entered into a strategic partnership. Nikola will swap 11% of GM’s Ultium battery system and Hydrotec fuel cell technology to begin production before the end of 2022. Badger Electric Pickup.
As part of the agreement, GM will own 11% of Nikola’s shares and will have the right to appoint a director to the board of directors. Nikola expects to save $ 4 billion in battery and power system costs within 10 years, as well as another $ 1 billion in engineering and inspection costs. This agreement will bring more than $ 4 billion in benefits to General Motors.
Exxon Mobil (XOM-US) fell 1.66% to $ 38.43 in early trading.
Reuters and Wall Street predict that erroneous expectations of demand growth could cause Exxon Mobil to face a loss of $ 48 billion in 2021. At that time, it may be necessary to deal with high costs through mass layoffs and plans for reduced expansion.
Wall Street predicts that by 2021, ExxonMobil’s high cost of operating cash flow, dividend payments and large-scale expansion plans will amount to about $ 48 billion. Analysts even believe that even if it was once deemed impossible, the chances of companies cutting dividends are greater.
Daily key economic data:
Not
Wall Street Analysis:
Faced with the extremely volatile market conditions today, Forexlive analyst Justin Low believes this is due to the risk aversion taken by Wall Street traders after returning from the Labor Day holiday.
Some market participants believe that this selloff will not last long in the context of the Federal Reserve preparing to adopt a long-term low interest rate policy.
Peter Cardillo, chief market economist at Spartan Capital, said: “I don’t think the market is going to undergo a major correction. The main driving force behind the previous market rebound came from the Federal Reserve. Basically, aside from the stock market, the Investors have nowhere else. You can put money in. “
Seema Shah, chief strategist at Principal Global Investors, said: “I think we should start to anticipate the stock turnover. With the lockdown lifting and the optimistic outlook for vaccines, people are gradually returning to normal life.” As the peak falls, the momentum of tech stocks will weaken as a result. “
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