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After the Secretary of the Treasury of the United States, May Mnuchin, expressed optimism about the negotiation of the rescue plan, the main US stock indexes opened higher on Wednesday (30). The Dow Jones industrial index surpassed 200 points or 0.8% once, and the S&P 500 index rose 0.4%. The Nasdaq index rose 0.27%, while the Feiban fell 0.3%. Micron (MU-US) led the decline with a 5% drop.
The Secretary of the Treasury of the United States, Steven Mnuchin (Steven Mnuchin), said on Wednesday (30) that he would negotiate a rescue plan with the Speaker of the House of Representatives, Nancy Pelosi. He is optimistic about the prospects for the negotiation and expects the target to be Thursday (1). Before coming up with a comprehensive rescue plan.
Mnuchin said: “We will work harder to try to do this. I hope that we can achieve something and that reasonable concessions will appear.”
In terms of economic data, employment data jointly surveyed by ADP and Moody’s was released ahead of the market on Wednesday (30). In September, ADP, known as “small non-farm”, added almost 750,000 new jobs, which is better than Based on market expectations and previous values, most industries showed growth in September, indicating that the labor market continued to recover.
In addition, the Bureau of Economic Analysis (BEA) announced that the final annualized quarterly GDP rate for the second quarter of this year was -31.4%, slightly better than the initial value -32.9%, and the expected -31 , 7%, but it was still the highest on record. Release.
The President of the United States, Donald Trump, and the Democratic presidential candidate Joe Biden held their first debate on the general elections on Tuesday (29). During the process, the two constantly clashed. Foreign media pointed out that the two candidates did not meet. Key macroeconomic issues, as well as substantive policies, reassure investors. Market strategists believe that the uncertainty surrounding the general election will become the main resistance the market will face before the end of the year.
At 21 o’clock to the third (30) Taipei time:
- The Dow Jones index rose 216.36 points, or 0.79%, to 27,669.02 points temporarily.
- Nasdaq rose 29.76 points, or 0.27%, temporarily to 11,115.01 points
- The S&P 500 was up 12.95 points, or 0.39%, to 3,348.42 points temporarily
- Rates and media fell 6.70 points-0.30%, temporarily at 2235.82 points
- TSMC ADR rises 0.22% to $ 80.69 per share
- Yield on 10-year US Treasuries increased to 0.659%
- New York light crude oil rose 0.66% to $ 39.55 a barrel
- Brent crude fell 0.66% to $ 40.76 a barrel
- Gold fell 0.29% to $ 1,897.70 an ounce
- The US dollar index rose 0.17% to 94.085 points
Focus actions:
Disney (DIS-US) fell 1.53% in early trading to $ 123.48.
Due to the delay in the opening of the US theme park, Disney announced on Tuesday (29) that it will lay off 28,000 employees, of which about two-thirds will be part-time employees.
Disney was originally expected to reopen in mid-July, but due to epidemic prevention measures by the California government, the company had to cancel the reboot plan in June. After the outbreak of the epidemic, Disneyland and the cruise business were affected, and departmental revenues fell 10%.
Micron (MU-US) fell 3.12% in early trading to $ 49.13.
Key figures for the fourth quarter of 2020 (end of September 3):
- Revenues: $ 6.06 billion vs. $ 5.89 billion (FactSet forecast)
- EPS excluding some items: $ 1.08 vs. 98 cents (FactSet forecast)
- Net profit: US $ 988 million
- Operating cash flow: $ 2.27 billion
Key facts from the 2020 annual financial report:
- Revenue: $ 21.4 billion
- EPS excluding some items: $ 1.08
- Net profit: US $ 2.69 billion
- Operating cash flow: $ 8.31 billion
Key data from the first quarter financial forecast for 2021:
- Adjusted EPS: 47 cents vs. 69 cents (analyst forecast)
- Revenue: $ 5.2 billion vs. $ 5.31 billion (analyst forecast)
Daily key economic data:
- The US September ADP added 749,000 new jobs, which is expected to be 650,000. The previous value rose from 428,000 to 481,000
- The final value of the quarterly growth rate of real GDP in the United States in the second quarter reported -31.4%, expected -31.6%, previous value -31.7%
- Final US Q2 Core PCE Quarterly Growth Rate Final Value Reported: 0.8%, Expected 1.0%, Previous Value 1.0%
- At 9:45 p.m. Taipei time, the Chicago PMI for September in the United States will be released, the expected value is 52.0 and the previous value is 51.2.
- At 10:30 p.m. Taipei time, it will announce the rise and fall of crude inventories from the EIA last week, the old value: 1.639 million barrels.
Wall Street Analysis:
AvaTrade analyst Naeem Aslam said in the report: “This is a fierce, chaotic and rude debate.” He believes this 90-minute conflict is increasingly likely to create uncertainty about the outcome of the elections. It can interfere with the market.
Aslam wrote: “The election debate has heightened market concerns that Trump will not accept defeat easily. Not only does this bring upside risks for US stocks, but we also see a sharp drop in global stock markets today.”
Invesco Head of Global Market Strategy Kristina Hooper said: “The market has started to feel distressed by the choices.” She expects the stock market volatility and short-term stock sell-offs to continue before the November election.
Brooks Macdonald Deputy Chief Investment Officer Edward Park said: “As VIX futures peaked during the general election, the market appears to be increasingly concerned. However, it doesn’t matter who will eventually take over the presidency of United States or how long it will take to do it, This person will fight the epidemic. “
Carsten Brzeski, an economist at ING Bank in Frankfurt, Germany, said: “When it comes to financial markets, people have gradually realized that the market will show a V-shaped rally. However, this does not mean that the economy will recover in a V-shaped pattern. The delay in the rescue plan will deepen. This understanding. “
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