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All four major US stock indices opened higher on Wednesday the 11th. After yesterday’s slide, technology stocks pushed the Nasdaq index higher on Wednesday. The Dow Jones Industrial Average was up more than 150 points or 0.6% in early trading, the Nasdaq was up 1.5%, the S&P 500 was up 0.7%, fees were up more than 2%, and ADR of TSMC soared more than 3%.
For large technology stocks, Apple (AAPL-US), Facebook (FB-US), Alphabet (GOOGL-US) and Netflix (NFLX-US) opened higher on Wednesday (11).
The new bullish crown shot boosted the stock’s turnover. The stock market had a mixed performance on Tuesday (10), reflecting that investors are pulling out of this year’s best-performing growth stocks and turning to cyclical industries like manufacturing, energy, and finance. .
After it was reported that the Chinese government was planning to draft an antitrust bill for online platforms, Chinese concept stocks Alibaba (BABA-US), JD-US (JD-US) and Pinduoduo (PDD-US) fell. collectively in the first operations.
The US bond market was closed on Wednesday (11) due to Veterans Day. The yield on 10-year US Treasuries has risen for 4 consecutive days and closed at 0.970% on Tuesday (10), marking the highest level since March 19.
Regarding the epidemic, most areas of California and the Midwest have expanded the restrictions to prevent the epidemic. According to data from Johns Hopkins University, on Tuesday (10) the United States added 136,000 new cases of new crowns, and the number of confirmed cases in a single day exceeded 100,000 for 8 consecutive days. .
Dallas Fed Chairman Robert Kaplan said on Tuesday (10) that the outbreak of the second wave of the epidemic led him to feel “cautious and concerned” about the short-term downside economic risks, but the outlook in the long term they remain optimistic. He said that the next two quarters will be very challenging, and downside risks will continue to mount as the epidemic recovers.
At 9 p.m. on Wednesday (11) Taipei time:
- The Dow Jones Index rose 167.89 points, or 0.57%, to 29,588.81 points temporarily.
- Nasdaq rose 172.06 points, or 1.49%, to temporarily report 11,726.26 points
- The S&P 500 Index rose 23.09 points or 0.65%, temporarily to 3,568.62 points
- Commissions and a half rose 70.89 points or 2.93%, temporarily to 2493.32 points
- TSMC ADR rises 3.63% to $ 90.84 per share
- 10-Year US Treasury Yield at 0.958%
- New York light crude oil rose 3% to $ 42.60 a barrel
- Brent crude rose 2.75% to $ 44.81 a barrel
- Gold fell 0.92% to $ 1,859.20 an ounce
- The US dollar index rose 0.37% to 93.08 points
Focus actions:
Alibaba (BABA-US) fell 1.64% in early trading to US $ 262.17.
The global buying wave at Tmall Double 11 officially started in the early hours of Wednesday (11). Alibaba’s 30-minute sales volume exceeded RMB 372.3 billion (approximately NT $ 1.6 trillion), breaking a record, and JD.com now sells for 10 minutes. Internally, the order amount exceeded 200 billion RMB.
However, due to reports that the Chinese government will write the relevant regulations on antitrust on online platforms, the Double 11 concept shares generally fell in US shares, and e-commerce platforms such as Alibaba, JD.com and Pinduoduo were affected.
Lyft (LYFT-US) was up 3.11% in early trading to $ 37.17.
Lyft announced on Tuesday (10) a loss of 280 million dollars in the third quarter, more than double that in the same period last year, and revenues of 499.7 million dollars, a decrease of 48% from the Same period last year, but still better than Wall Street expectations.
The company said that to counteract the negative impact of ride-share demand, it is committed to developing new services and rushing to the food delivery market.
AT&T (T-US) was up 0.11% in early trading to $ 28.88.
As part of the restructuring plan, AT & T’s WarnerMedia (WarnerMedia) initiated layoffs on Tuesday (10). According to foreign media reports, many high-level employees have left before Tuesday, including former HBO CEO Richard Plepler and the former Turner Broadcasting Company. President David Levy, and Warner Bros. Entertainment CEO and President Kevin Tsujihara.
A WarnerMedia spokesperson declined to reveal the exact number of layoffs, but a person familiar with the matter said the number of layoffs was at least thousands, or even thousands.
Daily key economic data:
No
Wall Street Analysis:
Goldman Sachs strategists, including David Kostin, recommend that investors roll out cyclical stocks that are expected to benefit from vaccine-driven economic growth, especially in the energy, commodities and industrial sectors.
State Street Global Advisors European Research and Investment Strategy Director Altaf Kassam said: “We explain the current situation in classical terms. In the short term, the market is a voting mechanism. In the long term, it is a scale. Lo What we see in the technology sector is that FAANG takes the worst of it, but generally speaking, the technology industry is not that bad. It is just a subconscious mirroring effect of the market. “
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