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On Friday (29), the main index of US stocks closed in the black and speculative operations by retail investors continued, which disturbed the market. GameStop broke its daily limit multiple times. Novavax and Johnson & Johnson stock prices were different Apple led the tech stock drop.
The Dow Jones closed more than 600 points lower, breaking below the 30,000 mark for the first time since December 14 of last year. The three major US stock indexes fell more than 3% this week, the worst week since October last year.
In political and economic news, US President Biden said Friday that the US Congress must take immediate action on the $ 1.9 trillion stimulus plan, and most economists believe that the United States it still needs more economic stimulus measures.
The new White House press secretary, Jen Psaki, said on Friday (29) that the Biden administration is reviewing the first phase of the trade agreement signed by the United States and China during the Trump administration and all restrictions on China. World Economic Forum President Borge Brende said officials from the United States and China could meet at the World Economic Forum in Singapore in May this year.
The global epidemic of new corona pneumonia (COVID-19) continues to have a fever. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide exceeded 101.8 million, and the number of deaths has exceeded 2.19 million The United States has accumulated More than 25.84 million cases were diagnosed and the accumulated number of deaths exceeded 434,000.
CDC data shows that the United States has currently received more than 27 million doses of the new corona vaccine. The European Union imposed temporary controls on the export of the new corona vaccine on Friday, escalating the vaccine supply war.
The World Health Organization (WHO) group of international experts has completed its 14-day quarantine in Wuhan, China, and will begin traceability work on the virus. Secretary General Tedros Tedros has requested China’s support.
Friday (29) the performance of the four main US stock indices:
- The Dow Jones index fell 620.74 points, or 2.03%, to close at 29,982.62 points.
- The S&P 500 Index fell 73.14 points, or 1.93%, to close at 3,714.24 points.
- The Nasdaq index fell 266.46 points, or 2.00%, to close at 13,070.69 points.
- The Philadelphia Semiconductor Index fell 48.04 points, or 1.64%, to close at 2,887.08 points.
Focus actions
The five kings of technology fell simultaneously. Apple (AAPL-US) fell 3.74%; Facebook (FB-US) fell 2.52%; Alphabet (GOOGL-US) fell 1.39%; Amazon (AMZN-US) fell 0.97%; Microsoft (MSFT-US) fell 2.92%.
The constituents of the Dow Jones were bloody. Dow Chemical (DOW-US) fell 4.56%; Chevron (CVX-US) fell 4.29%; 3M (MMM-US) fell 4.23%; Johnson & Johnson (JNJ-US) fell 3.56%.
Fei half of the constituent shares fell to the ground. Intel (INTC-US) fell 0.99%; Micron (MU-US) fell 0.15%; Applied Materials (AMAT-US) fell 4.42%; Qualcomm (QCOM-US) was up 0.47%; NVIDIA (NVDA-US) fell 0.47%; AMD (AMD-US) fell 2.15%.
The ADR for Taiwan shares fell collectively. TSMC ADR (TSM-US) fell 3.43%; UMC ADR (UMC-US) fell 2.48%; ASE ADR (ASX-US) fell 3.34%; Chunghwa Telecom ADR (CHT-US) fell 1.35%.
Stock Market News
After Robinhood announced that it would allow limited purchases of restricted shares on Friday, video game maker GameStop (GME-US) broke its daily limit several times on Thursday, closing 67.87% at $ 325.00 per share. AMC Entertainment (AMC-US) shot up 53.65% and Goss Electronics (KOSS-US) shot up 52.53%.
The U.S. Securities and Exchange Commission (SEC) issued a warning on Friday that it will assess the volatility of market trading and will also review the decision of online trading platforms to suspend trading to take steps to protect to investors.
Two new vaccines in the United States have published trial data. Novavax (NVAX-US) has an effective rate of 89.3%, and Johnson & Johnson’s new single-dose corona vaccine (JNJ-US) has a 66% protection rate against COVID-19 cases, which is worse than market expectations and compares favorably with other pharmaceutical companies Unlike the vaccine, Johnson’s vaccine only requires one dose. Novavax shares rose 64.87% on Friday, Johnson & Johnson’s fell 3.56%.
The European Commission approved the use of the new corona vaccine developed jointly by the University of Oxford and AstraZeneca (AZN-US) AstraZeneca fell 2.77% to $ 50.60 per share.
Foreign media reported that Hyundai Motors is still hesitant to produce Apple Cars for Apple’s driverless cars. Apple (AAPL-US) fell 3.74% to $ 131.96 a share.
Honeywell (HON-US) fell 3.68% and the company reported a 13% drop in quarterly earnings.
Economic data
- The annual growth rate of the US PCE index in December reported 1.3%, expected 1.2% and 1.1% earlier.
- The annual growth rate of the basic US PCE index in December registered 1.5%, which is expected to be 1.3% and 1.4% earlier.
- The monthly growth rate of personal spending in the United States in December reported-0.2%, the previous value was revised downward from-0.4% to-0.7%
- US January Chicago PMI reported 63.8, expected 58.3, previous value 59.5
Wall Street Analysis
Refinitiv data shows that trading volume has increased significantly. In the last two trading days, the US stock market has the highest trading volume, reaching 20 billion shares, the busiest trading day since 2014.
Excessive speculative activity triggered a selloff in US stocks on Friday. Matt Maley, chief market strategist at Miller Tabak, said there is too much leverage in the system, and it is beginning to show that this excessive leverage will be phased out within a few days, giving the stock market and other assets risky. will bring adverse effects.
Sylvia Jablonski, Chief Investment Officer at Defiance ETF, said the general situation is that if there is any bad news to show or prove that people are staying home longer in winter and will not spend or spend, this will often make the market back down. and many people will see it out of the place.
Sylvia Jablonski added that, at the time, Gamestop and all the retail investors held groups and pushed short, which made Wall Street a bit scared of trading.
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