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On Wednesday (21) the United States House of Representatives expired Pelosi’s deadline for negotiations with the White House, and there is still no consensus on the new stimulus bill. Although Pelosi is optimistic about the prospects for the negotiations, Wall Street is still waiting and watching, affected by the fall in oil prices. Energy stocks led the decline, with all four major indices closing slightly.
The US House of Representatives Pelosi and the White House continue to negotiate the new stimulus bill. Pelosi said Wednesday: “We obviously hope to reach an agreement before November 3. It is possible that the president of the United States, Trump, will have to persuade the leader of the Senate Majority, Mitch McConnell, to support this agreement.”
Republican Senator McConnell expressed that he did not want to support a large-scale stimulus plan, and his main push was a $ 500 billion austerity relief bill, but Democrats opposed and Senate Republicans didn’t get enough. votes. White House Chief of Staff Mark Meadows said there is still a long way to go before a deal is reached, and many issues remain to be resolved.
The Federal Reserve released the latest “Beige Book” regional economic report on Wednesday. The economic outlook for various districts is generally optimistic or optimistic, but there is great uncertainty. The manufacturing sector has grown moderately and consumer spending has increased, but some regions indicated that retail spending has started to stabilize and the commercial real estate market in many regions has continued to deteriorate.
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 has exceeded 40.8 million and the number of deaths has exceeded 1.12 million . The cumulative number of confirmed cases in the United States exceeds 8.27 million and the cumulative number of deaths exceeds 221,000.
The performance of the four major US stock indices on Wednesday (21):
- The Dow Jones index fell 97.97 points, or 0.35%, to close at 28,210.82 points.
- The S&P 500 Index fell 8.40 points, or 0.24%, to close at 3,434.72 points.
- The Nasdaq index fell 31.80 points, or 0.28%, to close at 11,484.69 points.
- The Philadelphia Semiconductor Index fell 18.56 points, or 0.78%, to close at 2,367.26 points.
The big five tech giants got mixed up. Apple (AAPL-US) fell 0.54%; Microsoft (MSFT-US) was up 0.070%; Amazon (AMZN-US) fell 1.00%; Alphabet (GOOGL-US) was up 2.25%; Facebook (FB-US) rose 4.17%.
Dow Jones component stocks received more blacks. Traveler (TRV-US) was up 5.83%; Goldman Sachs (GS-US) fell 2.46%; IBM (IBM-US) fell 1.97%; American Express (AXP-US) fell 1.66%; Boeing (BA-US) fell 2.02%.
Rates and a half fell for seven consecutive business days. AMD (AMD-US) fell 2.89%; Intel (INTC-US) rose 0.13%; Micron (MU-US) fell 0.41%; NVIDIA (NVDA-US) fell 0.88%; Qualcomm (QCOM-US) was up 0.19%; Texas Instruments (TXN-US) fell 3.12%.
ADR for Taiwan stocks outperformed ASE. UMC ADR (UMC-US) fell 0.74%; TSMC ADR (TSM-US) fell 0.70%; ASE ADR (ASX-US) rose 2.92%; Chunghwa Telecom ADR (CHT-US) was up 0.46%.
Featured Stock News
The Brazilian health department said that British pharmaceutical giant AstraZeneca (AZN-US) died from the new subjects of the crown vaccine, and AstraZeneca’s share price fell 1.81%.
PayPal (PYPL-US) has officially entered the cryptocurrency market, announcing that customers can use their PayPal account to buy and sell bitcoins and other virtual currencies, incentivizing their share price to rise 5.50%.
Social media company Snap (SNAP-US) was up 28.30%, a record high, and the company posted staggering profits in the third quarter. Adjusted earnings per share (EPS) was 1 cent, which was better than Wall Street’s expected loss of 5 cents, and revenue of $ 677 million was also better than expected.
Pinterest (PINS-US) was up 8.96%. Goldman Sachs and Bank of America promoted Pinterest, primarily because Snap’s strong earnings results bode well for Pinterest’s advertising demand.
After failing to meet Wall Street expectations for third-quarter earnings and new subscribers, Netflix (NFLX-US) fell 6.92% to $ 489.05 a share.
Wall Street Analysis
Mark Hackett, head of investment research at Nationwide, said: “Looking at today’s business performance, it’s like teasing a cat with a laser pen. Pelosi came out and said she was optimistic about the prospects for the deal, but two minutes later He said he thought The deal will not be completed and the market has responded to it. Investors are focusing on the bright target, the new stimulus bill. “
StoneX’s global market strategist Yousef Abbasi said these negotiations could spell a dead end. Republican senators have vetoed any large-scale measure. All signs indicate that hopes of stimulating the economy again before the elections are still very slim.
The 10-year bond yield was above 0.8%. John Hardy, the chief currency strategist at Saxo Bank, mentioned: “The rise in bond yields indicates that the market believes that the stimulus bill is about to be introduced. Democrats simultaneously Tear down the White House and the Senate “.
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