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On Friday (23), the Democratic Party and the White House still had differences in their negotiations on the new bailout. Wall Street kept waiting and watching. Intel plummeted by more than 10% and hit the entire technology sector. All four major indices closed almost unchanged.
The Dow Jones and S&P indices ended their three consecutive weeks of gains, and the Nasdaq posted losses for the first time in five weeks. S&P fell 0.5% for the week. The Dow Jones and the Nasdaq lost 0.95% and 1.1% respectively.
On Friday (23), the House of Representatives, Pelosi, said that if Trump wants to pass the economic stimulus bill, the bill could be passed before the US elections.
Treasury Secretary May Mnuchin said the White House has made concessions and many issues are still under discussion. If Pelosi wants to compromise, an agreement can be reached. US President Trump said Friday that he does not want this agreement to help the Democratic states.
This year, the United States has actively voted upfront. According to data from the US Elections Project, which compiled early voting data, about 50 million voters completed their ballots, surpassing the total number of voters before the 2016 election. The top swing states are still in a tug of war. loosen. .
US President Trump and his opponent Biden held the latest debate on the presidential election on Thursday. The content of the debate is more compact and substantive, but the recent trend in the polls is still hard to shake. After the debate, Trump was still behind Biden in national polls.
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 41.7 million and the number of deaths has exceeded 1.13 million . The cumulative number of confirmed cases in the United States exceeds 8.41 million and the cumulative number of deaths exceeds 223,000.
The outbreak in the Midwest of the United States continues. On Thursday, the United States reported more than 71,600 new cases, and the number of new deaths in a single day in six states reached a record high.
The performance of the four major US stock indices on Friday (23):
- The Dow Jones index fell 28.09 points, or 0.10%, to close at 28,335.57 points.
- The S&P 500 Index rose 11.90 points, or 0.34%, to close at 3,465.39 points.
- The Nasdaq index rose 42.28 points, or 0.37%, to close at 11,548.28 points.
- The Philadelphia Semiconductor Index fell 10.22 points, or 0.43%, to close at 2,360.23 points.
The big five tech giants only blocked Apple. Apple (AAPL-US) fell 0.61%; Microsoft (MSFT-US) was up 0.62%; Amazon (AMZN-US) was up 0.88%; Alphabet (GOOGL-US) was up 1.64%; Facebook (FB-US) was up 2.40%.
Dow Jones component stocks led Intel’s slide. Intel (INTC-US) fell 10.58%; American Express (AXP-US) fell 3.60%; United Health (UNH-US) rose 1.50%; Chevron (CVX-US) fell 1.13%; Boeing (BA-US)) fell 1.01%; Walgreens and Boots (WBA-US) rose 1.41%.
Fei Ban also led the decline with Intel. AMD (AMD-US) was up 3.20%; Micron (MU-US) fell 2.81%; Applied Materials (AMAT-US) fell 1.22%; NVIDIA (NVDA-US) was up 1.72%; Qualcomm (QCOM-US) was up 0.39%.
Taiwan ADR shares closed higher. UMC ADR (UMC-US) fell 4.45%; TSMC ADR (TSM-US) increased 0.11%; ASE ADR (ASX-US) rose 0.67%; Chunghwa Telecom ADR (CHT-US) was up 0.64%.
Featured Stock News
The epidemic affected the performance of many Intel businesses. Intel’s third quarter financial report was profitable, but its data center performance was weak. Intel (INTC-US) plunged 10.58% to $ 48.20 a share.
Tesla (TSLA-US) recalled part of the imported Model S and Model X that were produced in China between “September 17, 2013 and August 16, 2017”, for a total of almost 50,000 vehicles, and the price of their shares fell 1.21%.
Gilead (GILD-US) was up 0.20% to $ 60.79 a share. The company’s Remdesivir (Remdesivir) was approved by the United States Food and Drug Administration (FDA) as a drug for new coronary pneumonia.
American Express (AXP-US) fell 3.60% to $ 100.98 a share. The company announced its latest financial report to the market In the third quarter, revenues fell 20% annually and net profit fell 39% annually.
AstraZeneca (AZN-US) rose 0.10% and the FDA allowed the company to resume late-stage trials of the new coronavirus vaccine in the United States.
Economic data
- Markit Manufacturing PMI initial value in the United States in October reported 53.3, expected 53.4, previous value 53.2
- US Markit Service Industry PMI Baseline Reported 56.0, Expected 54.6, Previous Value 54.6
Wall Street Analysis
The market still believes that the new stimulus deal is nearing completion and Wall Street analysts believe the only problem will be scale and timing.
Lindsey Bell, chief investment strategist at Ally Invest, said: “It has been a stimulus-driven market for the past few weeks, but today it is even more obvious. The market believes that we believe we will introduce a new economic stimulus law. We look forward to hearing when this will happen. ” Approved, because the outflow of funds will take time. “
Mike Katz, Partner at Seven Points Capital: “I think everyone is on the sidelines. The stimulus measures come and go. All the news headlines will shake the market, but there is no follow-up because we have no clear results on that.”
As presidential election day approaches, Seema Shah, chief strategist at Principal Global Investors, believes both sides have only solidified the fundamentals. Although they believe that the market has overestimated the possibility of a “blue tide”, basically this debate will not change investors’ views on Biden. Expectations of victory.
Next week will usher in super-earnings week for tech stocks, focusing on the latest earnings performance from Apple, Facebook, Amazon and Google’s parent company Alphabet.
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