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The major US stock indices fell across the board on Thursday (17). Shares of the Dow Jones industrial average turned green and fell more than 300 points or 1.11% at the open. The Nasdaq index fell 1.25% at the opening price. The General 500 Index fell 1.57%, half the fee fell 1.07% and the TSMC ADR fell more than 2%.
The major tech stocks Tesla (TSLA-US) fell 6.22% in early trading, Apple (AAPL-US) fell 2.45%, Amazon (AMZN-US) fell 2.02% and Facebook (FB-US) fell 1.36%.
The Federal Reserve Bank of America (Fed) held its September interest rate meeting on Wednesday (16), announcing that it would keep the benchmark interest rate at 0% -0.25% and review its GDP and interest rate expectations. unemployment. According to the Fed statement, 13 of the 17 officials expect interest rates to remain unchanged until 2023.
Despite the belief that the pace of economic recovery is faster than expected, Fed Chairman Jerome Powell has warned that future prospects are fraught with great uncertainty.
In the news section of the new corona pneumonia vaccine, Robert Redfield, director of the US Centers for Disease Control and Prevention (CDC), said on Wednesday (16) that the vaccine will not will be available until November or December at the earliest, and large-scale distribution will even have to wait until the second quarter of next year. In season three, Trump said otherwise, believing that the United States could begin distributing vaccines from October.
Due to conflicting vaccine news, overall aviation and cruise stocks fell at the open. Carnival (CCL-US) fell 2.76%, Norwegian Cruise Line (NCLH-US) fell 2.11% and United Airlines (UAL-US) fell 0.99%.
In terms of economic data, the US Department of Labor’s Bureau of Statistics previously announced that, as of the week of September 12, the number of initial unemployment benefits was 860,000. Additionally, as of the week of September 5, the number of renewed unemployment benefits was 12.628 million. Both decreased slightly from the previous value and the job market is still slowly recovering.
At 21 o’clock on Thursday (17) Taipei time:
- The Dow Jones index fell 309.90 points or -1.11%, temporarily reporting 27,722,480 points.
- Nasdaq fell 139.86 points or -1.25%, temporarily to 11,050.47 points
- The S&P 500 fell 53.15 points, or -1.57%, temporarily to 3,332.34
- Rates and a half fell 23.65 points or -1.07%, temporarily reported at 195.54 points
- TSMC ADR fell 2.27% to US $ 80.82 per share
- Yield on 10-year US Treasuries fell to 0.653%
- New York light crude oil fell 0.67% to $ 39.89 a barrel
- Brent crude fell 0.43% to $ 42.04 a barrel
- Gold fell 1.44% to $ 194.10 an ounce
- The US dollar index rose 0.05% to 93.28 points.
Focus actions:
Snowflake (SNOW-US) fell 12.58% in early trading to $ 221.99.
The new Snowflake cloud computing database was successfully listed on the New York Stock Exchange on Tuesday (15), making it the IPO of the largest software company in history. Snowflake closed at $ 253.93 on Wednesday (16), more than double the IPO price, and its market value reached $ 70.4 billion, more than five times its February valuation.
Moderna (MRNA-US) fell 2.45% to $ 67.15 in early trading.
Moderna CEO Stephane Bancel said Thursday that the company could get enough data in further trials to understand whether the new coronary pneumonia vaccine can be launched successfully in November. Additionally, Moderna also announced a collaboration with Vertex Pharmaceuticals to jointly develop drugs related to the disease cystic fibrosis.
Eastman Kodak (KODK-US) fell 5.05% in early trading to $ 8.08.
An independent investigation by Akin Gump revealed that Kodak CEO Jim Continenza did not violate the company’s internal policies before the US government announced a $ 765 million loan to the company, disposing of the previous internal transactions. The accusations, Kodak opened almost 50% on Wednesday (16), and continued to rise today.
However, it is not yet clear whether the US government will resume lending to Kodak.
Daily key economic data:
- The total number of new homes started in the United States in August was 1,416 million, which is expected to be 1.45 million, the previous value decreased from 1,496 million to 1,492 million.
- The annualized monthly growth rate of homes started in the United States in August reported -5.1 %%, expected -3.1%, previous value 22.6%
- Philadelphia Fed’s September Manufacturing Index reported 15.0, expected 15.0, previous value 17.2
- The United States reported 860,000 unemployment benefits early last week and it is expected to be 850,000. The previous value was revised to 893,000 from 884,000.
- The United States continued to claim 12.628 million unemployment benefits last week, it is expected to be 13 million, the previous value has been revised from 13.385 million to 13.544 million.
- The monthly growth rate of US building permits in August was 0.9%, 3.2% was expected and the previous value was revised down to 17.9% from 18.8%
- The number of building permits in the United States in August was 1.47 million and 1.45 million are expected. The previous value was reduced from 1,495 million to 1,483 million.
Wall Street Analysis:
Chris Chapman, a portfolio manager at Manulife Investment, said the market may want the central bank to be more practical on quantitative easing, but overall this should be able to support risky assets over the long term.
James Athey, senior investment manager at Aberdeen Standard Investments, said: “The Fed said it will keep interest rates low, but this is far from enough for the market. The Fed needs to do more.”
Ken Berman, Founder of Gorilla Trades, said: “ After the Fed announcement, the major indices fell back into the short-term trading range, showing that the bulls are still out of trouble. Although the Fed’s statement is not scary, the reaction from stocks has been bearish, especially in the tech industry. . “
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