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On Thursday (10), the job market slowed down and Congress vetoed the new slimming stimulus bill. Concerns were raised about the continuation of the economic recovery momentum.
Big tech stocks gave up their initial earnings. Apple, Microsoft and Netflix fell more than 2.5%. Last week, US crude oil inventories rose unexpectedly. Energy joined the lead. All four major indices closed black.
The United States Senate on Thursday vetoed a new stimulus bill with a scale of at least 500 billion US dollars. Despite this, House Speaker Pelosi said Thursday that she hopes Congress will pass a new round of stimulus bills before the November 3 US election.
Microsoft’s latest investigation found that cyberattacks by hackers in China, Russia and Iran have targeted Trump and Biden campaign teams, deliberately sabotaging the November presidential election in the United States.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 27.8 million and the number of deaths has exceeded 904,000. The United States has accumulated more than 6.36 million cases were diagnosed and the accumulated number of deaths reached 190,000.
A vaccine developed jointly by AstraZeneca and the University of Oxford in the UK suspended the final phase of clinical trials on Wednesday. The World Health Organization (WHO) said Thursday that this was a wake-up call and made people realize that research and clinical processes are not Smooth navigation, these are all normal procedures.
On Thursday (10) the performance of the four main US stock indices:
- The Dow Jones index fell 405.89 points, or 1.45%, to close at 27,534.58 points.
- The S&P 500 Index fell 59.77 points, or 1.76%, to close at 3,339.19 points.
- The Nasdaq index fell 221.97 points, or 1.99%, to close at 10,919.59 points.
- The Philadelphia Semiconductor Index fell 31.83 points, or 1.47%, to close at 2,137.78 points.
The big five tech giants sold out. Apple (AAPL-US) fell 3.26%; Microsoft (MSFT-US) fell 2.80%; Amazon (AMZN-US) fell 2.86%; Alphabet (GOOGL-US) fell 1.37%; Facebook (FB-US) fell 2.06%.
Only McDonald’s dominates the constituent shares of the Dow Jones. United Health (UNH-US) fell 2.38%; Chevron (CVX-US) fell 2.34%; Wal-Mart (WMT-US) fell 2.20%; Amgen (AMGN-US) fell 2.01%; Development Heavy Industries (CAT-US)) fell 1.85%.
The rates and half of the constituent shares fell simultaneously. AMD (AMD-US) fell 3.58%; Intel (INTC-US) fell 1.33%; Micron (MU-US) fell 0.62%; Qualcomm (QCOM-US) fell 1.39%; NVIDIA (NVDA-US) fell 3.17%.
Taiwan ADR shares collectively closed. TSMC ADR (TSM-US) fell 0.60%; UMC ADR (UMC-US) fell 2.02%; ASE ADR (ASX-US) fell 2.14%; Chunghwa Telecom ADR (CHT-US) fell 0.055%.
Featured Stock News
Shares of Tesla (TSLA-US) continued to fluctuate on Thursday, closing 1.38% higher. The company’s stock price plunged 21% on Tuesday and rose 11% on Wednesday, and fell 10.8% in three consecutive trading days.
Airline stocks mostly survived. Senator John Cornyn, a Senate Republican, pledged Wednesday to increase financial support for the aviation industry on the stimulus bill. American Airlines (AAL-US) fell 0.3%; Delta Airlines (DAL-US) was stable; United Aviation (LAU-US) was up 1%.
Shares of Citigroup (C-US) fell 0.89% on Thursday. Citigroup appointed President Jane Fraser to replace Michael Corbat as CEO and she became the first CEO of a major US bank.
Spotify (SPOT-US), the world’s largest music streaming platform, rose 0.99% to $ 247.78 a share, Credit Suisse updated Spotify to “beat” it
US racetrack and casino operator Penn National Gaming (PENN-US) rose 7.41% to $ 62.46 per share. US broker Rosenblatt said Penn National Gaming’s partnership with the Barstool Sports blog site is a good opportunity to capture the market.
Economic data
- The United States reported 884,000 unemployment benefits early last week and it is expected to be 850,000. The old value was increased from 881,000 to 884,000.
- The United States continued to claim 13.385 million unemployment benefits last week, and it is expected to be 12.904 million. The previous value rose from 13,254 million to 13,292 million.
- Annual growth rate of US PPI in August reported-0.2%, expected-0.4%, previous value-0.4%
- The monthly increase rate of the US PPI in August reported 0.3%, which is expected to be 0.2%, and the previous value is 0.6%
- The annual growth rate of the basic US PPI in August registered 0.6%, which is expected to be 0.2%, and the previous value is 0.3%.
- The monthly growth rate of the basic US PPI reported 0.4% in August, which is expected to be 0.2%, and the previous value is 0.5%
Wall Street Analysis
Burt White, Chief Investment Officer at LPL Financial, said: “Just as there is no real reason to explain the decline in the last three trading days, other than oversold stocks, there is no major driving force for the rise. A As Presidential Election Day approaches, This continued market turbulence still continues. “
Alastair Pinder, HSBC Global Equity Strategist, said: “In recent weeks, the options market has shown signs of anxiety and over-allotment. The Put / Call ratio has dropped dramatically. The initial term structure of the VIX volatility index is extremely steep. Tech companies’ option trading volume is unprecedented, especially calling rights. “
Alastair Pinder investigated and judged: “Indeed, considering the unprecedented scale of options trading for large technology companies (nominal daily trading volume in August was $ 200 billion in August and $ 70 billion in early January ), recent fluctuations are unlikely to close completely. “
Michael Shaoul, President of Marketfield Asset Management, said: “We believe that the correction of the last 5 weeks will at least temporarily limit the strong rally since March. This does not mean that the losses are irreversible, especially the key support point of the moving average. 50 days in the next few days. ” If the round can be completed successfully, it may take a few weeks to complete a full test or exceed the September 2 high. “
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