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After the worst day since June, the major US stock indices rallied on Friday (4). Tech stocks stopped falling and rallied. Bank stocks generally rose, leading the Dow Jones Industrial Average to rise more than 180 points or 0.66%. The S&P 500 Index and the Nasdaq Index rose 0.31% and 0.07% respectively, and the fee was up 0.02%.
The U.S. Department of Labor released the latest non-farm report earlier. In August, the number of new non-farm jobs increased by 1.37 million, better than expected, but fell from the previous value, and the growth of the Employment slowed slightly. However, the unemployment rate unexpectedly fell to 8.4% in August, much better than previous market expectations and values.
Following the release of the report, 10-year and 30-year US Treasury yields rose to 0.67% and 1.4% respectively, pushing bank stocks higher. Citigroup (C-US), Bank of America (BAC-US) and JPMorgan Chase (JPM-US) rose 1.48%, 1.75% and 1.82%, respectively, while Wells Fargo (WFC-US ) was up 1.02%.
Tech stocks stopped falling and rallied. Tesla (TSLA-US) was up 4.2% in early trading, Apple (AAPL-US) was up 1.32%, Microsoft (MSFT-US) was up 0.16%, Netflix (NFLX-US) was up 0.11%, Amazon (AMZN-US) and Facebook fell slightly 0.17% and 0.92% respectively.
For mid-component stocks, Broadcom (AVGO-US) announced its third quarter financial report and fourth quarter financial estimates yesterday after the market was better than expected, with a significant increase of 3%. AMD (AMD-US) was up 1.66%, Nvidia (NVDA-US) was up 0.84% and Qualcomm (QCOM-US) was up 0.7%.
As of Friday (4) 21 o’clock Taipei time:
- The Dow Jones index rose 187.70 points or 0.66%, temporarily reporting 28480.43 points.
- Nasdaq rose 7.51 points, or 0.07%, to 11,465.61 points temporarily
- The S&P 500 was up 10.79 points, or 0.31%, to 3,465.85 points temporarily
- Commissions and media rose 0.54 points or 0.02%, temporarily to 2,234.77 points
- TSMC ADR falls 0.11% to $ 81.09 per share
- Yield on 10-year US Treasuries increased to 0.671%
- New York light crude oil fell 0.75% to $ 41.06 a barrel
- Brent crude fell 0.82% to $ 43.71 a barrel
- Gold fell 0.18% to $ 1,934.30 an ounce
- The US dollar index rose 0.37% to 93.07 points
Focus actions:
Broadcom (AVGO-US) was up 3% in early trading to $ 362.66.
Key figures for the third fiscal quarter
- Net Income: 6% Annual Increase to $ 5.82 Billion vs. $ 5.76 Billion (FactSet Survey Analyst Expectations)
- Net income (GAAP): 688 million Mimoto
- Net profit (non-GAAP): $ 2.435 billion
- EPS after dilution (GAAP): $ 1.45
- EPS after dilution (non-GAAP): $ 5.40
Net income by sector
- Semiconductor solutions (chip sales) – 4% YoY decline to $ 4.219 billion
- Infrastructure software: 41% y-o-y to $ 1.602 billion
Key data for the fourth fiscal quarter
- Net income: $ 6.25 billion to $ 6.55 billion versus $ 62 billion (expectations from analysts surveyed by FactSet)
- Adjusted EBITDA: US $ 3,744 million (roughly US $ 75 million), or 58.5% of median revenue.
Yum China (YUMC-US) fell 4.04% in early trading to $ 53.66.
Foreign media quoted people familiar with the matter as reporting that Yum China, a restaurant giant that operates KFC, Pizza Hut and other well-known brands in China, plans to go to Hong Kong for a second listing. , It is expected to be listed on September 10.
According to calculations, Parkson China’s issue price to Hong Kong is approximately 5% off its closing price of US shares on Thursday (3), and the total issue size is approximately US $. $ 2,200 million.
Goldman Sachs (GS-US) was up 0.69% in early trading to $ 209.
After reaching a settlement with Goldman Sachs on the 1MDB corruption case at the end of July, the Malaysian government announced on Friday (4) that it would withdraw the criminal proceedings against the three Goldman Sachs subsidiaries and the court formally acquitted Goldman Sachs.
In July this year, Goldman Sachs agreed to pay a $ 2.5 billion settlement to the Malaysian government and guaranteed the return of at least $ 1.4 billion in 1MDB-related assets. As one of the conditions of the agreement, the Malaysian government will withdraw all criminal and regulatory proceedings against Goldman Sachs.
Daily key economic data:
- Non-farm employment in the United States increased by 1,371 million in August, which is expected to increase by 1,32 million, and the previous value increased by 1,763 million.
- The US unemployment rate in August was 8.4%, it was expected to be 9.9% and 10.2% earlier.
- The average hourly wage in the United States in August increased 4.7% annually, which is expected to be 4.5%, and the previous value is 4.8%.
- The average hourly wage in the United States in August increased by 0.3% monthly, which is expected to be 0.0%, and the previous value is 0.2%
- The labor participation rate in the United States in August was 61.7%, up from 61.4% previously.
- The average weekly working hours in the United States in August is 34.4 hours, and the expected 34.5 hours, the previous value was 34.5 hours.
Wall Street Analysis:
Scott Knapp, chief market strategist at CUNA Mutual Group, said: “Recently, the market is overvalued, especially for tech stocks. This needs to be corrected to some extent. Just look at the recent irrational earnings from Tesla and Apple. After that the two companies announced the stock split, the market has become too optimistic, especially for retail investors. “
AJ Bell chief investment officer Russ Mold said: “These relatively small fluctuations show investors are not in a panic. Thursday’s selloff may simply be that people have secured some of the significant gains made by technology stocks this year. “
Sameer Samana, Wells Fargo Bank Global Market Strategist, said: “The employment data is consistent with the improvement in the labor market. The latter helps support consumption, but we still have a long way to go before the epidemic.” .
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