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Driven by technology stocks, the Nasdaq and S&P closed at record highs on Friday (12). After the Biden administration promised to solve the chip shortage problem, chip stocks rose across the board, with a fee of more than 3%. Although the Dow Jones index broke a record in intraday trading, it eventually closed with a small drop near the bottom.
Global chips have caused the shutdown of car production lines. Major US chip vendors, including Intel, Qualcomm, Micron and AMD, sent a letter to Biden on Thursday (11), asking him to provide the semiconductor industry with the revitalization of the economy and infrastructure with abundant funds.
In response, White House spokeswoman Jen Psaki said the Biden administration will seek a comprehensive strategy to discuss with companies and business partners to solve the semiconductor shortage problem. Biden is expected to sign an executive order in the coming weeks to review the supply chain for critical materials with the chip shortage problem as the main axis. Fei’s mid-component shares closed higher across the board.
In political and economic news, Biden held his first phone call with Chinese President Xi Jinping on Wednesday night, focusing on issues of climate change, trade and human rights, while expressing concerns on issues from Hong Kong, Xinjiang. and Taiwan.
On the news of the epidemic, data from Johns Hopkins University in the United States shows that the cumulative number of diagnoses worldwide has reached 108 million, and cumulative deaths have exceeded 2.36 million. The cumulative number of confirmed diagnoses in the United States has reached 27,366 million, and cumulative deaths have exceeded 470,000.
Although the growth rate of confirmed cases has slowed significantly. The US Department of Labor announced that the number of jobless claims last week was still slightly higher than expected, indicating that the job market is still facing challenges.
US Federal Reserve Chairman Jerome Powell recently issued a statement that the US economy and the job market are still facing challenges. The central bank will continue to support the economy with low interest rates and a large amount of debt purchases, as always, showing a restrained posture.
Friday (12) the performance of the four main US stock indices:
- The Dow Jones Index fell 7.10 points, or 0.02%, to close at 31,430.70 points.
- The S&P 500 Index rose 6.50 points, or 0.17%, to close at 3,916.38 points.
- The Nasdaq index rose 53.24 points, or 0.38%, to close at 14025.77 points.
- The Philadelphia Semiconductor Index rose 105.97 points, or 3.45%, to close at 3,180.84 points.
Focus actions
The five kings of science and technology fell the most and rose the least. Apple (AAPL-US) fell 0.20%; Facebook (FB-US) fell 0.51%; Alphabet (GOOGL-US) was up 0.21%; Amazon (AMZN-US) fell 0.72%; Microsoft (MSFT-US) was up 0.68%.
The constituent shares of Dow Jones were mixed. Walgreens and Boots (WBA-US) fell 2.89%, Visa (V-US) rose 2.08%; Salesforce (CRM-US) was up 1.81%; Coca-Cola (KO-US) rose 1.39%; IBM (IBM-US)) fell 1.06%; Disney (DIS-US) rose 0.75%; Cisco (CSCO-US) rose 0.72%; Boeing (BA-US) fell 0.67%.
Half of Fei’s constituent shares rose across the board. Kelei (KLA-US) rose more than 9%; Panlin Group (LRCX-US) rose 7.46%; Applied Materials (AMAT-US) was up 6.72%; Micron (MU-US) was up 5.02%; NVIDIA (NVDA-US) was up 3.30%; Intel (INTC-US) rose 3.06%; AMD (AMD-US) was up 0.34%; Qualcomm (QCOM-US) was up 0.04%.
With the exception of Chunghwa Telecom, the ADR for Taiwan shares closed slightly higher. TSMC ADR (TSM-US) rose 4.1%; ASE ADR (ASX-US) rose 4.2%; UMC ADR (UMC-US) increased 4.3%; Chunghwa Telecom ADR (CHT-US) fell 0.03%.
Stock Market News
The growth of the streaming media business helped offset losses in the theme park and movie business that was hit hard by the epidemic. Disney (DIS-US) announced its post-market financial report on Friday, both revenue and earnings were better than expected, closing at 0.67%.
Foreign media reported that Microsoft had recently negotiated with Pinterest (PINS-US) about the acquisition, but it was reported that Pinterest seemed to want to keep the company independent, and the two parties did not advance follow-up negotiations.
After OPEC lowered its annual forecast for oil demand, energy stocks closed black on Friday. Halliburton (HAL-US) fell 4.10%, Apache (APA-US) and Marathon Oil (MRO-US) fell 3.58% each.
The Bank of New York Mellon (BK-US) closed 0.93% higher and said it would provide institutional investors with services to hold, transfer and issue bitcoins and other cryptocurrencies.
MasterCard (MA-US) also stated that it plans to allow cardholders to exchange cryptocurrencies on its own payment network this year. Currently, MasterCard has cooperated with cryptocurrency issuers such as Wirex and BitPay.
Economic data
- The United States reported 793,000 unemployment benefits for the first time last week (2/6), with an expectation of 760,000. The previous value rose from 779,000 to 812,000.
- The United States reported 4.545 million unemployment benefits last week (1/30), which is expected to be 4.24 million. The previous value has increased from 4,592 million to 4,69 million
Wall Street Analysis
Nancy Davis, founder of Quadratic Capital Management, said that although there are no signs of inflation, as the economy restarts, fiscal and monetary stimulus, along with suppressed consumer demand, will inevitably drive the inflation rate up. .
Gregory Faranello, head of US interest rate trading at AmeriVet Securities, said fueled by optimism, the stock market has taken a big step forward and the market is about to figure out where the stock market will go to. continuation. The current price of the stock market has reflected the dual benefits of fiscal and monetary stimulus. Looking ahead, we need to see a more comprehensive economic recovery, a broader economic restart, and a broader range of vaccines.
Baird’s investment strategy analyst Ross Mayfield said the market is concerned that the restart of the economy and the rescue plan with a scale of up to 1.5 trillion US dollars could bring some side effects, which will lead to an increase in long-term US bond yields and interest rates, which can lead to the stock market Disadvantages.
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