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Technology stocks had their best performance since April on Wednesday (9). Tech heavyweight stocks like Apple and Microsoft generally rose. US stocks closed higher, halting the three-day slide and were down 10% in the first three days. The Stark Composite Index rebounded 2.7% on Wednesday, posting the biggest gain in a day since April 29. The Dow Jones industrial average rose more than 400 points, and the S&P 500 and rates also rebounded.
Six heavyweight stocks rallied strongly on Wednesday, with Tesla up 10% and Apple up 4%. However, the gains of the main indices moderated slightly towards the end of the trade. As the Wall Street Journal (WSJ) reported that TikTok was discussing ways with the US government to avoid selling its business in the US Wal-Mart (WMT-US) and Microsoft (MSFT-US), which participated In the acquisition, they gave up some of their earnings. .
US President Trump held a temporary press conference at the White House on Wednesday (9). When asked by reporters about the content of an interview with Bob Woodward, a lead reporter covering the Watergate case, Trump said he knew before the first confirmed case of the new corona virus in the United States. The virus has a fatal threat, but since I do not want to cause panic, I choose to minimize the epidemic. Democratic presidential candidate Biden criticized Trump for “deliberately lying” and betraying the lives of the American people.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. According to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 27.68 million and the number of deaths is approaching 900,000. The cumulative number of confirmed cases so far in the United States has exceeded 6.35 million and at least 190,000 people have died.
The performance of the four main US stock indices on Wednesday (9):
- The Dow Jones Index rose 439.58 points, or 1.60%, to close at 27,940.47 points.
- The S&P 500 index rose 67.12 points, or 2.01%, to close at 3,398.96 points.
- The Nasdaq index rose 293.87 points, or 2.71%, to close at 11,141.56 points.
- The Philadelphia Semiconductor Index rose 61.00 points, or 2.89%, to close at 2,169.61 points.
The five kings of science and technology closed higher: Apple (AAPL-US) rose 3.99%; Facebook (FB-US) rose 0.94%; Alphabet (GOOGL-US) was up 1.55%; Amazon (AMZN-US) was up 3.77%; Microsoft (MSFT-US) was up 4.26%.
Most of the 30 Dow Jones stocks were up: Salesforce (WORK-US was up 3.80%; Home Depot (HD-US) was up 2.89%; Amgen (AMGN-US) was up 1.82%; Walgreen Boots Alliance (WBA-US) fell 2.08%; Disney (DIS-US) fell 0.63%.
Fei’s semicomponent stock rose more and fell less. Qorvo (QRVO-US) was up 7.54%; Huida (NVDA-US) rose 6.73%; Skyworks (SWKS-US) was up 5017%; Qualcomm (QCOM-US) was up 3.87%. Kelin Research and Development (LRCX-US) fell 0.60%; Applied Materials (AMAT-US) fell 0.77%; Microchip (MCHP-US) fell 1.39%.
Shares of Taiwan ADR rose mainly: TSMC ADR (TSM-US) rose 2.69%; ASE ADR (ASX-US) rose 3.45%; UMC ADR (UMC-US) rose 6.15%; Chunghwa Telecom ADR (CHT-US) fell 0.35%.
Focus actions
Tiffany (TIF-US) closed 6.48% lower. French boutique group LVMH said Wednesday that it would not be able to fulfill its $ 16 billion acquisition of Tiffany because the United States threatened to impose tariffs on French goods and the French government intervened. Tiffany will file a lawsuit against LVMH, accusing the other party of delaying the completion of the transaction by delaying the filing of the antitrust documents.
According to the LVMH statement, Tiffany requested that the purchase transaction be postponed until December 31 of this year due to the threat of the United States to impose tariffs on French imports. The French government also wrote to express the hope that the purchase is postponed until January 6, 2021.
Tesla (TSLA-US) was up 10.92% and was up after the market. The company was not selected for the S&P 500 index as investors expected last Friday. On Tuesday, its stock price saw the biggest drop in company history and fell into a bear market. He recovered strongly on Wednesday.
Qorvo, QRVO-US raised its revenue and profit forecast for the quarter due to the improvement in sales of mobile phone chips on Tuesday. It soared more than 7% on Wednesday, boosting its peers Qualcomm (QCOM-US) and Skylink (SWKS-US). Stock prices rose.
British pharmaceutical company AstraZeneca said Tuesday that it had suspended human trials for its research due to an adverse reaction from a subject. The Financial Times reported that the company could resume human trials next week, but AstraZeneca’s US ADR (AZN-US) share price still fell 1.96% in the end.
Lululemon Athletica (LULU-US) reported better-than-expected results last quarter, but its share price still slumped, closing 9.1% on Wednesday.
Economic data
- The number of JOLTS vacancies in the United States in July was 6.62 million, the market was expecting 6 million, and the previous value was 5.889 million.
Wall Street Analysis
Stanley Druckenmiller (Stanley Druckenmiller), a well-known hedge fund manager, a former Soros fund trader, said on Wednesday (9) that the stock market is “absolutely crazy” spurred by Fed policies and market speculation . (outright raging mania), “Everybody likes to go to parties … But after the party, there will be a hangover.”
Kristina Hooper, chief strategist at Invesco Global Markets, questioned the claim that the high valuation of tech stocks is unsustainable. “Some people think this is the start of another violent selloff, similar to the burst of the tech stock bubble in 2000, but I highly doubt it. I think this wave of decline is not so much a correction as digestion. of the Nasdaq Composite Index after bouncing more than 60% from the March low. I think this is a healthy consolidation after the big rally. “
Analysts said that after three days of sharp reversals, Nasdaq is still holding the 50-day moving average as a point of technical support, which is the key to allowing the market to reverse its decline.
Jack Ablin, Chief Investment Officer at Cresset Capital Management, said: “Wednesday’s large-scale rally was surprising. On the one hand, it was speculative. On the other hand, it was defensive. We know that regardless of the development of COVID-19, these companies will survive. “
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