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Driven by strong momentum from tech stocks, both the S&P 500 Index and the Nasdaq Index closed at all-time highs yesterday (2). However, the strong rally did not continue. Tech stocks opened Thursday (3) After a sharp pullback, the Nasdaq index fell almost 2%, and both the fee and TSMC ADR fell more than 2%.
The Dow Jones Industrial Average was up 2.59 points or 0.01% in early trading, and the S&P 500 fell 0.63% in early trading.
From a tech stocks perspective, Apple (AAPL-US) fell 2.9% in early trading, Amazon (AMZN-US) fell 1.9% and Salesforce (CRM-US) fell 3.3% %. Except for Intel (INTC-US), half of the commission-based stocks Others turned red: Nvidia (NVDA-US) fell 4.7%, Marvell Technology (MRVL-US) fell 4.3%, AMD ( AMD-US) fell 3% and Qualcomm (QCOM-US) fell 2%.
In terms of economic data, the US Department of Labor announced on Thursday (3) that the number of jobless claims has fallen again. As of the week of August 29, the number of initial jobless claims was reported at 881,000, well below the market’s expectation of 950,000. The number of continuing unemployment benefits also fell to 13,254 million, the first drop of 14 million since April.
However, the market believes there is still some uncertainty in the data last week, because the Labor Department announced a new method for calculating seasonally adjusted factors.
At 21 o’clock on Thursday (3) Taipei time:
- The Dow Jones Index rose 2.59 points or 0.01%, temporarily reporting 29103.09 points
- Nasdaq fell 230.42 points or -1.91%, temporarily reported at 11826.02 points
- The S&P 500 fell 22.70 points or -0.63%, temporarily to 3,558.14 points
- Commissions and a half fell 55.91 points or -2.36%, temporarily to 2314.28 points
- TSMC ADR drops 2.20% to US $ 80.36 per share
- Yield on 10-year US Treasuries fell to 0.641%
- New York light crude oil fell 2.19% to $ 40.60 a barrel
- Brent crude fell 2.30% to US $ 43.41 a barrel
- Gold rose 0.03% to $ 1,945.30 an ounce
- The US dollar index rose 0.09% to 92.915 points.
Focus actions:
Tesla (TSLA-US) fell 5.77% in early trading to $ 421.55.
Baillie Gifford, Tesla’s largest outside shareholder and investment management company, announced a reduction in Tesla’s holdings, reducing its share ratio from 6.32% to less than 5%. The company issued a statement stating that the reason for the reduction is due to portfolio restrictions. Tesla’s stock price has risen sharply recently. The company must prevent clients from concentrating their investment too much on a single stock.
Despite this, Baillie Gifford remains very optimistic about Tesla and said that if the share price falls in the future, he is very happy to increase his holdings.
Facebook (FB-US) fell 2.38% in early trading to $ 295.29.
To prevent the flow of fake news and aggravate internal antagonism, Facebook announced on Thursday (3) that it would ban political ads in the week before the US election, and declared that it would flag any incorrect or premature victory news to avoid voting and the electoral process. Be disturbed
Other related measures in place for the elections include limiting the number of Messenger messages sent and cracking down on any potential attempts to oppress voters and mislead the voting process.
Verizon (VZ-US) was up 0.58% in early trading to $ 60.88.
According to foreign media reports, the telecommunications operator Verizon could cooperate with Amazon to acquire a stake in the Indian telecommunications company Vodafone Idea at a price of more than 4,000 million dollars, but none of the three parties responded to the news.
In 2017, the British telecommunications giant Vodafone and the Indian telecommunications company Idea Cellular formed a joint venture Vodafone Idea. Vodafone Idea is currently facing an operational crisis due to its huge public debt.
Daily key economic data:
- The United States reported 881,000 unemployment benefits at the beginning of last week and is expected to be 950,000. The previous value rose from 1.06 million to 1.011 million.
- The United States continued to claim 13.254 million unemployment benefits last week and it is expected to be 14 million. The previous value was revised down from 14,535 million to 14,492 million.
- July US Trade Account: US $ 63.6 billion, expected to be US $ 51.7 billion, Old value: US $ 53.5 billion
- At 9:45 p.m. Taipei time, the US August Markit Service Industry PMI was announced, the previous value was 54.8
- At 9:45 p.m. Taipei time, Markit’s comprehensive PMI for August US was announced, the previous value was 54.7
- The US ISM Non-Manufacturing PMI is announced at 10:00 PM Taipei time and is expected to be 57.2, previous value 58.1
Wall Street Analysis:
JP Morgan economist Daniel Silvery said in a report that fluctuations in the number of jobless claims are obviously not statistical seasonal changes. We believe the revised data may be the latest seasonally adjusted data. , More in accordance with the data of the National Security Agency (NSA).
Silvery further stated, “As the number of people filing for unemployment benefits has been higher than the level before the outbreak in recent months, we believe that the seasonal multiplier factor currently used by the Department of Labor may cause changes in the data. tight “.
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