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On Friday (13) Cisco, Disney and other companies reported good financial results. US stocks rallied after saying goodbye to yesterday’s slide. Yield curves on US Treasuries were steep, economically sensitive energy industry stocks led gains, small-cap stocks rallied and TSMC ADR rose sharply. The top four indices simultaneously closed above 1% and S&P hit a record.
Bullish news from the Pfizer vaccine has sparked a stock rotation this week, prompting US stocks to receive more reds on the weekly line. The Dow Jones rose 4.1% this week, the S&P rose 2.16% this week and the technology-based Nasdaq fell 0.6%.
On Friday, Trump’s legal proceedings in the three key states have suffered successive setbacks. Georgia’s tally is expected to be difficult to reverse. Biden’s lead will become more stable and further remove election uncertainty.
Foreign media predicted that Biden currently has 306 electoral votes, far exceeding the electoral threshold of 270 to win the White House, while Trump only received 232 electoral votes. Although Trump has so far refused to admit defeat. According to foreign media reports, the Republican Party believes Trump will make a Thanksgiving concession at the end of the month as soon as possible for the transfer of power.
The global epidemic of new corona pneumonia (COVID-19) continues to have a fever. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 52.91 million and the number of deaths has exceeded 1.29 million .
The cumulative number of confirmed cases in the United States exceeds 10.56 million and the cumulative number of deaths exceeds 242,000. On Thursday, the number of confirmed cases in the United States rose by more than 16,000, a record. The number of hospitalizations also rose to a new high of 67,096. The hospitalization rate in at least 46 states skyrocketed. The mayor of Chicago called on citizens to cancel the Thanksgiving plan, and the New York governor announced that the curfew will go into effect Friday and that schools could close next week.
Friday (13) the performance of the four main US stock indices:
- The Dow Jones Index rose 399.64 points, or 1.37%, to close at 29,479.81 points.
- The S&P 500 Index rose 48.14 points, or 1.36%, to close at 3,585.15 points.
- The Nasdaq index rose 119.70 points, or 1.02%, to close at 11,829.29 points.
- The Philadelphia Semiconductor Index rose 30.39 points, or 1.23%, to close at 2,508.82 points.
The five kings of science and technology received more. Apple (AAPL-US) fell 0.042%; Facebook (FB-US) rose 0.68%; Alphabet (GOOGL-US) was up 1.69%; Amazon (AMZN-US) was up 0.60%; Microsoft (MSFT-US) was up 0.50%.
The 30 shares of Dow Jones were collectively higher. Cisco (CSCO-US) rose 7.06%; Boeing (BA-US) rose 5.88%; American Express (AXP-US) increased 3.50%; Chevron (CVX-US) rose 2.93%; Honeywell (HON-US) was up 2.18%.
Fei’s semi-constituent shares led the gains. Materials (AMAT-US) were up 4.31%; Intel (INTC-US) rose 1.11%; AMD (AMD-US) fell 0.50%; NVIDIA (NVDA-US) fell 1.19%; Qualcomm (QCOM-US) was up 0.24%; Micron (MU-US) was up 2.99%.
Taiwan stock market ADR led TSMC’s rise. TSMC ADR (TSM-US) was up 3.79%; ASE ADR (ASX-US) fell 1.61%; UMC ADR (UMC-US) was up 2.02%; Chunghwa Telecom ADR (CHT-US) was up 0.44%.
Featured Stock News
Comcast (CMCSA-US) announced on Friday that its venture capital unit will rejoin its scope of business to focus on strategic investments. Its price reached a record (49.24) in intraday trading, closing 2.13% at 49.00 per share. Dollars
Applied Materials (AMAT-US) was up 4.31%. The company’s third-quarter financial report and financial estimates were better than expected, boosting semiconductor stocks. Investment bank RBC raised its target price for materials from US $ 75 to US $ 82. The company is expected to increase its market share and exceed market expectations for fiscal 2021.
Cisco (CSCO-US) delivered a stunning financial report, predicting that demand for networking equipment products will continue to increase. The financial forecast for the second quarter is better than analysts expected. Its share price rose 7.06% to $ 41.40 per share.
Disney (DIS-US) reported a lower-than-expected loss in its latest financial report, and the number of subscribers was better than expected, encouraging its share price to rise 2.16%.
Weilai (NIO-US) closed 7.76% at $ 44.56 a share. The short selling agency Citron Capital investigated and judged that the price of Tesla’s Model Y electric vehicle ($ 25,000) is very aggressive and will affect the future of NIO. The target price is set at US $ 25.
Economic data
- The US October PPI annual growth rate reported 0.5%, which is expected to be 0.2%, and the above value is 0.4%
- US October PPI Monthly Growth Rate Reported 0.3%, Expected 0.2%, Previous Value 0.4%
- US Core PPI Annual Growth Rate In October reported 1.1%, expected 1.2%, previous value 1.2%
- The monthly growth rate of the basic US PPI in October reported 0.1%, expected 0.3%, previous value 0.4%
Wall Street Analysis
Marko Kolanovic, strategist and head of derivatives strategy at JPMorgan Chase, said the positive news for vaccines this week is changing our vision, because the vaccine allows Wall Street to anticipate the end of the epidemic and a broader economic restart.
Pictet Wealth senior economist Thomas Costerg said the market is seeing a brighter sky, but there is a risk of falling into a sleepwalking wonderland, because in the short term, news of the new crown is very worrying and many countries have adopted EU lockdown measures.
Thomas Costerg recalled that due to the new corona virus and weak US data, the road ahead of the stock market will be bumpy between now and the next day of the president’s inauguration.
MRB Partners partner Phillip Colmar wrote in a report that the global economic recovery will continue, but the V-shaped recovery is over and we have transitioned to a slower pace of recovery, that is, two steps forward and one behind.
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