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On Thursday (5) Wall Street expects the results of the presidential and congressional elections to be released soon. All four major US stock indices continue to rise. Netflix, Apple and Microsoft lead the rise in tech stocks. Dow Jones and S&P have risen nearly 2% since 1982. The two major indices rose at least 1% for four consecutive business days.
On Thursday, the Federal Reserve Committee (Fed) concluded its November interest rate decision-making meeting, announcing that interest rate policy will remain unchanged, maintaining the interest rate corridor of reference in the range of 0% to 0.25% and keeping the asset purchase plan unchanged.
The Fed statement mentioned that the economic outlook is still extremely uncertain and that the rising rate of new diagnoses from the crown is particularly concerning, and once again called on Congress to take more stimulus measures.
Before the deadline, Biden led Trump with 264 votes to 214 votes. Currently, Biden has more than 71.8 million votes, the most votes in US history. Biden stated on Thursday that he was optimistic about the final outcome of the election and asked supporters to remain patient and calm during the vote counting process.
Trump tried to stop the vote counting and launched legal battles in the key states of Penn, Wisconsin, Michigan, Georgia and Nevada. Trump tweeted that due to voter fraud and state election fraud, he will initiate legal proceedings against all states where Biden has recently declared victory.
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 48.2 million and the number of deaths has exceeded 1.22 million . The cumulative number of confirmed cases in the United States has exceeded 9.49 million and the cumulative number of deaths has exceeded 233,000.
On Thursday (5) the performance of the four main US stock indices:
- The Dow Jones index rose 542.52 points, or 1.95%, to close at 28,390.18 points.
- The S&P 500 Index rose 67.01 points, or 1.95%, to close at 3,510.45 points.
- The Nasdaq index rose 300.15 points, or 2.59%, to close at 11,890.93 points.
- The Philadelphia Semiconductor Index rose 104.94 points, or 4.40%, to close at 2,489.16 points.
The five kings of science and technology have risen: Apple (AAPL-US) rose 3.55%; Facebook (FB-US) rose 2.54%; Alphabet (GOOGL-US) was up 0.95%; Amazon (AMZN-US) was up 2.49%; Microsoft (MSFT-US) was up 3.19%.
All 30 Dow Jones shares fell by just 2 files: Dow Chemical (DOW-US) was up 5.43%; Caterpillar (CAT-US) was up 5.11%; JPMorgan Chase (JPM-US) rose 4.07%; Boeing (BA) -US) was up 3.66%. United Health (UNH-US) and Merck (MRK-US) fell 0.1% and 0.2%, respectively.
Fei’s semi-component stock rose happily. Qualcomm (QCOM-US) soared 12.75%, Kovo (QRVO-US) soared 9.68%; Yingcai (AMAT-US) rose 7.85%; Skylink (SWKS-US) shot up 6.87%; Micron (MU-US) was up 5.04%.
Taiwan Stocks ADR rose more and fell less: TSMC (TSM-US) ADR rose 1.10%; ASE ADR (ASX-US) rose 1.25%; UMC ADR (UMC-US) fell 3.23%; Chunghwa Telecom’s (CHT-US) ADR was up 1.10% 1.10%.
Featured Stock News
The big victory in the White House has caused an increase in shares of related concepts. Solar power (SPWR-US) was up 17.02%, Tesla (TSLA-US) was up 4.06% and Kaifeng Heavy Industry (CAT-US) was up 5.06%.
Qualcomm’s latest earnings report (QCOM-US) is eye-catching, with adjusted net earnings per share of US $ 1.45 and higher-than-expected revenue, expected to benefit from the rise of 5G networks and phones. mobile phones, and its share price soared 12.75%.
General Motors (GM-US) also posted better-than-expected earnings, with its share price climbing 5.48% to $ 37.14 per share.
Economic data
- The United States reported last week (10/31) initial unemployment benefits of 751,000 and an expected 735,000. The previous value was increased from 751,000 to 758,000
- The United States reported 7.285 million renewed unemployment benefits last week (10/24), which is expected to be 7.2 million. The previous value rose from 7,756 million to 7,823 million.
Wall Street Analysis
Lindsey Bell, chief investment strategist at Ally Invest, said based on history, we are likely to see a split in Congress, which has always been a preference for the stock market. With healthcare, communications services and technology stocks leading the market, this expectation is reflected in the stock market.
Wall Street is satisfied with the prospect of the division of Congress. The fiscal stimulus bill is expected to pass with a high probability. It may not be so easy for Democrats to raise corporate taxes.
Brad McMillan, chief investment officer at Commonwealth Financial Network, said: “In the absence of a blue wave, we are likely to see serious differences in the Senate, limiting the policy options of whoever is elected president. This may rule out any substance. The tax increase policy will also restrict any control of the big tech companies. “
Don Calcagni, chief investment officer at Mercer Advisors, warned that the most important thing is that the market seeks a peaceful transition of power. Social unrest or controversial election results can still trigger market turmoil.
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