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Apple (AAPL-US) and Amazon (AMZN-US) announced their financial results after the US stock market. USA Thursday (30). Because Apple’s revenue performance was dull and Amazon’s earnings were well below market expectations, both companies’ share prices were both down, Apple opened 2.54% on Friday (1 ), Amazon fell 4.93% and dragged the general trend of technology stocks.
In addition, IHS Markit announced the final value of the US manufacturing PMI index. USA In April on Friday (1), reported at 36.1, lower than the initial value of 36.9, and significantly reduced from 48.5 in March. Due to the poor performance of economic data and the weakening of technology stocks, the top four US stock indices. USA They fell on Friday (1), the Dow Jones index fell more than 400 points and TSMC’s ADR fell 1.47%.
New outbreak of coronary pneumonia
Hubei Province, China, held a regular press conference for epidemic prevention and control on Friday (1), announcing that the level of emergency response for epidemic prevention and control in Hubei Province will be reduced from level 1 to level 2 from 0:00 on May 2. 31 provinces across the country have lifted first-level surveillance.
In addition, according to sources, senior officials from various US institutions held a meeting on Thursday (30) to formulate a retaliatory strategy against China and plan to seek compensation from China for the loss of billions of dollars in the new pneumonia epidemic. coronary (COVID-19). Furthermore, President Trump also said that to punish China’s poor response when the outbreak occurred, he threatened to impose new tariffs on China.
To mitigate the economic damage caused by the epidemic, the United States Congress is planning a new round of the rescue plan. House Speaker Nancy Pelosi said Thursday (30) that it will provide $ 1 trillion in funding. for state and municipal governments. Over the next four years, help local governments respond to the subsequent impact of the pneumonia epidemic.
From 10:00 pm on Friday (1st) Taipei time:
- The Dow Jones index fell 425.41 points or -1.75%, temporarily reporting 23920.31 points
- Nasdaq fell 176.65 points or -1.99%, provisionally reported 8712.91 points
- S&P 500 fell 49.61 points or -1.70%, temporarily reported 2,862.82 points
- The fees and a half fell by 50.06 points or -2.89%, temporarily reported at 1681.49 points
- TSMC ADR fell 1.47% to $ 52.36 per share
- 10-year US Treasury yield fell to 0.620%
- New York light crude rose 6.26% to $ 20.02 per barrel
- Brent crude rose 1.13% to US $ 26.78 per barrel
- Gold fell 0.38% to US $ 1,687.80 per ounce
- The US dollar index fell 0.04% to 98,985 points
Focus actions:
Apple (AAPL-US)
Apple fell 2.54% in the first operations to reach US $ 286.47.
Apple announced its second-quarter financial report for fiscal year 2020 after the US stock market. USA It closed on Thursday (30). Its revenue reported $ 58.3 billion, which was almost the same as $ 58 billion in the same period last year. Apple did not provide financial estimates for the third quarter. In addition, Apple said it will continue to implement treasury stocks during the outbreak, and has now authorized an increase in the size of the implementation of $ 50 billion, as well as a dividend of $ 0.82 per share.
Key Apple Second Quarter Earnings Data
- EPS: adjusted USD 2.55 per share vs. Adjusted USD 2.26
- Revenue: $ 58.3 billion vs. $ 54.54 billion
- Gross margin: 38.4% vs. 38.4%
ExxonMobil (XOM-US)
Exxon Mobil fell 2.10% in the first operations to US $ 45.28. A
ExxonMobil announced the first quarter of fiscal year 2020 earnings before the United States Stock Exchange on Friday (1). Due to falling oil prices to record lows, the company’s first-quarter net loss after tax filing was $ 610 million, and the loss per share was $ 0.14. Exxon Mobil reported earnings of $ 2.35 billion and earnings of $ 0.55 per share in the same period last year.
Exxon Mobil reduced its capital spending plan for 2020 in April from $ 30 billion to 30% to $ 23 billion. In addition, the company also said it will reduce operating expenses by 15%.
Boeing (BA-USA)
Boeing rose 0.70% in early operations to hit $ 142.57.
As a result of the pneumonia epidemic, the demand for air travel has decreased. And he said he will not seek government bailout funds at this time.
Boeing CEO Dave Calhoun said the government’s stimulus policies spurred him to ease pressure on the credit market, so Boeing plans to issue bonds to raise funds for operations. Boeing announced that it will issue 7 bonds with an issuance period of 3 to 40 years.
Key economic data for today:
- The final value of the US manufacturing PMI for April Markit. USA Reported 36.1, estimated 36.7, previous value 36.9
- United States April ISM manufacturing PMI reported 41.5, estimated 37.5, previous value 49.1
Wall Street Analysis:
Phillip Colmar, an analyst at MRB Partners, said the recent surge in the stock market, due to lack of fundamental support, will carry downside risk in the near term, and asked investors to be cautious. In addition, many countries have begun to discuss reopening the economy, but whether they can safely restart economic activities and whether production can return to pre-epidemic levels will depend on the successful development and popularization of therapeutic vaccines against the virus. pneumonia.
In response to the recent surge in US stocks, Stifel analyst Barry Bannister hopes there will be limited scope for the S&P 500 to continue to rise. He said that due to the Federal Reserve’s policy of easing low interest rates, which injected liquidity into the market, causing a decrease in the yield on public debt, which made the stock market a target for relatively attractive investment. Therefore, despite the poor earnings outlook for companies, the recent stock market continues to rise.
LPL financial analyst Ryan Detrick also said that since the March low, the stock market has risen more than 30%, meaning that in the coming months, the risk of corrections in the stock market will be quite high.
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