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After yesterday’s strong sell-off, the four major US stock indices rallied overall on Thursday (28). The Dow Jones industrial average rose more than 200 points or nearly 1%, the Nasdaq index rose 0.6% and the S&P 500 index rose 0.8% and half rose 1.8%. After the publication of the financial report, American Airlines once opened more than 30%.
Retail investors recently launched a short-term squeeze offensive against a single stock like GameStop and AMC, raising concerns in the market about speculative trading. However, after brokerage houses were reported to begin restricting trading, AMC and GameStop opened abruptly on Thursday, falling by more than 20% and 5% respectively.
Financial reporting news
Despite its excellent earnings performance, Apple (AAPL-US) still fell 2% at the open, and Tesla (TSLA-US) fell more than 5% at the open due to its earnings performance falling short. with Wall Street expectations.
In addition, American Airlines (AAL-US) announced to the market today that its fourth quarter net loss was lower than expected, with openings up 24. Southwest Airlines (LUV-US), which released its earnings report on the same day , was also up 2%, while stocks in airlines such as United Airlines (UAL-US) and Delta Airlines (DAL-US) rose.
US Economic Data
The US Department of Labor announced that it received almost 850,000 unemployment benefits early last week, which was better than the previous value and reached a 4-month low. Although US GDP grew by 4% in the fourth quarter of last year, it was still difficult to compensate for the sharp drop in GDP in the second quarter, which resulted in a GDP drop of 3.5% in 2020, the worst performance since WWII in 1946.
Before the GDP report was released, the Federal Reserve Bank of America (Fed) kept its current monetary policy unchanged on Wednesday, but warned that business activities have slowed as the epidemic intensifies.
At 22 o’clock on Thursday (28) Taipei time:
- The Dow Jones Index rose 280.66 points, or 0.93%, to 30,583.83 points temporarily.
- Nasdaq rose 82.50 points, or 0.62%, to 13,353.10 points temporarily
- The S&P 500 Index rose 29.93 points, or 0.80%, temporarily to 3,780.70 points.
- Rates and media rose 52.77 points or 1.84%, temporarily reporting 2927.90 points
- TSMC ADR rose 2.19% to $ 124.41 per share
- Yield on 10-year US Treasuries increased to 1,043%
- New York light crude oil rose 0.91% to $ 53.33 a barrel
- Brent crude oil rose 0.90% to $ 56.31 a barrel
- Gold rose 0.62% to $ 1,860.30 an ounce
- The US dollar index fell 0.11% to 90.54 points
Focus actions:
Tesla (TSLA-US) fell 5.25% to $ 818.79 in early trading.
Key facts from the 2020 Q4 earnings report vs. analyst expectations (Refinitiv survey)
Apple (AAPL-US) fell 2% in early trading to $ 139.22.
First Quarter of Fiscal Year 2021 (Ends December 26) Key Figures from Financial Report vs. Refinitiv Analyst Consensus Expectations
The performance of each terminal product against the expectations of the Refinitiv analyst consensus
- IPhone revenue: 17% annual growth to $ 65.6 billion vs. $ 59.8 billion
- Mac revenue: 21% annual growth to US $ 8.98 billion vs. US $ 8.69 billion
- IPad revenue: 41% annual increase to US $ 8.44 billion vs. US $ 7.46 billion
- Wearables, home equipment and accessories revenue (including AirPods and Apple Watch): 29% annual increase to US $ 12.97 billion from US $ 11.96 billion
- Service revenue (including iCloud, Apple Music) – 24% annual increase to US $ 15.76 billion from US $ 14.8 billion
American Airlines (AAL-US) was up 30.07% in early trading to $ 21,547.
Key Q4 2020 earnings data vs. Refinitiv analyst consensus expectations
Daily key economic data:
- The initial value of the quarterly growth rate of real GDP in the United States in the fourth quarter was 4.0%, the expected 4.1% and the previous value of 33.4%.
- The initial value of the quarterly growth rate of US consumer spending in the fourth quarter is 2.5%, which is expected to be 2.6%, and the old value is 41.0%.
- US Fourth Quarter Core PCE Quarterly Growth Rate Initially Reported 1.4%, Expected 1.5%, Previous Value 3.4%
- In the United States last week (1/23), initial unemployment benefits were reported at 847,000, and the expected value was 875,000. The previous value was increased from 900,000 to 914,000.
- The United States reported last week (1/16) 4.771 million unemployment benefits, which are expected to be 5.088 million. The previous value was reduced from 5,054 million to 4,974 million
- At 23:00 Taipei time, the total annualized number of new home sales in the United States in December will be announced, which is expected to be 860,000, and the previous value was 841,000.
- At 23:00 Taipei time, the annualized monthly growth rate of new home sales in the United States will be announced in December, which is expected to be 2.3%, and the previous value -11.0%
Wall Street Analysis:
Michael Hewson, chief market analyst at CMC Markets, said that the Reddit community has caused some stock prices to skyrocket, somewhat overshadowing the news of the Fed’s interest rate decision last night.
Olaf van den Heuvel, chief investment officer at Aegon Asset Management, said the market has been overexcited, and GameStop’s rise is one example: stocks have entered a bubble.
Schroders (Schroders) fund manager Remi Olu-Pitan is concerned about the skyrocketing stock market and says investors will see more pullbacks next.
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