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On Tuesday (27), there is little hope that stimulus measures will be introduced before the US elections The global economic boom, known as the “canary”, Caterpillar and 3M, and other industrial heavyweights fell, and the VIX Fear Index rose to the highest level since early September. Top Four Indices The close was nearly flat, with the Dow Jones losing more than 200 points.
White House Press Secretary Kayleigh McEnany said Tuesday that there is little hope that a new stimulus bill will be introduced before the Nov.3 election, because the Pelosi House of Representatives has asked for too much, including the illegality that has been criticized by Republicans. Incentive checks for immigration.
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 43.8 million and the number of deaths has exceeded 1.16 million . The United States has confirmed more than 8.75 million cases and the cumulative number of deaths has exceeded 226,000.
Tuesday (27) the performance of the four main US stock indices:
- The Dow Jones index fell 222.19 points, or 0.80%, to close at 27,463.19 points.
- The S&P 500 Index fell 10.29 points, or 0.30%, to close at 3,390.68 points.
- The Nasdaq index rose 72.41 points, or 0.64%, to close at 11,431.35 points.
- The Philadelphia Semiconductor Index fell 7.54 points, or 0.33%, to close at 2,300.91 points.
Five big tech giants collectively received red. Apple (AAPL-US) was up 1.35%; Microsoft (MSFT-US) was up 1.51%; Amazon (AMZN-US) was up 2.47%; Alphabet (GOOGL-US) was up 0.92%; Facebook (FB-US) was up 2.23%.
Boeing led the fall in the constituent shares of the Dow Jones. Boeing (BA-US) fell 3.48%; the sales force (CRM-US) increased by 3.44%; Walgreens and Boots (WBA-US) fell 3.25%; Caterpillar (CAT-US) fell 3.24%; 3M (MMM) -US) fell 3.09%.
Fei’s half-component shares received more blacks. AMD (AMD-US) fell 4.07%; Intel (INTC-US) fell 2.31%; Xilinx (XLNX-US) was up 8.56%; Micron (MU-US) fell 0.35%; NVIDIA (NVDA-US) was up 1.94%; Qualcomm (QCOM-US) fell 0.23%.
The ADR for Taiwan stocks was mixed. UMC ADR (UMC-US) was up 3.99%; TSMC ADR (TSM-US) fell 0.023%; ASE ADR (ASX-US) fell 2.21%; Chunghwa Telecom ADR (CHT-US) was up 0.85%.
Featured Stock News
Shopify (SHOP-US) announced a partnership with TikTok to help its customers advertise on Chinese social media platforms. The agreement allows TikTok users to click on the ads to purchase products sold through Shopify merchants. The price of its shares rose 4.36%.
Caterpillar (CAT-US), known as the “canary of prosperity”, announced its financial report for the third quarter. It was hit hard by the epidemic and demand for heavy machinery and equipment continued to weaken. Third quarter revenue and earnings were down significantly compared to last year. The price of its shares A decrease of 3.15%.
3M’s latest financial report (MMM-US) was better than expected, with net earnings per share of US $ 2.43 and revenue of US $ 8.35 billion. However, its pessimistic financial forecast triggered a sell-off and its share price fell 3.09%.
Semiconductor maker AMD (AMD-US) announced on Tuesday that it will acquire Xilinx (XLNX-US) for US $ 35 billion, all shares, and also released the latest financial report. Adjusted net earnings per share were 41 cents and revenue was $ 2.8 billion, better than Wall Street expectations. AMD fell 4.07%, while Xilinx was up 8.56%.
Eli Lilly (LLY-US) fell 7.09%. His new corona antiviral drug lacked efficacy in patients with advanced hospitalization. He announced the completion of drug trials, but will continue to test whether it is effective for early patients.
Economic data
- The initial monthly growth rate of durable goods orders in the United States in September reported 1.9%, 1.0% expected and 0.5% expected
- The monthly growth rate of the FHFA home price index in the United States in August reported 1.5%, which is expected to be 0.7%. The previous value was revised up from 1.0% to 1.1%.
- October US Advisory Council Consumer Confidence Report was 100.9, expected 101.9, previous value 101.3
- Richmond Fed Manufacturing Index reported 29.0, expected 18.0, previous value 21.0
Wall Street Analysis
Adam Crisafulli, founder of Vital Knowledge, said growth / momentum stocks performed strongly because investors were more concerned about the short-term macroeconomic outlook.
Michael Arone, chief investment strategist at State Street Global Advisors, said: “There are only a few days left before the election. Wall Street will wait and see. In the end, it will see the results of the election before it begins.”
Michael Arone mentioned that the worsening of the new corona epidemic, coupled with the need to wait longer to see the new stimulus plan, will definitely make investors nervous.
This week’s US stock earnings report will enter “tech stocks” earnings week. Cherry Lane Investments partner Rick Meckler said concerns about the increase in the number of new crown boxes in the United States weigh on the market, but tech stocks appear to be the least affected. Although the new corona virus is creating problems, The attention of the big tech companies (financial reports) may drive the market rally.
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