Australia’s central bank unexpectedly raised interest rates by just 1 bp on Tuesday (4th), and US job vacancies fell to a 14-month low in August, showing signs of slowing labor demand, reviving hopes that the Federal Reserve will turn to more moderate rate hikes, the main US stock index continued its rebound on Tuesday, with the Dow soaring more than 820 points, successfully regaining the 30,000 point mark, the longest run of more than 2% since May 2020.
Energy stocks led the gains on Tuesday, ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC+) and its partners on Wednesday, the market said OPEC+ could consider cutting production by 2 million barrels a day, a larger cut than expected.
US bond yields continued to fall, pushing tech stocks higher, with Microsoft and Alphabet rising more than 3% At the same time, Musk’s lawyers sent a letter to Twitter confirming Musk’s willingness to maintain the original purchase price, sending Twitter stock prices up and up. closing soared more than 22%.
The global epidemic of new coronary pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University in the United States indicated that the number of confirmed cases worldwide had exceeded 619 million, and that the number of deaths has exceeded 6.54 million. More than 12.7 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major US stock indexes on Tuesday (4th):
- The Dow Jones Industrial Average rose 825.43 points, or 2.8 percent, to end at 30,316.32.
- The Nasdaq rose 360.97 points, or 3.34 percent, to end at 11,176.41.
- The S&P 500 rose 112.5 points, or 3.06%, to 3,790.93.
- The Philadelphia Semiconductor Index rose 106.8 points, or 4.46 percent, to end at 2,500.1.
Focus stocks
The five kings of science and technology are like a rainbow. Apple (AAPL-US) was up 2.56%; Meta (META-US) was up 1.20%; Alphabet (GOOGL-US) was up 3.04%; Amazon (AMZN-US) was up 4.50%; Microsoft (MSFT-US) was up 3.38%.
Dow Jones components were unstoppable. Boeing (BA-US) rose 5.92%; Salesforce (CRM-US) rose 5.29%; Goldman Sachs (GS-US) rose 5.25%; JPMorgan Chase (JPM-US) rose 4.68%; it rose 4.91%.
Half of the constituent stocks closed higher. Wolfspeed (WOLF-US) increased 8.92%; Applied Materials (AMAT-US) rose 3.66%; AMD (AMD-US) rose 2.71%; Qualcomm (QCOM-US) rose 4.39%; Texas Instruments (TXN-US) rose 3.32 %; Intel (INTC-US) rose 2.71%; Micron (MU-US) rose 4.33%; NVIDIA (NVDA-US) rose 5.23%.
Overall, Taiwan’s stock ADR rose strongly. TSMC ADR (TSM-US) increased 5.14%; ASE ADR (ASX-US) increased 7.52%; UMC ADR (UMC-US) increased 7.41%; Chunghwa Telecom ADR (CHT-US) fell 0.06%.
Corporate News
Apple (AAPL-US) rose 2.56% to $146.10 a share. The European Parliament approved the new rules with 602 votes in favor, 13 votes against, and 8 abstentions on Tuesday.. Starting in autumn 2024, Type C (USB-C) will become the unified charging system for all smart phone, tablets and cameras photography in the EU Splice Rules.
Less than two weeks before the acquisition trial, Musk sent a letter to Twitter on Tuesday saying that Musk was ready to continue to complete the Twitter acquisition at the original offer of $54.20 per share. Inspired by this news, Twitter (TWTR-US) halted trading several times during the session, and closed up 22.24% to $52.00 per share, a new high since November last year.
Affected by the news during the session, Tesla ( TSLA-US ) paid back as much as 6.2% of its earnings on Tuesday, and declined briefly, closing up nearly 3% to $249.44 a share.
Tesla rivals Rivian ( RIVN-US ), an electric vehicle startup, rose 13.83% to $36.30 a share. Rivian announced that it produced 7,363 vehicles in the third quarter of this year and delivered 6,584 vehicles, maintaining the expected annual output of 25,000 vehicles.
General Motors (GM-US) rose 8.91% to $35.80 a share. GM’s third quarter sales in the US market rose 24 percent to 555,580 vehicles.. Not only did GM achieve double-digit growth, but it also surpassed Japan’s first sibling, Toyota.
Memory giant Micron ( MU-US ) closed up 4.33% to $53.96 a share. Micron plans to invest up to $100 billion over the next 20 years to build a new plant in Clay, New York. The largest semiconductor manufacturing plant in the United States is expected to begin construction preparations next year, starting construction in 2024 , and start in 2025. put into production.
Economic data
- The monthly growth rate of US durable goods orders in August was revised to -0.2%, and the previous value was -0.2%
- The monthly growth rate of US factory orders in August was 0%, expected 0.2%, the previous value – 1%
- The number of JOLTs job openings in the United States in August reported 10.053 million, an estimate of 10.775 million, and a previous value of 11.17 million
Wall Street Analysis
Jeffrey Roach, chief economist at LPL Finance, believes that widening regional differences could complicate national monetary policy, however, the Fed is still on track to raise rates by another 3 yards next month.
Michael Brown, strategist at CaxtonFX, said: “The Fed now only has an inflation target of 2%, and unless inflation data improves for several months, it is hard to imagine a dovish Fed turn. A 3-yard rate hike from The Fed next month is still my bottom line. It’s hard to be bullish on stocks in that situation.”
Neil Dutta, head of economics at Renaissance Macro Research, said: “In short, we’re starting to see some dovish market talk, but I don’t think that’s enough to prevent another rise in the rate 3 yards in. November, all eyes on Friday are on non-farm payrolls.”
Lindsey Bell, chief market and currency strategist at Ally, said: “Market expectations are the ‘Goldilocks’ economic report that is neither too hot nor too cold.”
Figures are updated before the deadline, please refer to the actual quote.
