US stocks opened slightly higher on Tuesday (24th). Popular Chinese concept stocks such as JD.com, Pinduoduo and Alibaba continued to rise, leading the Nasdaq Index to write new highs. Before the deadline, the Dow Jones Industrial Average rose more than 80 points or 0.2%, the Nasdaq Composite rose 0.3%, and then reached a new high. The S&P 500 index rose 0.2%, and the fee rose 0.6%. Pinduoduo surged 17%.
Alibaba (BABA-US) and Baidu (BIDU-US) rallied in China’s concept stocks on Tuesday. Pinduoduo (PDD-US) and Jingdong (JD-US), which have announced their financial reports in the past two days, rose more than 16% and 10%.
Market analysis believes that confidence in China’s concept stocks has significantly recovered, mainly supported by Tencent’s stock repurchase and ARK female stock Cathie Wood’s repurchase of JD ADR.
The trend of technology stocks that pushed the Nasdaq to a record high yesterday has also attracted much attention. Facebook (FB-US), Amazon (AMZN-US), Apple (AAPL-US), Microsoft (MSFT-US) and Alphabet (GOOGL) -US) The opening on Tuesday was mixed.
In recent weeks, the infection rate of the Delta variant virus has increased, adding to market concerns about the global recovery. However, after the U.S. Food and Drug Administration (FDA) granted Pfizer-BioNTech vaccine official authorization yesterday, the optimism about the recovery of economic activities continued to drive the rise of economic recovery concept stocks such as cruise ships, airlines and hotels on Tuesday.
With the slowing of the epidemic in China and the revival of tourism activities in major cities, oil prices continue to rebound from the recent decline. In the bond market, the 10-year US Treasury yield rose slightly to 1.263% before the deadline.
As of 21 o’clock on Tuesday (24th) Taipei time:
- The Dow Jones Industrial Average rose 81.19 points, or 0.23%, to 35416.90 points temporarily
- The Nasdaq Composite Index rose 46.45 points, or 0.31%, to 14989.10 points temporarily
- The S&P 500 Index rose 7.69 points, or 0.17%, to 4,487.22 points temporarily
- Fees and a half rose by 18.72 points, or 0.56%, to 3,360.73 points temporarily
- TSMC ADR rose 1.23% to $112.33 per share
- The 10-year U.S. Treasury yield rose to 1.268%
- New York light crude oil rose 1.33% to US$66.51 per barrel
- Brent crude oil rose 1.54% to US$69.81 per barrel
- Gold rose 0.20% to US$1,809.90 per ounce
- The U.S. dollar index fell 0.04% to 92.93
Best Buy (BBY-US) rose 4.50% to $117.21 in early trading.
Best Buy announced the second quarter financial report for fiscal year 2022 before the market on Tuesday, with net sales reported at US$11.85 billion, an annual increase of 19.5%. (Non-GAAP) diluted EPS was reported at US$2.98, an annual increase of 74%. Same-store sales were also compared with last year. An increase of 20% over the same period was better than market expectations.
Palo Alto Networks (PANW-US) rose 12.78% in early trading to $420.18.
US cybersecurity company Palo Alto Networks announced on Monday (23rd) the fourth quarter financial report for fiscal year 2021, with revenue reported at US$1.22 billion, an annual increase of 28%, and (Non-GAAP) diluted EPS reported US$1.60, an annual increase of 8 %, all excellent expectations.
Looking to the future, Palo Alto Networks is optimistic that Q1 revenue for the next fiscal year will be better than analysts’ expectations, and announces an optimistic full-year profit outlook.
Pinduoduo (PDD-US) rose 17.53% in early trading to $95.29.
Pinduoduo announced its latest earnings report before the market on Tuesday, and unexpectedly turned a profit in the second quarter. (Non-GAAP) EPS reported RMB 2.85, which was better than expected. Revenue reported RMB 23.05 billion, although a significant increase of 89 compared to the same period last year. %, still not up to market expectations.
Today’s key economic data:
- At 22:00 Taipei time, the annualized total number of new home sales in the United States in July is announced, which is expected to be 700,000, and the previous value was 676,000.
- 22:00 Taipei time announced the annualized monthly growth rate of new home sales in the United States in July, expected 3.6%, previous value-6.6%
- 22:00 Taipei time announced the Richmond Fed August manufacturing index, expected 25.0, previous value 27.0
Wall Street analysis:
Mike Stritch, Chief Investment Officer of BMO Wealth Management, believes that investors are still struggling to find the next catalyst to boost the stock market. He doesn’t think Fed Chairman Jerome Powell will release a major message at this week’s annual meeting of global central banks.
Michael Darda, chief economist at MKM Partners, said that although the uncertainty surrounding the epidemic still exists, he believes that three major factors are expected to push the stock market to a record high, including extremely low discount rates, a highly liquid environment and Strong corporate profits.