Investors waited for Federal Reserve Chairman Jerome Powell’s congressional testimony and employment data. US bond yields rose and market gains were capped. The main US stock index ended mixed on Monday (6th).
Apple rose almost 2%, and the Dow Jones index closed 42 points higher. At one point it rose more than 150 points in the intraday session, rising for the fourth trading day in a row. The S&P 500 was up 0.1%. However, the Nasdaq Composite Index closed down 0.11%, and the Philadelphia Semiconductor Index fell more than 1%, ending the gains of the previous two trading days.
In terms of politics and economy, the Federal Reserve Bank of New York released the latest report on Monday, showing that the global supply chain stress index in February was -0.26, the first negative value since August 2019, indicating that after three years of turmoil. since the epidemic, the supply chain has regained Normal, which could also indicate softening inflation.
The United States has announced the details of the subsidy of the “Chips Act” with a scale of about US$52 billion. US Commerce Secretary Gina Raimondo said on Monday that companies that have stopped repurchasing stock for 5 years will have priority receiving subsidies.
White House press secretary Champier (Karine Jean-Pierre) pointed out on Monday that the White House will announce the latest progress in choosing a new vice chairman of the Federal Reserve in the near future, and that he is also paying attention to the operational crisis. from currency-friendly bank Silvergate.
Foreign media reported that US House Speaker McCarthy plans to meet Taiwan President Tsai Ing-wen in California in early April instead of Taipei in order to avoid provoking Beijing.
The new global epidemic of crown pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University (Johns Hopkins University) pointed out that the number of confirmed cases worldwide has exceeded at 676 million, and that the number of deaths exceeded 6.87 million.
The performance of the four main US stock indexes on Monday (6th):
Focus stocks
The five kings of science and technology have their strengths and weaknesses. Apple (AAPL-US) rose 1.85%; Alphabet (GOOGL-US) rose 1.58%; Microsoft (MSFT-US) rose 0.62%; Meta (META-US) fell 0.19%; Amazon (AMZN-US) fell 1.21%.
Dow components were mixed. Dow Chemical (DOW-US) fell 2.07%; Walgreens Boots (WBA-US) fell 1.77%; Boeing (BA-US) fell 1.48%; Merck (MRK-US) rose 3.95%; Coca-Cola (KO -US) up 1.55%; Visa (V-US) up 1.33%
Franchise electorates were generally weak. NVIDIA (NVDA-US) fell 1.41%; AMD (AMD-US) fell 0.44%; Applied Materials (AMAT-US) fell 0.35%; Texas Instruments (TXN-US) fell 1.50%; Intel (INTC-US) fell 1.55 % %; Qualcomm (QCOM-US) fell 0.96%; Micron (MU-US) rose 0.088%.
ADRs of Taiwanese stocks fell in one piece. TSMC ADR (TSM-US) fell 0.23%; ASE ADR (ASX-US) fell 1.20%; UMC ADR (UMC-US) fell 1.54%; Chunghwa Telecom ADR (CHT-US) fell 0.10%.
Corporate News
Apple (AAPL-US) climbed 1.85% to $153.83 a share after Goldman Sachs recommended Apple “overweight” for the first time in six years. Goldman Sachs analysts believe that Apple’s installed base growth, long-term growth in services, and new product innovation should be more than enough to offset cyclical headwinds in product revenue.
In addition, several sources revealed that Apple plans to hold a new product launch event in the spring this week, and the iPhone 14 Pro and iPhone 14 Pro will all add a yellow color style.
Tesla ( TSLA-US ) plunged 2.01% to $193.81 per share despite yet another Tesla price war. Tesla cut the prices of its Model S and Model X in the United States, the second time this year that the company has cut vehicle prices in the United States, to boost sales in the final month of the first quarter. Earlier, Chief Executive Elon Musk said on Investor Day that recent price cuts had increased demand.
Microsoft (MSFT-US) rose 0.62% to $256.87 a share. After the ChatGPT chatbot developed by OpenAI became popular, Microsoft continued to expand the scope of artificial intelligence (AI) applications Microsoft’s ambition is to introduce AI into all walks of life to reshape productivity.
Shares of Snap (SNAP-US) rose 9.48% to $11.66 a share on Monday amid growing calls in the US Congress to ban TikTok, the popular video-sharing app owned by China’s ByteDance.
Economic data
- The revised monthly rate of US durable goods orders in January was -4.5%, expected -4.5%, and the previous value was -4.5%
- The monthly rate of US factory orders in January was -1.6%, expected -1.8%, and the previous value was 1.7%
Wall Street Analysis
Michael Wilson, a well-known short seller on Wall Street and Morgan Stanley analyst, pointed out that the bear market rally is not ready to end. If US bond yields and the dollar continue to fall, the market is expected to US stock rose in the short term.
Evercore analyst Krishna Guha opined that Powell could this week emphasize “the remarkable resilience of the economy and signs that the return of inflation to the Fed’s target will be long and bumpy,” but Powell is not expected to turn extremely hawkish Or increase the market. expectations for a 2-yard rate hike.
“Given that this is an important week that could change the direction of the market, it would be prudent for the market not to jump too quickly,” said LPL financial analyst Quincy Krosby.
All numbers are updated before the deadline, please refer to the actual quote
