Nick Timiraos, a reporter for the Wall Street Journal, known as the Fed’s mouth piece, revealed that the Fed could raise the final interest rate higher than expected. Meta led the decline in technology stocks, dragged down by Intel and Amgen, the Dow Jones closed nearly 130 points in the black, but the Dow Jones recorded its best monthly performance since January 1976.
All the major indexes rose sharply in October, with the Dow Jones up 13.95% for the month, while the S&P and Nasdaq rose around 8% and 3.9%, respectively, snapping a two-month losing streak to end
In terms of politics and the economy, the Federal Reserve will host the Federal Open Market Committee (FOMC) meeting in November JPMorgan strategists expect the pace of aggressive interest rate hikes by the Federal Reserve could slow in December. Analysts are Morgan Stanley believes so, The inversion of the 3-month and 10-year US Treasury yields suggests that the Fed will turn dovish sooner or later.
US President Joe Biden has called on Congress to consider a random tax on oil and gas companies as high oil prices weigh on Democrats’ midterm election prospects.
The global food crisis has worsened again, with the price of wheat soaring as Russia ended its participation in a UN-brokered Black Sea grain export deal after claiming a drone attack on its fleet in the Crimea.
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 630 million, and that the number of deaths has exceeded 6.58 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 Monday (31st):
Focus stocks
The five kings of science and technology have fallen together. Apple (AAPL-US) fell 1.54%; Alphabet (GOOGL-US) fell 1.85%; Microsoft (MSFT-US) fell 1.59%; Meta (META-US) fell 6.09%; Amazon (AMZN-US) fell 0.94%.
More than half of the Dow Jones components ended in the dark. Dow Chemical (DOW-US) fell 1.56%; Coca-Cola (KO-US) fell 1.5%; American Express (AXP-US) fell 1.32%; Pioneering Heavy Industries (CAT-US) fell 1.31%; Traveler (TRV-) United States ) fell 1.32% ) rose 1.37%.
Half the electorate was generally weak. Intel (INTC-US) fell 2.20%; Qualcomm (QCOM-US) fell 1.30%; AMD (AMD-US) fell 3.14%; NVIDIA (NVDA-US) fell 2.44%; Applied Materials (AMAT-US) fell 1.59%; Texas Instruments (TXN-US) fell 0.45%; Micron (MU-US) rose 0.11%.
Taiwan’s ADR stock fell the most with ASE. TSMC ADR (TSM-US) fell 0.74%; ASE ADR (ASX-US) fell 4.14%; UMC ADR (UMC-US) fell 1.50%; Chunghwa Telecom ADR (CHT-US) rose 1.06%.
Corporate News
Apple (AAPL-US) fell 1.54% to $153.34 a share. Several foreign media reported that Foxconn’s Zhengzhou plant had previously suffered a large-scale infection. Due to reports of workers fleeing overnight, the Zhengzhou factory’s iPhone production may be reduced by as much as 30% in November. Foxconn is prepare to bring spare production capacity online and increase hourly wages of workers by more than 30% half to respond.
Twitter (TWTR-US) remains suspended and will be delisted from the New York Stock Exchange on November 8. Musk will serve as CEO of Twitter, and will arrange for more than 50 Tesla employees to conduct code reviews and other work, redesign the subscription system and check Twitter, and management requires them to work two shifts day and night, seven days a week to achieve their goals. , otherwise the job will not be guaranteed.
US self-driving truck company TuSimple ( TSP-US ) nearly halved on Monday, plunging 45.64% to $3.43 a share. Former TuSimple CEO Hou Xiaodi confirmed on Monday that he has been removed from his position as chairman and CEO by the company’s board of directors, which is facing a federal investigation into allegations that the company improperly provided funds and technology transfer to startup Hydron.
Onsemi (ON-US), a US maker of automotive semiconductor IDMs, fell 8.97% to $61.43 a share. ON Semiconductor’s latest earnings report beat expectations for revenue and profit, and the financial outlook was in line with expectations. Japanese media reported that Japanese private equity funds will acquire ON Semiconductor fab in Niigata, Japan.
Amgen ( AMGN-US ) fell 1.26% to $270.35 a share, snapping a three-day winning streak that Barclays analysts believe has been driven largely by early-stage weight loss therapy AMG133, but which overvalued high Amgen stock, having ‘to downgrade to “under pressure”.
Economic data
- The United States reported October Chicago PMI 45.2, expected 47, the previous value of 45.7
Wall Street Analysis
Stephen Innes, managing partner of SPI Asset Management, pointed out that the outcome of this week’s Fed meeting will be crucial for the trend of US stocks before the end of the year.
ActivTrades analyst Pierre Veyret said the market remains volatile and will likely continue into Friday as investors have a lot to digest this week, with volatility expected to peak when Chairman Powell speaking, as many traders expect Powell, the hawkish rhetoric to weaken a little.
Jason Draho, head of US asset allocation at UBS, believes that while the recent rally in equities looks unsustainable, that doesn’t mean the market can’t continue to move higher in the coming weeks, as assuming the Fed, jobs and inflation data will do that. does not disappoint.
Figures are updated before the deadline, please refer to the actual quote.
