After investors digested a series of earnings news, US stocks opened higher on Tuesday (19th). Before the deadline, the Dow Jones Industrial Average rose 100 points or 0.3%, the Nasdaq Composite Index rose 0.4%, the S&P 500 Index rose more than 0.3%, and the Philadelphia Semiconductor Index also rose 0.25%.
Benefited from the sales growth in the three major businesses of pharmaceuticals, medical equipment and consumer products, Johnson & Johnson’s Q3 profit was better than expected. Although revenue was slightly lower than the estimate, Johnson & Johnson still raised its full-year financial outlook. The stock price rose by nearly 2 before the deadline. %.
At the same time, the market continues to pay attention to how rising energy and raw material costs will affect corporate profits. After warning that commodity and transportation costs may erode profitability, consumer goods giant Procter & Gamble fell more than 1% before the deadline.
Due to hurricanes such as Ida, the total loss of catastrophes has soared. Travelers (TRV-US) Q3 net profit of property insurance company Travelers (TRV-US) dropped by 20% compared with the same period last year, but it was still better than market expectations. The opening rose 2.5%.
Netflix (NFLX-US), United Airlines (UAL-US) and other companies will announce their latest financial reports after the market on Tuesday. According to FactSet data, 80% of the 41 S&P 500 index companies that have announced their financial reports have made better-than-expected profits.
International oil prices fell slightly. Russia hinted on Tuesday that it will not supply Europe with additional natural gas unless the Nord Stream 2 pipeline project is approved by regulators.
At the time of writing, the 10-year U.S. Treasury yield was stable at 1.609%, while the U.S. dollar fell.
As of 21 o’clock on Tuesday (19th) Taipei time:
- The Dow Jones Industrial Average rose 104.90 points, or 0.30%, to 35363.60 points temporarily
- The Nasdaq Composite Index rose 65.13 points, or 0.43%, to 15086.74 points temporarily
- The S&P 500 Index rose 16.94 points, or 0.38%, to 4,503.40 points temporarily
- The fee increased by 8.32 points or 0.25% after half the fee, temporarily reporting 3347.12 points
- TSMC ADR rises 0.68% to 116.13 US dollars per share
- 10-year U.S. Treasury yield rises to 1.609%
- New York Light Crude Oil fell 0.23% to US$82.25 per barrel
- Brent crude oil fell 0.24% to US$84.13 per barrel
- Gold rose 0.79% to $1,79.70 per ounce
- The dollar index fell to 93.685
Johnson & Johnson (JNJ-US) rose 1.85% to US$163.08 in early trading.
Johnson & Johnson (Johnson & Johnson) announced that its third-quarter sales increased 10.7% annually to 23.3 billion U.S. dollars, slightly lower than expected, adjusted EPS to 2.60 U.S. dollars, better than market estimates, Johnson & Johnson also raised its full-year financial forecast , And maintain the full-year vaccine sales forecast unchanged.
Procter & Gamble (PG-US) fell 1.36% in early trading to $140.40.
Procter & Gamble (P&G) announced before the market that its revenue and profit for the first quarter of fiscal year 2022 were better than analysts’ expectations, but it also warned that commodity and logistics costs might hit company profits and put pressure on full-year results.
Wal-Mart (WMT-US) rose 1.91% in early trading to $144.38.
Goldman Sachs included Walmart on the Conviction Buy list on Monday, reiterated the “Buy” rating and raised the target price from US$184 to US$196, which is a premium of at least 38 US dollars from Monday’s closing price. %.
Analyst Kate McShane is optimistic that Wal-Mart will continue to invest while improving the company’s EBIT profitability, paving the way for future business growth.
Today’s key economic data:
- US September monthly rate of construction permits reported-7.7%, expected-3.0%, the previous value was lowered from 6.0% to 5.6%
- The total number of construction permits in the United States in September reported 1.589 million, which is expected to be 1.67 million. The previous value was lowered from 1.728 million to 1.721 million
- The monthly rate of new housing starts in the United States in September reported-1.6%%, expected-0.3%, the previous value was lowered from 3.9% to 1.2%
- The total number of new housing starts in the United States in September was 1.555 million, with an expected 1.610 million. The previous value was lowered from 1.615 million to 1.58 million
Wall Street analysis:
JoAnne Feeney, partner and portfolio manager of Advisors Capital Management, said that he will continue to pay attention to whether corporate profits continue to be suppressed by rising prices and wage costs caused by shortages. She also said that variant viruses including Delta may be one of the factors that will cause the stock market to fluctuate in the next few months.
Following the outstanding performance of large banks last week, FXTM senior analyst Lukman Otunuga released a report stating that if the company returns with a solid financial report in the next week, it is expected to inject full confidence into the S&P 500 index bulls and challenge unknown areas beyond historical highs. .