US Stock Diary│ Dow Jones Industrial Average fell for three straight days at market close (zz/NDZ/STAR MAX/IPx)
US stocks rose first and then fell. At one point the Dow Jones index rose more than 100 points in the morning. All three major indexes fell in late trading. The Dow and S&P 500 fell for three consecutive days. Major technology stocks fell, but financial, medical and other industries were supportive. Economic data is mixed, and the market is waiting to see the subsequent PCE inflation data.
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State of the market on 26 March (Tuesday)
l The Dow Jones index fell 31.31 points, or 0.08%, to 39,282.33 points.
l The S&P 500 index fell 14.61 points, or 0.21%, to 5,203.58 points.
l The Nasdaq index fell 68.80 points, or 0.42%, to 16,315.70 points.
l New York May oil futures closed at US$81.82 a barrel, down US$0.33 or 0.40%.
l New York gold futures for June delivery settled at $2,177.2 an ounce, up less than 0.1%.
l The 10-year US Treasury bond yield closed at 4.234%, down 1.9 points.
NVIDIA’s artificial intelligence stock closed down 2.6%, and it was also the biggest decliner among the “Seven Technology Giants”. Tesla’s electric vehicle stock rebounded, closing up 2.9%. Apple fell 0.7% and is down nearly 12% year to date. According to data from the China Academy of Information and Communications Technology, Apple’s iPhone shipments in China in February were around 33% year-on-year, and this figure had fallen by 39% year-on-year in January, reflecting the decline continued demand for iPhones in this important overseas market for Apple.
Seagate received an increase in its target price from a major bank, and its stock price rose more than 7%. After winter shopping retailer Krispy Kreme announced it would expand its collaboration with McDonald’s, its stock price closed down nearly 40%.
Reddit continues to rise, with its stock price closing nearly 9% higher at $65 on Tuesday.. The company went public last Friday and is now double its IPO price. UPS announced an increase in its long-term goals, but the market expressed doubts and its stock price closed more than 8%. Former President Trump’s social media backdoor performance was strong on the first day after his listing, peaking at more than 40%. Trading was temporarily suspended, but the final gain fell to 16%. Medical stocks improved, with United Healthcare rising more than 1%.
Tom Hainlin, senior investment strategist at US Bank Asset Management, said: “City sentiment is expanding, more cyclical sectors are joining the rally, and recent data reflect that the economy is still in good shape, even if inflation remains above target.”.
UBS said fourth-quarter corporate earnings growth and continued capital inflows into artificial intelligence concept stocks continued to support the stock market’s rise. “Although some sentiment and position indicators point to a mild correction in the coming months, we still believe that the four key factors in the stock market are The drivers remain largely in place: 1) solid growth, 2) inflation slowing, 3) feeding pivot, 4) explosive growth in AI investment,” the company said in a report on Monday.
David Kostin, chief US stock strategist at Goldman Sachs, said the market has already priced in expectations that the Federal Reserve will cut interest rates three times this year, which should benefit large-cap stocks. “To some extent, the number of cuts is less,” said the Goldman Sachs economist It is expected to be three times, but if it is only two, it would be more favorable for larger companies with stronger balance sheets.”
JPMorgan analyst Gokul Hariharan said Nvidia “remains one of the cheapest large-cap semiconductor stocks in the world, still trading at a discount of about 30% to the SOX index and about 51% to a basket of large-cap AI semiconductor stocks. Discounts (NVIDIA, AMD, Broadcom, Marvell).”
In terms of data, new orders for durable goods in the US increased for the first time in three months in February. Data released by the US Commerce Department on Tuesday showed, after January’s data was revised down to a decrease of 6.9%, all durable goods orders increased by 1.4% in February, which was higher than the market The expected growth of 1% is high, which shows that companies are somewhat optimistic about the economic trend.
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