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S&P 500 Opens at Record High Due to Netflix and Technology Earnings

S&P 500 IndexOn Wednesday (24th), the market opened at a record high, mainly due to the impact of streaming media giant Netflix (NFLX-US), the number of users grew beyond expectations. In addition, Asmore (ASML-US) Strong earnings also helped technology stocks rise.

before deadline,Dow Jones Industrial Averagerose nearly 900 points or nearly 0.2%,Nasdaq Composite Indexrose more than 110 points or nearly 0.7%,S&P 500 Indexrose nearly 0.5%,Philadelphia SemiconductorThe index gained nearly 0.8%.

Before the U.S. stock market opened, positive financial reports released by technology companies reinforced the overall strong outlook for the corporate sector.Nasdaq 100 Index futures moved in that direction, with the index hitting a new closing high yesterday. After Netflix’s last quarter financial report showed that the number of users greatly exceeded expectations, its stock price surged more than 10% before the market opened on Tuesday, while eBay (EBAY-US) also rose nearly 4% in pre-market trading after promising to cut about 9% of its workforce.

With Tesla (TSLA-US) and IBM(IBM-US) will release its latest earnings report after the U.S. stock market closes on Wednesday, with technology stocks becoming the focus of the market. From a broader perspective, the U.S. earnings season so far suggests that businesses are coping well with rising interest rates.

Francois Rimeu, a strategist at La Francaise Asset Management in Paris, said: “We are currently in the sweet spot for the stock market. The U.S. economy is doing well and Europe’s economic growth is flat, but it is not a big drama and no one believes that inflationary pressures will return.” He added Earnings from technology and artificial intelligence (AI) are also rising in the U.S., which in itself is supporting the overall market, he said.

In the European market, lithography giant ASML (ASML) (ASML-US)’s performance in the fourth quarter of last year was outstanding. Net profit for the quarter exceeded expectations, and orders increased threefold quarterly, setting a record, which foreshadowed the recovery of the semiconductor industry.

InsingerGilissen analyst Jos Versteeg noted: “In the last week, TSMC (2330-TW) After reporting good results and outlook, there is hope that they will raise their outlook for 2024, and as end markets continue to recover, the company may upgrade its outlook later this year. “

The market’s focus now turns to the monetary policy decisions of the Bank of Canada (Bank of Canada) later on Wednesday and the European Central Bank (ECB) on Thursday (25th). Both central banks are expected to keep policy rates unchanged, but may signal the possibility of a first rate cut. Approximate time.

As of 22:00 Taipei time on Wednesday (24th): Focus stocks:

Ford (F-US) shares rose 0.04% to $11.38 per share in early trading

Ford is recalling nearly 1.9 million Explorer SUVs in the U.S. because parts could fly off, posing a danger to other drivers. The recall covers Explorer models from 2011 to 2019. The National Highway Traffic Safety Administration (NHTSA) says the clips that secure the roof mounts near the windshield may come loose. If this happens while driving, the accessory may fly away and increase the risk of a crash.

AT&T (T-US) shares fell 1.60% in early trading to $16.91 per share

AT&T on Wednesday forecast full-year profit below market expectations as the telecom operator faces fierce competition from cable TV operators and reduces the value of some older equipment, causing its shares to fall nearly 3% in pre-market trading on Wednesday.

Dupont (DD-US) shares fell 13.33% to $64.73 per share in early trading

DuPont De Nemours said on Wednesday it expected to post a fourth-quarter loss compared with a profit in the same period last year, sending its shares down 12% in premarket trading on Wednesday. The cross-industry chemicals company expects ongoing operating losses of $220 to $370 million, after reporting a profit of $105 million last year.

Today’s key economic data:

  • US January Markit manufacturing PMI preliminary value is expected to be 47.9, the previous value was 47.9
  • US January Markit services PMI initial value is expected to be 51.0, the previous value was 51.4
  • US January Markit comprehensive PMI preliminary value was 50.9

Wall Street analysis:

Wells Fargo Investment Research recently wrote in a report: “Our view is that earnings across all equity sectors have peaked and will decline as the economy softens and revenue growth stagnates. In the short term, we expect public companies to Earnings and stock prices will come under pressure.”

The bank’s statisticsS&P 500 IndexThe decline in earnings per share (EPS) over the past 12 months warned investors that the company’s earnings are “unlikely to escape the impact of the economic slowdown unscathed”. The median decline from peak to trough reached 21.4%.

2024-01-24 14:49:53
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