The market predicts that the U.S. Federal Reserve’s (Fed) monetary tightening policy is coming to an end, and a large number of optimistic corporate financial reports have also boosted sentiment. The major U.S. stock indexes opened higher on Thursday (2nd), while U.S. bond yields continued to fall.
before deadline,Dow Jones Industrial Averagerose more than 230 points or nearly 0.7%,Nasdaq Composite Indexrose more than 150 points or nearly 1.2%,S&P 500 Indexrose more than 1%,Philadelphia SemiconductorThe index rose nearly 1.6%.
After the Fed held off on raising interest rates for its second straight monetary policy meeting, markets were cheered by its dovish turn after Chairman Jerome Powell suggested the most aggressive tightening cycle in four decades may now be complete. The 10-year U.S. Treasury yield fell below 4.75% for the first time in two weeks, extending an earlier move triggered by the U.S. Treasury Department’s plan to slow the pace of long-term bond auctions.
Although the Fed retains the possibility of additional policy actions in response to strong economic growth, Ball speculated that high U.S. bond yields may help the central bank keep monetary conditions restrictive to eliminate excessive inflation in this business cycle.
The latest Markets Live Pulse survey conducted after the Fed announced its November interest rate decision shows that investors believe that as the Fed nears the end of raising interest rates, the sell-off in U.S. debt appears to be coming to an end. At the same time, the core force driving the trend of U.S. debt is also driven by currency. Policy gave way to the size of the federal government’s deficit.
In terms of economic data, before the release of the non-farm payrolls report on Friday (3rd), data showed that U.S. labor productivity hit the largest increase in three years, helping to alleviate the inflationary impact of recent wage growth. Economists estimate that nonfarm payroll employment will increase by 180,000 in October, following an increase of 336,000 in September.
In addition, the number of people claiming initial unemployment benefits rose to 217,000 last week, higher than the expected 210,000 and the previous value of 212,000; the number of people continuing to receive unemployment benefits continued to rise to a six-month high of 1.818 million, exceeding expectations of 1.8 million and 212,000. The previous value was 1.783 million.
As of 21:00 Taipei time on Thursday (2nd): Focus stocks:
Year(ROKU-US) rose 19.46% to $71.31 per share in early trading
Streaming media device maker Roku soared more than 19% before the market opened after the company reported third-quarter revenue of $912 million, an annual increase of 19.8%, higher than market expectations of $855 million; adjusted EBITDA was $43 million, It lost $34.4 million in the same period last year. The number of active accounts in the third quarter reached 75.8 million, a net increase of 2.3 million or 16% compared with the same period last year.
Palantir (PLTR-US) rose 17.63% to $17.55 per share in early trading
Palantir’s third-quarter revenue was US$558 million, an increase of 17% year-on-year, exceeding market expectations. The company posted a fourth consecutive GAAP profit, with GAAP earnings per share of $0.03. Palantir raised its full-year revenue forecast to a range of $2.216 billion to $2.220 billion.
Microsoft (MSFT-US) rose 0.35% in early trading to $347.26 per share
After several months of paid testing, Microsoft Office 365 Copilot, which has high hopes in the industry, has officially launched pre-orders. Office 365 Copilot is only available to enterprise customers and is priced at $30 per user per month. Analysts do not expect it to contribute much to revenue in the short term.
Today’s key economic data: The number of people claiming initial unemployment benefits in the United States last week was 217,000, compared with 210,000 expected, and the previous value of 212,000. The number of people continuing to receive unemployment benefits in the United States last week was 1.818 million, compared with 1.8 million expected, and the previous value was 1.783 million. The preliminary value of agricultural productivity was at 4.7%, which was expected to be 4.1%, and the previous value was 3.6%. The preliminary value of U.S. non-agricultural unit labor costs in the third quarter was -0.8%, and it was expected to be 0.7%, and the previous value was 3.2%. The monthly growth rate of U.S. durable goods orders in September was revised. The value is expected to be 4.7%, compared with the previous value of 4.7%. The monthly growth rate of U.S. factory orders in September is expected to be 2.4%, compared with the previous value of 1.2%. Wall Street analysis:
Priya Misra, investment manager at JPMorgan Asset Management, said Friday’s employment data will be crucial and if the economic data report is weak, interest rates will continue to move lower, but financial conditions may not ease further because of the recession. It may seem more imminent. After a strong report, the market will be nervously watching the Fed to see if they will react.
The U.S. stock market has rarely fallen for three consecutive months, but there is a bright side to this for investors. If history is any guide, pessimism is laying the foundation for future gains.One of Bank of America’s contrarian indicators is closing in on a “buy” signal, with strategists at the bank saying its current levels imply a 12-month outlook.S&P 500 IndexThe price return rate will reach 15.5%.
2023-11-02 13:49:41
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