The market digested better-than-expected labor market data, and profit-taking sentiment in technology stocks continued to strengthen.10-Year Treasury Bond YieldHitting 4.00% again, most U.S. stocks closed lower on Thursday (4th), continuing the dismal start to the year.
Apple continues to be bearish on Wall Street and has fallen for three consecutive days since the start of the year. Mobileye’s shares plunged nearly 25% after warning customer order volumes would be lower than the same period last year.
The S&P edged down 0.34%, extending its fourth day of losses.that fingerIt closed 0.56% lower, falling for the fifth consecutive trading day, recording the longest losing streak since October 2022.
In terms of data, the number of ADP employees in the United States in December last year was 164,000, a record high since August 2023. At the same time, wage growth slowed down again. Last week, the number of people applying for unemployment benefits for the first time in the United States reported 202,000, a decline greater than expected. At 2023 lows.
On the political and economic front, traders’ enthusiasm for betting on a rate cut by the U.S. central bank in March has been waning as the minutes of the Federal Reserve’s December meeting released on Wednesday indicated that benchmark interest rates may remain at restrictive levels “for some time.” Traders will next look to Friday’s U.S. non-farm payrolls report and European inflation data to determine whether central banks have room to start cutting interest rates.
The U.S. House of Representatives’ Special Committee on Strategic Competition between the United States and the Communist Party of China sent a letter to the Biden administration on Thursday requesting that Quectel Wireless (603236-SH), a Shanghai A-share listed company, be included in the list of military companies prohibited from investment.
Thirty-three senators on Thursday urged Tesla and 12 other automakers to remain neutral in the United Auto Workers’ (UAW) ongoing effort to organize U.S. auto factories.
As the winter flu heats up and the COVID-19 epidemic intensifies, more and more U.S. hospitals are requiring masks and restricting visitors. New York City last week made masks mandatory at the city’s 11 public hospitals. Some hospitals in Los Angeles and Massachusetts ordered similar measures last week. Some hospitals reinstated mask mandates for employees months ago in anticipation of seasonal spikes in patient numbers.
Performance of major U.S. stock indexes on Thursday (4th):
- US stocksDow Jones IndexIt rose 10.15 points, or 0.03%, to close at 37,440.34 points.
- NasdaqThe index fell 81.91 points, or 0.56%, to close at 14,510.3 points.
- S&P 500 IndexIt fell 16.13 points, or 0.34%, to close at 4,688.68 points.
- Philadelphia SemiconductorThe index fell 32.36 points, or 0.82%, to close at 3,908.85 points.
- The NYSE FANG + index fell 44.00 points, or 0.52%, to close at 8,366.26 points.
Eight of the 11 major S&P sectors ended in the black, with the energy sector leading the decline -1.63%).Healthcare was the top performer (+0.46%) (Photo: finviz) Stocks in Focus
Among the five technology kings in the NYSE FANG+ index, only Meta closed in the red. apple (AAPL-US) fell 1.27%; Alphabet (GOOGL-US) fell 1.82%; Meta (META-US) rose 0.77%; Microsoft (MSFT-US) fell 0.72%; Amazon (AMZN-US) fell 2.63%.
Dow JonesConstituent stocks have waxed and waned with each other. Merck (MRK-US) rose 1.95%; Amgen (AMGN-US) rose 0.82%; American Express (AXP-US) rose 0.76%; Walgreens and Boots (WBA-US) fell 5.12%; Nike (OF THE US) fell 1.67%.
half feeComponent stocks languished. Micron (MU-US) rose 0.55%; AMD (AMD-US) rose 0.51%; Broadcom (AVGO-US) fell 0.90%; Qualcomm (QCOM-US) fell 1.04%; Huida (NVDA-US) rose 0.90%; Applied Materials (AMAT-US) fell 1.41%; TI (TXN-US) fell 1.36%.
Among Taiwan stock ADRs, TSMC performed the worst. TSMC ADR (TSM-US) fell 1.04%; ASE ADR (ASX-US) fell 0.12%; UMC ADR (UMC-US) rose 1.12%; Chunghwa Telecom ADR (CHT-US) fell 0.21%.
Corporate News
Apple has become Wall Street’s most unpopular big tech stock, with Apple (AAPL-US) fell 1.27% to $181.91 per share, with approximately $155 billion in market value wiped out so far. Piper Sandler & Co.’s Harsh Kumar downgraded Apple stock on Thursday and said China’s weak general economic environment will dampen iPhone demand.
Solar product manufacturer SolarEdge (SEDG-US) fell 4.21% to $82.80 per share. However, SolarEdge Chief Financial Officer Ronen Faier pointed out on Thursday that the company has bottomed out in the past two quarters. With the decline in electricity prices and support from the Inflation Reduction Act (IRA), the U.S. solar industry will achieve moderate growth in 2024, and the U.S. and European markets The number of battery installations is also expected to continue to grow.
Merck (MRK-US) rose 1.95% to $117.01 per share, as Merck is looking to join the ranks of companies trying to capitalize on the explosion of new weight-loss drugs with its new anti-obesity drug glucagon-like peptide-1 (GLP-1). Get a piece of the pie.
OpenAI plans to launch an online store next week to let people share customized versions of the company’s popular ChatGPT chatbot, a plan that had previously been delayed. Microsoft, which has invested approximately US$13 billion in OpenAI (MSFT-US) closed 0.72% lower at $367.94 per share.
Autonomous driving technology company Mobileye (MBLY-US) fell 24.55% to $29.97 per share. Mobileye, an autonomous driving technology company owned by Intel, warned that reduced orders as customers remove excess inventory will hit revenue this year.
Ford (F-US) closed down 0.26% to $11.68 per share. The auto giant previously announced plans to increase the price of some electric F-150 Lightning pickup trucks, signaling strong demand for the product.
Economic data
- U.S. ADP added 164,000 jobs in December last year, compared with expectations of 115,000, and the revised previous value of 101,000
- The number of people claiming initial unemployment benefits in the United States last week was 202,000, compared with expectations of 216,000, and the revised previous value of 220,000
- The number of people continuing to receive unemployment benefits in the United States last week was 1.855 million, which was expected to be 1.883 million. The revised previous value was 1.886 million.
- The final value of the Markit Comprehensive PMI in the United States in December last year was 50.9, which was expected to be 51.0, and the previous value was 50.7
- The final value of the Markit services PMI in the United States in December last year was 51.4, which was expected to be 51.3 and the previous value was 50.8.
Wall Street Analysis
“There’s nothing in Thursday’s data that suggests the Fed urgently needs to start cutting rates in the first quarter,” said BMO Capital Markets strategist Ian Lyngen.
Chris Larkin, managing director of Morgan Stanley’s E*Trade trading department, said: “If the non-farm payrolls data show the same strong momentum and the economy continues to move forward, then we have reason to wonder why the Fed will be eager to cut interest rates.”
Citi economist Veronica Clark commented: “Even with the recent easing of financial conditions, risks to monthly employment growth remain more to the downside than to the upside, and the market may react more to weak data.”
The figures are all updated before the deadline, please refer to the actual quotation.
2024-01-04 22:00:44
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