As the Thanksgiving holiday is approaching, the main U.S. stock index rose slightly in light trading in early trading on Monday (20th).
The market is waiting for the release of the minutes of the latest Federal Reserve meeting and Huida’s financial report, and Huida’s stock price has reached a record high. Despite OpenAI’s infighting, Microsoft quickly recruited Atman, the father of ChatGPT, to join the company, pushing its stock price to new highs. Retailers Best Buy (BBY-US) and Kohl’s (KSS-US) both fell ahead of earnings reports.
In the late trading of U.S. stocks, after the US$16 billion 20-year U.S. Treasury bond auction saw quite strong demand, market sentiment was further boosted, U.S. bonds cheered, and the 10-year U.S. bond yield fell to 4.4%. U.S. stocks Also jumped after hearing the news.
The Dow Jones closed about 200 points lower on Monday. The S&P closed up over 0.7%, out of correction territory, while the Nasdaq rose over 1%, both hitting their highest levels since August.
The minutes from the October 31st to November 11th meetings are very eye-catching as people are very concerned about how the Fed will deal with interest rates next. The market has almost fully priced in the possibility that the Federal Reserve will keep interest rates unchanged in December, and a rate cut next summer is increasingly likely.
Richmond Fed President Thomas Barkin said on Monday that he still needs to be convinced that inflation is slowing, but that the Fed’s work to lower inflation is not yet complete and must persist to see results. Now is not a good time to give forward guidance on interest rates.
Performance of major U.S. stock indexes on Monday (20th):
- The Dow Jones Industrial Average rose 203.76 points, or 0.58%, to close at 35,151.04 points.
- The Nasdaq rose 159.05 points, or 1.13%, to close at 14,284.53 points.
- The S&P 500 index rose 33.36 points, or 0.74%, to close at 4,547.38 points.
- The Philadelphia Semiconductor Index rose 57.15 points, or 1.52%, to close at 3,805.80 points.
- The NYSE FANG + index rose 127.23 points, or 1.55%, to close at 8,316.62 points.
The five technology kings in the NYSE FANG+ index are all in high gear. Alphabet (GOOGL-US) rose 0.69%; Meta (META-US) rose 1.47%; Apple (AAPL-US) rose 0.93%; Microsoft (MSFT-US) rose 2.05%; Amazon (AMZN-US) rose 0.65%.
More than half of the Dow Jones components rose. Boeing (BA-US) surged 4.65%; Intel (INTC-US) rose 2.12%; Microsoft (MSFT-US) rose 2.05%; Salesforce (CRM-US) rose 1.77%; Kaoru Heavy Industry (CAT-US) fell 1.04 %.
Feiban stocks generally closed in the red. Qualcomm (QCOM-US) rose 0.03%; NVDA (NVDA-US) rose 2.28%; Micron (MU-US) rose 1.37%; Applied Materials (AMAT-US) rose 2.68%; AMD (AMD-US) rose 0.75 %; Texas Instruments (TXN-US) rose 0.60%.
Taiwan stock ADRs rose collectively. TSMC ADR (TSM-US) rose 0.38%; ASE ADR (ASX-US) rose 1.64%; United Microelectronics ADR (UMC-US) rose 1.40%; Chunghwa Telecom ADR (CHT-US) rose 0.98%.
Microsoft (MSFT-US) closed at a 2.05% dividend to $377.44 per share, reaching a record high. After a series of recent personnel changes in OpenAI, Microsoft announced that former OpenAI CEO Sam Altman, who was fired, and some OpenAI employees have joined Microsoft to lead the new AI team.
Evercore ISI analyst Kirk Materne noted that this is a clear win for Microsoft. In addition, nearly 600 OpenAI employees signed a petition on Monday calling on the OpenAI board of directors to resign and let Atman return, otherwise they will follow Atman to Microsoft.
NVDA (NVDA-US) rose 2.28% to $504.20 per share, hitting a new all-time high. The earnings season is almost over, but there is still one company among the seven technology giants that has yet to be announced. Huida will announce its earnings on November 21. Given that the company has become the focus of this year’s enthusiasm for generative AI, its performance will be closely watched. , investors currently have high confidence in Huida’s ability to “outperform the market.”
Uber (UBER-US) closed 0.57% higher at $54.75 per share. Uber announces it will issue $1.2 billion in five-year convertible bonds subject to market conditions
Boeing (BA-US) surged 4.65% to $217.71 per share. Deutsche Bank raised its investment stance on Boeing from “hold” to “buy”, citing increased commercial aircraft deliveries.
Wall Street Analysis
Societe Generale strategist Manish Kabra believes: “The S&P should be in ‘buy the dip’ territory as corporate earnings continue to improve and the journey to the end of the year should be far from smooth. Economic downturn, looming credit sell-off and continued quantitative tightening It’s a hurdle traders still have to face.”
Win Thin, global head of foreign exchange strategy at Brown Brothers Harriman & Co, said: “Even as the rest of the world falls into recession, the U.S. economy continues to grow at an above-trend rate, and while price pressures persist, the Fed will not be able to move as quickly as the market expects. Interest rate cuts and interest rate cuts will not be that big.”
“One of the factors driving the recent rebound from the end of October to now is that U.S. Treasury yields fell about 0.5%, which has obviously supported asset values,” said Tom Hainlin, senior investment strategist at Ascent Private Capital Management.
The figures are all updated before the deadline, please refer to the actual quotation.