Saturday , June 25 2022


Friday (4th) With employment data other than agriculture far lower than expected, Wall Street is expected to force Congress to launch a new round of relief measures more quickly. Treasury yields climbed in the United States, energy stocks led the rise, Dow Jones, S&P, Nasdaq, Fibonacci, and Russell 2000 index are scarce in history to always peak.

The main U.S. stock index has been red for the fourth week in a row. The Dow Jones rose 1% this week, the S&P rose 1.7% this week, and the Nasdaq rose 2.2% this week.

House Speaker Pelosi said Friday that he will meet with Senate Majority Leader McConnell because the latest non-agricultural report brings momentum to discussions.

Pelosi still insists on the US $ 908 billion bailout rating. The plan was backed by some Republicans. It is believed that the plan can become the basis for real negotiations between the two parties. It is expected that the bill will have to be passed next week.

President-elect Biden said the disappointing non-agricultural report marks a dark winter this year. Right now, President Trump and Congress need to act urgently.

US Senate Democratic leader (minority) Schumer issued a public statement Friday that the latest employment report shows that the need for strong emergency relief is more important than ever.

The new global crown pneumonia (COVID-19) epidemic continues to fever. According to Johns Hopkins University real-time statistics in the United States before the deadline, the number of confirmed cases worldwide has exceeded 65.62 million, and the number of deaths has exceeded 1.51 million. The United States has accumulated more than 14.24 million cases were found, and the cumulative number of deaths was more than 277,000.

Friday’s performance of four major US stock indexes (4th):

  • The Dow Jones Index rose 248.74 points, or 0.83%, to close at 30,218.26 points.
  • The S&P 500 index rose 32.40 points, or 0.88%, to close at 3,699.12 points.
  • The Nasdaq Index rose 87.05 points, or 0.70%, to close at 12,464.23 points.
  • The Philadelphia Semiconductor Index rose 76.88 points, or 2.83%, to close at 2,793.03 points.

Focus stocks

The five kings of science and technology were mixed. Apple (AAPL-US) fell 0.56%; Facebook (FB-US) decreased 0.76%; Alphabet (GOOGL-US) rose 0.11%; Amazon (AMZN-US) fell 0.76%; Microsoft (MSFT-US) rose 0.056%.

30 Dow Jones stocks received more dividends. Chevron (CVX-US) rose 3.88%; Caterpillar (CAT-US) rose 4.34%; IBM (IBM-US) rose 2.90%; Dow Chemical (DOW-US) rose 2.71%; Visa (V- US) rose 2.23%.

Fei component stocks performed strongly. AMD (AMD-US) rose 1.87%; Intel (INTC-US) rose 1.95%; NVIDIA (NVDA-US) rose 1.21%; Qualcomm (QCOM-US) rose 5.14%; Micron (MU-US) rose 4.92%.

Only Taiwan’s ADR stock was closed by Chunghwa Telecom. TSMC’s ADR (TSM-US) rose 4.25% to US $ 103.73 per share, another record high. ADR (ASX-US) MEP rose 3.42%; UMC ADR (UMC-US) rose 14.45%; Chunghwa Telecom ADR (CHT-US) fell 0.08%.

Stock news

Tesla (TSLA-US) was bullish, closing 0.95% to $ 599.04 per share, hitting a record high again.

Marvell (MRVL-US), the 7th largest IC design firm in the world, fell 4.70%. The company’s chief executive, Matt Murphy, said in a statement that supply challenges are currently limiting the company’s ability to fully meet the growing demand for some network products.

GE-US rose 2.64%. Bank of America Securities analysts raised their stock price target by 18%, largely because they were optimistic about the company’s healthcare business outlook as the new crown heats up.

Shares of Moderna (MRNA-US) fell 3.01%, and the company’s chief executive is confident it will produce 500 million doses of the new crown vaccine in 2021.

Economic data

  • The United States reported 245,000 new agricultural employment in November, which is expected to be 440,000. The former value was reduced from 638,000 to 610,000
  • The U.S. unemployment rate reported 6.7% in November, which is expected to be 6.8%, and the previous value was 6.9%
  • The average weekly working hours in the United States in November is 34.8 hours, expected to be 34.8 hours, and the former value is 34.8 hours
  • The average hourly wage increase rate in the United States in November reported 4.4%, which is expected to be 4.2%, and the prior value is 4.5%
  • The average monthly hourly wage rate in the United States in November reported 0.2%, which is expected to be 0.1%, and the prior value is 0.1%
  • The US labor force participation rate in November reported 61.5%, up from 61.7% previously
  • US Import and Export Report November-63.1 billion US dollars, expected-64.8 billion US dollars
  • The monthly growth rate of US factory orders in October reported 1.0, which is expected to be 0.8%, and the previous value is 1.3%

Wall Street Analysis

JJ Kinahan, chief market strategist at TD Ameritrade, pointed out that the report other than agriculture is not as bad as it seems, partly because the 2020 census is over and the US government has lost many jobs.

Investment bank Jefferies said today’s non-agricultural data highlights the urgent need for additional New Deal support, and the fiscal authorities are clearly more able to provide assistance. Recent developments in negotiations between the two sides are satisfactory. If Congress fails to reach an agreement by next week, expect the Federal Reserve (Fed) to participate, either way.

Major US stock indices have seen their first rise in three years. John Porter, head of Mellon Investments’ equity division, said one of the recurring themes this year is market resilience, which is not only surprising but striking.

Miller Tabak + chief market strategist Matt Maley said Wall Street is betting that we will get a new bailout plan as soon as possible. If so, this weak non-agricultural data will enable Congress to reach an agreement soon.

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