Large-cap stocks fell, major indexes opened lower

The major U.S. stock indexes opened lower on Wednesday (8th), dragged down by large-cap stocks such as Tesla. As U.S. bond yields rebounded, investors awaited remarks from U.S. central bank officials for clues about interest rate cuts.

The main U.S. stock index opened lower on Wednesday (8th), dragged down by Tesla and other large stocks. As U.S. bond yields rebounded, investors awaited speeches by U.S. central bank officials for clues about interest rate cuts.
Before the deadline, the Dow Jones Industrial Average fell more than 20 points, or nearly 0.1%, the Nasdaq Composite Index fell nearly 80 points, or nearly 0.5%, the S&P 500 Index fell nearly 0.3%, and the Philadelphia Semiconductor Index fell more than 1%.
U.S. stocks\’ rebound this week stalled due to lack of catalysts. Major index futures fell. Nasdaq 100 index futures, which are dominated by technology stocks, fell 0.5%. S&P 500 index futures also fell. The U.S. 10-year Treasury bond yield rose by two points. The base point reached 4.48%, and the US dollar rose for three consecutive days.
After the S&P 500 rose 3% in May, investors are now unsure of what\’s next.
Policymakers signaled it may be premature to bet on a shift to looser policy. Minneapolis Fed President Neel Kashkari said the central bank may keep interest rates on hold \”for an extended period of time.\”
Hugh Grieves, fund manager at Premier Miton US Opportunities, said: \”We are slowly moving through the end of earnings season and the market is sinking into complacency.
The economy is \”fine\”, interest rate cuts are still under discussion, and oil prices are also falling.
The Federal Reserve\’s more cautious approach puts it out of sync with European central banks that have begun easing monetary policy.
The Swedish central bank (Riksbank) kicked off its interest rate cutting cycle on Wednesday, easing policy for the first time in eight years.
This follows the Swiss National Bank\’s decision in March to be the first to cut interest rates.
In other markets, European stocks hit new highs as upbeat last-quarter results from beer makers Anheuser-Busch InBev NV and Siemens Energy showed a recovery in profits was spilling over into the broader economy.
Nataliia Lipikhina, head of EMEA equity strategy at J.P. Morgan Private Bank, said in an interview: “Now we are seeing an expansion of performance, especially from a profitability perspective.
The market wants to see earnings growth across different industries, not just the technology industry.
\”As of 21:00 Taipei time on Wednesday (8th): The Dow Jones Industrial Average fell 3.13 points, or 0.01%, to 38,881.13 points. The Nasdaq Composite Index fell 91.21 points, or 0.56% to 16,241.35 points. The S&P 500 Index fell 16.70 points. Or 0.32%, provisionally reported at 5,171.00 points. Fees fell 33.14 points or 0.69%, provisionally reported at 4,751.74 points. TSMC ADR rose 0.64% to US$142.01 per share. The 10-year U.S. bond yield rose to 4.494%. New York light crude oil fell 0.75% to 77.79 per barrel. USD Brent crude oil fell 0.76% to $82.53 per barrel Gold fell 0.26% to $2,318.10 per ounce The U.S. dollar index rose to 105.45 Focus stocks: Tesla (TSLA-US) shares fell 3.77% to $171.11 per share in early trading, according to foreign exchange reports Media reported on Wednesday that the U.S. Department of Justice was launching a criminal fraud investigation into Tesla, saying that the company\’s statements about its \”assisted driving system\” (Autopilot) may be deceptive and misleading to investors.
The news sent Tesla shares down nearly 4% in pre-market trading.
Intel (INTC-US) shares fell 2.41% to $29.94 per share in early trading. Chipmaker Intel said on Wednesday that the U.S. Department of Commerce has revoked its export licenses for certain consumer-related products to Chinese customers, a move that will affect the company\’s second quarter. income.
Intel did not name the Chinese customer in its filing with the U.S. Securities and Exchange Commission (SEC).
Apple (AAPL-US) shares fell 0.03% to $182.34 per share in early trading. Official statistics showed that China\’s iPhone shipments surged by about 12% in March after Apple and its retailers slashed prices, indicating that efforts to curb the accelerating sales decline are gaining ground. Results.
Government data showed shipments of foreign-branded smartphones rose to 3.75 million units in March from a year earlier, with the vast majority being Apple\’s iPhones.
Key economic data today: None Wall Street analysis: Marija Veitmane, a Wall Street veteran and head of equity research at State Street Global Markets, warned that although the current U.S. economic data seems strong, there are many signs that the economy has felt the negative impact of rising interest rates. The Fed If monetary policy is not relaxed soon, economic collapse is imminent.
Veitmane said in an interview that \”postponing the rate cut will have a real impact on the economy.
So even though we are still on a plateau right now not cutting interest rates could cause economic problems down the road.
Citi strategists said investors\’ cautious holdings of U.S. stocks were showing signs of caution, casting doubt on the strength of the S&P 500\’s rally.
The team led by Chris Montagu wrote in a note that the recent unwinding of short positions has brought the S&P 500 close to a one-sided net long position but investors appear hesitant to add further to existing long positions.
The Nasdaq 100, which is heavily weighted toward technology stocks, has turned net short even as the index strengthened last week.

Like (0)
Previous May 8, 2024 9:34 am
Next May 8, 2024 1:59 pm

Related posts