04/11/2023
๐ฅThe latest industry news to share, the world's most popular events analysis, the most practical stock knowledge (three major stock indexes opened lower, semiconductor led the market, the general decline in Chinese stocks; Micron Technology rose more than 8%, Samsung Electronics announced that it will cut memory chip production to "reasonable levels", the move will make the supply-demand balance and potential rebound more quickly return)
โจ [US Stock Market News].
Yesterday, the three major U.S. stock indexes opened lower and higher, led by the semiconductor market, the general decline in Chinese stocks. By the close, the Dow was up 0.3%, the Nasdaq was down 0.03% and the S&P was up 0.1%. The US 10-year Treasury yield rose 0.234% to close at 3.421%, a -59 basis point difference compared to the two-year Treasury yield. The panic index VIX rose 3.1%, Brent crude oil closed 0.78% lower and spot gold, which has continued to move higher from Nov 22 to date, closed 0.82% lower yesterday at $1991.3/oz. The US Dollar Index continued to retreat from its highs to close at 102.55.
U.S. wholesale sales for February 0.4% month-on-month vs. 0.60% expected and 1.00% previously. The Federal Home Loan Bank issued a sharp drop in bonds, suggesting that the US banking crisis is easing. According to CNN: US President Joe Biden said he would run for president again in 2024. Biden signed a bill to end the national emergency for the new crown epidemic.
A Saudi delegation has arrived in Tehran to reopen the embassy, said an Iranian Foreign Ministry spokesman. Continued yield curve control (YCC) and maintaining negative interest rates are appropriate, says Bank of Japan Governor Kazuo Ueta.
The market digested the expected US non-farm payrolls for March released on Friday, with both the unemployment rate and hourly earnings growth falling year-on-year, suggesting that the US labour market remains resilient and inflation is trending lower, with traders betting that the probability of a 25 basis point rate hike in May rose to 80%. With investor concerns about a looming recession in the US rising, the market focused on the March CPI consumer inflation and PPI producer price indices due for release on Wednesday and Thursday, as well as the FOMC March meeting minutes for clues on the path of the Fed's interest rate policy in May.
โจ [Industry Sectors] In addition to communications, utilities, health care and high tech, which closed down 0.22%, 0.2%, 0.07% and 0.05% respectively, and daily consumption, which closed flat at 0%, the other six S&P sectors all closed higher: financials, raw materials, real estate, energy and industrials all closed up 1% or less, and semiconductors closed up 1.77%.
โจ [News]
1. Wells Fargo: Expect Tesla (TSLA.O) Q1 auto gross margin to fall below 20% target
2. Consumer electronics foundry PEGATRON's March revenue up nearly 10% YoY, notebook business beats expectations
3. US natural gas surges on buying lows at key support levels
4. Tata Group to take over Wistron's iPhone manufacturing plant in India by end-April, sources say
5. Technology demand sluggish, Apple PC shipments down 40% in Q1