US stock three major indexes closed mixed on Thursday. Although the Fed Chairman made a dovish speech, coupled with the strong corporate financial reports, the market rose for a while, the yield on US bond fell sharply, which aggravated the market's concerns about the slowdown in the US economy. The Panic Index VIX rose 4.29% to 17.03 points.
As of the close, Dow rose 53.79 points to 34,987.02 points, or 0.15%; the Nasdaq fell 101.82 points to 14,543.13 points, or 0.7%; the S&P 500 index fell 14.27 points to 4,360.03 points, or 0.33%.
technology stocks , among the well-known technology stocks, Apple fell 0.45%; Facebook fell 0.91%; Amazon fell 1.37%; Microsoft fell 0.52%; Google fell 0.62%; Netflix fell 0.91%; Tesla fell 0.43%.
Popular Chinese stocks closed mixed with fluctuations on Thursday, with new energy vehicle stocks rising, Ideal Auto rising more than 2%, Xiaopeng Auto rising nearly 2%, and NIO rising more than 1%.
has the highest increase in Chinese stocks:
has the highest decline in Chinese stocks:
5 Net profit and gross profit margin are lower than market expectations
TSMC has fallen by 230 billion
It is worth noting that most chip stocks have fallen, NXP has fallen by 4.49%, Nvidia has fallen by 4.41%, Microchip Technologies has fallen by 4.24%, and TSMC has fallen by 5.51%. On the news front of
, TSMC released its second quarter financial report on July 15. The report shows that TSMC 's revenue in the quarter was NT$372.15 billion (approximately RMB 86.1 billion), an increase of 19.8% year-on-year; net profit was NT$134.36 billion (approximately RMB 31.1 billion, with an average net profit of RMB 340 million per day), an increase of 11.2% year-on-year. Although
net profit of more than 300 million yuan per day, TSMC 's net profit in the second quarter was still 3.8% lower than the first quarter, which was lower than market expectations. In addition, in the second quarter, TSMC gross profit margin was 50%, down 2.4 percentage points month-on-month and 3 percentage points year-on-year, which was also inferior to market expectations. Therefore, after the financial report was released, TSMC US stocks fluctuated and fell on Thursday, eventually closing down 5.51%, with a market value of US$35.58 billion (approximately RMB 229.7 billion). Currently, TSMC is US$117.53 per share, down 17% from its all-time high in February this year, and its current total market value is about US$600 billion.
In addition, the financial report shows that TSMC 's 5nm process shipments accounted for 18% of the quarter's revenue, and 7nm process accounted for 31%. Overall, the revenue of advanced processes (including 7nm and more) reached 49% of the sales of wafer in the whole quarter.
From a regional perspective, TSMC North American customer revenue accounted for 64% of its second-quarter revenue, while Chinese customers accounted for 11%, an increase of 5 percentage points.
TSMC president Wei Zhejia said that due to downstream manufacturers seeking supply security and rushing to stock up, a short-term imbalance in the supply chain has been caused. "regardless of whether the short-term imbalance will continue, due to strong demand, our capacity is tight throughout the year and will continue until 2022."
According to the plan of TSMC , it is expected to invest $100 billion in increasing production capacity in the next three years to support the manufacturing and R&D of leading technologies.
TSMC Chairman Liu Deyin said that TSMC Nanjing factory completed the first phase of mass production in the third quarter of 2020, and has now reached a production capacity of 25,000 pieces per month for 16-nanometer process.
On April 23, TSMC approved capital expenditure of US$2.89 billion to increase the mature process capacity of Nanjing 28-nanometer factory. According to the plan, the production line will start mass production in the second half of 2022 and achieve a monthly production capacity of 40,000 pieces by 2023. "In the long run, we predict that 28 nanometers will be the best choice for our embedded memory applications," said Liu Deyin.
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Fed Chairman Powell emphasized again:
Inflation expectations will react if they rise too high
Although inflation reaches an unsettling level, Fed Chairman Powell defended the position of maintaining policy easing for the second consecutive day.
In the second day of Congressional hearing, Powell basically continued his view of the first-day hearing, that is, he emphasized that the US economic recovery has not been completed, which is not enough to initiate monetary policy adjustments such as reducing bond buying and interest rate hikes , especially the labor market has not yet achieved full employment, "can perform better in improving labor participation rates."
Powell called the current price increase a "unique" phenomenon in history, and said that the Federal Reserve is closely observing whether its expectations of temporary high inflation are correct and whether inflation may last longer. "If inflation expectations rise too high, we will react."
In addition to this, Powell said he is not worried about rising cost of living in the United States, because the strongest inflationary pressure is limited to a few areas related to economic reopening, such as used cars and restaurant services.
10-year benchmark US Treasury yield maintained a 5 basis point decline in the day after the hearing, falling again at 1.30%, giving up all the gains this week.
US WTI August crude oil futures closed down 2.02% at US$71.65 per barrel, hitting a new low for the closing of the month contract since June 18. Brent 9 crude oil futures closed down 1.72% to $73.47 per barrel, a new low since July 7.
New York Gold Futures rose for three consecutive days, COMEX August gold futures closed up 0.2% at $1,829.00 per ounce.
editing | He Xiaotao Du Hengfeng
proofreading | Lu Xiangyong
Daily Economic News Comprehensive First Financial, Tencent Securities and other
Daily Economic News
