In the early morning of the 11th Beijing time, US stocks fell at the end of Monday, and technology stocks led the decline. The three major stock indexes fell for the fourth consecutive trading day. Investors are paying attention to the important financial reports and inflation reports to be released this week, hoping to judge the US economic situation and the policy prospects of the Federal Reserve . The market is concerned about the tense geopolitical situation.
Dow Jones fell 16.96 points, or 0.06%, to 29,279.83 points; Nasdaq fell 81.23 points, or 0.76%, to 10,571.18 points; S&P 500 fell 18.39 points, or 0.51%, to 3,621.27 points.
On Monday morning, Nasdaq hit a new low since September 2020.
More than 0 companies will release their third quarter financial reports this week, including JPMorgan Chase , Wells Fargo , Morgan Stanley and Citi . Pepsi , Delta and Domino will announce results next week.
market closely monitors US stock financial reports. With the continued rise in costs, rising interest rates squeeze demand, and the US dollar strengthens to reduce overseas revenue, investors will judge any clues about the business operations based on the financial report.
Strategists at Goldman Sachs and Morgan Stanley said companies will usher in a difficult financial report season as macroeconomic risks such as slowing demand and soaring costs accumulate.
Morgan Stanley strategist Michael Wilson said, "Facts such as inventory, labor costs and other potential expenditures are seriously affecting cash flow . The market has begun to show cracks, and in recent weeks, the revenue and revenue of some barometer stocks have declined."
inflation data has attracted much attention, and investors will usher in the latest monthly consumer price index (CPI) report this Thursday.
US stocks fluctuated sharply last week, with the S&P 500 rising by more than 5% on Monday and Tuesday, the largest two-day gain since 2020. But after better-than-expected non-farm employment data were released, signs of radical hikes in the Federal Reserve's hikes in and the decision of the Organization of Petroleum Exporting Countries and its allies (OPEC+) paniced investors, causing U.S. stocks to fall for three consecutive trading days last Wednesday to Friday.
closed last week on Friday, with the S&P 500 rising 1.5%, while the Dow and Nasdaq rose 1.5% and 0.7% respectively. All three major stock indexes recorded their first week gains in the past four weeks.
analysts said that given that inflation is still high and that the US stock market has not fully priced all risks of the Fed's radical tightening policy, US stocks still have room for further decline.
So far this year, the S&P 500 has fallen by more than 24%, possibly the worst annual performance since the 2008 financial crisis.
Independent Advisor Alliance analyst Chris Zaccarelli said: "The direction of U.S. stocks may continue to go down because both economic and corporate profits will drop significantly, and the Fed will raise interest rates higher and even maintain high interest rates for longer."
He said: "Given the environment we are in, we believe that it is a prudent action to prepare for the recession."
US Hongqiao Trust Investment Group (BTIG) called on investors not to expect the S&P 500 to rebound "V-type ". "We feel like the S&P 500 will fall further this week and fall to 3400 later this month. While we see the panic index curve still shows no panic, according to history, the situation may change immediately." Continuous macro negative factors have been pushing bond yields and the dollar, which BTIG believes will only accelerate the stock decline.
Allianz chief economic adviser Mohamed El-Erian said that the risk of the US economy falling into a "destructive recession" is extremely high, and the Federal Reserve cannot refuse to blame. He said: "The Fed not only needs to overcome inflation , but also restore its credibility. I worry that the United States is likely to fall into a destructive recession that could have been completely avoided."
Elian blamed the Federal Reserve for the risk of the United States falling into a destructive recession, saying it was slow to deal with inflation as high as 40 years, but this year it stepped on a "black brake."
The Fed has raised the benchmark rate by 75 basis points three times in a row, and the remarks of Fed policy makers suggest they will make a fourth rate hike next month.
Focus stock
According to media reports, Apple will launch the iPhone 15 series in the second half of next year. The top version is equipped with Apple A17 bionic chip. This chip adopts a 3nm process and is manufactured by TSMC. The report pointed out that the only one that can compete with TSMC in advanced technology is Samsung Electronics . However, Samsung lags behind TSMC in the 3nm process. Samsung's second-generation 3nm process will be as early as 2024, so Apple A17 will be manufactured by TSMC.
, a well-known technology reporter, Mark Gurman, said that all AirPods series and Mac accessories (such as Magic Keyboard and Magic Control Board) may transition to USB-C interface by 2024.
Amazon will invest more than 1 billion euros to expand the number of electric trucks in Europe to accelerate the realization of net zero emissions. Amazon said it will invest more than 1 billion euros in electric vans, trucks and low-emission parcel centers across Europe over the next five years to accelerate the goal of achieving its net zero carbon.
Amazon said the investment will help its fleet of electric vans in Europe grow from 3,000 to over 10,000 by 2025. In addition, Amazon also hopes to purchase 1,500 electric heavy trucks in the next few years to deliver "middle mile" goods to parcel centers.
American electric vehicle company Rivian recalled almost all produced vehicles because of the safety risks brought about by loose parts of its vehicle.
Ford China's sales in the third quarter of 2022 exceeded 133,000 units, a year-on-year decrease of 11.3%, and an increase of 11.7% compared with the previous quarter. Previously, UBS lowered the rating of Ford Auto to sell.
GM lost the case in class action in the North District Court of California due to defects in GM's LC9 Vortec 5300 V8 engine. A jury ruled that the automaker paid $102.6 million to affected customers.
Credit Suisse company has been hit by negative news such as investment losses, and its stock price hit a new low for listing a few days ago. Analysts believe that the bank is in deep crisis and urgently needs to get out of the predicament through in-depth reform and restructuring.
UBS analyst Francois-Xavier Bouvignies lowered Asmay's target price from 665 euros to 660 euros and maintained a "buy" rating.
Moody's downgrade 3B home rating Caa2 to Ca, and the outlook is adjusted to stable. Moody's downgrade of 3B home rating reflects the high possibility of default in the next 12 months.
Tilray Brands' first-quarter performance was inferior to expectations. The company's first-quarter revenue was US$153.2 million, compared with US$168 million in the same period last year, and the market expected to be US$155.9 million; the adjusted loss per share was 8 cents, compared with 13 cents per share in the same period last year, and the market expected to be 6 cents per share.
Mavericks electric sales in the third quarter fell 19.2% year-on-year, and sales in the Chinese market fell 32.9%.
Other markets, the West Texas Intermediate crude oil (WTI) futures price for November delivery on the New York Mercantile Exchange closed down $1.51, or 1.6%, closing at $91.13 per barrel. The settlement price of gold futures in December closed down 2% to close at $1,675.2 per ounce.
