In the early morning of the 20th, Beijing time, US stocks closed down on Wednesday. The sharp rise in U.S. Treasury yields show that the risk of a U.S. recession is increasing. The market continues to evaluate Netflix's financial reports and pays attention to the aggressive Fed's hike policy and its economic impact. Fed Beige Book said price growth is still at a high level, and some industries or regions are concerned about weak demand and recession.
Dow Jones fell 99.99 points, or 0.33%, to 30,423.81 points; Nasdaq fell 91.89 points, or 0.85%, to 10,680.51 points; S&P 500 fell 24.82 points, or 0.67%, to 3,695.16 points.
U.S. Treasury yields rose sharply on Wednesday, with the benchmark 10-year U.S. bond yields returning to above 4%, rising to 4.136%, the highest level since the 2008 financial crisis. The yield on the 2-year Treasury bond rose to 4.5138%. Treasury yields remained at high levels, showing that market concerns about the recession remained deeply rooted.
On Wednesday, the Federal Reserve released its Beige Book report on economic prosperity. The report pointed out that the U.S. national economic activity expanded slightly in net volume, but price growth is still at a high level, and some industries or regions are concerned about weak demand and recession.
Starting next week, technology companies' financial reports will be released in a intensive manner. IBM and Tesla will announce their financial reports on Wednesday. Social media company Snap will announce its results later this week.
On Wednesday, the U.S. stock trading volume champion Tesla closed higher by 0.84%, with a turnover of US$13 billion. Tesla will release its third-quarter 2022 financial report after the market on Wednesday, October 19. Analysts expect it to report near record quarterly profits, but investors' core concern is whether demand for Tesla car is declining.
No. 2 Netflix closed up 13.09%, with a turnover of US$12.71 billion. Netflix revenue in the third quarter was US$7.93 billion, analysts expected US$7.85 billion; net increase in streaming paying users in the third quarter was 2.41 million, estimated 1 million; earnings per share in the third quarter were US$3.10, estimated 2.12; the company expects revenue in the fourth quarter was US$7.78 billion, estimated 7.98 billion; the company expects earnings per share in the fourth quarter was US$0.36, estimated 1.20; the company expects net increase in streaming paying users in the fourth quarter, and the market expects net increase of 3.9 million. After
announced its comprehensive third-quarter results that exceeded expectations, many major banks on Wall Street raised Netflix's rating and target prices. ① Deutsche Bank raised Netflix's stock rating from "hold" to "buy", and its target price rose from $270 to $350. ② Barclays raised Netflix's target price from $170 to $235, and maintained a "aligned with , " rating. ③ JPMorgan Chase raised Netflix's stock rating from "neutral" to "overweight", and its target price increased from $240 to $330. ④ Wells Fargo rating Netflix is "aligned with the market" with a target price of US$300. ⑤ Credit Suisse raised Netflix's target price from $263 to $271 and maintained a "neutral" rating. ⑥Wedbush analyst Michael Pachter raised Netflix's target price from $280 to $325 and maintained a "outperform" rating.
No. 3 Apple closed up 0.08%, with a turnover of US$8.82 billion. Apple launched a number of new iPad 2 products on its official website on Tuesday night. Although the tenth-generation iPad, as the entry-level iPad, finally replaced the full screen, the starting price has also reached 3,599 yuan. In this way, many consumers who originally planned to buy chose to buy the previous generation products with a cheaper price.
But after the release of the new iPad, Apple also quietly raised the price of many old iPads, which involves other regions around the world except the United States.
Apple significantly increased the price of existing iPad mini models in the non-U.S. market after updating its online store’s new entry-level iPad and iPad Pro models on Tuesday, according to MacRumors. Take the UK as an example. The 64GB version of the iPad mini 6 is currently priced at 569 pounds, up from 479 pounds earlier that day, with rising up to 90 pounds (about 732 yuan).
In addition to the UK, similar price increases have occurred in countries in the EU. In Italy, the 64GB and 256GB iPad mini models are now priced at €659 and €859, respectively, while the previous price was €559 and €729, which rose 18%.In addition, markets in India and the entire Asia-Pacific region have also undergone adjustments, with the price of iPad mini 6 rising by about 11% in Australia.
No. 5 Amazon closed down 1.11%, with a turnover of US$5.39 billion. Amazon said the company will provide third-party home and property insurance to UK consumers starting Wednesday. The initial suppliers include LV=General Insurance, FUNDU Insurance and the UK Cooperative Group, with more insurance companies to be added in the coming months.
Amazon Insurance Store will display the insurance company’s star ratings, customer reviews and claim acceptance rates, similar to other products sold on Amazon. If an insurance company successfully sells insurance through the platform, Amazon will receive a commission.
This move marks Amazon to compete with price comparison networks and banks, which usually sell insurance when offering mortgages.
No. 11 Exxon Mobil closed up 2.97%, with a turnover of US$2.16 billion. The sources said ExxonMobil's refinery in France was not affected by the national strike on Tuesday.
No. 14 Abbott closed down 6.54%, with a turnover of US$1.82 billion. Abbott's net profit in the third quarter fell 32% year-on-year, and its revenue fell 4.8% year-on-year.
No. 15 Chinese stock listed in the United States Alibaba closed down 6.64%, with a turnover of US$1.66 billion.
No. 19 Generac Holdings closed down 25.34%, with a turnover of US$1.47 billion.
below are the 20 most active stocks trading on the day of the US stock market (by transaction volume):
In addition, markets in India and the entire Asia-Pacific region have also undergone adjustments, with the price of iPad mini 6 rising by about 11% in Australia. No. 5 Amazon closed down 1.11%, with a turnover of US$5.39 billion. Amazon said the company will provide third-party home and property insurance to UK consumers starting Wednesday. The initial suppliers include LV=General Insurance, FUNDU Insurance and the UK Cooperative Group, with more insurance companies to be added in the coming months.
Amazon Insurance Store will display the insurance company’s star ratings, customer reviews and claim acceptance rates, similar to other products sold on Amazon. If an insurance company successfully sells insurance through the platform, Amazon will receive a commission.
This move marks Amazon to compete with price comparison networks and banks, which usually sell insurance when offering mortgages.
No. 11 Exxon Mobil closed up 2.97%, with a turnover of US$2.16 billion. The sources said ExxonMobil's refinery in France was not affected by the national strike on Tuesday.
No. 14 Abbott closed down 6.54%, with a turnover of US$1.82 billion. Abbott's net profit in the third quarter fell 32% year-on-year, and its revenue fell 4.8% year-on-year.
No. 15 Chinese stock listed in the United States Alibaba closed down 6.64%, with a turnover of US$1.66 billion.
No. 19 Generac Holdings closed down 25.34%, with a turnover of US$1.47 billion.
below are the 20 most active stocks trading on the day of the US stock market (by transaction volume):
