In the early morning of the 15th Beijing time, US stocks closed down on Friday, the Dow Jones Industrial Average fell by more than 400 points, and the Nasdaq fell by 3.1%. The market is paying attention to the financial reports of many large banks. Retail sales in the United States increased zero month-on-month in September, lower than expected. Economists expect the chance of a US economic recession to be as high as 60% in the next 12 months, and JPMorgan Chase expects the US to fall into recession in the next 6 to 9 months.
Dow Jones fell 403.89 points, or 1.34%, to 29634.83 points; Nasdaq fell 327.76 points, or 3.08%, to 10321.39 points; S&P 500 fell 86.84 points, or 2.37%, to 3583.07 points.
The U.S. Department of Commerce reported on Friday that U.S. retail sales remained flat in September, lower than the market's expected growth of 0.2%, and the previous value was 0.3%. Retail sales in August were revised to a month-on-month increase of 0.4%.
The University of Michigan announced that the country's October consumer confidence index initial value was 59.8.
Investors received financial reports from several large banks on Friday. JPMorgan Chase and Wells Fargo both announced revenue exceeded expectations. Morgan Stanley announced that it was profitable below expectations. Citigroup also reported that its profit in the third quarter was not up to standard.
US stock companies have a worrying profit outlook this fiscal quarter. According to a FactSet survey, the market expects S&P 500 component's profit to rise by only 2.4% in the third quarter, the lowest increase since the third quarter of 2020.
On Friday, US stocks turnover champion Tesla closed down 7.55%, a 50% pullback from the historical closing highest set in November 2021, with a turnover of US$19.63 billion. Tesla has reportedly suspended battery production plans at its Greenhead factory outside Berlin, Germany due to technical issues. Currently, only electrode research has been retained here. All machines used to wrap, assemble and format the remaining production steps of battery cells will be transferred to the Austin factory in Texas, USA.
No. 2 Apple closed down 3.21%, with a turnover of US$12.34 billion. Apple announced on Thursday that it will join forces with Goldman Sachs to provide high-yield savings accounts to Apple credit card Apple Card users, which will be Apple's latest move to enter the financial services field.
Apple and Goldman Sachs will launch a savings account feature, which allows iPhone users to deposit Apple Card credit card rewards and additional funds from different bank accounts, without fees, minimum deposits or minimum balance requirements.
Apple said in a press release Thursday that the feature is expected to be launched in the "next months" and that the FDIC's insurance account will be managed by Goldman Sachs, the bank and lender behind Apple Card. Apple said it has not announced annual yields due to rapid interest rates.
Apple is expanding its consumer finance service offerings, trying to expand iPhone use in banking, simple payments and credit capabilities. The company operates a payment network through Apple Pay and provides credit cards. Apple plans to allow people to use their iPhones as point-of-sale devices and offer a "buy first, pay back" loan service later this year.
No. 3 Nvidia closed down 6.13%, with a turnover of US$8.1 billion. According to documents disclosed by the U.S. Securities and Exchange Commission on October 13, Nvidia director Stevens Marka sold 85,000 shares at an average price of $1.16.49 per share on October 11, cashing out about $9.902 million.
No. 4 Amazon closed down 5%, with a turnover of US$7.36 billion. Bank of America analysts estimate Amazon's total value (GMV) sold in the two-day Prime Early Access promotion was $8 billion, down from the $10.7 billion GMV it sold in the July promotion. As far as revenue is concerned, assuming a conversion rate of 30% for third-party sellers, Bank of America estimates the e-commerce giant's second Prime Day event received $5.7 billion in revenue, compared to $7.5 billion in July.
No. 6 AMD closed down 5.09%, with a turnover of US$5.49 billion.
No. 7 JPMorgan Chase closed up 1.66%, with a turnover of US$3.73 billion. JPMorgan Chase's third-quarter revenue was US$32.72 billion, with the market expectation of US$32.35 billion; investment banking business revenue was US$1.71 billion, with the market expectation of US$1.59 billion; Earnings per share was US$3.12, with the market expectation of US$2878; FICC sales and transaction income was US$4.47 billion, with the market expectation of US$4.11 billion; credit loss reserves were US$1.54 billion, with the market expected of US$1.22 billion.The company expects net interest revenue in the fourth quarter to be approximately $19 billion, higher than expected $18.2 billion.
No. 9 Meta Platforms closed down 2.71%, with a turnover of US$3.01 billion. Margaret Stewart, vice president of product design at Meta Platforms, posted on social media on Thursday that she would leave, and she has worked at the company for more than 10 years. Stewart said she has no plans for the next step.
No. 14 Berkshire A shares closed down 0.59%, with a turnover of US$1.66 billion. Against the backdrop of the continued decline of US stocks, the "Stock God" Buffett 's gold partner Munger 's investment group Daily Journal submitted a 13F report to the US Securities and Exchange Commission, revealing the latest US stock holdings . The report shows that Munger's position did not change throughout the third quarter.
No. 15 Wells Fargo closed up 1.86%, with a turnover of US$1.48 billion. The company's Q3 profit fell as a decision to increase reserves cut its earnings performance, but the company's revenue exceeded expectations, with pre-market share price rising 0.78% as of press time.
data shows that Wells Fargo's Q3 revenue was US$19.51 billion, a 4% increase from US$18.83 billion in the same period last year, and the market expects to be US$18.751 billion. Net profit was US$3.53 billion, compared with US$5.12 billion in the same period last year, and market expectations were US$4.113 billion. Earnings per share were $0.85, compared with $1.17 in the same period last year, and market expectations were $1.08.
CFRA upgraded Wells Fargo to hold with a target price of $50.
below are the 20 most active stocks trading on the day of the US stock market (by transaction volume):
