On the evening of the 30th, Beijing time, US stocks opened lower on Friday, and the three major stock indexes will record declines this week, this month and the third quarter. Yesterday, the S&P 500 fell to a new low in 2022. The U.S. core PCE increased by 4.9% year-on-year in August, indicating that the inflation indicator that the Federal Reserve attaches most importance to accelerated its upward trend.
Dow Jones fell 103.09 points, or 0.35%, to 29,122.52 points; the Nasdaq fell 44.99 points, or 0.42%, to 10,692.51 points; the S&P 500 fell 7.95 points, or 0.22%, to 3,632.52 points.
Friday is the last day of this week, September and the third quarter. The three major stock indexes will all record declines this week, this month and the third quarter.
As of Thursday's close, the S&P 500 has fallen 1.4%, while the Dow and Nasdaq have both fallen 1.2%. All three major stock indexes will record their sixth week decline in seven weeks.
html As of September, the S&P 500 and the Dow both have fallen by more than 7%. This will be the Dow's worst monthly performance since March 2020 and the S&P 500's biggest monthly decline since June. The Nasdaq index has fallen 9.1%, setting its biggest monthly decline since April.The third quarter ended Thursday's closing, the S&P 500 and Nasdaq fell 3.8% and 2.6%, respectively, both of which will record the first three consecutive quarterly declines since 2009. The Dow has fallen 5%, and will record its third consecutive quarter decline for the first time since 2015.
U.S. stocks were sold off on Thursday, with the Dow closing down more than 1%, and the S&P 500 and Nasdaq both fell more than 2%, as investors were concerned about the Fed's aggressive interest rate hike stance and its impact on the market.
Jamie Cox, managing partner of Harris Financial Group, said: "The market is stinkable. But this is basically what the Fed wants: tightening financial conditions, which they think will help reduce inflation to their acceptable levels. They are using market transmission mechanisms to achieve this."
Esty Dwek, chief investment officer of Flowbank in Switzerland, said on Friday: "Now all targets are oversold, so there is a rebound. We are closer to the bottom of the market, and market sentiment is in such a negative state, so the downside is becoming more limited."
Friday economic data, U.S. Department of Commerce data showed that the U.S. PCE price index in August rose 6.2% year-on-year, higher than market expectations, and the previous value was 6.3% (revised to 6.4%).
htmlPCE price index in August increased by 0.3% month-on-month, higher than expected 0.1%, with the previous value of -0.1%.At the same time, the core PCE price index, the inflation indicator that the Federal Reserve attaches most importance to, is accelerating its upward trend. Excluding food and energy price factors, the US core PCE index in August increased by 4.9% year-on-year, higher than expected 4.7%, and the previous value was 4.6% (revised to 4.7%), the year-on-year growth rate hit the highest growth rate since May this year.
html Core PCE price index in August increased by 0.6% month-on-month, higher than expected 0.5%, and the previous value was 0.1% (revised down to 0%).In addition, the data shows that labor costs in the United States continue to rise, and personal consumption expenditure shows a weak trend.
Overseas market, as an important factor in triggering this round of global market turmoil, British Prime Minister Trass and Chancellor Kwoten will meet with the UK Budget Responsibility Office today, which is also seen as a measure to appease the market.
From this round of huge shock in the UK market, the European Systematic Risks Committee (ESRB) issued the first risk warning after the organization was established.
Focus stocks
Tesla US Eastern Time held AI Day on Friday evening. According to Tesla's official microblog, the 2022 AI Day event will start at 20:00 on September 30, Eastern Time. The market expects to release the latest progress of the humanoid robot Tesla Bot and Dojo supercomputer at that time.
Micron Technology's fourth-quarter revenue in fiscal 2022 fell nearly 20% year-on-year to $6.64 billion, but earnings per share was slightly better than expected. For the next fiscal quarter, Micron expects revenue to be approximately $4.25 billion in the next fiscal quarter, and its adjusted earnings per share are expected to be $0.04-0.10, far below the expected $0.87.
Google admits that its attempt to reshape the gaming industry around cloud computing has failed. The company will close the cloud gaming service Stadia early next year to further cut costs and save costs. According to the official page, the Stadia server will be closed on January 18. The company promises to provide refunds for all hardware, games and additional content purchased by players through the Stadia store.
Facebook parent company Meta announced on Thursday that it will freeze recruitment and reorganize some teams to cut costs and adjust focus. Meta CEO Zuckerberg announced the decision at a weekly Q&A meeting, the company's most clear statement so far.
According to a participant, the company will cut the budget of most teams, even teams whose performance is growing. Some media commented that restructuring the team may mean adjusting and transferring personnel within the company and firing those who are lagging behind.
Nike released revenue in the first quarter of fiscal 2023 increased by 4% year-on-year to US$12.27 billion, but net profit fell by 22% to US$1.5 billion. The company confirmed that due to supply chain issues, overall inventory increased by 40% to US$9.7 billion at the end of the quarter, of which inventory in North America soared by 65%. The company said it plans to increase discounts and clear inventory.
The Federal Aviation Administration says Boeing has not completed the key work required for the 737 MAX 7 approval. According to media reports, the Federal Aviation Administration (FAA) told Boeing that the company has not completed the key work required to certified the 737 MAX 7 by December.
