01 Big market
Last night U.S. stock three major stock indexes closed down collectively. As of the close, the Dow Jones Industrial Average closed down 3.94%, the Nasdaq closed down 5.16%, and the S&P closed down 4.32%. The U.S. 10-year Treasury yield closed up 1.428% to 3.410, a difference of about -35 basis points compared to the two-year Treasury yield. Panic Index VIX closed up 14.24%. Brent crude oil closed down 0.76%. Spot gold closed down 1.29% at $1,702.44 per ounce. USD index remained high and closed at 109.93.
U.S. CPI recorded 8.3% in August, higher than expected 8.1%. Core CPI was 6.3%, also higher than expected 6.1%. Inflation remains stubborn, especially services. After the data was released, the market adjusted its policy expectations for the Federal Reserve . According to the dot chart, the probability of raising interest rates in September is 80%, and the probability of raising interest rates by 100 pm is 20%. The probability of hiking interest rates to 350-375 basis points in November is 40.2%, and the probability of hiking interest rates to 375-400 basis points is 49.8%. The expected interest rate at the end of the year is 4.25%, and the expected interest rate for next year is 3.75%.
Institutional analysis said that the Federal Reserve had previously signaled that it would not cut interest rates next year. Under the unexpected inflation data, it is likely to maintain this attitude at its September meeting, and the stock market will be under obvious pressure in the short term. But the actual economic situation may still shrink faster, which is why the dot chart shows that the end-of-year interest rate next year is less than 4%. The Federal Reserve's austerity policy is still data-driven in the end, and we will pay close attention to high-frequency economic data in the future.
JP Morgan expects intermediary fees revenue to fall by 50% in the third quarter. Institutional analysis said higher-than-expected inflation rates increased the possibility that the Fed might adopt a tougher policy stance, with expectations for next week's interest rate decisions rising from 75 basis points to a full 100 basis points. Oil prices will be pushed further as demand grows outweighs supply and alternative energy sources such as natural gas and renewable energy cannot fill the demand gap. When crude oil prices fall to around $80 a barrel, the U.S. government may start buying crude oil to supplement its emergency strategic oil reserves, and Biden administration officials are considering the timing of such actions to protect U.S. oil production growth and prevent crude oil prices from plummeting, people familiar with the matter said.
02 industry stock
industry sectors, all S&P sectors fell, semiconductors closed down 6.21%, communications fell 5.49%, high-tech fell 5.31%, industry, finance, medical care, raw materials, real estate, and consumer goods closed down more than 3%, public utilities fell 2.66%, and energy fell 2.52%. In terms of the concept sector of
, the aviation ETF closed down 3.97%, the travel service sector fell 3.51%, the high-end hotel Marriott closed down 3.60%, Airbnb fell 2.6%, and Norway cruise ship fell 2.7%. The solar sector fell 1.18%. In terms of the financial technology sector, PayPal closed down 2.7%, Buffett concept stock NU fell 3.63%, network security fell 5.35%, and SQ closed down 7.53%.
Most Chinese stocks listed in the United States closed down, Alibaba fell 5.51%. Alibaba sound barrage patent is authorized to generate and play sound barrage. JD fell 7.06%. Pinduoduo fell by 5.23%, and Pinduoduo and Shein started a price war. Ideal rose 2.84%. NIO rose 1.01%, and NIO management expects gross profit margin to improve quarterly in the third quarter of this year. Xiaopeng fell 1.34%. BOSS Direct Recruitment fell 5.77%, while Baidu fell 5.91%. Bilibili fell 8.24%.
Large Technology stocks collectively closed down. KWEB closed down 4.55%. Apple fell 5.87%. It is reported that Apple plans to place advertisements in the app store by the end of this year. Microsoft fell 5.50%, and Microsoft developed a new solution to provide digital signature services in Teams. Google fell 5.86%. Google established a high-speed Internet project Aalyria to provide all-round network services for sea, land and air. Amazon fell 7.06%. Tesla fell 4.04%, and Tesla plans to increase the weekly output of the Berlin Gigafactory to 5,000 vehicles at the beginning of next year. Meta fell 9.37%, on the grounds of resisting antitrust litigation, Meta issued a subpoena asking hundreds of companies to provide confidential information.
03 Company Focus
(1) Twitter "whistleblower" will testify in Congress on Tuesday
According to foreign media reports, former security director of Twitter (TWTR.N) will testify in the U.S. Congress on Tuesday. It is reported that Zartko was fired by Twitter in January this year.In July, he reported Twitter to U.S. regulators, saying that it did not comply with its agreement with the Federal Trade Commission (FTC) to protect users' personal information in 2011, and there were "extremely serious loopholes" in privacy security, content review, and number of false accounts detection. Zatko's statement at Tuesday's hearing could lay the foundation for a deeper investigation by Congress, federal regulators and law enforcement officials. His testimony could also further complicate the dispute over the acquisition lawsuit between Twitter and Musk.
(2) Meta issued a subpoena to demand confidential information from hundreds of companies on the grounds of defending against antitrust lawsuits.
Meta Platforms said that in order to resist antitrust lawsuits initiated by the U.S. federal government, the company needs its competitors to leak some of the most confidential information. According to court documents, Meta requires its competitors to provide documents related to some of the most important and sensitive factors of how to conduct a business, including how they acquire users, scale up their products and make money from features. So far, Meta has issued subpoena to 132 companies including Snap, TikTok and audio startup Clubhouse; the company also warned that it may require another 100 companies to provide information. Meta competitors accused Meta of using antitrust lawsuits as an excuse to mine their confidential data.
(3) Rio Tinto has established a strategic partnership with Volvo and will supply lithium, low-carbon aluminum and other materials
Rio Tinto and Volvo Group announced on September 13 that they have signed a memorandum of understanding, and the two parties will establish a strategic partnership. Under the agreement, Rio Tinto will provide the Volvo Group with responsible low-carbon products and solutions. The statement mentioned that the multi-materials partnership will allow Rio Tinto to advance its sustainable development commitments in its operations and supply chains. Rio Tinto will support Volvo Group, one of the world's largest transportation and infrastructure suppliers, helping to achieve its goal of achieving net zero emissions in the future. The partnership aims to ensure the supply of lithium, low-carbon aluminum, copper and other materials.
04 Today's look at
(1) 20:30 US August PPI monthly rate
(2) 22:30 US to September 9 EIA crude oil inventory
(3) 22:30 US to September 9 EIA strategic oil reserve inventory
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-