On the evening of the 26th, Beijing time, US stocks rose and fell in the early trading on Monday, the Dow Jones Industrial Average narrowed its decline, and the Nasdaq and S&P 500 turned higher. The market is closely watching soaring U.S. Treasury yields and turbulence in the foreign exchange market. The pound fell by more than 4% against the dollar to a record low.
Dow Jones Industrial Average fell 57.08 points, or 0.19%, to 29,533.33 points; the Nasdaq rose 131.37 points, or 1.21%, to 10,999.29 points; the S&P 500 rose 9.29 points, or 0.25%, to 3,702.52 points.
U.S. Treasury yields soared again on Monday, with the 2-year U.S. Treasury yields breaking through 4.29%.
Global risky assets continued to sell off on Monday as fears of soaring inflation and global recession continued to intensify. Global stock indexes are close to their lowest levels since 2020, and investors are worried that the aggressive monetary policy adopted by the Federal Reserve to curb inflation will lead to a U.S. recession.
, a measure of the market panic level, Chicago Options Exchange Volatility Index (VIX), soared, underscoring market concerns. Goldman Sachs Group sharply lowered its target for the U.S. stock market last weekend, warning that a sharp rise in interest rate outlook will put pressure on valuations, which makes the market outlook even more bleak.
The Fed's radical rate hike campaign, as well as the UK's tax cuts announced last week, drove the dollar to soar. The pound fell to a record low against the dollar on Monday. The pound fell 4% at one point to an all-time low of $1.0382. The euro fell to its lowest level since 2002.
The latest fiscal tax cuts released by the Trass cabinet, which has just taken office for three weeks, has caused panic British foreign exchange and bond market investors to flee in a hurry, and has also made the market worry unprecedentedly about the UK's economic, inflation and fiscal outlook.
As the pound plunges quickly, the Bank of England may be forced to take action in advance to tighten monetary policy to support the pound exchange rate . In the currency market, traders have even bet that the UK will raise a 175 basis point rate hike at its next rate meeting.
"Doctor Doom" Roubini warned that the Trass government's tax cut plan would put the UK on the road to seeking help from IMF. The plunge in UK Treasury bonds on Monday has shown market concerns about the risk of UK fiscal bankruptcy. "We are in a global downturn, and pessimism is looming over different countries for different reasons, while the clouds shrouding over the U.S. economy are getting thicker and thicker," said Ed Yardeni, an analyst at
.
OECD (OECD) lowered its growth forecast for nearly all G20 countries next year, and is expected to raise further rates. Data released in Europe on Monday also showed that Germany's business confidence indicators deteriorated.
The surge in US dollars may damage the profits of US multinationals and also cause serious damage to global trade, which is mostly traded in US dollars. "Historically, this dollar strength has caused financial and economic crisis. It's time to pay great attention to its movements," Michael Wilson, chief U.S. stock strategist at Morgan Stanley , wrote in a report. "The U.S. stock market ended a brutal week last Friday. blue chip stock Dow Jones Index hit a new low this year and closed down 486 points. S&P 500 index fell below the lowest closing point of the year set in June for a while during the session, closing down 1.7%. Nasdaq Composite Index, which is mainly technology stock , fell 1.8%.
Last week, the Dow Jones Industrial Average fell 4.06%, the S&P 500 fell 4.64%, and the Nasdaq fell 5.07%.
traders will keep a close eye on whether the S&P 500 will fall below bear market lows on Monday.
The lowest closing point of the S&P 500 so far this year was 3666.77 points in June. The index fell below this level at one point last Friday, but closed slightly to 3693.23 points. The benchmark's intraday low so far this year was 3636.87.
If the S&P 500 index falls below the above closing and intraday lows today, it may lead to more selling in the market.
The Fed once again raised interest rates last week, which was the catalyst for the latest decline in the market.
The Fed said it could raise interest rates to 4.6% before exiting aggressive monetary policy.The agency's forecast for future interest rate hikes also shows that the Fed still plans to actively raise interest rates this year, possibly raising interest rates to 4.4% by the end of 2022.
U.S. bond yields soared after the Fed announced its third consecutive rate hike of 75 basis points last week. Both the 2-year and 10-year U.S. Treasury bond rates have reached highs that have not been seen in more than a decade.
On Friday, Goldman Sachs lowered its S&P 500 year-end target from 4300 points to 3600 points, and expects the S&P 500 three-month, six-month and 12-month targets to be 3400 points, 3150 points and 3750 points respectively.
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Apple confirmed on Monday that the " Apple Supply Chain" will soon assemble the iPhone 14 series released just this month in Indian factories. Previously, the Indian factories only produced old models of Apple products. It is reported that Apple's important partner, Foxconn , is assembling the iPhone 14 at a factory near Chennai (Chennai), India's fourth largest city. The model will also be available for the local Indian market later this year.
on Monday, Tesla official Weibo released a Chinese preview of 2022 AI Day, citing CEO Musk's outlook that "10 years later, humanoid robots may be cheaper than a Tesla", further presenting the expectation that Tesla's humanoid robot prototype will be officially unveiled on September 30 local time.
McDonald's (Japan) holding company announced on Monday that it will raise the menu price for the second time this year. From September 30, about 60% of menu foods in Japanese stores will be raised by 10-30 yen (about 0.5-1.5 yuan). The company said in a statement that its price increase decision was affected by "recent surge in raw material prices, rising labor, logistics and energy costs and rapid exchange rate fluctuations."
Researchers found that the 15% minimum corporate tax in the US Inflation Cut Act will have a large-scale impact on some super rich people. Researchers gave an example that based on the analysis of financial data in 2021, Berkshire needs to pay $8.33 billion in taxes, but in fact, in 2021, Berkshire paid a total of $3.3 billion in federal income tax, in addition to state taxes and foreign taxes.
Ideal Auto said on Monday that vehicle delivery volume is expected to be about 25,500 units in the third quarter, with previous delivery volume expected to be 27,000 to 29,000 units. The company explained that the update was mainly caused by supply chain restrictions and potential demand for the company's vehicles remained strong.
S&P Dow Jones Index announced last Friday that Pacific Watt Electric (PGE) will become the S&P 500 component , effective before opens on October 3. It was replaced by Citrix Systems, a deal to which the company was acquired by a private equity firm is expected to be completed this week.
BHP Billiton raises its offer to acquire Australian copper and gold miner OZ Minerals to $6.6 billion.
Mullen Automotive has been increased by directors for two consecutive days.
Chinese tourism stocks generally strengthened. Ctrip Travel Network data shows that travel bookings during the National Day holiday have entered a stable growth stage recently, with an average daily order growth rate exceeding 30%, and local travel bookings for surrounding tours are entering a warming stage. In addition, these stocks were also driven by Macau's decision to resume electronic visas and travel groups for mainland tourists.
New Oriental established Oriental Zhenpin Trading Company.
He Xiaopeng increased his stake in Xiaopeng Motors by 2.2 million shares, and his stake was about 20.5% after the increase.
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