In the early morning of the 3rd Beijing time, the US stock market closed higher on Thursday, and the NASDAQ and the S&P 500 index rebounded after two consecutive falls. The US initial jobless benefit application data last week was lower than expected, and the labor cost in the first quarter hit the biggest increase in a year. Investors continue to evaluate the monetary policy prospects of the Federal Reserve and wait for more financial reports and important labor market data.
The Dow rose 322.57 points, or 0.85%, to 38225.86; The Nasdaq Composite Index rose 235.48 points, or 1.51%, to 15840.96; The S&P 500 index rose 45.80 points, or 0.91%, to 5064.19.
The first quarter financial report of the US stock market came out intensively. Chip manufacturer high pass Up 9.7%, the company's adjusted earnings were better than expected, and the revenue guidance was strong.
Delivery service platform DoorDash The share price fell 10.3%, after the company reported a loss per share larger than Wall Street expected.
Used car retailer Carvana surged 33.6%, and the company released its best earnings data ever.
Investors are still evaluating the prospects of the Federal Reserve's monetary policy. On Wednesday, the Federal Reserve announced that it would keep interest rates unchanged. At the closely watched press conference, Jerome Powell, the chairman of the Federal Reserve, basically ruled out the possibility of raising interest rates as the next step of the central bank, although there was almost no sign of easing inflation recently.
After Powell's doveish comments, the US stock market rose rapidly on Wednesday, with the three major stock indexes all rising more than 1%, but then gradually weakened. By the end of the day, the Dow was up about 0.2%, and the S&P and Nasdaq were down about 0.3%.
Eric Winograd, director of developed market economy research of Lianbo Group, said that Fed Chairman Powell stressed that the next step of the central bank is unlikely to be to raise interest rates, "which should calm financial market sentiment". But even so, the most concerned question for traders is when the Federal Reserve will actually start to cut interest rates, and the answer to this question is still uncertain.
Winograd said: "'Keep higher interest rates for a longer time' has become the mantra of the Federal Reserve. We have passed the 'higher' part, and now we are entering the 'longer' part, unless there is any dramatic change."
According to the latest futures market pricing of CME Group, traders still expect that the Federal Reserve will not cut interest rates until at least September. According to the FedWatch tool, the money market expects that the possibility of cutting interest rates by at least 25 basis points in September is 58%, while the possibility of cutting interest rates in November is 69%.
Preston Caldwell, chief American economist of Morningstar, said: "The official statement of the Federal Reserve actually acknowledged the 'lack of further progress' in reducing inflation in recent months. However, Powell expressed his firm belief that the current monetary policy is sufficiently repressive to return inflation to the Federal Reserve's target of 2%... Therefore, the next policy measure is unlikely to be an interest rate increase. "
On the economic data side on Thursday, the US Labor Department reported that 208000 people had applied for unemployment benefits for the first time in the week ended April 27, with an expected 212000 people, compared with 207000 people previously.
As of April 27, the four week average number of initial claims for unemployment benefits was 210000, with a previous value of 2132500. As of April 20, the number of people who renewed their unemployment benefits was 1.774 million, expected to be 1.797 million, with a previous value of 1.781 million.
The US Department of Commerce reported that the US trade book in March was US $-69.4 billion, the largest deficit since April 2023, and was expected to be US $-69.1 billion, up from US $-68.9 billion. The import volume in March was 327 billion US dollars, the previous value was 331.9 billion US dollars. In March, the export volume was 257.6 billion US dollars, the previous value was 263 billion US dollars.
In the first quarter of the US, the initial value of non-agricultural productivity increased by 0.3% month on month, expected to be 0.8%, from 3.30% previously. The initial value of non-agricultural unit labor cost in the first quarter increased by 4.7% year on year, expected to be 3.3%, and the previous value was 0.40%.
With regard to the sharp rise of the non-agricultural unit labor cost in the United States in the first quarter, the analysis institution said that the rise of unit labor cost is a severe signal for the market that has been worried about wage rise. The previous revision mitigated its impact, but only slightly. But analysts warn that these figures are difficult to measure and are often revised.
This week, the market will focus on Friday's April non farm employment report, which will provide the latest clues for the market to further judge the situation of the US labor market and the prospects of the Federal Reserve's monetary policy.
Focus stocks
SK Hynix, a supplier of NVIDIA, said on Thursday that its high bandwidth memory (HBM) chips will almost be sold out in 2025, because the prosperity of AI has driven the demand for these chips. The Korean memory chip manufacturer said that its HBM chips had completely sold out in 2024. The company said that it would start mass production of the latest generation of HBM chips, namely 12 layer HBM3E, from the third quarter of this year.
An industry survey data shows that in April this year, among the major industries in the United States, the automobile manufacturing industry cut the most jobs, while Tesla The number of layoffs accounted for the vast majority of the industry. Recently, Musk has laid off two Tesla executives and plans to lay off hundreds more because he is frustrated by the decline in sales and the pace of layoffs.
Apple Skyworks Solutions, a wireless network IC provider, suggested that iPhone sales were not optimistic.
The chips produced by this company are mainly supplied to Apple. 64% of Skyworks' total revenue comes from Apple's orders, and iPhone sales account for 85% of Apple's orders. In the second quarter of 2024, Skyworks' revenue was US $1.046 billion, down 8.7% year on year. The company said that its market sales performance was lower than expected, and the next quarter is not optimistic.
In the first quarter of 2024, AMD Its revenue increased by 2.24% year on year to US $5.47 billion, slightly higher than the market expectation, but suffered a decline month on month, lower than the US $6.17 billion in the fourth quarter of 2023; The net profit during the period was 123 million US dollars, compared with a loss of 140 million US dollars in the same period last year.
AMD said in the financial report that the growth of revenue in the first quarter was mainly due to the growth of revenue of the data center business unit, which was attributable to the increase of sales of AMD Instinct GPU and the fourth generation AMD EPYC CPU, as well as the increase of customer segment revenue mainly driven by the sales of Ruilong 8000 series processors. However, the decline of the revenue of the game sector had a drag on the overall performance.
It is understood that, Microsoft Recently announced a huge investment in OpenAI to strengthen its competitiveness in this field and catch up with industry giants Google 。 At present, Microsoft's total investment in OpenAI has exceeded 13 billion dollars, which highlights Microsoft's ambition in the AI field.
A Microsoft internal letter leaked recently also reflects the urgency and concern of the company to catch up with Google in the field of artificial intelligence in recent years.
According to media reports, Google will cut at least 200 people from its "core" organizations, including key teams and engineering talents. As part of the restructuring of the department, the company will recruit corresponding positions in Mexico and India.
According to Google's website, its core department is responsible for building the technical foundation behind the company's flagship products and protecting users' online security. The core team includes key technical units from information technology, Python development team, technical infrastructure, security foundation, application platform, core developers and various engineering roles.
Amazon The operating profit margin in this quarter increased significantly from 7.8% in the previous quarter to 10.7%, exceeding the historical high of 8.2% in the first quarter of 2021. This achievement benefited from the substantial cost cutting measures implemented by Andy Jassy, CEO, and the strong growth of high margin businesses such as advertising and cloud computing.
UBS Adjust Amazon's target price to US $217 and maintain its "buy" rating.
Moderna's revenue in the first quarter was $167 million, and analysts expected it to be $99.6 million; In the first quarter, the loss per share was $3.07, and analysts expected a loss per share of $3.58; The R&D expenses in the first quarter were 1.06 billion dollars, and analysts expected 1.14 billion dollars.
Shell's revenue in the first fiscal quarter was $72.48 billion, down 16.7% year on year. Non GAAP earnings per share were $1.2. The profit in the first quarter was stronger than expected, driven by the improvement of refining profit margin and the active oil trading. The adjusted net profit in the first quarter was US $7.73 billion, lower than the US $9.65 billion in the same period last year, which exceeded the analysts' average expectation of US $6.25 billion.
In other market scenes, the price of WTI futures for June delivery on the New York Mercantile Exchange fell 5 cents, or less than 0.1%, to close at $78.95 per barrel.
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