In the early morning of the 2nd Beijing time, US stocks closed mixed on Wednesday. The 374000 increase in ADP employment in the United States in August was less than expected, indicating a significant slowdown in the labor market recovery. More labor market data, such as jobless claims last week and non-farm payrolls in August, will be released later this week.
The Dow fell 48.20 points, or 0.14%, to 35312.53; the Nasdaq rose 50.15 points, or 0.33%, to 15309.38; and the S & P 500 rose 1.41 points, or 0.03%, to 4524.09.
The Nasdaq rose to an all-time high of 15379.50 on Wednesday afternoon. Technology magnate Apple IncThe share price hit an all-time high.
Investors are keeping a close eye on a number of economic data this week, including the non-farm payrolls report. On Wednesday, ADP employment in the United States rose by 374000 in August, well below market expectations of an increase of 638000, and the previous figure was revised to 330000.
Construction employment rose by 30, 000 in August and by 1000 in July, according to the ADP report. Manufacturing employment increased by 6000 in August and 8000 in July. Trade / transport / utility employment increased by 18000 in August and by 36000 in July. Employment in the financial services sector increased by 13000 in August and by 9000 in July. Employment in professional / business services increased by 19000 in August and by 54000 in July.
Nella Richardson, chief economist of ADP, said: "the ADP employment data highlight the slowdown in the labour market recovery. After a sharp increase in employment in the first half of this year, we have seen a decline in new hiring. Despite the slowdown in employment growth, employment growth this year is close to 4 million, but it is still 7 million lower than the level before the COVID-19 epidemic. Service providers continue to lead growth, although the spread of Delta variants has brought uncertainty to the industry. Employment growth in all companies is growing at the same time, and the growth rate of small businesses is slightly slower than usual. "
The agency commented on US ADP payrolls in August, saying that the number of new jobs added by US companies in August was lower than expected, reflecting continuing recruitment challenges and hinting at a slowdown in the job market recovery. The lower-than-expected growth in hiring suggests that companies are still trying to attract candidates and fill record vacancies. At the same time, the Delta strain could pose additional resistance to hiring as consumers spend much less on services such as eating out.
Investors keep a close eye on the labour market data because it can help determine the pace and timing of the Fed scaling back its bond purchases of $120 billion a month. The Fed currently buys $80 billion of Treasuries and $40 billion of mortgage-backed securities (MBS) every month.
But with the accelerated spread of the new Guandalta mutant strain, the epidemic in the United States has made a comeback, sparking discussions about whether it is necessary to continue to adhere to loose monetary policy.
Separate data released on Wednesday showed that IHS Markit8's monthly manufacturing activity index climbed to 59.9% from 59.5% the previous month. Economists forecast a value of 58.6%.
Today is the first trading day in September. September is usually the worst-performing month of the year and is historically a more challenging month, according to LPL Financial statistics. While the S & P 500 has had seven consecutive months of momentum and momentum, given that the index has not seen a correction of more than 5 per cent since October, this atypical long run of gains without a moderate correction will be more difficult to continue, the agency said.
Michelle Connell, owner of Portia Capital Management, said: "I don't know if September should be a wait-and-see month, but I do expect significant volatility in the stock market. I estimate that the upside of the US stock market may be limited between now and the end of the year, so I think it is necessary to sit down and look at what you have, re-evaluate and look at the potential downside. "
Cliff Corso, president and chief investment officer of Advisors Asset Management, said: "We do believe that the sustained economic recovery and the reopening of trade will continue. We are looking at more value-oriented assets, especially those with dividends and income components, as this tends to dampen price volatility. "
The Organization of the Petroleum Exporting countries (OPEC) and its allies (OPEC+) have agreed to abide by the existing schedule for gradually increasing production each month. Delegates said the ministers agreed to maintain an increase of 400000 b / d per month. The videoconference, which lasted less than an hour, was one of the shortest in recent memory, in stark contrast to the difficult negotiations in July.
Given that crude oil prices have largely recovered their losses in mid-August and the supply outlook is relatively tight this year, there is little reason for OPEC+ to change its monthly incremental production schedule. About 45 per cent of spare capacity has been restored, and in July OPEC+ plans to gradually restore surplus capacity until September 2022.
Focus stocks
DisneyThe latest move to integrate streaming media was announced on Tuesday, when the company will move Hotstar content to ESPN+ and Hulu platforms. Hotstar has original programs such as the Indian Cricket Super League (IPL) and "Aarya", and the platform's sports content will be transferred to ESPN+, movies and TV shows to Hulu.
Alphabet Inc-CL CIt is developing its own central processing unit (CPU) for its laptops and tablets, which are expected to be launched around 2023 and run on Alphabet Inc-CL C's own Chrome operating system. According to people familiar with the matter, this is because Alphabet Inc-CL C was inspired by Apple Inc's success. The new CPU and mobile processors that Alphabet Inc-CL C is developing adopt the ARM architecture, which is used in more than 90% of the world's mobile devices.
According to another report, Alphabet Inc-CL C said he would appeal against the 500m fine imposed on him by France. Earlier, the French Consumer and Competition Administration fined Alphabet Inc-CL C 500m euros for a news copyright dispute. The French Consumer and Competition Authority said at the time that Alphabet Inc-CL C should pay for the content of news organizations, but it failed to negotiate amicably with French news organizations on copyright issues.
On the evening of September 1st, iQIYI, Inc.micro-blogAccording to the announcement, users' suggestions for advanced VOD options for single-episode VOD have been paid attention to, and the relevant features are already under development and are expected to be available by the 15th of this month.
NIO Inc.Auto data showed that 5880 cars were delivered in August, up 48.3% from a year earlier. NIO Inc. said that due to supply chain constraints, the delivery outlook for the third quarter of 2021 was adjusted to 22500-23500 vehicles, compared with 23000-25000 vehicles previously. As of August 31, 2021, the cumulative delivery volume of NIO Inc. 's ES8, ES6 and EC6 has reached 131408.
IdealThe car disclosed on September 1st that the company delivered 9433 ideal ONE in August 2021, an increase of 248.0% year-on-year and 9.8% month-on-month, setting a new monthly delivery record for the company. In the first eight months of 2021, the total delivery of ideal ONE has reached 48176, while the cumulative delivery of ideal ONE has reached 81773.
XPeng Inc. released data showing that a total of 7214 units were delivered in August, with more than 7,000 units delivered for two consecutive months. XPeng Inc. delivered 6165 units in August, setting an all-time high for four months in a row. A total of 45992 units were delivered from January to August this year, a year-on-year increase of 33.4%. XPeng Inc. said that the production switch from G3 to G3i was completed in August, and from next month, the modified G3i is about to enter the stage of large-scale delivery. XPeng Inc. P5 will be officially listed and announced the specific price on September 15, and will be officially delivered to the outside world from October.
In other markets, gold futures for December delivery on the New York Mercantile Exchange fell $2.10, or 0.1%, to close at $1816 an ounce on Wednesday. Silver futures for December delivery rose 21 cents, or 0.9%, to close at $24.22 an ounce.
West Texas Intermediate (WTI) futures for October delivery on the New York Mercantile Exchange edged up 9 cents, or slightly more than 0.1%, to close at $68.59 a barrel.