Global macro
The three major futures indexes of US stocks fell collectively before the US stock market opened on Thursday.
Overnight, Fed officials generally reaffirmed their hawkish stance and waited for sentiment to return to the market. As of press time, the three major futures indexes were collectively lower, with Dow and S & P 500 futures down nearly 1%, and Nasdaq futures down more than 1%.
Us stocks report a seasonal storm! Xiaomo proposes to reduce its holdings in US stocks and increase its energy holdings.
JPMorgan Chase & Co analyst team warned that the latest rally in the US stock market is coming to an end, and now recommends selling US stocks and taking profits. The team said that all the positive catalysts that had driven US stocks higher had been released, while the Fed and US companies were still likely to throw several "potential bombs" in the future, such as the fact that a large number of US companies were about to report fourth-quarter results that were not as expected. However, it is still recommended to increase the holdings of commodities, especially energy.
Is it an illusion that global stock markets have a strong start to the year? UBS: it's still too early to bet on inflation receding
Global stock markets have risen since the beginning of 2023 as investors bet that inflation will subside. But UBS pointed out a few days ago that this may be an illusion that sticky inflation and a strong labour market are putting downward pressure on the stock market. The bank said it was too early to think that the threat of inflation was completely over. The possibility that core inflation is higher than expected remains a risk for the market.
Is there enough ammunition for US stocks to copy the bottom funds? Investors hold $4.8 trillion in cash, close to an all-time high
Investors' cash holdings are close to record highs, which could be good news for U. S. stocks, as there is plenty of money ready to return to the market. Thursday,According to media reportsAccording to the American Association of Investment companies, total net assets of money market funds rose to $4.814 trillion in the week ended January 4, surpassing the previous peak of $4.79 trillion in May 2020, months before the COVID-19 epidemic. Investors worried about earnings and interest rates may be willing to wait and then put more money into U. S. stocks, analysts say.
The world's largest sovereign fund: us inflation may accelerate again in the middle of the year, and it is still difficult for the Fed to raise interest rates.
Tangen, chief executive of Norway's sovereign wealth fund, said investors would not feel relaxed after emptying stocks that did not perform well because their pressure was not over. It believes that U. S. inflation is likely to accelerate again this summer, so there is still the possibility that the Fed will continue to raise interest rates.
Hot news
Before Thursday's trading, most star technology stocks fell.
Technology giants compete for smart home! Apple Inc plans to expand the product line to challenge Amazon.Com Inc and Alphabet Inc-CL C
On the evening of January eighteenth$Apple (AAPL.US)$Launched the second generation of HomePod speakers. According to media reports, in addition to HomePod, Apple Inc is stepping up research and development of smart home accessories with screens and the next generation of Apple TV, which will face competitors such as Amazon.Com Inc and Alphabet Inc-CL C. In addition, Apple Inc plans to release the next generation of Apple TV in early 2024, which will use faster processors.
Tesla, Inc. has become the ninth most valuable brand in the world.
According to media reports, Brand Finance, a London-based brand evaluation and strategy consultancy, released a 2023 list of the world's most valuable brands.$Tesla (TSLA.US)$The brand value was $66.207 billion, up more than $20 billion from $46.01 billion in 2022, and rose to ninth from 28th in the previous year.$Amazon (AMZN.US)$、$Apple (AAPL.US)$和$Alphabet-C (GOOG.US)$Still in the top three, with brand values of $299.28 billion, $297.512 billion and $281.382 billion, respectively.
Roblox fell nearly 7% before trading, with executives selling a net of 2000 shares.
Yuan Universe Games Co., Ltd.$Roblox (RBLX.US)$It was down nearly 7% before trading. Donato Craig, the company's chief business officer, sold 2000 common shares, worth about $75000, at an average price of $37.48 per share on Jan. 17, according to newly disclosed documents.
Alcoa fell nearly 6% before trading and Q4 loss widened sharply.
$Alcoa (AA.US)$Fourth quarter adjusted loss per share widened to 70 cents from 33 cents in the previous quarter, in line with expectations, while adjusted EBITDA fell to $29 million from $210 million in the previous quarter, mainly due to falling prices of aluminum and alumina, higher raw material and production costs, and revenue of $2.66 billion, slightly lower than expected of $2.67 billion. The company expects alumina shipments of 12.7 million to 12.9 million metric tons in 2023 and aluminum shipments of 2.5 million to 2.6 million metric tons in 2023. As of press time, Alcoa was down nearly 6% before trading.
Apple Inc's self-development of 5G chip may be postponed until after 2025.
According to the media$Apple (AAPL.US)$The self-developed 5G modem chip is not expected to be released until 2025, so this year iPhone 15 and next year iPhone 16 will still use Qualcomm Inc 5G modem chip. Apple Inc originally planned to launch the self-developed chip in 2023, but due to the lower power consumption and performance than expected, the launch time will be delayed to 2025, and the manufacturing process will promote the use of Taiwan Semiconductor Manufacturing Co Ltd 4nm, which will be installed in the iPhone 17 series.
UBS: raise the target price of Netflix Inc from US $250 to US $350, with a neutral rating
UBS issued a research report that expected$Netflix (NFLX.US)$Growth will accelerate again in the fourth quarter, but the new initiative will still take time to expand, with 4.5 million new subscribers expected by management due to rich content and seasonal factors, compared with 2.4 million subscribers in the third quarter and 8.3 million in the fourth quarter of 2021. The bank believes that with Netflix Inc management no longer providing guidance on new subscribers and focusing on first-quarter revenue and EBIT guidance, the company's revenue grew 4.3 per cent and EBIT grew 5.4 per cent. It is expected that more details will be released on restricting users from sharing accounts and passwords, which will increase revenue but may lead to a loss of customers. The bank raised its target price for Netflix Inc to $350 from $250, with a neutral rating.
Focus on China-listed stocks
Before Thursday's trading, most of the hot Chinese stocks rose slightly.
TAL Education Group's revenue fell by more than 2% before trading, 77.2% lower than the same period last year.
$TAL Education (TAL.US)$Announce unaudited financial results for the fiscal third quarter ended November 30, 2022. The company reported net revenue of $233 million, down 77.2% from a year earlier; a net loss of $51.58 million attributable to the company, compared with $99.37 million a year earlier; a basic and diluted loss of $.08 per ADS; and a loss of $0.15 per ADS in the same period last year. As of press time, TAL Education Group was down more than 2% before trading.
It was favored by the investment bank, New Oriental Education & Technology Group rose more than 2% before trading.
Macquarie Research reported that$New Oriental (EDU.US)$The new business achieved a profit margin of more than 10 per cent on the size of the learning center, with annual revenue growth of 262.7 per cent to 2.1 billion yuan in the first half, and net profit of 585.3 million yuan. The bank maintained its "outperform" rating on the group's US stocks, raising its target price to $51 from $38.3. As of press time, New Oriental Education & Technology Group was up more than 2% before trading.
JPMorgan Chase & Co: raise NetEase, Inc's target price from US $105to US $107and increase his rating.
Morgan Stanley published a research report and pointed out that$NetEase (NTES.US)$Its mobile game "Egg Party" has a strong performance, with more than 20 million daily active users (DAU) in the week ending January 8, making it the fifth largest mobile game in the mainland by DAU. The bank believes that the speed of approval of the game version number may mean that "forever robbing forever" mobile games, "Yanyun Sixteen tones" and other games may be launched earlier. The bank expects that NetEase, Inc's growth inflection point may be advanced to the first quarter for the above reasons and was originally expected to appear in the second quarter. The bank expects the company to return to its average price-to-earnings ratio of 21 times since 2018 as more games are launched. The target price was raised from $105 to $107, and the rating was increased.
Pre-market turnover of US stocks TOP20
Us stock macro calendar reminder:
21:30 total annualized housing starts in the United States
21:30 Total number of construction permits in the United States
21:30 Philadelphia Federal Reserve Manufacturing Index
21:30 the number of Americans claiming unemployment benefits in the current week
22:00 2025 FOMC vote Committee, Boston Federal Reserve Chairman Collins spoke at a conference on real estate.
The next day
00:00 US weekly EIA crude oil inventory
07:35 Williams, chairman of the FOMC permanent vote Committee and New York Federal Reserve, delivered a speech.
Edit / Somer