Global macroscopic
Before Friday's market, the three major US stock indices rushed higher and fell, and the US PCE data for March exceeded expectations
The US core PCE price index increased 2.8% year on year in March. It is expected to increase 2.7%. The previous value increased 2.8%.
Amazing news! Trump team conspires to manipulate the Federal Reserve after coming to power: interest rate decisions need to be asked by the President
Just as the Federal Reserve is about to hold its May interest rate meeting next week, local US media revealed a “big deal” — Republican presidential candidate Trump's allies are quietly drafting suggestions. If the former president wins the general election and comes to power for a second time, they will try to weaken the independence of the Federal Reserve. According to reports, from gradual policy changes to the long-term proposition that the president himself should play a role in interest rate setting, former Trump administration officials and other Trump supporters have recently discussed a series of suggestions.
Bank of America: Supercap stocks will continue to lead the market until interest rates raise concerns about a recession
Bank of America strategists said that the US stock market will continue to rely on a few supercap stocks to guide the direction until rising real interest rates raise concerns about a recession. The team led by Michael Hartnett pointed out that the ten largest US stocks together accounted for a record 34% of the market capitalization of the S&P 500 index, while the ten largest stocks in the world accounted for a record 23% of the MSCI global index.
US individual investors actively entered the market in the first quarter of this year
For most of this year, the bull market in US stocks continued to push stock prices to new highs, and this further stimulated the enthusiasm of a large number of individual US investors to enter the market. Trading data from several popular brokerage platforms shows that when US stocks climbed back to new highs this year, many individual US investors have returned to the market and once again enjoyed the “pleasure” of making money.
US Bitcoin ETF hit by historic divestment: $218 million outflow in a single day
The US Bitcoin Exchange-Traded Fund (ETF) experienced a serious withdrawal of funds in the recent week. On Thursday local time, investors withdrew a total of US$218 million from the ETF market, one of the worst one-day capital outflows. This reflects a significant decline in demand for risky assets due to weakening expectations of the Federal Reserve's interest rate cuts.
No matter how much the yen falls, it remains steadfast! The Bank of Japan officially announced that interest rates and debt purchase plans will remain unchanged
The Bank of Japan announced in a brief statement on Friday that it will keep the benchmark interest rate unchanged and will remain in the 0-0.1% range, which did not exceed economists' previous expectations. Furthermore, the bank has not decided to change its bond purchase plan; it only says it will continue to buy bonds in accordance with the March decision. After the announcement of the decision, the yen hit a new low, and the exchange rate of the dollar fell below 156 against the yen. This is a low level of about 34 years since May 1990.
Hot news
Star Technology's stock generally rose before the market
Google surged more than 12% before the market, and the Q1 earnings report crushed expectations in all aspects
$Alphabet-A (GOOGL.US)$Q1 revenue was US$80.539 billion, up 15% from US$69.787 billion in the same period last year, the fastest growth rate since the beginning of 2022; adjusted earnings per share of US$1.89, far exceeding expectations of US$1.51, surging 61.5% yoy from US$1.17 in the same period last year; cloud business revenue, which the market is most concerned about, increased 28.4% year over year to US$9.57 billion, higher than analysts' expectations of US$9.37 billion. Notably, Google also announced its first dividend payment and a $70 billion share repurchase program. As of press release, Google had surged more than 12% in the premarket.
Microsoft rose more than 4% before the market, and the strong cloud business broke Wall Street expectations!
$Microsoft (MSFT.US)$Revenue for the third fiscal quarter increased 17% year over year to US$61,858 billion, higher than market expectations of US$60.887 billion; adjusted earnings per share reached US$2.94, higher than market expectations of US$2.83 billion; Smart Cloud generated a total revenue of US$26.71 billion, higher than analysts' agreed expectations of US$26.26 billion, an increase of about 21% year over year; and the overall revenue of commercial cloud was US$35.1 billion, higher than Wall Street's estimate of US$33.93 billion. As of press release, Microsoft is up more than 4% in the premarket.
Intel fell more than 8% before the market, and Q2 earnings guidance was weak
$Intel (INTC.US)$Q1 revenue was US$12.72 billion, up 9% year over year; adjusted earnings per share were $0.18, and loss per share was US$0.2 for the same period last year. In terms of performance guidance, the Q2 financial guidance provided by Intel once again fell short of expectations. The company expected Q2 revenue of 12.5 billion US dollars to 13.5 billion US dollars, and the entire guidance range was lower than analysts' expectations of 13.63 billion US dollars; the adjusted earnings per share were 0.2 US dollars, which is also lower than analysts' expectations of 0.24 US dollars. As of press time, Intel is down more than 8% in the premarket.
UBS raised Amazon's price target to $215 and maintained a “buy” rating
UBS will$Amazon (AMZN.US)$The target price was raised from $198 to $215, and the “buy” rating was maintained. UBS believes that investors' attention will no longer be limited to Amazon's cloud business AWS, but will expand to the company's overall franchise revenue and operating income, especially considering that business growth has broken through the trough of the second and third quarters of last year. As of press time, Amazon is up nearly 3% in the premarket.
TSMC's system-level wafer technology will usher in a major breakthrough and is expected to be ready in 2027
According to media reports,$Taiwan Semiconductor (TSM.US)$At its 2024 North American technology conference, it was stated that the chip-stacked version using CoWOS technology is expected to be ready in 2027 to integrate SoIC, HBM and other components to create a powerful wafer-level system with computing power comparable to that of a data center server rack or even an entire server.
Snap surged nearly 26% before the market, Q1 earnings exceeded expectations, and Q2 performance guidance was better than expected
$Snap Inc (SNAP.US)$Q1 revenue increased 20.4% year over year to US$1,195 million, with market expectations of US$1,121 million; adjusted earnings per share of US$0.03, market expected loss of US$0.048 per share; expected Q2 revenue of US$1.23 billion to US$1.26 billion, with market expectations of US$1.21 billion. As of press time, Snap surged nearly 26% in the premarket.
ExxonMobil fell nearly 2% before the market, and Q1 earnings per share fell short of expectations
$Exxon Mobil (XOM.US)$Q1 revenue was US$83.083 billion, down 4.02% year on year; net profit was US$8.22 billion, compared to US$11.43 billion in the same period last year, down 28.08% year on year; adjusted earnings per share were US$2.06, estimated at US$2.19; capital expenditure for the full year was still forecast to be US$23 billion to US$25 billion.
Focus on China Securities
Popular Chinese securities collectively rose
Top 20 pre-market turnover of US stocks
US Stock Macro Calendar Reminder
(The following are all Beijing time)
22:00 Final value of the University of Michigan Consumer Confidence Index in April/US April 1-year inflation rate forecast
editor/tolk