美股早盘 | 三大指数齐涨,大型科技股走高,AMD涨超3%领涨芯片股,台积电涨超2%

US stocks morning session | Three major indices rise together, large technology stocks rise, AMD up more than 3% leading chip stocks, Taiwan Semiconductor up more than 2%.

環球市場播報 ·  Jul 10 21:55

On the evening of the 10th Beijing time, the US stock market opened mixed on Wednesday, with the Nasdaq and S&P 500 continuing their recent continuous upward trend. Fed Chairman Powell testified to Congress for the second consecutive day. Investors are waiting for key inflation data and financial giant financial reports later this week.

As of press time, the three major indexes rose together, and the Dow Jones rose by 0.03%, the S&P 500 index rose by 0.29%, and the Nasdaq rose by 0.56%.

The market is paying attention to the testimony of Fed Chairman Jerome Powell for the second consecutive day in Congress. He will testify in the House Financial Services Committee on Wednesday.

When testifying before the Senate Banking Committee in Congress on Tuesday, Powell warned that keeping high interest rates for a long time could hinder economic growth.

He said: "Excessive late or insufficient policy constraints may excessively weaken economic activity and employment. More good data will strengthen our confidence that inflation is continuing to move towards 2%."

Powell said that the United States is no longer an overheated economy, but he provided almost no clues as to the specific timing of the rate cut.

Powell said in congressional testimony on Tuesday that inflation was still above the Fed's 2% target but had improved in recent months, and more good data would strengthen the case for a rate cut by the central bank.

Marc Chandler, Chief Market Strategist at Bannockburn Global Forex in New York, said:"I don't think he said anything new that we don't know. The highlight is that he mentioned that the labor market has cooled, which is a bit of a recognition of the employment data on Friday."

Powell's testimony strengthened the market's expectation that the United States will soon cut interest rates. The forward-looking trading continues to expect two rate cuts in 2024. According to the CME FedWatch tool, the market now expects a more than 70% chance of a rate cut in September, which is almost the same as a month ago.

Ben Emons, founder of Fed Watch Consultants, pointed out that "as long as the Fed believes that the economy is moderately slowing down and inflation is gradually reaching their target, there will be no significant interest rate cuts."

Emons believes that the Fed may ultimately only make "three to four" rate cuts and believes that it is not currently necessary to accelerate the pace of easing because the possibility of a US economic recession seems unlikely. If the current economic trend continues, and as Fed Chairman Powell said, this seems reasonable.

The US economic data on Wednesday was light. The market's attention this week is on the June Consumer Price Index (CPI) on Thursday and the June Producer Price Index (PPI) report on Friday. Many people believe that the soon-to-be-released CPI data is a key test for the market and the prospects for interest rate cuts.

Overseas central bank news on Wednesday, the Reserve Bank of New Zealand kept the cash rate at 5.5%, but expressed confidence that inflation will return to the target range of 1% to 3% in the second half of the year. The New Zealand dollar fell more than 0.7% after the decision as traders significantly increased their bets on the central bank's interest rate cut later this year.

Speculation around the timing of the rate cuts has dominated global markets this year as investors try to determine when policy makers feel they have brought inflation under control.

Focus stocks

Most large technology stocks have risen, with AMD up about 3%, Taiwan Semiconductor up more than 2%, Nvidia and Micron Technology up more than 1%, and Apple and Google up nearly 1%.

$Taiwan Semiconductor (TSM.US)$Up more than 2%, the company's second-quarter sales exceeded market expectations, up 40.1% year-on-year.

$Advanced Micro Devices (AMD.US)$Up more than 3%. According to reports, AMD will acquire AI start-up Silo AI for about $0.665 billion in all cash to obtain the capabilities needed to catch up with Nvidia.

$Baidu (BIDU.US)$Up more than 5%, Carrot Run has experienced an explosive growth in self-driving car orders in Wuhan, with a peak of more than 20 orders per day, comparable to the average daily order volume of taxi drivers.

$XPeng (XPEV.US)$Up nearly 4%, Chairman He Xiaopeng responded on Weibo today about the new model named P7+, which is over 5 meters in size.

$NetEase (NTES.US)$The share price has fallen by more than 3%, and many players have reported that there have been large-scale disconnections in "Eternal Hell".

Editor / jayden

The translation is provided by third-party software.

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