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usa's initial jobless claims unexpectedly declined last week, with job growth in September potentially accelerating.
The unexpected decrease in the number of first-time applicants for unemployment benefits in the United States indicates a faster job growth in September. Previous data has shown a significant cooling in the US labor market, with a sharp decline in recruitment and job vacancies, raising concerns about deteriorating conditions that could disrupt economic expansion. However, today's data suggests that layoffs remain low.
According to the report on the number of applicants, the seasonally adjusted number of unemployed people decreased by 0.014 million to 1.829 million in the week ending September 7, falling from the over two and a half year high touched in July.
Existing home sales in the United States declined more than expected in August, amid high housing prices and the supply-demand game under the Fed's rate cut.
US existing home sales in August fell more than expected due to high housing prices despite continuous improvement in supply. The Federal Reserve cut interest rates by 50 basis points, the first reduction in borrowing costs since 2020. This move may further lower mortgage rates, which have already fallen to a year and a half low. Lower mortgage rates may attract more homeowners to put their homes on the market, which could increase supply.
The upcoming non-farm payroll report is crucial! JPMorgan: Will decide whether there will be another 50 basis points rate cut in November.
JPMorgan is one of the Wall Street investment banks that correctly anticipated the Fed's 50 basis points rate cut this week. The company stated that another significant rate cut will depend on the weakening of the US labor market. JPMorgan's Chief US Economist Michael Feroli maintains the view that the Fed will cut rates by another 50 basis points in November, but he notes that the effectiveness of his opinion will depend on the results of the upcoming employment report to be released.
The Bank of England kept interest rates unchanged as expected, and experts expect the Bank of England to begin cutting interest rates continuously from November.
After August inflation data remained unchanged, the Bank of England on Thursday kept the benchmark interest rate unchanged, with market expectations of another rate cut before the end of the year increasing. The Bank of England cut interest rates for the first time last month, lowering the rate level by 25 basis points. Since the beginning of this year, the UK's inflation rate has been gradually slowing down, dropping from 4% in January to 2.2% in August, slightly up from the low of 2% in May and June. However, due to the rise in airfare prices offsetting the impact of lower fuel and dining prices, last month's inflation rate remained unchanged from July.
Janet Yellen praises the Fed's interest rate cuts as a 'positive sign' for the US economy.
Former Fed Chairman and current Treasury Secretary Yellen stated at an event hosted by The Atlantic magazine that the Fed's 50 basis point rate cut shows their confidence that inflation has significantly decreased and is gradually returning to their 2% target inflation level, as well as the related inflation risks have been greatly reduced.
She emphasized that the Fed's primary goal now is to ensure that the job market remains strong. Yellen also pointed out that the Fed is still pursuing a tight monetary policy, but expects rates to fall further.
Former US Treasury Secretary and high inflation whistleblower Summers: The magnitude of interest rate cuts in the coming years is expected to be lower than that predicted by the Fed.
Former US Treasury Secretary Summers stated, 'In terms of monetary policy, the Fed faces the risk of rising inflation if it actually cuts interest rates as much as it predicts.' According to the latest dot plot by Fed policymakers, the median federal funds rate for the end of next year is 3.4%, which means that after the 50 basis point rate cut on Wednesday, the rate may be cut by an additional 150 basis points. Summers said that if inflationary pressures reappear, interest rates will not decline as much as officials predicted on the dot plot. He cautioned that investors have also overestimated the degree of easing by the Fed in the future.
OpenAI is asking investors to contribute at least $0.25 billion in its latest round of financing.
OpenAI has requested investors to contribute at least $0.25 billion in its latest round of financing. OpenAI is about to raise $5 billion to $7 billion in the new round of financing, led by Thrive Capital, which has committed to investing $1 billion. Microsoft, Nvidia, and Apple are in negotiations for investment. One insider said that these tech companies are expected to contribute $2 billion to $3 billion in this financing round, but it is currently unclear whether these tech giants are investing cash or combining cash with computing power and other resources.
Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.
The stock market opened higher and continued to rise. Both the S&P 500 index and the Dow Jones hit new record highs. The Federal Reserve's interest rate cut of 50 basis points and the indication of further rate cuts have reignited hopes that the United States will be able to avoid a recession. The unexpected drop in the number of initial jobless claims in the United States last week indicates an accelerated job growth in September.
The U.S. stock market opened higher and all three major indexes closed higher. The S&P 500 index and the Dow Jones both reached new record highs. The previous day, the Federal Reserve's interest rate cut of 50 basis points and the indication of further rate cuts reignited hopes that the United States will be able to avoid a recession. The number of initial jobless claims in the United States unexpectedly dropped, indicating an accelerated job growth in September.
As of the close, $Dow Jones Industrial Average (.DJI.US)$ Rising 1.26%. $Nasdaq Composite Index (.IXIC.US)$ The increase is 2.51%, $S&P 500 Index (.SPX.US)$ The increase is 1.70%.
Large-cap technology stocks rose across the board, with Tesla up over 7%, reaching a new closing high since late July; Nvidia, Meta, Apple up over 3%, Netflix up over 2%, Intel, Microsoft, Google, Amazon up over 1%.
China concept stocks surged, with the Nasdaq Golden Dragon Index rising by 4.15%. Futu Holdings Ltd surged by nearly 14%, Xpeng surged by over 8%, Nio Inc surged by over 7%, JD.com, Bilibili surged by over 6%, Tencent Music, Alibaba, Vipshop surged by over 4%.
Tesla surged more than 7%, will hold the Robotaxi self-driving taxi unveiling event on October 10th.
$Tesla (TSLA.US)$ Closing up 7.36%, stock price reaching a new high in nearly two months, trading volume of $24.69 billion, total market value of $779.237 billion. Tesla will hold the Robotaxi self-driving taxi unveiling event on October 10th. Musk describes this as the most 'important moment' for Tesla since the launch of the Model 3 years ago.
Morgan Stanley recently reiterated its "buy" rating on Tesla, with a target price of up to $310 within 12 months, ranking as the highest target price on Wall Street. Morgan Stanley is bullish on Tesla's potential for revenue generation from Robotaxi and the massive subscription income that FSD may bring.
Intel denied the issue of equity divestment, Mobileye surged nearly 15%
Earlier this month, the media reported that $Intel (INTC.US)$ Considering selling the held shares. $Mobileye Global (MBLY.US)$ The stock price of Mobileye suffered a heavy blow due to rumors of equity divestment, but on Thursday, it surged nearly 15% in response to the denial.
In a statement, Intel expressed: "As a major shareholder of Mobileye, Intel is steadfast in focusing on value creation and is excited about the future of its business." "We currently have no plans to divest the majority of the company's ownership. By separating Mobileye and providing autonomy, the company is strengthened to seize growth opportunities and accelerate progress towards creating greater value. We believe in the future of autonomous driving technology, as well as the unique role of Mobileye as a leader in the development and deployment of Advanced Driver Assistance Systems (ADAS)."
FedEx's first-quarter revenue declined instead of increasing, and the full-year guidance was adjusted downwards, causing a more than 10% drop after hours.
$FedEx (FDX.US)$ In the first quarter, revenue declined instead of increasing, with a decrease in EPS exceeding analysts' expectations by more than four times. The EPS guidance for this fiscal year may be lowered by up to 6.7% compared to previous expectations, and the revenue guidance will be lowered from a low-to-mid single-digit growth rate to a low single-digit growth rate. 1.5 billion US dollars of new buybacks will be added for this fiscal year. Executives said that the adjusted guidance reflects the impact of cost-cutting measures, which help offset the weaker-than-expected demand trend.
Amazon is launching an artificial intelligence application called Amelia for sellers.
$Amazon (AMZN.US)$ On Thursday, it announced the launch of a new artificial intelligence application that will help its independent sellers with sales indicator management, inventory maintenance, and product advertising. This is part of a broader effort by major technology companies to leverage this technology for greater automation. The software, called Amelia, can provide instant answers to a wide range of questions, such as how to prepare for the holidays and how the seller's business is performing. Dharmesh Mehta, Vice President of Global Sales Partner Services at Amazon, stated that Amelia aims to provide sellers with a "personalized Amazon sales expert" service.
Nike announced that Elliott Hill will replace John Donahoe as the company's CEO, and the stock rose more than 10% after hours.
$Nike (NKE.US)$ On Thursday, it was announced that former executive Elliott Hill will rejoin the company as President and CEO, replacing John Donahoe. The sportswear giant is restructuring its senior leadership team in an effort to revive sales and compete in an increasingly competitive market. Hill, who worked at Nike for 32 years, held senior leadership positions in Europe and North America, helping the company's business grow to over $39 billion. Prior to his retirement in 2020, Hill served as Nike's Consumer Market President, leading all commercial and market operations for the Nike brand. As of the time of writing, Nike's stock rose more than 7% after hours.
General Motors' subsidiary Cruise will resume testing of self-driving robotaxis in California this fall.
$General Motors (GM.US)$ Cruise, a subsidiary of General Motors, will resume testing of autonomous robotaxis in California this fall. The testing will be small-scale, with up to five vehicles being operated by test drivers for development purposes. It took almost a year for the company to get the vehicles back on the road in California after one of Cruise's cars was involved in an accident with a pedestrian last year.
NIO rose more than 7%, and the L60 by LeDong was officially launched starting at 0.2069 million yuan.
$NIO Inc (NIO.US)$ The US stock market rose 7%. In terms of news, the first model of NIO's new brand LeDong, the LeDong L60, was officially launched. The LeDong L60 is positioned as a family smart electric SUV, with a standard range of 60 kWh and a price of 0.2069 million yuan; a long range of 85 kWh and a price of 0.2359 million yuan. The new car offers 7 body colors, 4 interior colors, and supports various customization options. Body color, car rim, dual motor, and 85-degree battery can all be added as options. It uses the BaaS battery rental service, with the L60 priced as low as 0.1499 million yuan, and the monthly battery rental fee as low as 599 yuan.
Top 20 US stock transactions
BeiShui crazily bought China Mobile for nearly HKD 1.8 billion and sold Tencent for about HKD 200 million. On Monday (June 3rd), Southbound funds net purchased HKD 3.4 billion of Hong Kong stocks.
The Northbound funds net bought Alibaba for 3.683 billion Hong Kong dollars.
On September 19th (Thursday), southbound funds net bought 2.604 billion Hong Kong dollars of Hong Kong stocks.
$BABA-W (09988.HK)$and$HKEX (00388.HK)$N/A.$XIAOMI-W (01810.HK)$Net purchases were 3.683 billion Hong Kong dollars, 0.401 billion Hong Kong dollars, and 0.119 billion Hong Kong dollars, respectively.
$TRACKER FUND OF HONG KONG (02800.HK)$,$MEITUAN-W (03690.HK)$,$CNOOC (00883.HK)$They were sold out for 1.443 billion HKD, 0.606 billion HKD, 0.562 billion HKD respectively.
By August, BYD's overseas sales volume has exceeded 0.263 million vehicles.
$BYD COMPANY (01211.HK)$ The company stated during the conference call that as of August 2024, BYD's overseas sales volume has exceeded 0.263 million vehicles, a year-on-year growth of 125%.
The company's overall sales volume in 2023 was 18,000 kiloliters, with a year-on-year increase of 28.10%, indicating significant growth. In terms of product structure, the operating income of products worth 10-30 billion yuan were 401/1288/60 million yuan respectively.
Keywords: Bank of Japan interest rate decision, Japan core CPI annual rate, China LPR, U.S. stock market "quadruple witching day"
On Friday, in terms of economic data, Japan will release Core CPI data, and China will also announce the latest LPR.
In terms of economic events, the Bank of Japan will announce its interest rate decision. In addition, Friday is the "quadruple witching day" in the US stock market, which may cause additional volatility in the US market.
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