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Tensions and uneasiness reappeared on Thursday. The New York Fed’s four-time interest rate hike made Wall Street feel uneasy about the prospect of rising interest rates. The market is even more worried that the Fed’s interest rate hike will drag down economic growth. US stocks have collapsed again, and the Dow has once again plummeted more than 1,000 points. The second largest single-day decline in history entered the adjustment zone along with S&P.
The S&P 500 index fell 3.8% to 2581.00 points; it fell to a two-month low, and the nine-day turmoil caused the S&P 500 to fall nearly 9%. It fell more than 10% from the highest level of history on January 26 and entered the so-called callback; and erased all the gains this year. The Dow Jones Industrial Average fell 4.1% to 23,860.46 points, a drop of more than 1,000 points, the Nasdaq Composite Index fell 3.9% to 67.7.16 points, and the Russell 2000 small-cap index fell 2.9% to 1463.79 points.
Individual stocks
Banking stocks fell sharply, with Goldman Sachs down 4.18%, Bank of America down 4.83%, Citigroup down 4.16%, JP Morgan Chase down 4.42% and Morgan Stanley down 5.06%. American Express closed down 5.63%, and Berkshire Hathaway's B- and A-shares of Warren Buffett closed down 4.47% and 4.32%, respectively, and Wells Fargo closed down 3.72%.
Technology stocks fell across the board, with Apple closing down 2.75%, Google's parent company Alphabet closing down 4.52%, Amazon closing down 4.68%, Facebook closing down 4.77%, Microsoft closing down 5.13%, Nvidia closing down 4.93%, Netflix closed down 5.47%, AMD closed down 3.28%, Intel closed down 5.42%, Micron fell 4.78%, Tesla closed down 8.63%, Qualcomm closed down 4.03%.
Healthcare stocks generally fell, with CVS closing down 5.11%, AbbVie closing down 4.52%, UnitedHealth closing down 4.14%, Pfizer closing down 3.86%, Anthem closing down 3.3%, Cigna closing down 3.16% and AmerisourceBergen closing down 2.83% McKesson closed down 1.7%. Cardinal Health closed up 2.29%.
Energy stocks fell mostly, with Chevron down 2.59%, Phillips 66 down 3.32%, Hess down 2.52%, Cimarex Energy down 5.4% and Exxon Mobil down 1.13%.
National debt
The four-time rate hike by the New York Fed chairman made Wall Street uneasy about the prospect of rising interest rates, and US bond yields rose again.
On Thursday, US 10-year bond yields climbed to 2.858%, 2-year Treasury yields were at 2.310%, and 30-year Treasury yields were 3.150%. The CBOE panic index, which measures market panic, climbed again. The index rose 27% on Thursday to close at 35.21, indicating that investors still expect future market volatility. The rise in government bond yields led the Dow to hit its biggest one-day drop since August 2015.
The Cboe Volatility Index is more than twice as much as a week ago. The inflation threat reappears and the bond yields rise, causing a sharp rebound in volatility. After the overheated global stock market has fully adjusted, traders are still nervous.
Economic data and the Federal Reserve
The US Congress leader reached a two-year budget agreement to increase military and domestic project spending by nearly $300 billion. US President Donald Trump showed support for the agreement.
The US Department of Labor announced that the number of initial jobless claims fell by 9000 last week, and the total number fell to 221,000. The economists surveyed by MarketWatch on average expected the number to be 235,000. The number of initial jobless claims for the four-week moving average decreased by 10,000, and the total number fell to 224,500.
Dallas Fed President Robert Kaplan said in a speech in Germany on Thursday that the recent financial market adjustments are healthy and unlikely to harm the financial situation or the wider US economy.
He said: "I know that debt is dangerous; if you multiply my behavior by 300 million Americans, then the economy will be more dynamic than the financial crisis, because everyone is paying off debts quickly. The financial crisis still makes people There is a lingering fear, and there is evidence that after the Great Depression, the United States spent a generation of time to forget the crisis and resume stronger economic growth.†Kashkali believes that it is increasing by American consumers. Debt to promote the economy is not a long-term solution, the US economy must be self-sufficient, and the United States needs productivity and population growth.
New York Federal Reserve Bank President William Dudley believes that part of the reason for the recent slump in the US stock market is that the possibility of central banks tightening monetary policy is rising. “It’s clear that the market is adjusting to the fact that the global economy is growing fast, so monetary authorities in various countries have either begun to withdraw easing measures or are considering doing so,†Dudley accepted Kathleen on Bloomberg Television and Radio on Thursday. Hays said in an interview, "So the bond yield has risen, and as the bond yields rise, the stock market is under more pressure."
“So far, I think this is a trivial matter,†Dudley said of the recent market movements. “The small decline in the current stock market has little to do with the economic outlook.†Three rate hikes in federal funds rate futures contract prices indicate that Dudley’s Federal Open Market Committee, who is vice-chairman, seems to raise interest rates at least three times this year.
Stock stock
The New York Mellon Bank China ADR Index fell 3.8%, the biggest decline in a year and a half, to the lowest level in two months, the Golden Dragon China Index fell 4.4%, the biggest decline in more than two years. Down below the 100-day moving average
Everyone rose 3.3% against the market, leading the decline in the future, down 10.2% to 28.67 US dollars, Netease fell 6.3%, to 289.61 US dollars.
Netease announced after the close of trading in the fourth quarter after the adjustment of ADS of 2.18 US dollars per ADS, analysts estimated 2.44 US dollars (range 1.25 US dollars to 3.32 US dollars) (Bloomberg data)
Fourth quarter revenue of $2.25 billion, analysts estimate $2.21 billion (range $1.92 billion to $2.34 billion) (Bloomberg data)
CITIC Lyon upgraded Netease's ADR rating to weaker than the broader market. Sina fell 6.1% to $101.16, Atom's wise fell 8.2% to $1.91, and Alibaba fell 3.7% to $173.70. This year's gains are nearly wiped out.
Market analysis
This week's poor demand for government bond sales has increased fears that bond selling may deepen. In addition, investors are facing the prospect of a tightening of the Fed, which may cool economic growth.
“Some big money players are betting that low interest rates continue, and they now have to close these trades,†said Doug Cote, chief market strategist at Voya Investment Management. “They may be in a state of panic now.â€
Jack Ablin, chief investment officer of wealth consultancy Cresset Wealth Advisors, believes that the stock market's fall is "just technical" and points out: "The market valuation has become very high and needs to be revised. At the same time The credit situation is still strong, and the availability of borrowing, spending and investment credit is high."
He added: “Although it is impossible to predict how the market will perform in each trading day, we are convinced that any fallback that may occur in the next few weeks represents a better long-term buying opportunity. Not a reason to sell."
Analysts believe that the cause of the recent US stock market crash has been the rise in government bond yields and signs of inflation. But they also believe that the US stock market has gained a large increase throughout 2017 and January 2018, and the callback is just as good.
Traders believe that the rise in government bond yields and the violent actions of leveraged volatility funds are the reason for the recent surge in selling and volatility in the market.
US and other company news
Amazon will begin distributing Whole Foods food
Amazon.com Inc. (AMZN) said it will begin distributing Whole Foods food in four markets through the company's fastest distribution solution, which is Amazon's e-commerce business and the company's physical food chain. The first major integration between the two. Amazon will include Whole Foods in its Prime Now one-hour and two-hour delivery service, initially covering four markets, including Austin, the original birthplace of Whole Foods, and Virginia Beach in Dallas, Virginia, and Cincinnati, Ohio. . Stephenie Landry, Amazon's vice president of Prime Now, said the company plans to expand the deal to other regions, but she declined to give a specific time. She pointed out that Prime Now has covered more than 50 markets worldwide in less than three years.
Ameritrade launched Twitter bot executable transaction 300024, diagnosed shares
TD Ameritrade Holding Co. (AMTD) will enable customers to trade via Twitter, the latest move by the discount broker to attract young investors who understand digital technology. TD Ameritrade's chat bot on Twitter, similar to the one launched in Facebook Messenger last August, runs through a set of algorithms that generate social signals. The algorithm screens the tweets and then evaluates the relevance to provide investors with “information†such as volume changes, real-time trading quotes, and company news. Investors can send messages directly to the chat bot via Twitter. Whether it is a TD Ameritrade customer or a Twitter user, the Twitter user can ask the robot for information about a specific stock. After logging in to your account as prompted, Twitter users with Ameritrade accounts can execute transactions through the chat bot.
Wynn's Board of Directors is closely scrutinized after Steve Wynn resigns
After Steve Wynn resigned as the top executive of the gaming empire he founded, as regulators continued to investigate the company about allegations of inappropriate sexual misconduct, the pressure on board members and other executives of Wynn Resorts Ltd. (WYNN) increase. At a conference on Wednesday, the Massachusetts gaming regulator raised several sharp questions, alluding to the fact that company executives were actually aware of Wynn’s alleged misconduct but did not report it. Regulators also pointed out that given that Wynn still controls more than 20% of Wynn's shares, his resignation raises new questions: how much influence he will have on Wynn Resorts. Massachusetts regulators stressed that they are not only investigating Wynn, but also Wynn Resorts and its board of directors, and they are evaluating the company's overall behavior pattern against each specific allegation.
BlackRock Farry of BlackRock becomes the next Buffett
BlackRock Inc. (BLK) is seeking to raise more than $10 billion to acquire and hold stakes in some companies, following Berkshire Hathaway Inc.'s Berkshire Hathaway Inc. , BRKA) investment method. According to people familiar with the matter, this is the first time BlackRock has tried to make such a direct investment. BlackRock will become a potential competitor to Wall Street's private equity investment giants such as Carlyle Group LP and Apollo Global Management LLC. For BlackRock Chief Executive Laurence Fink, this also means setting up an opponent for his old club Blackstone Group LP (BX). In 1988, Fink co-founded BlackRock, which was a division of the Blackstone Group, a private equity investment giant, but was spun off from the Blackstone Group in 1994.
Genesee & Wyoming shares in truck sharing service startup Cargomatic
Connecticut-based freight rail operator Genesee & Wyoming Inc. (GWR) has joined Cargomatic Inc., a truck-sharing service startup. The financial terms of the transaction were not disclosed, but Genesee said it will add the Cargomatic platform to its US rail network and will work with Cargomatic to expand its European and Australian operations. Cargomatic's systems are often compared to network car companies such as Uber Technologies Inc., which allows shippers to submit shipping requests, get in touch with nearby trucks and track shipments in real time. Cargomatic is headquartered in California and its investors include Canaan Partners and Morado Venture Partners. The company specializes in short-haul trucking operations in Los Angeles, San Francisco, Seattle, New York, Chicago, Dallas and Houston.
Tesla makes progress in overcoming Model 3 production problems
Tesla Inc. (TSLA) said on Wednesday that it has made progress in overcoming the initial production problems of the Model 3 sedan. The company said to shareholders that it expects to generate continuous operating profit for the first time at some point this year. The Silicon Valley automaker said in its quarterly results report that it is expected to achieve a milestone of 5,000 Model 3 per week by the end of the second quarter, a goal that has been postponed twice and the company is addressing a production that has hindered its production. Bottleneck problem. Chief Executive Elon Musk wrote in a letter to shareholders on Wednesday that this year is a year of transformation for Tesla and the business scale will reach a very high level. He said that with the increase in production of Model 3 and energy products, coupled with strict control of operating expenses, the company's quarterly operating profit should be converted to a positive value at some point in 2018.
Softbank negotiates nearly one-third of Swiss Re's shares
SoftBank Group Corp. is negotiating a stake in the Swiss re-insurance company, Swiss Re AG (SSREY), with a transaction value of more than $10 billion, which is the latest addition to the Japanese group's expansion ambitions. illustration. According to people familiar with the matter, Softbank is negotiating to buy Swiss Re's shares at a premium of up to one-third. Swiss Re's closing price on Wednesday was only slightly above 90 Swiss francs, with a market capitalization of about 31 billion Swiss francs (about 33 billion US dollars). According to informed sources, the negotiations between the two sides have been promoted. The management of the Zurich company has traveled to Tokyo in recent weeks to meet with Softbank executives including Softbank Chief Executive Masayoshi Son. However, the negotiations may still break down and may not reach a deal. The above-mentioned potential transactions once again show the ambition that Sun Justice seems to be endless, and sometimes even difficult to achieve. He is reinventing Softbank into a global technology group that invests in everything from e-commerce to driverless cars to virtual reality.
Tesla executives resigned and will join Lyft as COO
Elon Musk said in a teleconference on Tesla Inc. (TSLA) on Wednesday night that Jonathan McNeill, president of Global Sales and Services, will leave and he will join Lyft Inc. as its chief operating officer. The company reported a fourth-quarter loss on Wednesday that was less than expected and reiterated its key target for Model 3 production set in the fourth quarter. According to FactSet, McNeill joined Tesla in 2015 with a total salary of $6.5 million in 2016.
Former General Manager of General Electric Immelt will take over as chairman of Athenahealth
Jeff Immelt, former chief executive of General Electric Co. (GE), has been appointed chairman of healthcare software company Athenahealth Inc. (ATHN). The 61-year-old Immelt will replace Jonathan Bush, who will continue to serve as chief executive. The company announced last year that it would split his position. Imerthealth, which Immelt joined, is about to be reorganized. Last year, radical investor Elliott Management Corp. bought shares in the company. In an interview, Immelt said he will assist in the development of Athenahealth's strategy and work with the board and management.
Gilead's daily medication for HIV is approved by the FDA
Gilead Sciences Inc. (GILD) said on Wednesday afternoon that the company's one-day treatment of HIV drugs has been approved by the US Food and Drug Administration (FDA). Mizuho Bank analyst Salim Syed said the drug Biktarvy is suitable for first-time treatment of HIV patients at a cost of $35,859, similar to other daily HIV drugs. He said the drug was approved by the FDA a few days earlier than expected and did not list any side effects. Brian Abrahams, an analyst at RBC Capital Markets, said that Biktarvy is expected to be the gold standard for the first treatment of HIV drugs because of its low resistance to chemicals, no harm to the liver, little potential drug interactions, and small tablets. Treatment can begin soon.
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