“Eagle King” shouted for continued interest rate hikes, US stocks continued to be under pressure, and the earnings season started perfectly
The three major US stock indices closed with mixed ups and downs. Since the start of the earnings season last Friday, all three major US stock indices have recorded a cumulative increase. However, some investors have warned that they are worried that the Federal Reserve may continue to tighten, leading to a recession. The minutes of the Federal Reserve's discounted rate meeting show that the three local federal banks are seeking the Federal Reserve to raise the discount rate by 50 basis points. Close the market, $Nasdaq Composite Index(.IXIC.US$ fell 0.04%, $Dow Jones Industrial Average(.DJI.US$ fell 0.03%, $S&P 500 Index(.SPX.US$ Increased 0.09%.
Most of the big tech stocks fell, $Apple(AAPL.US$ 、 $Netflix(NFLX.US$ A slight increase; $Tesla(TSLA.US$ 、 $Alphabet-A(GOOGL.US$ A drop of more than 1%, $Amazon(AMZN.US$ 、 $Meta Platforms(META.US$ 、 $Microsoft(MSFT.US$ There was a slight decline. Most chip stocks rose, but gains narrowed markedly after midday trading. $Advanced Micro Devices(AMD.US$ After rising 2.5%, it turned down. After six days of continuous decline, it reached its lowest level in four weeks. $NVIDIA(NVDA.US$ It rose 2.5% to a two-week high, and hit a 13-month high in the intraday period. $Intel(INTC.US$ The 1% drop hovered at a monthly low.
Important Market News
Debates within the Federal Reserve unfold, Bostic reiterated that it is expected that interest rates will be raised again
On Tuesday EST, Atlanta Federal Reserve Chairman Bostic said that he expects the Federal Reserve to raise interest rates again and then keep interest rates unchanged for quite some time to curb inflation that is still too high. Bostic's latest statement is basically the same as last week, and it also reveals differences of opinion within the Federal Reserve. As the current rate hike cycle comes to an end, Federal Reserve officials are having a heated debate.
At present, the market has fully absorbed expectations of 25 basis points of interest rate hike. The CME Fed's observation tool shows that traders expect the possibility that the Fed will raise interest rates by 25 basis points in May is about 87%.
“Eagle King” Brad: Recession concerns are exaggerated and the Fed should continue to raise interest rates
St. Louis Federal Reserve Chairman Brad said in an interview with the media that since recent data shows that inflation continues and the overall economy is expected to continue to grow, the Federal Reserve should continue to raise interest rates. Brad is a representative figure of hawkish officials among Federal Reserve policymakers. He is known as the “Eagle King,” but he has no right to vote in this year's monetary policy decisions.
In an interview, Brad refuted the idea that the US economy will fall into recession. He said that the US labor market is still very strong, and the traditional view is that a strong labor market will drive strong consumption. This is a large part of the economy, so it is inappropriate to predict a recession in the second half of 2023.
Company news
NetflixRevenue for the first quarter fell short of expectations, EPS profit was slightly higher than expected. The number of paid streaming users increased by 27%, which is expected to be roughly equivalent to the first quarter; the net decrease in users in Latin America in the first quarter was 450,000, reflecting the impact of the crackdown on account sharing, and the scope of the crackdown was extended to the US in the second quarter; “Dark Glory” was very popular, and users in the Asia-Pacific region increased 85% more than expected in the first quarter. Netflix said its content cash expenditure fell short of the company's expectations, raising the expected free cash flow this year by 17% to US$3.5 billion. Netflix announced that it will end its original DVD rental business this year. After the financial report was announced, the Netflix market first fell by more than 10%, then rose by more than 1% and then turned down.
According to tech media reports, two sources revealed that tech giant Microsoft is developing its own artificial intelligence (AI) chip for chattingrobotsThe key technology behind ChatGPT provides power.
The report said that both sources are people with direct knowledge of the project. They mentioned that Microsoft began this plan to develop AI chips as early as 2019, and the program is codenamed “Athena” (Athena) within the company.
One of them said the chips have been supplied to a small group of Microsoft employees, as well as employees of ChatGPT developer OpenAI, who are testing and using these chips. The main use is to train big language models and support inference, and is the key technology behind generative artificial intelligence (AIGC).
Apple is building a treasure trove of software and services for upcoming mixed reality headsets, hoping to win the favor of consumers through novel 3D interface applications. People familiar with the matter revealed that features will include games, fitness and collaboration tools, new versions of existing iPad features, and a service to watch sports games. The headphone device, which costs about $3,000, is expected to be unveiled at an event in June and will go on sale in a few months.
According to internal communications seen by the media, Google will launch its first foldable smartphone, the Pixel Fold, sometime in June, challengingSamsungThe leading foldable phone business in the market. Google plans to announce this device at the annual developer conference Google I/O on May 10. According to internal documents, this Pixel Fold, codenamed “Felix,” will have “the most durable hinge on a foldable phone.” The phone will sell for more than 1,700 dollars, competing with Samsung's Galaxy Z Fold 4, which costs 1,799 dollars.
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