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The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violently

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Steven000 wrote a column · May 5, 2023 21:48
The NASDAQ hit a new high in nearly eight months, and the S&P Dow continued to decline throughout the week. In the intraday period, Tesla and Apple rose more than 5%, and regional bank stocks smoothed out Thursday's double-digit decline
The three major US stock indexes generally opened higher and were all up more than 1% in early trading. When the afternoon session refreshes the daily high, $Nasdaq Composite Index(.IXIC.US)$ Up nearly 2.5%, $S&P 500 Index(.SPX.US)$ Up more than 2.1%, $Dow Jones Industrial Average(.DJI.US)$ It rose more than 620 points, or nearly 1.9%. In the end, the three major indices rebounded after four consecutive days of collective decline.
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
For the second day in a row, the NASDAQ index, which hit a low since Wednesday, April 26, closed up 2.25% to 12235.41 points, setting a new high since September 12 last year, which was set last Friday. S&P closed up 1.85%, and both recorded the biggest increase since Thursday, at 4136.25 points. After hitting new lows since April 26 for two consecutive days, they did not continue to approach the closing low since March 30 set on April 26. The Dow closed up 546.64 points, or 1.65%, breaking the biggest increase since the day the December US non-farm payrolls report was released on January 6, which was recorded last Thursday, at 3,3674.38 points, leaving the closing low since March 30 set on Thursday.

A small-cap stock index with a focus on value stocks $Ishares Russell 2000 Value Etf(IWN.US)$ It closed up 2.39%, outperforming the market, breaking away from the low since October last year set on Thursday. Technology stocks are the ones that focus $Invesco QQQ Trust(QQQ.US)$ It closed up 2.13%, reaching its highest level since August last year after four consecutive days of decline.
Thanks to Friday's sharp rise, some major US stock indexes have accumulated gains this week. The NASDAQ rose 0.07%, and the NASDAQ 100 rose 0.1%, rising for two consecutive weeks. Meanwhile, the Dow fell 1.24%, taking back the gains of last week's rebound, falling in the second week of the last seven weeks; S&P, which rebounded last week, falling 0.8% and falling in the third week of the last eight weeks; and the Russell 2000 fell 0.51%, falling for two weeks after two weeks of continuous growth.

Major S&P 500 sectors collectively closed higher on Friday, driven by rising crude oil $Energy Select Sector SPDR Fund(XLE.US)$ Led by a rise of nearly 2.8%, where Apple is $The Technology Select Sector SPDR® Fund(XLK.US)$ It rose 2.7%, where bank stocks are located $Financial Select Sector SPDR Fund(XLF.US)$ It rose more than 2.4%, where Tesla is $Consumer Discretionary Select Sector SPDR Fund(XLY.US)$ increased by 2%, $Industrial Select Sector SPDR Fund(XLI.US)$ $Materials Select Sector SPDR ETF(XLB.US)$ $Real Estate Select Sector Spdr Fund (The)(XLRE.US)$ An increase of more than 1%, $Consumer Staples Select Sector SPDR Fund(XLP.US)$ rose 0.93%. There are only three sectors that have surged this week. $The Technology Select Sector SPDR® Fund(XLK.US)$ rose 0.6%, $The Health Care Select Sector SPDR® Fund(XLV.US)$ with $Utilities Select Sector SPDR Fund(XLU.US)$ The increase was less than 0.1%. Among the eight declining sectors, energy led the decline by 5.8%, while financial and communication services fell by more than 2%.
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
Most of the leading technology stocks rose. $Tesla(TSLA.US)$ It closed up 5.5%, rising for three consecutive days to the lowest level since April 19. Of the six major FAANMG technology stocks, the one fell for four days in a row $Apple(AAPL.US)$ It had an intraday increase of more than 5.1% on the day after the release of the quarterly report. For the first time since November 30 last year, it rose more than 5% in the intraday period and closed 4.7%, the biggest closing increase on November 30 last year, and a new closing high since August 18 last year; $Microsoft(MSFT.US)$ It closed up 1.7%, rising for two consecutive days until January 7 last year; $Amazon(AMZN.US)$ It closed up 1.6%, rising for four consecutive days to the highest level since April 27; it fell back on Thursday $Alphabet-A(GOOGL.US)$ It closed up 0.8% and did not continue to be close to the low since March 30 set last Wednesday; $Netflix(NFLX.US)$ It closed up 0.6%, and rose for three consecutive days after falling for two consecutive days on Tuesday to a low level since March 22; while Facebook's parent company $Meta Platforms(META.US)$ It closed down more than 0.3%, falling for four consecutive days, continuing to hit a new low since last Wednesday.
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
Chip stocks also followed a rebound in the general market after three consecutive days of decline. $PHLX Semiconductor Index(.SOX.US)$ with $iShares Semiconductor ETF(SOXX.US)$ It closed up about 2.3% and 2.2%, respectively. Among individual stocks, after a Microsoft spokesperson denied Thursday's news of joint development of AI chips with AMD, $NVIDIA(NVDA.US)$ It closed up nearly 4.1%. After news of the development of AI chips broke on Thursday, it reversed the market and closed up more than 6% $Advanced Micro Devices(AMD.US)$ It closed up 3.7%.
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
Bank stocks rebounded across the board. $KBW Nasdaq Bank Index(.BKX.US)$ It closed up 4.6%, breaking away from the low since September 2020, when it fell nearly 4% on Thursday for four consecutive days. $Spdr Series Trust S&P Regional Bkg Etf(KRE.US)$ It closed up 6.3%, ending a four-day decline, breaking away from the lows since November 2020 and October 2020, which were refreshed on Thursday, respectively.
The three major indices of US stocks rose at the close. The NASDAQ rose more than 2%, and Apple's results later rose 4.7%; regional bank stocks rebounded violen...
Regional banks outperformed the market. Among individual stocks, $PacWest Bancorp(PACW.US)$ It closed up 81.7%, the biggest intraday gain since the bank went public in 2000. It all evened out Thursday's closing decline of slightly over 50%, and still fell more than 40% in the last five days. Of the three banks recently upgraded by J.P. Morgan Chase Bank, the one closed down 38.5% on Thursday $Western Alliance Bancorp(WAL.US)$ It closed up 49.2%, and closed down about 12% on Thursday $Zions Bancorp(ZION.US)$ Closing up 19.2%, down more than 12% on Thursday $Comerica(CMA.US)$ Closing up 16.8%.
Important Market News
US non-farm payrolls exceeded expectations in April
In April, the number of new non-farm payrolls in the US unexpectedly declined but increased by 253,000, up 68,000 more than expected. The unemployment rate did not recover as analysts expected, but fell further to 3.4%, hitting a new low in half a century. The average hourly wage surpassed expectations and accelerated the rise, reflecting the resilience of the labor market in an environment where the Federal Reserve continues to tighten, as well as new upward pressure on inflation.

Steady employment data temporarily mitigated investors' concerns about the recession. According to some analysts, the current non-farm payrolls report is another sign that the Federal Reserve has not destroyed the economy. The bears' strongest statement is that a recession is imminent, but unless we see such signs in employment data, it is difficult to draw such a bearish conclusion.

Senior Federal Reserve Officials Continue to “Fly Hawks”

The Federal Reserve's “Eagle King” Brad said he supports a 25 basis point rate hike this week and believes this is a good next step for the US Federal Open Market Committee (FOMC) because the inflation rate is still very high. He believes that the basic situation in the US is that economic growth is slow, the labor market is weak, inflation will fall, and the Federal Reserve can still achieve a soft landing in the economy. Same

Bank of America: The suspension of the Fed's interest rate hike is not a reason to buy stocks

Bank of America strategist Michael Hartnett said that against the backdrop of high inflation and market concerns about the recession, it is not yet time to buy stocks due to the acceleration of capital outflows. Bank of America quoted EPFR Global data as saying that in the week ending May 3, the redemption scale of global equity funds reached 6.6 billion US dollars, the highest in more than two months.
Important company news
Shareholder rights groups seek to remove Buffett from Berkshire's position as chairman

A shareholder rights group said Buffett's relationship with Bill Gates puts Berkshire Hathaway investors at risk, and the organization sought to remove Buffett as chairman of the board of directors at the company's annual shareholders' meeting on Saturday. This is a rare public accusation against Buffett and Berkshire Hathaway.

US Securities and Exchange Investigates First Republic Bank Executives' Dealings

According to two people familiar with the matter, the US Securities and Exchange is investigating the actions of First Republic Bank executives before the government took over the bank and sold it to J.P. Morgan. One of the people familiar with the matter said that the US Securities and Exchange is investigating whether anyone in First Republic Bank's executive team at the time used insider information to carry out improper transactions.

UBS 100-person task force “airborne” Credit Suisse to officially launch merger process

UBS bankers have “airborne” Credit Suisse Group and will begin sorting through the accounts of former competitors to begin what is considered the most complex integration process in history. According to people familiar with the matter, UBS sent a so-called “cleaning team” of about 100 people to evaluate Credit Suisse's customer list and talent pool, and which business lines should be included in the closing line. UBS aims to complete the deal as soon as possible this month. Credit Suisse previously warned that the current state of paralysis has caused the employee turnover rate to soar, increasing the urgency.
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