US Market Outlook: Fed Officials Say Two to Three Interest Rate Cuts This Year Are Appropriate, and the Dow Average Starts at $92 Higher
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This is tonight's reading of NY stocks.![]()
Market Overview
The US market started, and the Dow Jones Industrial Average, which consists of excellent stocks, rose 92.53 dollars to 38613.89 dollars, and the Nasdaq Composite Stock Price Index, which has a high high-tech stock ratio, began at 15690.35 with an 81.35 point increase. The S&P 500 average, which consists of stocks of 500 major US companies, is 18.82 points higher at 4973.05.
The US market started, and the Dow Jones Industrial Average, which consists of excellent stocks, rose 92.53 dollars to 38613.89 dollars, and the Nasdaq Composite Stock Price Index, which has a high high-tech stock ratio, began at 15690.35 with an 81.35 point increase. The S&P 500 average, which consists of stocks of 500 major US companies, is 18.82 points higher at 4973.05.
Top news
Minneapolis Fed President Currently, it is appropriate to cut interest rates 2-3 times this year
Minneapolis Federal Bank President Kashkari appeared on the US CNBC earlier, and while stating “time is necessary to determine data before interest rate cuts,” he also stated “I think it is appropriate to cut interest rates 2-3 times this year at the moment.”
Minneapolis Fed President Currently, it is appropriate to cut interest rates 2-3 times this year
Minneapolis Federal Bank President Kashkari appeared on the US CNBC earlier, and while stating “time is necessary to determine data before interest rate cuts,” he also stated “I think it is appropriate to cut interest rates 2-3 times this year at the moment.”
Bank of America falls to NYCB junk grade, re-downgraded due to poor credit - Moody's
The rating agency Moody's Investors Service announced on the 6th that all long-term ratings and some short-term ratings of the US Bank Holding Company New York Community Bancorp (NYCB) have been lowered to junk grade (speculative ratings). When NYCB announced financial results for October to December last year (fourth quarter) on January 31, it announced an accumulation of loan loss provisions in preparation for unexpected dividends cuts and commercial real estate loan problem crediting, but it was downgraded to junk grade in less than a week after that. The rate of decline in stock prices since financial results were announced reached 59%, and it recorded a low since 1997 in the US stock market on the 6th.
The rating agency Moody's Investors Service announced on the 6th that all long-term ratings and some short-term ratings of the US Bank Holding Company New York Community Bancorp (NYCB) have been lowered to junk grade (speculative ratings). When NYCB announced financial results for October to December last year (fourth quarter) on January 31, it announced an accumulation of loan loss provisions in preparation for unexpected dividends cuts and commercial real estate loan problem crediting, but it was downgraded to junk grade in less than a week after that. The rate of decline in stock prices since financial results were announced reached 59%, and it recorded a low since 1997 in the US stock market on the 6th.
NVIDIA stock high updated day by day Wall Street raises target stock price to $800
Recently, major high-tech companies in US stocks announced financial results that exceeded expectations one after another, and the management teams of each company indicated that they would continue to increase investment in AI, further boosting NVIDIA's stock price. Last year, along with the rise of the artificial intelligence boom, major players competed with major products built into AI, so hardware chip manufacturer NVIDIA made a big profit. Currently, AI spending continues to increase due to profit improvements in the high-tech industry, and demand for NVIDIA chips is expected to increase further.
Recently, major high-tech companies in US stocks announced financial results that exceeded expectations one after another, and the management teams of each company indicated that they would continue to increase investment in AI, further boosting NVIDIA's stock price. Last year, along with the rise of the artificial intelligence boom, major players competed with major products built into AI, so hardware chip manufacturer NVIDIA made a big profit. Currently, AI spending continues to increase due to profit improvements in the high-tech industry, and demand for NVIDIA chips is expected to increase further.
Alibaba's net profit decreased by 70% from 23/10-12, due to a decrease in investor evaluations
In the financial results for the fiscal year ending 2023/10-12 announced on the 7th by Alibaba Group, a major Chinese online shopping company, net profit was 14.4 billion yuan (about 300 billion yen), down 69% from the same period last year. The decline in evaluations and impairment of investees resonated. Sales increased 5% to 260.3 billion yuan. By business, domestic retail businesses, such as online shopping, only increased by 2%. Price competition with competitors was intensifying, and the number of buyers and order volume were sluggish. Although sales increased in overseas mail order businesses such as cross-border e-commerce (EC), the deficit widened due to EBIT (profit and loss before interest payment/tax) by business.
In the financial results for the fiscal year ending 2023/10-12 announced on the 7th by Alibaba Group, a major Chinese online shopping company, net profit was 14.4 billion yuan (about 300 billion yen), down 69% from the same period last year. The decline in evaluations and impairment of investees resonated. Sales increased 5% to 260.3 billion yuan. By business, domestic retail businesses, such as online shopping, only increased by 2%. Price competition with competitors was intensifying, and the number of buyers and order volume were sluggish. Although sales increased in overseas mail order businesses such as cross-border e-commerce (EC), the deficit widened due to EBIT (profit and loss before interest payment/tax) by business.
Nippon Steel acquires US Steel as scheduled to “anticipate” US political risk
On the 7th, Nippon Steel indicated a policy to proceed with the acquisition procedure for US Steel, a major US steel company, as scheduled. Former US President Trump expressed his intention to block the takeover, and the American Steel Workers Union (USW) is also rebelling. Ahead of the fall US presidential election, political speculations are mixed. Tough negotiations are being forced to complete the acquisition. At the press conference for the fiscal year ending 2023/4/12 held on the same day, Vice President Mori Takahiro, who is in charge of overseas business, made it clear that there is no change in the acquisition procedure. In response to the fact that there is a movement against the takeover in the US, he stated “this is an expected reaction.”
On the 7th, Nippon Steel indicated a policy to proceed with the acquisition procedure for US Steel, a major US steel company, as scheduled. Former US President Trump expressed his intention to block the takeover, and the American Steel Workers Union (USW) is also rebelling. Ahead of the fall US presidential election, political speculations are mixed. Tough negotiations are being forced to complete the acquisition. At the press conference for the fiscal year ending 2023/4/12 held on the same day, Vice President Mori Takahiro, who is in charge of overseas business, made it clear that there is no change in the acquisition procedure. In response to the fact that there is a movement against the takeover in the US, he stated “this is an expected reaction.”
Uber's sales increased and turned into a surplus for the full fiscal year 2023/12
Uber Technologies' full fiscal year 2023/12 (2023/1-12) saw an increase in sales and a shift in operating surplus. According to the 8-K (Important Matters Report) released before the start of regular transactions in the US on 2/7, sales for the full year were 37.2 billion dollars, up 17.0% from the previous fiscal year. Operating profit and loss turned into a surplus of 1.11 billion dollars. There was a deficit of 1,832 billion in the previous fiscal year. Profit and loss per share (EPS, after dilution) was a surplus of 0.87 dollars (deficit of 4.65 dollars in the previous fiscal year).
Uber Technologies' full fiscal year 2023/12 (2023/1-12) saw an increase in sales and a shift in operating surplus. According to the 8-K (Important Matters Report) released before the start of regular transactions in the US on 2/7, sales for the full year were 37.2 billion dollars, up 17.0% from the previous fiscal year. Operating profit and loss turned into a surplus of 1.11 billion dollars. There was a deficit of 1,832 billion in the previous fiscal year. Profit and loss per share (EPS, after dilution) was a surplus of 0.87 dollars (deficit of 4.65 dollars in the previous fiscal year).
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Distributor: Bloomberg, MINKABU, Nihon Keizai Shimbun, Reuters
Distributor: Bloomberg, MINKABU, Nihon Keizai Shimbun, Reuters
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