US market outlook: US job market is at a turning point = GS Dow average starts at 1.02 dollars higher
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Market Overview
The US market started, and the Dow Jones Industrial Average, which consists of excellent stocks, rose 1.02 dollars to 38779.12 dollars, and the Nasdaq Composite Stock Price Index, which has a high high-tech stock ratio, fell 0.26 points to 17856.76. The S&P 500 average, which consists of stocks of 500 major US companies, is 2.92 points higher at 5476.15.
The US market started, and the Dow Jones Industrial Average, which consists of excellent stocks, rose 1.02 dollars to 38779.12 dollars, and the Nasdaq Composite Stock Price Index, which has a high high-tech stock ratio, fell 0.26 points to 17856.76. The S&P 500 average, which consists of stocks of 500 major US companies, is 2.92 points higher at 5476.15.
Top news
US retail sales for May fall short of market expectations in both overall and core
The U.S. Department of Commerce will announceRice retail sales in MayIs0.1% increase from previous month、Below market expectations for a 0.3% increaseIt exceeded the 0.2% decrease in the previous fiscal year (the previous fiscal year went from 0% to 0.2% decreaseDownward correction). This is a 2.3% increase compared to the previous year.
The U.S. Department of Commerce will announceRice retail sales in MayIs0.1% increase from previous month、Below market expectations for a 0.3% increaseIt exceeded the 0.2% decrease in the previous fiscal year (the previous fiscal year went from 0% to 0.2% decreaseDownward correction). This is a 2.3% increase compared to the previous year.
Stock price increase
● Wall Street once again hit a record high due to the rise of major US tech companies.
● According to data compiled by Bloomberg, major high-tech companies account for nearly three-quarters of the rise in the S&P 500 stock price index, $NVIDIA (NVDA.US)$ This alone accounts for 34% of the increase.
● U.S. Treasury bonds remained strong after falling on Monday after a succession of oversales of over $21 billion in high-rated corporate bonds.
● Wall Street once again hit a record high due to the rise of major US tech companies.
● According to data compiled by Bloomberg, major high-tech companies account for nearly three-quarters of the rise in the S&P 500 stock price index, $NVIDIA (NVDA.US)$ This alone accounts for 34% of the increase.
● U.S. Treasury bonds remained strong after falling on Monday after a succession of oversales of over $21 billion in high-rated corporate bonds.
Former Chicago Fed President points out the possibility of interest rate cuts in September
● Charles Evans, the former president of the U.S. Chicago Area Federal Reserve Bank, expressed the view on the 17th that there is a possibility that the Federal Reserve (Fed) will cut interest rates in September.
● In an interview with MarketWatch, Mr. Evans said, “If the data improves, September will also be possible.”
● Charles Evans, the former president of the U.S. Chicago Area Federal Reserve Bank, expressed the view on the 17th that there is a possibility that the Federal Reserve (Fed) will cut interest rates in September.
● In an interview with MarketWatch, Mr. Evans said, “If the data improves, September will also be possible.”
Further rise is expected
● According to the Bank of America survey, there is a high possibility that global investors will continue to inject capital into the market as US stocks hit new highs.
● In this public opinion poll (total assets under management of 640 billion dollars, number of participants 206), investors have maintained the most bullish stance since 2021/11, and long bets on large high-tech companies called so-called Magnificent Seven have reached 69%.
● According to the Bank of America survey, there is a high possibility that global investors will continue to inject capital into the market as US stocks hit new highs.
● In this public opinion poll (total assets under management of 640 billion dollars, number of participants 206), investors have maintained the most bullish stance since 2021/11, and long bets on large high-tech companies called so-called Magnificent Seven have reached 69%.
Goldman's warning
● Speaking of softer data, the Goldman Sachs economist stated that the American labor market stands at a “turning point,” and if demand for workers becomes even softer, it will have an impact not only on jobs but also on employment.
● After all, economic activity is the main driving force behind labor demand, and the GDP growth rate has slowed significantly. Therefore, despite the fact that the Federal Reserve (Fed) showed a “surprisingly hawkish” outlook last week, analysts have stated that “I like the prediction that interest rates will be cut twice (in September and December).”
● Speaking of softer data, the Goldman Sachs economist stated that the American labor market stands at a “turning point,” and if demand for workers becomes even softer, it will have an impact not only on jobs but also on employment.
● After all, economic activity is the main driving force behind labor demand, and the GDP growth rate has slowed significantly. Therefore, despite the fact that the Federal Reserve (Fed) showed a “surprisingly hawkish” outlook last week, analysts have stated that “I like the prediction that interest rates will be cut twice (in September and December).”
Can NVIDIA rise another 21%?
● In a recently released report, Sasquatch Hannah Bank analyst Chris Rolland said $NVIDIA (NVDA.US)$ The target stock price was raised from 145 dollars to 160 dollars. The new target stock price means a 21% increase from the closing price last Friday, and the expected PER will be 51.5 times higher.
● Mr. Rolland stated that this valuation is much higher than the average of other companies in the same industry, but since NVIDIA can seize opportunities in a rapidly growing market, he thinks it is an appropriate valuation.
● In a recently released report, Sasquatch Hannah Bank analyst Chris Rolland said $NVIDIA (NVDA.US)$ The target stock price was raised from 145 dollars to 160 dollars. The new target stock price means a 21% increase from the closing price last Friday, and the expected PER will be 51.5 times higher.
● Mr. Rolland stated that this valuation is much higher than the average of other companies in the same industry, but since NVIDIA can seize opportunities in a rapidly growing market, he thinks it is an appropriate valuation.
The dollar is approaching a high price
● The dollar is likely to hit a new high in 2024 as investors trying to escape rising US bond yields and European political instability are rushing into the world's key currencies.
● The Bloomberg Dollar Spot Index is one step closer to the November level, and premiums paid for currency hedging against the US have risen to a high level for the first time in over a year.
● The dollar is likely to hit a new high in 2024 as investors trying to escape rising US bond yields and European political instability are rushing into the world's key currencies.
● The Bloomberg Dollar Spot Index is one step closer to the November level, and premiums paid for currency hedging against the US have risen to a high level for the first time in over a year.
— MooMoo News Zeber
Source: Moomoo, Bloomberg, Dow Jones
This article uses automatic translation for some of its parts
Source: Moomoo, Bloomberg, Dow Jones
This article uses automatic translation for some of its parts
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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