In the early morning of the 14th Beijing time, US stocks maintained a rising trend at midday on Thursday, while the main stock index rebounded after falling yesterday.With MicrosoftAnd other large technology stocks to lead the rise. The market is still focused on inflation. Us PPI rose 6.2 per cent in April from a year earlier, further evidence of rising inflationary pressures. The number of people applying for unemployment benefits for the first time in the United States last week fell to its lowest level since the outbreak.
The Dow rose 439.62 points, or 1.31%, to 34027.28; the Nasdaq rose 90.90 points, or 0.70%, to 13122.58; and the S & P 500 rose 47.65 points, or 1.17%, to 4110.69.
U. S. stocks closed lower on Wednesday as the consumer price index showed a build-up of inflationary pressures, fuelling fears of an economic recovery and selling blue-chip and technology stocks. Technology stocks suffered their biggest daily decline since March 18, while the Dow suffered its biggest daily decline since January.
Technology stocks rebounded on Thursday. Some investors took advantage of Wednesday's plunge in technology stocks to take advantage of bargains, supporting technology stocks. Facebook, Apple, Amazon、 NetflixAnd Alphabet and other large technology stocks generally rose.
Electric vehicle manufacturer TeslaCompany CEO Musk said on social media that Tesla suspended the use of bitcoin to pay for car purchases and was considering using a cryptocurrency with lower energy consumption. Mr Musk is concerned about the rapid increase in the use of fossil fuels in Bitcoin mining and transactions, but says Tesla will not sell any bitcoin.
Affected by the news, cryptocurrencies plunged one after another, and the price of bitcoin fell more than 12% at one point, falling below $50, 000.
On the economic data side on Thursday, the US producer price index ((PPI)) rose 6.2% in April from a year earlier, and the number of first-time claims for unemployment benefits fell to 473000 last week, the lowest since the outbreak.
Carl Weinberg, chief economist of the High Frequency Economics, said on Thursday that he agreed with Federal Reserve Vice Chairman Clarida after the release of the CPI data that price increases appeared to be temporary.
Weinberg believes that part of the reason for this "short-lived shock" in inflation is that people spend far more on goods than services, which was shut down last year because of public health restrictions. However, with the reopening of the service sector, Weinberg believes this will "balance" the price pressure between spending on goods and services.
He believes it will take a month or two. "I think inflation and growth will be much better by the end of the summer."
The US producer price index (PPI) rose 6.2 per cent in April from a year earlier.
On Thursday, U. S. producer prices rose more than expected in April, indicating that inflationary pressures continued to rise.
The US Bureau of Labor Statistics reported that the US producer price index (PPI) rose 0.6 per cent in April from a month earlier, up 6.2 per cent from a year earlier, the biggest year-on-year increase since the agency began tracking the data in 2010. Economists had on average expected the index to rise 0.3 per cent year-on-year and 3.8 per cent month-on-month.
Excluding the recovery in food, energy and trade, core PPI rose 0.7 per cent month-on-month and 4.6 per cent year-on-year in April.
Ahead of Thursday's PPI data, the Labor Department reported on Wednesday that the US consumer price index rose 4.2 per cent in April from a year earlier, the biggest increase in 13 years, indicating higher-than-expected inflationary pressures, triggering a fall in US stocks on Wednesday.
PPI and CPI data measure inflation at the producer and consumer levels, respectively.
The analysis pointed out that the overall and core PPI climbed 0.6 per cent and 0.7 per cent respectively, both 0.3 percentage points higher than expected, and the year-on-year growth rate was similar to that expected. If this trend continues, it also poses an upside risk to next month's CPI data. After yesterday, the market may still not have settled down, but so far the market has hardly reacted.
The number of people applying for unemployment benefits for the first time in the United States last week fell to the lowest level since the outbreak.
The number of US regular jobless claims fell to its lowest level since the outbreak last week as companies filled jobs left vacant during the epidemic restrictions.
The Labor Department reported Thursday that the number of regular first-time jobless claims fell 34000 to 473000 in the week ended May 8. Economists expect a median of 490000. The previous week's figure was revised up to 507000.
As more Americans are vaccinated and consumer demand increases, the labor market continues to improve and stimulate economic activity. More and more companies and states are lifting epidemic prevention restrictions, and hiring is expected to continue to accelerate.
During the epidemic period, the number of people applying for unemployment benefits for the first time fluctuated due to the backlog effect, fraud, new plans and other factors. Meanwhile, several states, including South Carolina and Montana, recently said they planned to withdraw from federal unemployment benefits as people began to debate whether generous aid was one of the reasons companies had difficulty hiring.
The analysis points out that the number of people applying for unemployment benefits is basically in line with expectations, with 473000 people applying for unemployment benefits for the first time, suggesting that the labor market continues to improve. The number of people who continue to apply for unemployment benefits is basically in line with expectations, at 3.655 million, while the number of people applying for anti-epidemic unemployment benefits has risen from 6.83 million to 7.28 million. The data show that people with emergency benefits have not yet returned to work on a large scale.
Focus stocks
Vale, Rio TintoBHP BillitonResource stocks such as American Steel and Alcoa fell.
Sunos, a maker of smart speakers, raised its full-year revenue forecast in its results released yesterday.
Poshmark lost $75 million in the first quarter, exceeding market expectations.
Virgin GalaxyThe stock price went down. Recently, the Ark Fund managed by Cathie Wood sold Virgin Galactic shares sharply.
bilibiliThe average monthly payer in the first quarter was 20.5 million, compared with 13.4 million in the same period last year.
Xiaopeng delivered 13340 cars in the first quarter. The company expects to deliver 15500-16000 vehicles in the second quarter.
AliIn the fourth quarter, the loss per share was 1.99 yuan, and the market expected 3.73 yuan, compared with 1.16 yuan in the same period last year.