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Fed's Schmid: Lower Rates Would Be Appropriate If Inflation Continues to Fall
Wall Street Breakfast FM-Radio | August 9, 2024
Understand the global market in five minutes, all on Financial Breakfast.
Apple will sell the smallest Mac computer ever this autumn - the new Mac Mini with M4 chip, welcoming AI features.
This is also the first major design change for the Mac Mini desktop computer since the era of Steve Jobs. Its appearance will be reduced to the size of an Apple TV set-top box, and developers have called it the "iPad Pro in a small box." Apple plans to replace all Mac computers with M4 chips by next year, and the introduction of AI functionality is a major selling point, hoping to revive sales.
S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
Emerging markets stock market continues to suffer from bleeding, Vanguard etf has experienced the longest withdrawal since the outbreak.
As of this Wednesday, the largest investment in individual stocks, Taiwan Semiconductor, has seen continuous net outflows of funds for 10 trading days for the Vanguard Emerging Markets ETF (VWO), with investors withdrawing a total of 2.12 billion US dollars. However, analysts have been raising profit expectations for MSCI Emerging Markets Index component stocks for nine consecutive weeks.
Jpmorgan: If there is no urgency for the Federal Reserve to relax monetary policy, US stocks still face risks.
JPMorgan's newly appointed market strategy director stated that the US stock market is no longer a one-sided upward trend, but rather a growing number of two-sided trends. The recent rotation of stocks appears to be closing out cycles rather than the beginning of trend-selling over the entire cycle. Kolanovic was JPMorgan's former market strategy director who left in July. An analysis article by Wall Street News pointed out that his departure might not be good news for the US stock market.
