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US Stock Market Move | MEME stocks decline, Koss Corporation (KOSS.US) drops nearly 6%

On Monday, meme stocks fell. As of the time of writing, Koss Corporation (KOSS.US) dropped nearly 6%, BlackBerry Limited (BB.US) fell over 2.8%, AMC Entertainment Holdings, Inc. Class A (AMC.US), and GameStop Corp. Class A (GME.US) both dropped over 1%.
16/09/2024

US Stock Market Move | Concept stocks related to encryption fell across the board, with MicroStrategy (MSTR.US) falling more than 5.5%.

On Monday, Bitcoin fell more than 3% during the day, with cryptocurrency-related stocks generally declining. At the time of writing, Coinbase (COIN.US) was down over 1.4%, Canaan Inc. Sponsored ADR Class A (CAN.US) fell 2.8%, Riot Platforms (RIOT.US) dropped over 3%, and MicroStrategy (MSTR.US) fell over 5.5%.
16/09/2024

US Stock Market Move | Alcoa Corporation (AA.US) once rose over 9%, marking the largest intraday increase since February.

On Monday, the stock price of Alcoa Corporation (AA.US) rose, surging over 9% at one point, marking the largest intraday increase since February. As of the time of writing, the stock has risen over 7% to $34.875. In terms of news, Alcoa Corporation has sold 25.1% of its stake in a joint venture with the Saudi Arabian mining company Ma'aden to the latter for $1.1 billion. The company will receive approximately 86 million shares of Ma'aden stock and $150 million in cash, with the transaction expected to be completed in the first half of next year. The company will retain about 2% of Ma'aden's shares, which will be held for a minimum of 3 years. The joint venture was established in 2009 and is a integrated mining project in Saudi Arabia, with Ma'aden originally holding the remaining 74.9% stake in the joint venture company.
16/09/2024

US Stock Market Move | Receiving $3.5 billion in subsidies to produce chips for the U.S. military, Intel Corporation (INTC.US) has risen nearly 4%.

On Monday, while chip stocks were generally trending lower, Intel Corporation (INTC.US) saw an increase in its stock price, rising nearly 4% to $20.43 as of the time of writing. On the news front, Intel Corporation reached a binding agreement with U.S. officials, stating that the company is officially eligible to receive up to $3.5 billion in federal funding to produce semiconductors for the U.S. Pentagon. The project, named "Secure Enclave," will produce advanced chips for military and intelligence agencies. It is reported that the project will involve multiple states in the U.S., including a manufacturing facility for Intel Corporation in Arizona.
16/09/2024

US Stock Market Move | Chip stocks fall, Philadelphia Semiconductor Index drops more than 2% at one point.

On Monday, chip stocks fell, with the Philadelphia Semiconductor Index dropping more than 2% at one point. As of the time of writing, the index is now down over 1%, Super Micro Computer, Inc. (SMCI.US) fell 0.98%, NVIDIA Corporation (NVDA.US) fell over 1.2%, Micron Technology, Inc. (MU.US) fell over 3.8%, and Arm Holdings (ARM.US) fell over 5.7%.
16/09/2024

Preview of US Stock Market | The three major stock index futures are mixed, "super central bank week" is coming!

In the pre-market on September 16 (Monday), the futures of the three major US stock indexes were mixed. As of the time of writing, the Dow futures were up 0.21%, S&P 500 futures were down 0.10%, and Nasdaq futures were down 0.39%. As of the time of writing, the German DAX index was down 0.13%, the UK FTSE 100 index was up 0.02%, the French CAC 40 index was down 0.03%, and the Euro Stoxx 50 index was down 0.10%. As of the time of writing, WTI crude oil was up 0.83% at $68.31 per barrel, and Brent crude oil was up 0.73% at $72.13 per barrel. Market News Fed to start first rate cut in four years this week Will it protect the US economy for a soft landing? The Fed is set to make a key shift this week with its first rate cut in over four years to achieve a rare soft landing for the US economy. With inflation seemingly under control and signs of weakness in the US labor market, it is widely expected that officials will cut the benchmark interest rate by at least 25 basis points at the end of the two-day meeting on Wednesday. In the financial markets, some traders - and economists at the largest US bank, JPMorgan Chase - are even preparing for a half-point rate cut. BOEs cautious tone questioned Calls for a more aggressive rate cut grow louder. The Bank of England is set to announce its rate decision on September 19, and despite sticking to its exploratory rate cut policy, more and more investors feel that it needs to take more aggressive action. While it is widely expected that Governor Carney and his colleagues will postpone another rate cut on Thursday, fund managers at Abrdn Investment Management Ltd., Aviva Investors, and Allianz Global Investors are betting that this caution will not last long given the slowing economic growth and rising budget tax hikes. Strategists from investment banks like Goldman Sachs Group, Inc., HSBC, and UBS Group AG also agree, believing that officials will soon be forced to step up their efforts in the face of the continued weakening of the UK economy. Not afraid of "Black Monday" making a comeback? More than half of economists predict the Bank of Japan will raise rates again in December. A survey by the media shows that just over half of BOJ watchers believe the central bank's next rate hike will be in December, with no one expecting any action at this week's meeting. The survey found that out of 53 economists, around 87% predict the BOJ will raise borrowing costs before the end of January, with 53% believing December is the most likely time for a hike. The survey results indicate that most analysts believe the market turmoil in the days following the BOJ's rate hike on July 31 were not enough to alarm authorities into abandoning the path of rate normalization. The Bank of Japan is set to conclude its two-day policy meeting on September 20. BOJ Governor Kuroda and other members have recently stressed the need to monitor the still unstable Japanese financial markets, and have indicated that they will not rush to raise rates. Goldman Sachs Group, Inc.: US economic outlook downgraded Fed rate cut expectations continue to support the stock market. Goldman Sachs Group, Inc. said that recent stock market rotations reflect a downgrade in the US economic growth outlook, but with expectations of a rate cut by the Fed, the S&P 500 index remains close to historic highs. In its report last Friday, the company said it expects the Fed to cut the benchmark interest rate by 25 basis points this week, by 200 basis points by the first quarter of 2026, lower than the market's expectation of 260 basis points. The team led by Chief US Equity Strategist David Kostin said it is maintaining its year-end target of 5,600 for the S&P 500 index, and added that the 6-month and 12-month targets are 5,700 and 6,000 points respectively. Yen makes a big comeback! USD/JPY rises from July lows Breaks key level of 140 after a year. In the Asian trading session on Monday, the USD/JPY exchange rate broke the key psychological level of 140, continuing its uptrend since reaching nearly a 38-year low in July. On Monday, the yen rose by 0.6% against the US dollar, reaching 139.96 yen per dollar, its highest level since July 2023. The yen is the best-performing currency in the G10 group this quarter, as investors expect the interest rate gap between the US and Japan to narrow further, pushing the yen up by 15%. The Fed is almost certain to cut borrowing costs on Wednesday, with the only question being by how much. Meanwhile, the Bank of Japan is expected to stand pat on Friday after two rate hikes earlier this year. With reduced liquidity during the holiday period, traders are again betting that the US will cut rates by a bigger margin than usual, leading to Bloomberg's USD Strength Index falling to its lowest level since January. Foreign media: Trump faces two clear assassination attempts Bipartisan lawmakers urge strengthening of his security protection. Last Sunday, former US President Trump faced a second clear assassination attempt, and lawmakers from both parties are urging the Secret Service to enhance his protection. A bipartisan special working group investigating the shooting incident is seeking a briefing on the events of Sunday. Some members of Congress said: "All major presidential candidates should receive the highest level of presidential-level 'protection'. Any practice that fails to provide maximum protection is self-inflicted harm and places our country's stability at serious risk." Stock News Guo Mingchi: Apple Inc. (AAPL.US) iPhone 16 series estimated to have pre-ordered around 37 million units in the first weekend, lower than expected for the iPhone 16 Pro series. Guo Mingchi, an analyst at TF International Securities, said that pre-orders for the iPhone 16 series in the first weekend were estimated to be around 37 million units, a decrease of about 12.7% compared to the iPhone 15 series last year. The key issue is that the iPhone 16 Pro series is lower than expected.Guo Mingchi pointed out that the shipping time of the iPhone 16 Pro series is significantly lower than that of the 15 Pro series. Apart from the increase in pre-order stocking, the key reason for the decrease in sales compared to the first weekend is that demand is lower than expected.Intel Corporation (INTC.US) secures Pentagon order? Receives $3.5 billion subsidy to produce chips for the US military. According to media reports last Friday (September 13), chip manufacturer Intel Corporation has reached a binding agreement with US officials, stating that the company is officially eligible to receive up to $3.5 billion in federal funding to produce semiconductors for the US Pentagon. The project, known as "Secure Enclave," will produce advanced chips for the military and intelligence departments and will involve multiple states in the US, including Intel Corporation's manufacturing facility in Arizona. Union strike may turn into a prolonged battle for Boeing Company (BA.US) as financial difficulties may worsen. In an interview on Saturday, Boeing Company union leader Jon Holden stated that the strike "may last for a while" as workers believe they can get higher wage increases and better pensions. Over 30,000 members of the International Association of Machinists and Aerospace Workers (IAM) began the strike last Friday after overwhelmingly rejecting a new contract. Boeing Company produces its best-selling 737 MAX and other jet planes in Seattle and Portland. Boeing Company and union negotiators will return to the bargaining table this week under the supervision of a federal mediator, after over 94% of workers voted against a preliminary contract proposal supported by Holden. Jefferies: Volkswagen (VWAGY.US) plans to lay off over 15,000 employees when closing factories. Jefferies analysts suggest that Volkswagen may forcibly push through decisions to close factories this year, paving the way for laying off over 15,000 employees. Jefferies cited comments from Volkswagen executives on Monday stating that the automaker can close production facilities without needing approval from the supervisory board, potentially resulting in reserves of up to 40 billion euros ($44 billion) in the fourth quarter. The board has previously obstructed management's restructuring efforts. Masimo Corporation (MASI.US) partners with Alphabet Inc. Class C (GOOGL.US) to develop a smartwatch platform. Masimo Corporation has entered into a partnership with Alphabet Inc. Class C to build a new reference platform for Alphabet Inc. Class C's Wear OS smartwatch for original equipment manufacturers (OEMs). OEMs using the new Masimo Corporation platform will continue to design and manufacture the appearance of new smartwatches and have creative control over the user interface. The Masimo Corporation platform is expected to be compatible with existing Alphabet Inc. Class C applications and services created for the Wear OS platform. Important economic data and events forecast: 20:30 Beijing time: US September New York Fed Manufacturing Index
16/09/2024

Overnight US stocks | The three major indexes performed strongly this week, with the S&P and Nasdaq recording their largest weekly gains so far this year.

On Friday, the three major indices rose. Both the Nasdaq and the S&P 500 recorded their fifth consecutive trading day of gains. The US stock market performed strongly this week, with the Dow Jones Industrial Average rising by 2.6% for the week. The S&P 500 index rose by 4.02%, while the Nasdaq surged by 5.95%, both marking their largest weekly gains so far this year. [US Stock Market] As of press time, the Dow Jones Industrial Average rose by 297.01 points, or 0.72%, to 41393.78 points; the Nasdaq rose by 114.30 points, or 0.65%, to 17683.98 points; the S&P 500 index rose by 30.26 points, or 0.54%, to 5626.02 points. Uber Technologies, Inc. (UBER.US) rose by 6.3%, expanding its partnership with Alphabet Inc. Class C's self-driving car division, Waymo. Oracle Corporation (ORCL.US) rose by 7.4%, as the company raised its revenue guidance for the next fiscal year. Adobe (ADBE.US) fell by 9% as its performance guidance fell short of expectations, causing market concerns about AI revenue. [European Stock Market] The German DAX30 index rose by 189.81 points, or 1.03%, to 18697.45 points; the UK's FTSE 100 index rose by 31.39 points, or 0.38%, to 8272.36 points; the French CAC40 index rose by 30.18 points, or 0.41%, to 7465.25 points; the STOXX Europe 50 index rose by 29.27 points, or 0.61%, to 4843.35 points; the Spanish IBEX35 index rose by 135.41 points, or 1.19%, to 11535.61 points; the Italian FTSE MIB index rose by 103.22 points, or 0.31%, to 33557.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.68%, Indonesia's Jakarta Composite Index rose by 0.18%, and Vietnam's VN30 index fell by 0.26%. [Gold] COMEX December gold futures rose by 1.08% to $2608.40 per ounce, marking a weekly gain of 3.31%. [Cryptocurrency] Bitcoin rose by 0.7% to $57981.9, while Ethereum rose by 0.16% to $2354.12. [Oil] New York Mercantile Exchange October WTI crude oil futures prices fell by 32 cents, or 0.46%, to $68.65 per barrel, with a weekly increase of about 1.45%. Brent November crude oil futures fell by $0.36, or 0.50%, to $71.61 per barrel, with a weekly increase of 0.77%. [Metals] Most London metals rose, with nickel falling by over 1.2%; zinc rose by over 1.6%, aluminum rose by over 2.4%, and copper rose by 0.56%. [Macro News] US consumer confidence index rose to a new high since May but remains cautious. The preliminary September University of Michigan Consumer Confidence Index in the United States was 69, with expectations of 68.5 and a previous value of 67.9. The consumer confidence index has reached its highest level since May 2024, rising for the second consecutive month by about 2% compared to August. Joanne Hsu, director of the University of Michigan's consumer survey, stated that the rise in the consumer confidence index is mainly due to improved purchase conditions for durable goods, as consumers believe prices are more favorable. Although views on the labor market have slightly weakened, expectations for personal finances and the economy have improved. The current consumer confidence index is about 40% higher than its low point in June 2022, but due to the significant uncertainty surrounding the upcoming US election, consumers remain cautious. More and more Republicans and Democrats now expect Harris to win. As views on the economic impact of Harris becoming president vary, the gap between the two parties in the consumer confidence index has widened. US import prices recorded the largest decline in eight months in August. US import prices fell by the largest amount in eight months in August, driven by lower fuel and food prices, indicating that domestic inflation will continue to ease in the coming months. The Labor Department's Bureau of Labor Statistics reported on Friday that import prices fell by 0.3% in August on a monthly basis, the largest decline since December 2023, while July's unadjusted import prices rose by 0.1%. Over the 12 months ending in August, import prices rose by 0.8% following a 1.7% increase in July. Government data released this week showed mild increases in CPI and PPI in August, but there is still some stickiness in potential inflation. The Federal Reserve is expected to start the long-awaited easing cycle next Wednesday, with a 25 basis point cut almost certain. Expectations for a 50 basis point cut were disappointed due to stable job market conditions and still warm core inflation data. Goldman Sachs Group, Inc.: Still expects a 25 basis point cut from the Fed next week. Analysts at Goldman Sachs Group, Inc. stated that they still expect the Federal Reserve to cut rates by 25 basis points next week, and will continue to cut rates at each remaining meeting this year (November and December). In contrast, speculation about a larger rate cut by the Federal Reserve has reappeared. Former New York Federal Reserve Bank President Dudley said on Thursday that there is a high likelihood of a 50 basis point rate cut at the Fed's next meeting. Investors reacted strongly on Friday to news articles in the Financial Times and the Wall Street Journal, which emphasized that the initial rate cut by the Federal Reserve officials may be a difficult decision, fueling speculation about a larger rate cut. JPMorgan Chase reaffirms expectation for a 50 basis point rate cut by the Fed in September. Amid falling inflation and weak job data, JPMorgan economists reiterated their expectation for a 50 basis point rate cut by the Federal Reserve at next week's policy meeting. "What the Federal Reserve should do next week is clear to us, which is to cut rates by 50 basis points to adjust to changes in the risks balance," said the bank's chief US economist.Economist Michael Feroli wrote in a report on Friday. Feroli expects that the Federal Reserve's latest quarterly forecast of policy rates at the end of this year will be 100 basis points lower than the forecast in June, which means there will be two more 25 basis point rate cuts in 2024; he predicts that the median expected rate at the end of 2025 will be cut by another 150 basis points. Feroli wrote that if the Federal Reserve only cuts rates by 25 basis points next week, the median rate cut for this year may only be 75 basis points.Individual stock news X, a social media platform owned by Tesla, Inc. (TSLA.US) CEO Musk, is reportedly set to avoid the impact of the EU Digital Markets Act as its scale is not yet large enough. It is said that X, owned by Musk, will avoid the impact of a landmark law aimed at curbing tech giants in the EU, as regulatory authorities have determined that the platform's impact on the EU market is not significant enough. According to sources, the European Commission's investigation into the platform is nearing completion and is preparing to conclude that it does not fall within the jurisdiction of the EU Digital Markets Act (DMA). X will bypass many of the provisions of the DMA because its services are not yet powerful enough for business users and have not reached a specific revenue threshold. They added that the European Commission may announce the results of the investigation in October. The DMA lists a series of requirements for companies such as Alphabet Inc. Class C search, Apple Inc.'s Safari, Amazon.com, Inc., and Meta, aimed at preventing tech giants from violating competition laws, with fines of up to 10% of global revenue imposed for repeat violations, and fines of up to 20% for repeated violations. Boeing Company (BA.US) takes cash-saving measures as 33,000 blue-collar workers go on strike. On Friday, Boeing Company's blue-collar workers in the Pacific Northwest went on strike picket lines instead of manufacturing airplanes, as they unanimously rejected a proposed contract that would have raised their wages by 25% over four years. Approximately 33,000 mechanics participated in the strike, which is unlikely to disrupt airlines' flights quickly but could interrupt the production of Boeing Company's best-selling jetliners. The strike marks another setback for the company, which has already faced billions of dollars in financial losses and reputational damage. Boeing Company stated on Friday that it is taking cash-saving measures, while its CEO is working to reach a contract that factory workers can accept to join the union. In mid-Friday trading, Boeing Company's stock price fell by over 3%, bringing its year-to-date decline to about 40%. Major bank rating Oppenheimer: Downgrades Moderna (MRNA.US) stock rating to "in line with market"
14/09/2024

US Stock Market Move | MEME stocks rise, Koss Corporation (KOSS.US) continues to rally.

On Friday, Koss Corporation (KOSS.US) continued its upward trend, with its stock price rising over 7% to $7.94 at the time of writing. Other meme stocks also rose, with GameStop Corp. Class A (GME.US) up over 2%, BlackBerry Limited (BB.US) up over 1.4%, and AMC Entertainment Holdings, Inc. Class A (AMC.US) up over 1.1%.
13/09/2024

US Stock Market Move | Fashion technology company Stitch Fix (SFIX.US) rose nearly 9% and will announce its Q4 and full-year performance on September 24th.

On Friday, as of the time of writing, the fashion technology company Stitch Fix (SFIX.US) rose nearly 9%, reaching $3.945 per share. The company will release its financial performance for the fourth quarter and the entire fiscal year ending August 3, 2024, after the market closes on September 24, 2024 (Tuesday). The company combines data science with personal stylists to provide customers with personalized fashion recommendations and clothing subscription services. Stitch Fix's main business model involves customers providing their personal style preferences, sizes, budgets, and other information. Based on this data and algorithm analysis, combined with recommendations from professional stylists, the company selects suitable clothing and accessories for customers and regularly sends them to customers. Customers can try on these clothes at home and only pay for the items they keep, while the items they do not wish to purchase can be returned for free.
13/09/2024

US Stock Market Move | Vaccine concept stocks rise and fall differently. Novavax, Inc. (NVAX.US) rose more than 5.4%.

On Friday, vaccine concept stocks fluctuated, with Novavax, Inc. (NVAX.US) rising, reaching a high of over 5.4% to $12.57 per share at the time of writing. The company announced that their updated COVID-19 vaccine has been approved for use in the United States for individuals aged 12 and above. Moderna (MRNA.US) decreased by nearly 4% to $66.92 per share. Moderna plans to launch a skin cancer vaccine based on mRNA as early as next year. It was reported that Moderna has released mid-term data on their individualized cancer vaccine named mRNA-4157, which is being used in combination with Merck & Co., Inc.'s (MRK.US) PD-1 therapy Keytruda for the treatment of melanoma. Pfizer Inc. (PFE.US) also saw a slight decrease of 0.22%.
13/09/2024
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