news

U.S. stocks closed: S&P and Nasdaq rose for 7 consecutive days, and the three major indexes all achieved the largest single-week gains this year

2024-08-17

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Cailianshe News, August 17 (Editor: Shi Zhengcheng)Last night and this morning, the three major U.S. stock indexes closed slightly higher, marking a stable end to this week's trading.S&P 500 and Nasdaq rise together for the seventh consecutive trading day, ending the previous four consecutive weeks of decline.

As of the close, the S&P 500 rose 0.2%, for a total increase of 3.93% this week; the Nasdaq rose 0.21%, for a total increase of 5.29% this week; and the Dow Jones Industrial Average rose 0.24%, for a total increase of 2.94% this week.According to statistics, the three major indexes all recorded their largest single-week gains since the "U.S. stock market reversal" at the end of October 2023.

(S&P 500 weekly chart, source: TradingView)

After this rise, the S&P 500 index is about 2% away from its all-time high.

The market continued the market environment of the previous three days on Friday. As economic data showed that while US inflation subsided, consumers remained resilient, and the Federal Reserve's hopes of achieving a "soft landing" for the economy ignited enthusiasm for the rebound.

Of course, "interest rate cuts are coming" is still the main theme of the market.Overnight spot gold prices broke through $2,500/ounce, setting a new record high

As this week comes to an end, the market gradually shifts its focus to next week's Jackson Hole Federal Reserve annual meeting, during which Powell's speech is also seen as a key event in "setting the tone for the September interest rate meeting."

Regarding this week's market, Alex King, founder of research firm Cestrian Capital, commented:Investors who decided to reduce their positions to reduce risk after last week's market volatility may have been caught off guard. This week, the market also taught everyone a lesson on how bull markets work - cruelly abandoning those who are unwise.

Hot stocks rise and fall

Volatility among the tech giants also fell noticeably on Friday.appleUp 0.59%,MicrosoftDown 0.61%,Amazonfell 0.3%, META fell 1.84%,Google-AUp 1.03%,TeslaUp 0.92%,NvidiaUp 1.4%,IntelUp 0.87%

Chinese stocks showed a general rise, with the Nasdaq China Golden Dragon Index rising 1.92%.AlibabaUp 4.58%,BaiduUp 3.23%, Pinduoduo up 2.9%, JD.com up 8.48%, NetEase down 0.18%, NIO up 3.13%, Li Auto up 6.93%, and Xpeng Motors up 1.46%.

Other News

[Alibaba's stock price strengthened after analysts reiterated its buy rating]

After a mixed earnings report on Thursday, Alibaba closed up 4.58% on Friday amidst optimistic comments from analysts. Bank of America Securities and Truist maintained their buy ratings on Alibaba, mainly due to the expected growth of customer management revenue (CMR) to catch up with GMV in the next year, and the cloud business to achieve double-digit percentage growth and higher profits.

[Monkeypox concept stocks continue to be driven by the spread of the epidemic]

As of the close of Friday, monkeypox concept stocks in the U.S. stock market have seen another round of surges. Among them, SIGA Technologies rose 9.04%, Emergent Biosolutions rose 24.02%, and GeoVax Labs rose 110.75%. Previously, new cases of monkeypox were reported in Sweden, Pakistan and other places. The European Center for Disease Control also raised the alert level for the monkeypox epidemic on Friday.

U.S. vaccine manufacturersPfizerPfizer disclosed the latest progress of the company's "flu/COVID-19 combined vaccine" project on Friday, saying that the third phase clinical trial of the vaccine failed to fully achieve the main goal, disappointing investors. Pfizer said that the phase III clinical trial showed that compared with the standard flu vaccine, the combined vaccine triggered a strong immune response to influenza A, but could not provide effective immune protection against influenza B.

【Mastercard plans to cut 3% of its global workforce】

A Mastercard spokesperson said the company will cut 3% of its global workforce. Based on the number of employees the company announced at the end of last year, about 1,000 people will be affected. The company spokesperson revealed that the layoffs will also "redeploy resources to growth areas." The spokesperson also said that most of the layoff notices are expected to be completed before September 30.

[Rivian suspends production of Amazon delivery vehicles due to parts shortage]

A spokesperson for U.S. electric vehicle maker Rivian said on August 16 that the company has temporarily stopped production of commercial delivery vans used by retail giant Amazon due to a shortage of parts.

(Shi Zhengcheng, Cailianshe)