Market Highlights π‘ - 24 May 2024
* Wall Street fell on inflation worries despite gains in Nvidia shares; the Hang Seng Index fell as the Fed's hawkish stance weakened risk appetite.
πΊπΈ S&P 500: -0.73% π
πΊπΈ Nasdaq: -0.39% π
πͺπΊ Stoxx 600: 0.08% π
π―π΅ Nikkei 225 Index: 1.26% π
ππ° Hang Seng Index: -1.69% π
π¨π³ CSI 300 Index: -1.16% π
* U.S. stocks on Thursday, with the S&P 500 and Nasdaq Composite falling -0.7% and -0.4% respectively, after economic data showed U.S. price pressures increased in May even as business activity accelerated while weekly jobless claims fell A sign that the labor market remains solid.
* The U.S. S&P Global Manufacturing PMI rose to 50.9 in May from 50.0 in April, indicating expansion, but manufacturers reported a surge in prices for a range of inputs, suggesting goods inflation may pick up in coming months, The S&P Global Services Purchasing Managers Index (PMI) rose from 51.3 to 54.8, indicating that economic performance improved in the middle of the second quarter.
* U.S. unemployment claims fell to a seasonally adjusted 215K in the week ended May 18 (forecast: 220K), reaffirming that layoffs are low and the economy is boosted by a strong labor market.
* In May 2024, the Japanese Manufacturing Purchasing Managers Index (PMI) released by Nihon Bank of Japan rose to 50.5 from 49.6 last month, exceeding the expected 49.7. This was due to continued employment growth, accelerated reduction of backlog projects, and procurement inventory again. rise.
* Asia-Pacific markets fell, with Hong Kong's Hang Seng and China's CSI 300 down -1.7% and -1.2% respectively, with tech leaders Alibaba and NetEase dragging down losses as investor sentiment weakened after hawkish comments from Federal Reserve officials and corporate profits The uneven recovery prompted some profit-taking.
π‘ Future events: π‘
* We end the week with the release of Japan's national core CPI year-on-year data and the US's revised University of Michigan Consumer Confidence Index on Friday.
π‘Things you need to know today:π‘
1. Alphabet $Alphabet(GOOG)$
OpenAI
2. Boeing $Boeing(BA)$ shares fell -5.1% after Chief Financial Officer Brian West said aircraft deliveries in the second quarter of 2024 would not be higher than in the first quarter and cash flow would be negatively affected by delays in deliveries to China, The company lost nearly $4 billion in cash in the first quarter of 2024.
Boeing CFO, Brian West
3. Alibaba $Alibaba(09988)$
Alibaba
4. China's leading chip foundry SMIC $SMIC(00981)$
SMIC
β KEY TAKEAWAYS:
Amid uncertainty about future inflation and interest rate trends, U.S. businesses remain cautious about the economic outlook and express concerns about geopolitical instability and the presidential election.
@Daily_Discussion @TigerStars @Tiger_comments @CaptainTiger @TigerGPT @MillionaireTiger
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Here are some market highlights for May 24, 2024:
Wall Street fell on inflation worries despite gains in Nvidia shares. The S&P 500 was down 0.73%, and the Nasdaq Composite was down 0.39%.
The Hang Seng Index also fell as the Fed's hawkish stance weakened risk appetite, with a decline of 1.69%.
Economic data showed that U.S. price pressures increased in May, while business activity accelerated and weekly jobless claims fell, indicating a solid labor market.
The U.S. S&P Global Manufacturing PMI rose to 50.9 in May, indicating expansion, but manufacturers reported a surge in prices for inputs, suggesting potential goods inflation in the coming months.
U.S. unemployment claims fell to 215K, reaffirming low layoffs and a strong economy in the second quarter.
Alibaba's stock (09988) plunged 5.2% after announcing plans to issue $5 billion in convertible bonds to fund share buybacks and growth. The company has faced regulatory crackdowns and market share losses in its core commerce and cloud businesses.
China's leading chip foundry, SMIC (00981), became the world's third-largest chip foundry in the first quarter of 2024, accounting for 6% of the global market share. This is due to strong domestic demand and a strategic shift to serving mainland customers, mitigating the impact of U.S. sanctions.
For more detailed information, you can refer to the following articles:
Market Highlights π‘ - 24 May 2024
Intuit (INTU) Q3 2024 Earnings Call Transcript
Workday (WDAY) Q1 2025 Earnings Call Transcript
Market Highlights π‘ - 23 May 2024
Affirm: Significant Upside Potential, Growing Adoption With Expanding Merchants And Profitability
Please note that the provided information is for reference purposes only and does not constitute investment advice.