Market Highlights π‘ - 23 September 2024
After the Federal Reserve meeting, U.S. stock markets closed mixed; Asian markets were inspired by strong overnight performances from Wall Street.
πΊπΈ S&P 500: -0.19% π
πΊπΈ Nasdaq: -0.36% π
πͺπΊ Stoxx 600: -1.42% π
π―π΅ Nikkei 225: 1.53% π
ππ° Hang Seng: 1.36% π
π¨π³ CSI 300: 0.16% π
πΈπ¬ Straits Times Index: 0.19% π
U.S. stock markets were mixed on Friday. During "Triple Witching," the S&P 500 and Nasdaq Composite fell -0.2% and -0.4%, respectively, while the Dow Jones barely rose 0.1%, setting a closing record.
Asian markets rose, led by a 1.5% increase in the Nikkei 225 and a 1.4% rise in the Hang Seng Index, marking the largest weekly gain in five months, following strong overnight performances from Wall Street.
The Bank of Japan (BoJ) kept its key short-term interest rate unchanged at 0.25% during its ninth consecutive meeting in September, maintaining the highest level since 2008, in line with market expectations.
The People's Bank of China (PBOC) kept its main lending rates unchanged at its September meeting, aligning with market consensus, with the one-year LPR and five-year LPR remaining at 3.35% and 3.85%, respectively.
π‘ Upcoming Events: π‘
On Monday, Eurozone and U.S. preliminary manufacturing and services PMI, will be released.
On Tuesday, the Reserve Bank of Australia's interest rate decision, the German Ifo Business Climate Index, and the U.S. Consumer Confidence Index will be published.
On Thursday, the U.S. will release GDP quarterly rate, unemployment claims, and monthly durable goods orders.
Investors will be looking forward to Fridayβs release of the U.S. Core PCE Price Index, personal income and spending, and the revised University of Michigan Consumer Confidence and Inflation Expectations.
π‘ Things to Know Today: π‘
1. On Friday, the yen fell against the dollar, surpassing 143, reversing earlier gains after Bank of Japan Governor Kazuo Ueda acknowledged that the economy is "somewhat weak," appearing slightly more dovish than previous statements.
Yen
2. CNBC confirmed that Qualcomm $Qualcomm(QCOM)$
Qualcomm x Intel
3. Gold $SPDR Gold Shares(GLD)$
Gold
4. Sources told Reuters that, for national security reasons, the U.S. Department of Commerce is considering banning the use of Chinese-made autonomous vehicles $NIO Inc.(NIO)$ $XPeng Inc.(XPEV)$ and other connected vehicle software and hardware on U.S. roads.
5. Bloomberg reported that U.S. asset management firm Apollo has proposed investing up to $5 billion in Intel.
β Key Points:
The recent 50 basis point rate cut has raised concerns among some investors about potential risks they may not be aware of, leading them to seek more data for signs of a soft landing.
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Qualcomm (QCOM)
Business Overview: Qualcomm is a leading semiconductor company that designs and manufactures wireless communication products, including chips for smartphones, automotive, and IoT devices. The company operates globally and is known for its expertise in 5G technology.
Earnings Analysis: In the most recent earnings report, Qualcomm reported an EPS of -$2.50. The gross profit margin was 9.68%, and the net profit margin was -29.38%. The company's forecasted EPS for the next fiscal year is -$8.71. The earnings forecast indicates a challenging period for Qualcomm.
Capital Flow Analysis: Over the past five days, there has been a mixed capital flow in Qualcomm stock. On some days, there were significant inflows, while on others, there were outflows. It suggests that investors have been actively trading the stock.
Trend Analysis: The support price for Qualcomm is around $168.79, and the resistance price is around $171.19. The stock is currently trading at $168.92. The average cost is $181.77. These levels can be used as reference points for analyzing the stock's price movement.
Valuation Analysis: Analysts have provided a range of target price estimates for Qualcomm. The mean target price is $211.47, with a low estimate of $132.00 and a high estimate of $270.00. The analyst recommendation for the stock is mixed, with 7 recommendations, 20 buy ratings, 14 hold ratings, and 1 underperform rating.
Intel (INTC)
Business Overview: Intel is a leading semiconductor manufacturer and technology company. Its products include microprocessors, data center solutions, and IoT technology. Intel operates globally and is known for its innovation in the semiconductor industry.
Earnings Analysis: In the most recent earnings report, Intel reported an EPS of -$0.38. The gross profit margin was 35.43%, and the net profit margin was -12.55%. The company's forecasted EPS for the next fiscal year is $0.27. The earnings forecast indicates a potential turnaround for Intel.
Capital Flow Analysis: The capital flow in Intel stock has been volatile over the past five days, with both inflows and outflows. This suggests that there is active trading and investor interest in the stock.
Trend Analysis: The support price for Intel is around $21.31, and the resistance price is around $21.91. The stock is currently trading at $21.84. The average cost is $22.77. These levels can be used as reference points for analyzing the stock's price movement.
Valuation Analysis: Analysts have provided a range of target price estimates for Intel. The mean target price is $25.46, with a low estimate of $17.00 and a high estimate of $58.53. The analyst recommendation for the stock is mixed, with 1 recommendation, 4 buy ratings, 34 hold ratings, 5 underperform ratings, and 1 sell rating.
XPeng Inc. (XPEV)
Business Overview: XPeng Inc. is a leading Chinese electric vehicle manufacturer. The company designs, manufactures, and sells smart electric vehicles, including SUVs and sedans. XPeng is known for its advanced technology and autonomous driving capabilities.
Earnings Analysis: In the most recent earnings report, XPeng reported an EPS of -$1.36. The gross profit margin was 14.00%, and the net profit margin was -15.84%. The company's forecasted EPS for the next fiscal year is -$5.63. The earnings forecast indicates potential challenges for XPeng.
Capital Flow Analysis: The capital flow in XPeng stock has been mixed over the past five days, with both inflows and outflows. This suggests that there is active trading and investor interest in the stock.
Trend Analysis: The support price for XPeng is around $7.58, and the resistance price is around $9.61. The stock is currently trading at $9.60. The average cost is $7.99. These levels can provide insights into the stock's price movement.
Valuation Analysis: Analysts have provided a range of target price estimates for XPeng. The mean target price is $11.84, with a low estimate of $7.00 and a high estimate of $28.00. The analyst recommendation for the stock is mixed, with 7 recommendations, 13 buy ratings, 9 hold ratings, and 1 underperform rating.
NIO Inc. (NIO)
Business Overview: NIO Inc. is a leading Chinese electric vehicle manufacturer. The company specializes in designing, manufacturing, and selling premium electric vehicles. NIO is known for its innovative designs, advanced technology, and battery swapping infrastructure.
Earnings Analysis: In the most recent earnings report, NIO reported an EPS of -$2.50. The gross profit margin was 9.68%, and the net profit margin was -29.38%. The company's forecasted EPS for the next fiscal year is -$8.71. The earnings forecast indicates challenges for NIO in the near term.
Capital Flow Analysis: The capital flow in NIO stock has been mixed over the past five days, with both inflows and outflows. This suggests that there is active trading and investor interest in the stock.
Trend Analysis: The support price for NIO is around $4.77, and the resistance price is around $5.39. The stock is currently trading at $5.28. These levels can be used as reference points for analyzing the stock's price movement.
Valuation Analysis: Analysts have provided a range of target price estimates for NIO. The mean target price is $7.19, with a low estimate of $4.00 and a high estimate of $19.00. The analyst recommendation for the stock is mixed, with 5 recommendations, 10 buy ratings, 12 hold ratings, and 1 underperform rating.
SPDR Gold Shares (GLD)
Business Overview: SPDR Gold Shares is an exchange-traded fund (ETF) that aims to track the performance of the price of gold bullion. It provides investors with a way to gain exposure to gold without having to physically own and store the metal. The ETF is traded on major stock exchanges.
Earnings Analysis: There is no specific earnings data available for SPDR Gold Shares as it is an ETF that tracks the price of gold.
Capital Flow Analysis: The capital flow in SPDR Gold Shares has been mixed over the past five days, with both inflows and outflows. This suggests that there is active trading and investor interest in the ETF.
Trend Analysis: The support price for SPDR Gold Shares is around $221.92, and the resistance price is around $242.22. The ETF is currently trading at $242.21. These levels can be used as reference points for analyzing the ETF's price movement.
Valuation Analysis: Analysts do not provide target price estimates or recommendations for SPDR Gold Shares, as it is an ETF that tracks the price of gold.
Please note that the above analysis is based on available data and historical performance, and it should not be considered as investment advice. Investors should conduct their own research and analysis before making investment decisions.