Market Highlights π‘ - 26 September 2024
Wall Street halted its two-day rally due to a lack of new catalysts; optimism over policy continues to boost Chinese markets.
πΊπΈ S&P 500 Index: -0.19% π
πΊπΈ Nasdaq Index: 0.04% π
πͺπΊ Stoxx 600 Index: -0.09% π
π―π΅ Nikkei 225 Index: -0.19% π
ππ° Hang Seng Index: 0.68% π
π¨π³ CSI 300 Index: 1.49% π
πΈπ¬ Straits Times Index: -1.09% π
US markets retreated from record highs, with the S&P 500 down 0.2% while the Nasdaq Composite closed flat, as investors digested new data showing a decline in new home sales last month and awaited Micron's earnings report after the close.
Asia-Pacific markets mostly rose as investors continued to cheer Beijing's new stimulus measures, with the Hang Seng Index and CSI 300 Index rising 0.7% and 1.5%, respectively, as the People's Bank of China cut the one-year medium-term lending facility rate by 30 basis points to 2%.
π‘ Upcoming Events: π‘
The US will release GDP quarterly rate, unemployment claims, and durable goods orders on Thursday.
Investors will await Friday's release of the US Core PCE Price Index, personal income and spending, as well as revised University of Michigan consumer sentiment and inflation expectations.
π‘ Today's Key Points: π‘
1. Google $Alphabet(GOOGL)$ filed an antitrust lawsuit against the European Commission on Wednesday, accusing Microsoft $Microsoft(MSFT)$ of using anti-competitive strategies to dominate the cloud computing market.
Google x Microsoft
2. Meta $Meta Platforms, Inc.(META)$
Quest 3S
3. Federal Reserve Governor Adriana Kugler stated: βThis way, we can continue to make progress on inflation while avoiding unnecessary pain and weakness in the economy. I strongly support last week's decision, and if inflation continues to progress as I expect, I will support further rate cuts.β
Adriana Kugler
4. Micron Technology $Micron Technology(MU)$
Micron
5. According to data from a government-affiliated research firm, sales of foreign-brand smartphones like Apple's iPhone $Apple(AAPL)$
Apple iPhone
β Key Takeaway:
Investors will be looking forward to remarks from Federal Reserve Chairman Jerome Powell later today at the U.S. Treasury market conference for further insights into Fed interest rates.
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Here are some news articles related to Jerome Powell on September 26, 2024:
Title: Stock market today: Asian markets surge higher after Wall Street takes a breather
Summary: Shares rolled higher in Asia on Thursday after U.S. stocks edged back from their records. Japan's Nikkei 225 index gained more than 2% and U.S. futures and oil prices also advanced. The rally in Asia followed an announcement that the Chinese government plans to give cash handouts or discount vouchers to the poor ahead of next week's National Day holidays. Such direct payments are unusual for China, but appear designed to address a weak point for the economy β faltering consumer spending.
Title: Post-Bell | S&P 500, Dow Close Lower; Nvidia Jumps 2.2%; Tesla Rises 1%; Micron Soars 15%
Summary: The Dow Jones Industrial Average and S&P 500 closed lower on Wednesday, pulling back from recent record highs driven by China's sweeping stimulus package, as investors awaited economic indicators and signals on upcoming interest rate cuts. Micron Technology reported quarterly revenue of $7.75 billion, a 93.3% year-over-year increase, exceeding expectations by 1.4%.
Title: Market Today: Micron Surges on Strong Earnings, Meta Unveils New AR Glasses
Summary: The People's Bank of China provided policy stimulus by cutting its Medium-Term Lending Facility by 30 basis points to 2%. Micron Technology reported strong earnings, with a quarterly revenue of $7.75 billion, a 93.3% year-over-year increase. The stock market experienced a lackluster session, with the major indices trading in negative territory for most of the day.
Title: Nasdaq Futures Fall; Chinese Shares Rally Again
Summary: U.S. stocks are poised for a potential pullback, with Nasdaq futures falling. Chinese shares extended their rally after China's central bank delivered another policy rate cut. U.S. Treasury yields ticked up, and there is anticipation for key economic data releases.
Title: US Stocks May Stall After S&P 500 Hits Another Record; Micron Earnings, Meta Connect On Traders' Radar
Summary: After resiliently resisting selling pressure, the market could be in for some weakness as traders position themselves defensively ahead of the key economic indicators and earnings reports.
Please note that these articles provide insights into the market and events surrounding the mentioned dates and may not specifically focus on Jerome Powell's remarks. For more detailed information on Jerome Powell's statements, it is recommended to refer to official statements or transcripts.