Wall Street giant Goldman Sachs (Goldman Sachs) missed market expectations in the fourth quarter of last year, further deteriorating market sentiment. Prior to the disappointing economic data released by China, major US stock indexes were mixed on Tuesday (17th).
Before the deadline, the Dow Jones Industrial Average fell nearly 140 points or 0.4%, the Nasdaq Composite Index fell nearly 50 points or nearly 0.4%, the S&P 500 Index rose nearly 0.3%, and the Philadelphia Semiconductor Index rose nearly 0.9%.
S&P 500 and Nasdaq 100 futures both fell at least 0.2% before the U.S. market opened, while U.S. 10-year Treasury yields rose to 3.4% and the dollar index fell to 101.910.
Earnings from companies this week could set the tone for traders as earnings season progresses. Of the 33 S&P 500 companies that have reported results so far, 25 have beaten analysts’ expectations. While it’s just getting off the ground, this fledgling trend is nowhere near the surprisingly strong momentum of previous seasons. Hartmut Issel, head of Asia-Pacific equities at UBS Wealth Management, expects corporate profits to fall sharply.
Goldman Sachs (GS-US), a Wall Street bank, missed expectations for its profit in the fourth quarter of last year, and its stock price fell before the market, while Morgan Stanley, another big bank, pushed up its financial report performance due to its wealth management business revenue performance, and its stock price before the market go higher.
Several Federal Reserve officials are due to speak this week to provide more clues about their policy priorities.
As of 22:00 on Tuesday (17th) Taipei time: Focus stocks:
Pfizer (PFE-US) rose 3.32% in early trade to $46.26 per share
Wells Fargo recently downgraded pharmaceutical giant Pfizer to “equal weight” from “overweight” and said the company needs a rebalancing from the pandemic to be useful again. Pfizer shares fell more than 1 percent in premarket trading.
Alibaba (BABA-US) fell 0.88% in early trade to $115.98 per share
According to the Wall Street Journal (WSJ), activist investor Ryan Cohen has taken a stake in the Chinese e-commerce giant. Cohn is pushing the company to increase its share buyback program, the report said. Alibaba’s ADRs edged up 0.5 percent in premarket trading.
Roku (ROKU-US) fell 2.56% in early trade to $49.51 per share
Shares of streaming media device maker Roku fell nearly 2% in premarket trading after Truist downgraded the company’s stock to “hold” from “buy” and said Roku’s stock price is “affordable” to a difficult macro environment. Highly sensitive because a large portion of the company’s revenue is related to advertising.
Today’s key economic data:
Wall Street Analysis:
Peter Schiff, a well-known Wall Street economist and CEO of Euro Pacific Capital, said in a recent interview that the recession will get worse, and so will inflation. He said some in the mainstream seem to believe that a sharp rebound in stocks is possible, but that optimism is unfounded.
He also said: “I don’t think this year will be a good year for the stock market. There will be some stocks that will do well, but unfortunately, most of the stocks that investors own will fall.” In addition to giving investors a slap in the face, he also warned that there are many risks in the market this year.
Philipp Hildebrand, vice chairman of BlackRock and former president of the Swiss National Bank, said central banks will continue to raise interest rates this year to ensure that inflation continues to cool. His comments ran counter to prevailing expectations among traders that policymakers may loosen monetary policy this year. Hildebrand said at the World Economic Forum that he does not think central banks have any chance of easing monetary policy this year. The market may have misunderstood that although it is very easy for inflation to fall from 9% to 4%, it is very difficult to return to a stable level. of.