US stocks recovered their lost ground in the end of the day, with the NASDAQ index up nearly 0.9percent

category:Finance
 US stocks recovered their lost ground in the end of the day, with the NASDAQ index up nearly 0.9percent


Market Overview

Data from the U.S. Department of labor showed that 742000 new jobless claims last week were higher than market expectations, indicating that the U.S. economic recovery is still facing challenges,

The current epidemic situation in the United States continues to worsen. Several States and cities in the United States have tightened restrictions on social and economic activities to prevent the collapse of the medical system. On Wednesday, the number of inpatients in the United States reached a record high of 79000. According to Johns Hopkins University, the average number of new cases in the United States has increased by 37% in the past seven days, the largest increase since late March.

Hugh gimber, global market strategist at JPMorgan asset management, said the market was pricing two distinct pieces of news in two distinct time frames. The news of the vaccine is definitely positive, but it will last for months or quarters, which will balance the short-term negative factors of the rising number of confirmed cases and the worsening economic outlook.

Senate minority leader Chuck Schumer said Senate Republican McConnell had agreed to resume negotiations on a new fiscal stimulus package, boosting market sentiment. According to the official website of the U.S. Treasury Department, U.S. Treasury Secretary nuqin recently wrote to US Federal Reserve Chairman Colin Powell, asking for the extension of commercial paper financing instrument (CPFF), primary dealer credit facility (PDCF), money market mutual fund liquidity tool (mmlf) and compensation protection program liquidity tool (ppplf) for 90 days.

Cleveland Federal Reserve Chairman mester said on Thursday that although the U.S. economy grew stronger than expected in the third quarter, there was a worrying surge in new coronavirus infection and that small businesses and households in the United States needed more financial assistance. The lack of fiscal stimulus at the moment is very worrying. In this epidemic, fiscal policy is the right time to play a role, because fiscal stimulus can actually target families and small businesses that really need help. She said.

Science and technology stocks are strong as a whole, and the repeated epidemic situation has led to the return of funds. Google was up 1%, Netflix and Microsoft were up 0.6%, Apple was up 0.5%, Facebook and Amazon were up 0.4%.

On the other hand, Beijing Duoduo shares were up 22.0% on Wednesday, while Beijing Duoduo shares were up 22.0% on the basis of a large number of gains and losses of 9.0% in the report of Beijing Duoduo. The new forces of car manufacturing performed well, with Xiaopeng auto up 14.1%, Weilai auto up 7.5% and ideal car up 3.5%.

With the exponential growth of new cases and the increased risk of viral infection and metastasis, we recommend avoiding travel at this time, Dr. Henry walker, CDCs project director in charge of covid-19 prevention and control, said at the briefing that day. In the past week novel coronavirus pneumonia has been reported in 1 million cases, and the surge in hospitalization in the country is shocking.

Previously, the CDC urged Americans to consider the risks of traveling and partying with strangers, but did not explicitly recommend not to travel. About 50 million Americans are expected to travel by car this year from Wednesday, November 25, to Sunday, November 29, according to the AAA, which is only 5 million less than last year.

Walker warned that there was a high risk of transmission because of the need to travel through transport hubs such as airports, bus and train stations and gas stations. When waiting in line for boarding or boarding, people tend to crowd together and cannot maintain social distance.

Other markets

In response to media reports that the UAE is considering withdrawing from OPEC, UAE energy minister Suhail al mazrouei said that as a reliable long-term member of OPEC, the UAE has been openly and transparently supporting all OPECs decisions and strategies, and is proving this commitment by complying with the OPEC + production reduction agreement. European stocks fell across the board, with the pan European Stoxx 600 index down 0.75% to 387.60, the FTSE 100 index down 0.80% to 6334.35, Germanys DAX30 index down 0.88% to 13086.16, and Frances CAC40 index fell 0.67% to 5474.66. AstraZenecas vaccine, developed in collaboration with Oxford University, has produced a strong immune response in the elderly, according to data published in the lancet. AstraZeneca also said the results of the phase III clinical trial would be released before Christmas. Source: Wang Xiaowu, editor in charge of Finance and Economics_ NF

In response to media reports that the UAE is considering withdrawing from OPEC, UAE energy minister Suhail al mazrouei said that as a reliable long-term member of OPEC, the UAE has been openly and transparently supporting all OPECs decisions and strategies, and is proving this commitment by complying with the OPEC + production reduction agreement.

European stocks fell across the board, with the pan European Stoxx 600 index down 0.75% to 387.60, the FTSE 100 index down 0.80% to 6334.35, Germanys DAX30 index down 0.88% to 13086.16, and Frances CAC40 index fell 0.67% to 5474.66.

AstraZenecas vaccine, developed in collaboration with Oxford University, has produced a strong immune response in the elderly, according to data published in the lancet. AstraZeneca also said the results of the phase III clinical trial would be released before Christmas.