Breakfast | US stock market's three major indices all break above the 50-day moving average, Arm soars nearly 25% on its first day, with a market value exceeding $65 billion.
The three major U.S. stock indexes all rose by nearly 1%, with Arm rising over 6% after hours. Tesla, Google, and Meta all reached new highs, while Apple rose by nearly 1%. Goldman Sachs believes that the Chinese stock market is likely to see upward trading opportunities before the end of the year. Industry insiders expect the total sales volume of the Mate 60 series to be around 20 million units.
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Market: Overnight and this morning's market
The Dow rose 0.96%, reaching a new high since August 15. The S&P 500 rose 0.84%, closing above 4500 points for the first time since September 1. The Nasdaq rose 0.81%, reaching a high since September 5, rising for the second consecutive day and the third day this week.
After a collective rise on Thursday, major stock indices broke through key technical levels. The Russell 2000 broke through the 100-day moving average, while the S&P 500, Dow, and Nasdaq broke through the 50-day moving average.
Tesla rose nearly 1.8%, rising for two consecutive days and reaching a high since July 19. Meta rose nearly 2.2%, Alphabet, the parent company of Google, rose about 1%, reaching a high since April last year for two consecutive days. Apple rose nearly 0.9%, while Netflix continued to decline, falling nearly 2.9%.
Arm, the chip architecture design giant, soared 10% on its first day of listing on the Nasdaq, with the stock price reaching nearly $66.30 at one point, rising about 30% intraday, and finally closing at $63.59, a 24.69% increase from the IPO price of $51.
What happened to blue-chip stocks and hot stocks
The largest IPO of the year is here! Arm's first day of listing soars nearly 25%, with a market value exceeding $65 billion
Based on the closing price, Arm's market value is $65.248 billion, and if restricted stock units are included, Arm's fully diluted valuation is close to $68 billion. Thursday's surge increased the value of SoftBank's Arm shares by about $12 billion.
Some analysts believe that Arm's listing will provide SoftBank with more funds, which may be used for larger-scale investments in the field of AI. On the other hand, it will also help Masayoshi Son regain face lost due to recent investment failures.
Adobe's third-quarter revenue slightly exceeds expectations, fourth-quarter guidance in line with expectations, slight post-market fluctuations
Adobe's third-quarter revenue increased by 10% YoY to $4.89 billion, exceeding market expectations. Non-GAAP earnings per share were $4.09, also higher than expected. Adobe expects fourth-quarter revenue to be between $4.98 billion and $5.03 billion, in line with the expected $5 billion.Ford CEO: Negotiations with the United Auto Workers (UAW) have not made progress. The president of UAW is "busy planning a strike."
Disney reportedly held preliminary talks to sell ABC to Nexstar and expressed openness to a series of strategic options. It has not yet decided whether to sell ABC.
Apple's tech support department has instructed employees to remain silent on radiation issues related to iPhone 12 and other electromagnetic signals.
Sources say Citigroup has begun layoff negotiations following a management restructuring, which may involve personnel in compliance and risk departments.
Macro: Taking You Around the World
Strong Support from Gasoline Prices! US August Retail Sales MoM Growth Exceeds Expectations at 0.6%
US retail sales in August increased by 0.6% MoM, surpassing the revised previous value of 0.5% and far exceeding market expectations of 0.1%, achieving the fifth consecutive month of growth.
Surprising Rebound! US August PPI YoY Growth at 1.6%, Highest MoM Increase in Over a Year
Second Time This Year! Central Bank of China Implements Comprehensive Reserve Requirement Ratio Cut of 0.25 Percentage Points, Releasing Approximately 500 Billion Yuan
The central bank has decided to lower the reserve requirement ratio for financial institutions by 0.25 percentage points on September 15, 2023. Ming Ming, Chief Economist at CITIC Securities, estimates that this reserve requirement cut will release liquidity of around 500-600 billion yuan.
Goldman Sachs: Chinese Stock Market Expected to See Upside Trading Opportunities Before the End of the Year, Maintains Overweight on Chinese Stocks
Goldman Sachs believes that driven by five factors including accelerated loose policies, cyclical improvements, positive market technicals, low valuations, and low positions, the Chinese stock market is expected to see upside trading opportunities before the end of this year. It recommends focusing on the internet, media and entertainment, online retail, and consumer services sectors, and points out that dividend-oriented strategies have outperformed other strategies in domestic and foreign markets.
Freddie Mac: As of September 14, the 30-year fixed-rate mortgage rate in the United States was 7.18%, slightly higher than last week's 7.12%.