Tencent Securities News Beijing time on March 3 evening news, US stocks opened mixed on Friday, investors are waiting for Fed Chair Yellen and other senior officials to make comments in order to find clues about whether the bank will raise interest rates in March.
The Dow opened up 0.03% to 21,008.75. The S&P 500 index opened at 0.07%, at 2380.15 points. The Nasdaq opened 0.12% lower at 5,842.27 points.
In Thursday's trading, financial stocks dragged down the Dow Jones Industrial Average fell 112.58 points to close at 21002.97 points, a drop of 0.5%, setting the largest single-day points and percentage decline since the end of January. Caterpillar's share price fell 4.3% on Thursday, which also led to pressure on the Dow. The company's office was searched by US federal investigators. The S&P 500 index fell 0.6% to close at 2381.92 points; the Nasdaq Composite Index fell 0.7% to close at 5861.22 points.
In contrast, the three major US stock indexes hit a record closing high on Wednesday's trading, when the Dow rose sharply by more than 300 points, and for the first time in history, it closed above 21,000 points.
"The US stock market has deviated from reality, and the valuation of stocks is completely out of order, to the point we have never seen before," Tony Cross, market analyst at TopTradr, said in an e-mail comment.
Cross said that the current US stock market seems to have reached a turning point. "There is enough evidence to show that the stock market is difficult to continue to rise." But from the decline in front of the market, the stock market action looks more like a long position than a "desperate panic."
Fed officials speak:
The comments made by senior Fed officials on Friday should be the focus of the market. Some senior officials of the bank have already expressed their preference for "hawkish" comments earlier this week, thus strengthening the market for the Fed to be 3 Expectations for a rate hike at the next monetary policy meeting held from the 14th to the 15th.
At 2 am Beijing time on Saturday, Yellen will speak at The Executives Club of Chicago. At 1:30 am on Saturday, Beijing time, Fed Vice Chairman Stanley Fischer will deliver a speech on the Fed's monetary policy.
“As early as the beginning of February, the Fed funds futures market is only about 20% expected to raise interest rates in the Fed in March, and now it has reached 90% from Bloomberg’s calculations, according to the Chicago Mercantile Exchange Group (CME Group). The "FedWatch" tool has reached 79.7%, which is really amazing." Chris Weiss, chief market strategist at IG, a provider of online trading and CFDs, UK Chris Weston wrote in a research note.
At 23:15 on Friday, Beijing time, Chicago Fed President Charles Evans and Richmond Fed President Jeffrey Lacker will be at the University of Chicago Booth School of Business. A speech was made at the seminar.
At about the same time, Federal Reserve Governor Jerome Powell will deliver a speech on the blockchain at Yale Law School.
Economic data:
The market is still focusing on economic data scheduled for release on Friday, in which the Markit Service Purchasing Managers Index (PMI) will be released at 22:45 on Friday night in Beijing time, followed by the US Institute for Supply Management (ISM) non-manufacturing index. The report will be released at 23:00 on Friday evening in Beijing time.
In the euro zone, the service industry PMI final value was 55.5 in February, the highest since May 2011, with an expected 55.6, initial value of 55.6; January final value of 53.7. The final PMI of the Eurozone in February was 56, the highest since April 2011, with an expected 56, an initial value of 56; and a final value of 54.4 in January.
UK's February service PMI 53.3 was a five-month low, with an expected 54.1 and a previous value of 54.5. The UK's comprehensive PMI of 53.8 in February was a five-month low, with an expected 55.6, and the previous value of 55.5 was revised to 55.4.
Individual stocks:
Snap, the parent company of Snapchat, will be the focus of the market. The company was officially listed on Thursday, and its share price closed at $24.53, with an IPO of $17 per share (IPO). The price has increased by 44%, and the company's market value has reached 28.4 billion US dollars, surpassing companies such as Twitter. Snap rose 3.8% before the market.
Also in the technology industry, according to a regulatory filing filed by social networking giant Facebook to the US Securities and Exchange Commission (SEC), the company's co-founder and current CEO Mark Zuckerberg A large number of shares were sold.
Caterpillar said on Thursday that the company had been raided by federal authorities, and the search was likely to be related to a tax issue. The company's share price fell 0.7% before the market.
On March 2, Apple sued Qualcomm in a court in the UK. It is reported that Apple sued Qualcomm's content, similar to the United States and China. According to Apple’s allegations, Qualcomm charged Apple an excessive patent fee. Apple pointed out that Qualcomm is only one of the developers of mobile communication standards, but compared with other technology companies that provide patent licenses to Apple, Qualcomm charges five times more patent fees.
According to foreign media reports on the 3rd, the first exchange-traded fund (ETF) launched by Goldman Sachs Group raised $3 billion in just 18 months, making it one of the most successful cases in the initial issuance of ETFs.
According to the US "Auto News" report, US car sales in February were released. According to the sales of luxury cars, Mercedes-Benz won the luxury car championship in February, Lexus fell more than 20%, Infiniti increased by more than 30%.
According to the US "Automotive News" reported on March 2, recently, due to Takata airbag problem, Ford announced a new round of recalls in North America. However, this recall is not the same as the booster pump failure last year, but the airbag of the driver's position may not be fully inflated or separated from the airbag module.
European and Asia Pacific markets:
European stocks were mixed, with the European Stoxx 600 index down 0.24% to 374.72. France's CAC40 index once broke through the 5000 mark, the first time since November 2015, it is up 0.58%, reported 4992.50 points. As of today's close, the Shanghai Composite Index fell 0.36% to 3,218.31 points, and the Shenzhen Component Index rose 0.29% to 10,397.05 points. The Nikkei 225 index closed down 0.49%.
Oil market:
Crude oil rose slightly. WTI April crude oil futures rose 0.30% to $52.77 per barrel. Brent May crude oil futures rose 0.33% to $55.26 a barrel.
Other markets:
The US dollar index fell 0.32% to 101.80. The price of gold fell slightly, after the gold price hit the biggest one-day drop in the year in trading on Thursday. US COMEX April gold futures are now down $4 to $1228.9 per ounce.
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