U.S. Stocks After Market Stimulus Bill Makes Progress

Disney’s strong earnings report and new crown vaccines and other bullish news eliminated the bleak ADP small non-farm report. In addition to the progress made in the new round of stimulus bills during the session, the three major U.S. stock indexes closed in red, and only slightly closed down. .

The Republican Party’s earlier request to reduce the current US$600 per week to US$200 was the crux of the deadlock in the negotiations between the Republican Party and the Democratic Party.

The US Congress made progress on a new round of stimulus bills on Wednesday. The US Senate Majority Leader Mitch McConnell compromised on Wednesday that he was prepared to support the restoration of unemployment benefits to the level of $600 a week.

This news motivated the Nasdaq to briefly break through 11,000 points in intraday trading on Wednesday, and close close to the 11,000 point barrier. It closed red for six consecutive trading days. S&P and Dow Jones closed higher for the fourth consecutive trading day.

The COVID-19  epidemic continues to spread. Before the deadline, according to the real-time statistics of Johns Hopkins University in the United States, the number of confirmed cases worldwide has surpassed 18.60 million, and the number of deaths has exceeded 702,000. The cumulative number of confirmed diagnoses in the United States so far has exceeded 4.8 million, and the death toll has exceeded 157,000.

Wednesday (5th) the performance of the four major US stock indexes:

The Dow Jones Index rose 373.05 points, or 1.39%, to close at 27,201.52 points.
The S&P 500 index rose 21.26 points, or 0.64%, to close at 3,327.77 points.
The Nasdaq Index rose 57.23 points, or 0.52%, to close at 10,998.40 points.
The Philadelphia Semiconductor Index fell 2.25 points, or 0.10%, to close at 2,207.56 points.
The top five technology giants are Amazon. Apple (AAPL-US) rose 0.36%; Microsoft (MSFT-US) fell 0.16%; Amazon (AMZN-US) rose 2.11%; Facebook (FB-US) fell 0.28%; Alphabet (GOOGL-US) rose 0.39% .

30 Dow Jones stocks closed higher. Disney (DIS-US) rose 8.80%; Boeing (BA-US) rose 5.58%; Raytheon Technology (RTX-US) rose 4.38%; Nike (NKE-US) rose 3.71%; 3M (MMM-US) rose 2.74% .

US chip maker Microchip’s financial forecast is unfavorable, which drags down the half-component stocks to close in black. Microchip (MCHP-US) fell 8.22%; AMD (AMD-US) rose 0.32%; Qualcomm (QCOM-US) rose 0.40%; Micron (MU-US) fell 0.49%; Intel (INTC-US) fell 0.43%; NVIDIA (NVDA-US) rose 0.53%.

The ADR of Taiwan stocks was mixed. TSMC ADR (TSM-US) rose 1.80%; UMC ADR (UMC-US) rose 2.52%; ASE ADR (ASX-US) remained flat; Chunghwa Telecom ADR (CHT-US) fell 0.11%.

Spotlight stock news

Johnson & Johnson (JNJ-US) rose 0.8%. The company announced that it had reached a $1 billion agreement with the US government. If successful, it will provide 100 million doses of the US new crown vaccine.

Novavax (NVAX-US) rose 10.38%, the company announced the results of the first phase of the vaccine trial, showing that patients have a positive immune response.

Walt Disney (DIS-US) rose 8.80%. The company’s latest earnings report is better than Wall Street’s expectations. Its streaming media including Disney+, Hulu, and ESPN+ currently have 100 million paying users. More than half of the subscriptions are from Disney+. The delayed live-action movie “Mulan” will be open Exclusive viewing for Disney + viewers.

Bank of America downgraded Apple’s rating from “Buy” to “Neutral”. Analyst Wamsi Mohan explained that Apple’s stock price has doubled rapidly since June, but its 2021 expectations have remained almost unchanged

Key economic data

The US July ADP small non-agricultural employment report was 167,000, and the market expected 1.2 million. The previous value was revised up from 2.369 million to 4.314 million.

The US June Trade Deficit Report-50.7 billion US dollars, market expectation-50.3 billion US dollars, previous value-54.6 billion US dollars
The US July ISM non-manufacturing PMI reported 58.1, the market expected 55.0, and the previous value was 57.1.

 

Reviewer overview

U.S. Stocks After Market Stimulus Bill Makes Progress - /10

Summary

Disney’s strong earnings report and new crown vaccines and other bullish news eliminated the bleak ADP small non-farm report

0 Bad!