Friday , August 12 2022



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As oil prices continue to hit new highs for many years, the market has continued to debate whether rising commodities will curb the strength of the economic recovery. Prior to the expiration, the Dow Jones Industrial Average rose more than 60 points or 0.2%, the Nasdaq Composite Index rose nearly 0.3%, the S&P 500 Index rose 0.2%, and tariffs rose more than 0.5%.

US West Texas Intermediate (WTI) crude oil futures benchmark continued their gains in the past few weeks, rising 2.3% ahead of the deadline to temporarily settle to US $ 81.20 , and continued to go to the 7-year high. was quoted at US $ 84.02, which is also at its highest level in three years.

In light of continued high oil prices, U.S. energy stocks have opened up. Apache (APA-US) opened 3.3%, Marathon Oil (MRO-US) rose 2.2%, and Occidental Petroleum (OXY-US) rose 1.6%. In addition to rising raw material costs, the market is also worried that supply chain barriers such as labor shortages will continue to drive up prices and erode corporate profits.

Although the September non-agricultural turmoil was announced last week, the market expected the Fed not to postpone its balance sheet reduction plan. gold price weakens.

The U.S. stock market’s Q3 earnings season is set to begin this week. Large banks are first led by JPMorgan Chase (JPM-US), followed by Bank of America (BAC-US), Morgan Stanley (MS-US), Citigroup Earnings reports (C-US) and Goldman Sachs (GS-US) will also appear one after another.

According to Refinitiv IBES data, analysts expect the net profit of the constituent companies of the S&P 500 index to increase by 29.6% in Q2, which is less than 96.3% in Q2.

In the news of individual stocks, AstraZeneca (AZN-US) rose 0.8% in opening. The company said its antibody cocktail therapy can effectively prevent the deterioration of patients with diagnosis of mild to moderate new crown. Merck (MRL-US) opened 0.5%, and the company announced that it has submitted an emergency use authorization (EUA) for the new oral crown tablet to the FDA.

From Monday (11) 21:00 Taipei time:
  • The Dow Jones Industrial Average rose 67.95 points, or 0.20%, temporarily to 34814.20 points
  • The Nasdaq Composite Index rose 40.15 points, or 0.28%, to 14620.57 points temporarily
  • The S&P 500 Index rose 8.58 points or 0.20%, temporarily reporting 4399.92 points
  • Tariffs and a half increased by 18.32 points, or 0.56%, to 3,266.16 points temporarily
  • TSMC ADR rises 1.20% to $ 111.36 per share
  • U.S. bond markets are closed on Monday
  • New York light crude rose 2.33% to US $ 81.20 per barrel
  • Brent crude rose 1.98% to $ 84.02 a barrel
  • Gold fell 0.13% to $ 1,755.20 per ounce
  • The dollar index rose to 94,245
    Dow Jones Industrial Average Daily Chart (Photo: Juheng.com)
Dow Jones Industrial Average Daily Chart (Photo: Juheng.com)
Focus stocks:

Southwest Airlines (LUV-US) fell 3.46% in early trading to US $ 52.06.

Affected by factors such as bad weather, FAA air traffic control, and limited manpower, Southwest Airlines canceled more than 1,800 flights over the weekend, affecting the flight plans of thousands of people.

Robin Hood (HOOD-US) fell 1.56% in early trading to $ 41.13.

Robin Hood warned through regulatory documents last Friday that regulatory measures for cryptocurrency transactions and payments could bring potential risks to the company’s business.

Aspen Technology (AZPN-US) rose 8.22% in early trading to $ 153.18.

Industrial software provider Aspen Technology announced on Monday that it will join the two Emerson Electric (EMR-US) software businesses with a combined transaction price of US $ 11 billion. Following the merger, Aspen shareholders will receive US $ 87 in cash and US $ 0.42 Shares of an entity, Emerson Electric will hold a 55% stake in the combined entity.

Today’s key economic data:

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Wall Street Analysis:

Geraldine Sundstrom, PIMCO’s portfolio manager, said that as the earnings season approaches, companies ’pricing power, profitability and lack of materials will be scrutinized by close to the market. With supply chain disruptions and labor shortages, some large multinational companies have issued warnings about declining production and revised their Q3 financial forecasts.

Neil Dutta, U.S. economic director at Renaissance Macro Research, said last week that the September non-farm report showed a sense of inflation due to strong wage growth, an increase in average tax hours employment, and a reduction in the rate of labor participation.

Senior IG market analyst Joshua Mahony said recent price hikes will undoubtedly bring risks to economic growth. Rising natural gas prices could continue to boost energy and food spending. It looks like inflation will continue for some time.




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