On Thursday, the US stock market turnover champion Tesla closed down 0.05%, with a turnover of 21.4 billion US dollars; the second Apple company closed down 2.46%, with a turnover of 18.86 billion US dollars; the 8th Cisco company fell 13.73%, with a turnover of 4.1 billion US dollars.
In the early morning of the 20th, Beijing time, U.S. stocks closed down on Thursday, continuing the downward trend on Wednesday, and the S&P 500 index further approached a bear market. Markets are still evaluating disappointing earnings from multiple retailers, U.S. inflation and the Federal Reserve’s aggressive tightening stance. The number of Americans filing for unemployment benefits rose to 218,000 last week.
The Dow fell 236.94 points, or 0.75%, to 31253.13; the Nasdaq fell 29.66 points, or 0.26%, to 11388.50; the S&P 500 fell 22.89 points, or 0.58%, to 3900.79.
Both the S&P and Nasdaq were on track for their seventh straight weekly decline. The S&P 500 is now on the brink of a bear market. A technical bear market would be entered if the index closes below 3,837.25 — a drop of more than 20% from its recent high.
Market sentiment was severely dampened by recent earnings reports from major retailers. Some of the world’s largest retailers have issued stark warnings, underscoring the dire consequences of soaring inflation.
Several Wall Street institutions have explored the possibility of the U.S. economy entering a recession. At present, Goldman Sachs strategists believe that the probability of the U.S. economy falling into recession in the next two years is as high as 35%. Morgan Stanley puts the probability of a recession in the U.S. at 25% in the next 12 months. Wells Fargo said the U.S. will experience a “mild recession” in late 2022 to early 2023.
In economic data on Thursday, the U.S. Labor Department reported initial jobless claims rose by 21,000 to 218,000 in the week ended May 14. Analysts polled had expected a median forecast of 200,000. Another data showed that the US Philadelphia Fed manufacturing index in May was 2.6, expected to be 15, the previous value was 17.6.
U.S. stock market turnover champion Tesla closed down 0.05% on Thursday, with a turnover of $ 21.4 billion. The Morgan Stanley research report said that Tesla’s first quarter may be its strongest quarter of the year, and it is expected that profit margins for the rest of the year will be affected by a combination of factors, including the cost of increasing production at factories in Berlin, Germany and Austin, United States. and rising raw material prices. Morgan Stanley also said it was long overdue to reassess Tesla.
Separately, Twitter executives reportedly told employees at an all-hands meeting on Thursday that the Musk deal went ahead as expected and would not renegotiate the price.
No. 2 Apple closed down 2.46%, with a turnover of $ 18.86 billion. BofA Securities lowered its price target on Apple stock to $200 from $215 on Thursday. The bank noted that headwinds such as supply chain bottlenecks and macroeconomics — specifically, soaring inflation and the prospect of higher interest rates — have squeezed Apple’s valuation multiple.
No. 8 Cisco tumbled 13.73 percent to $ 4.1 billion. Cisco reported third-quarter results that fell short of market expectations and expected an unexpected drop in sales for the quarter. In the quarter ended April 30, the company earned 87 cents a share. Revenue of $12.8 billion missed analysts’ consensus estimate of $13.34 billion.
Cisco expects fourth-quarter adjusted earnings per share of 76 cents to 84 cents, with revenue down 1% to 5.5% year over year. Analysts had expected the company to earn 92 cents a share in the next quarter on revenue of $13.87 billion, up about 6% from a year earlier.
No. 10 retailer Target closed down 5.06 percent on $3.6 billion. BofA Securities lowered its price target on Target to $235 from $289 and maintained a buy rating on the stock. This comes after Target announced a 430 basis point year-over-year decline in gross margins in the first quarter due to higher-than-expected freight and shipping costs and weaker-than-expected sales in several categories, resulting in excess inventory.
No. 12 Shopify closed up 8.52% with $3 billion. Including Shopify, the SaaS (Software-as-a-service, software-as-a-service) concept stocks in the US stocks generally rose today.
No. 16 Block closed up 6.19 percent with $2.1 billion. Block is also one of the SaaS concept stocks in the US stock market. Morgan Stanley lowered its price target to $110 from $118.
No. 17 Broadcom closed down 4.27% with a turnover of US$1.92 billion. Shares of network equipment makers such as Broadcom fell broadly on Thursday after Cisco issued a sales warning.
The following are the 20 most actively traded stocks on the U.S. stock market that day (by turnover):
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