Home » U.S. stocks close: The three major indexes collectively closed up, Chinese concept stocks continued to rebound, the Nasdaq rose for six consecutive weeks Provided by Financial Associated Press

U.S. stocks close: The three major indexes collectively closed up, Chinese concept stocks continued to rebound, the Nasdaq rose for six consecutive weeks Provided by Financial Associated Press

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U.S. stocks close: The three major indexes collectively closed up, Chinese concept stocks continued to rebound, the Nasdaq rose for six consecutive weeks Provided by Financial Associated Press

© Reuters. U.S. stocks close: The three major indexes collectively closed up, Chinese stocks continued to rebound, and the Nasdaq rose for six consecutive weeks

News from the Financial Associated Press on June 3 (edited by Niu Zhanlin)On Friday, Eastern Time, the three major U.S. stock indexes collectively closed up, and large technology stocks continued to rise. The Nasdaq rose for six consecutive weeks, pushing U.S. stocks to the brink of a bull market.

The U.S. non-farm payrolls data in May exceeded expectations, breaking expectations of a recession. The U.S. Department of Labor reported that U.S. nonfarm payrolls increased by 339,000 in May, the 29th consecutive month of growth, far exceeding expectations of 190,000.

The report also showed a higher-than-expected unemployment rate and slower wage growth, suggesting the Fed will keep interest rates on hold at its next meeting. Federal Reserve officials have also frequently hinted in recent days that it is unlikely to raise interest rates this month.

Kim Forrest, chief investment officer at Bokeh Capital Partners, said: “While the number of jobs has far exceeded expectations, wage growth has not been as fast. The US economy may achieve the ‘legendary’ soft landing, at least for now it seems so.”

Elsewhere, investors welcomed progress on a deal on the U.S. debt ceiling. The debt ceiling bill has quickly passed the US Congress, and the risk of default can be said to have been eliminated.

White House Press Secretary Jean-Pierre said that U.S. President Joe Biden will sign a bill raising the U.S. debt ceiling as early as Saturday, and he is confident that the debt ceiling bill will be signed in time and will be completed by June 5.

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market dynamics

As of the close, the Dow rose 701.19 points, or 2.12%, to 33762.76; the Nasdaq rose 139.78 points, or 1.07%, to 13240.77; the S&P 500 rose 61.35 points, or 1.45%, to 4282.37.

The 11 sectors of the S&P 500 Index closed up across the board. The S&P raw materials sector closed up 3.37%, the industrial and energy sector rose 2.96%, the optional consumer, financial, and real estate sectors rose by up to 2.2%, and the information technology/technology sector rose 0.5%. The telecom services sector was the worst performer, up 0.1 percent.

U.S. stock industry ETFs closed up across the board, regional bank ETFs rose 6.04%, banking ETFs rose 5.15%, energy industry ETFs rose 3.04%, global aviation industry ETFs rose 2.62%, optional consumption ETFs rose 2.35%, financial industry ETFs rose 2.15% %, biotechnology index ETFs, consumer staples ETFs, medical ETFs and utilities ETFs each rose more than 1%.

Performance of popular stocks

Most of the large technology stocks rose, Tesla rose 3.1%, Amazon rose more than 1%, Apple, Google, Microsoft rose slightly; Meta, Netflix fell slightly.

Energy stocks rose across the board, Schlumberger rose about 4%, Exxon Mobil, Chevron, ConocoPhillips, and Occidental Petroleum rose more than 2%.

Most AI concept stocks continued to fall. C3.ai closed down 7.1%, Bullfrog AI closed down 11.6%, and BigBear.ai closed down 3.4%.

Popular Chinese concept stocks generally rose. The Nasdaq China Golden Dragon Index rose 2.86%, and it rose 3.42% this week. iQiyi rose more than 6%, Vipshop and Xiaopeng Motors rose more than 5%, Tencent Music, JD.com, Weibo, Baidu, Futu Holdings rose more than 2%, Alibaba and Manbang rose more than 1%, Ideal Auto , Netease, Pinduoduo, and Weilai rose slightly. Bilibili fell more than 3%.

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company news

[Apple’s WWDC ultimate revelation: MR devices will be equipped with M2 chips and last for about two hours on a single charge]

According to the schedule, Apple’s annual developer conference WWDC will start next Monday local time (Tuesday morning Beijing time). As the countdown approached, well-known technology reporter Mark Gurman also started the final sprint, releasing a lot of details at once. The current expectation is that Apple will release a mixed reality headset called Reality Pro or XR Pro next week, new Mac notebooks and consoles, and a series of OS updates, according to people familiar with the matter. In terms of configuration, the Apple MR will be equipped with an M2 chip, 16G of memory, and an external battery that is slightly larger than the MagSafe battery pack. The battery life on a single charge is about two hours.

[Ford Motor’s U.S. electric vehicle sales fell 13% in May from a year earlier]

Ford Motor’s official website announced on June 2 that the total sales in the US market in May were 170,933 vehicles, a year-on-year increase of 10.7%; among them, the sales of electric vehicles were 5,444 vehicles, a year-on-year decrease of 13%. In the first five months of 2023, the company’s total sales in the U.S. market will be 830,841 vehicles, an increase of 8.8% year-on-year.

[Amazon may offer low-cost nationwide mobile phone service to Prime members]

Amazon has been in talks with wireless carriers to offer low-cost or potentially free nationwide mobile phone service to Prime members, according to people familiar with the matter. The company is negotiating with Verizon Communications Inc., T-Mobile US Inc. and Dish Network Corp. to get the lowest possible wholesale prices. That would allow Amazon to offer Prime members a $10-a-month wireless plan that could also be free, boosting the loyalty of its biggest spenders, the people said. Negotiations have been ongoing for six to eight weeks, with AT&T Inc. sometimes involved, but the plan could still be months away and could be scrapped, the sources said.

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Faraday Future announced on June 2 that it signed the first sales contract for FF 91 2.0 Futurist Alliance in Los Angeles, California, USA, continuing to implement the first phase of its three-phase delivery plan. The first user of the first FF model is the well-known designer Rem D Koolhaas. According to Faraday Future, in addition to the reservation function of the FF 91 Futurist series models that have been opened, FF’s mobile ecological product “FF aiHypercar+” will also accept reservations in the United States and China. The price is US$14,900 per year, and the reservation fee is US$100.

[General Motors and POSCO invest more than $1 billion to expand North American EV battery supply chain]

General Motors and POSCO Future M, a battery materials production subsidiary of South Korean steel giant Posco, announced that they will invest more than $1 billion to expand their joint venture Ultium CAM to increase their cathode active materials (CAM) in North America. Production capacity, while integrating the production of cathode material precursors (PCAM).

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