News from the Financial Associated Press, February 24 (Editor Zhao Hao)On Thursday (February 23), U.S. stocks rose in late trading to recover lost ground, and the three major indexes collectively closed up.
As of the close, the Dow Jones Index rose 0.33% to 33,153.91 points; the S&P 500 Index rose 0.53% to 4,012.32 points, ending a four-day losing streak; the Nasdaq Composite Index rose 0.72% to 11,590.40 points.
Although the three major indexes rebounded today, they are still on track for their worst weekly performance of the year. The cooling in sentiment has been more pronounced since last week’s strong retail sales figures.
Grace Peters, an investment strategist at JPMorgan Private Bank, said the market is now starting to think that the resilience of the U.S. economy could mean stickier inflation.
Matthew Tym, director of equity derivatives trading at Cantor Fitzgerald, said some investors returned to stocks at the start of the year but have recently turned to a more cautious approach, either preparing to hedge previous bets or reassessing portfolios.
Yesterday, Fed officials reiterated their hawkish stance in the minutes of the meeting – participants agreed to continue to raise interest rates until inflation is effectively controlled. CME Group’s “Fed Watch” tool shows that the current most mainstream forecast in the market is that the bank will raise interest rates by 25 basis points each in March, May and June.
In addition, the market also expects the Fed to maintain an interest rate level of 5.25%-5.50% for almost the whole year, and will not cut interest rates by 25 basis points until the December meeting. Marko Kolanovic, chief market strategist at JPMorgan Chase & Co., said the S&P 500 will continue to face a near-term sell-off and may not rebound until the Fed starts cutting interest rates.
Hot Stock Performance
Most of the large technology stocks rose, (in order of market value) Apple rose 0.33%, Microsoft rose 1.30%, Google fell 0.80%, Amazon rose 0.03%, Tesla rose 0.60%, and Meta rose 0.54%.
Nvidia closed up 14.02 percent after the company expressed optimism about its revenue outlook for the current quarter. Chip stocks collectively rose, the Philadelphia Semiconductor Index rose 3.33%, of which AMD rose 4.1%, TSMC rose 3.74%, and Micron Technology rose 3.11%.
In terms of Chinese concept stocks, the Nasdaq China Golden Dragon Index fell 0.27% to 7233.01 points.
Popular Chinese concept stocks were mixed, Pinduoduo rose 3.22%, Ideal Auto rose 2.03%, Baidu rose 0.60%, New Oriental rose 0.28%, Jingdong rose 0.26%; Alibaba fell 0.65%, Xiaopeng Motors fell 1.74%, Tencent Music fell 1.77%, Good Future fell 2.68%, and Weilai fell 3.83%.
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