News from the Financial Associated Press on December 3 (Editor Zhao Hao)On Friday (December 2), U.S. stocks continued to reduce losses after opening lower. The three major indexes closed mixed, but they all recorded gains on the weekly line.
As of the close, the Dow Jones Index rose 0.10% to 34,429.88 points; the S&P 500 Index fell 0.12% to 4,071.70 points; the Nasdaq Composite Index fell 0.18% to 11,461.50 points.
On the week, the Dow Jones index rose 0.24%, the S&P 500 index rose 1.13%, and the Nasdaq composite index rose 2.07%. This is also the first time since October this year that the three major indexes have risen for two consecutive weeks.
Before the market, the non-farm payrolls report released by the US Department of Labor was better than expected, adding a lot of pressure on the Fed to raise interest rates. The U.S. dollar and U.S. Treasury yields rose sharply for a time, weighing on risk sentiment in the U.S. stock market.
Art Hogan, chief market strategist at B Riley Wealth Management, said that the current good news for the U.S. economy is bad news for the Fed, because the performance of employment is related to how much the bank will raise interest rates in the future.
But Hogan expects the contrast to ease next week, arguing that the Fed is actually unwilling to see the labor market “crushed” and that the bank is unlikely to reverse its decision to “slow down the pace of rate hikes.”
On Wednesday, Federal Reserve Chairman Jerome Powell confirmed that the time to slow down the pace of interest rate hikes may come at the December meeting. Powell also said that the U.S. economy can still achieve a “soft landing”, which led to a sharp rise in U.S. stocks on the day, setting an overall optimistic tone for the market this week.
Performance of popular stocks
The 11 sectors in the S&P 500 closed mixed. The energy sector closed down 0.6%, the information technology/technology and utilities sector fell about 0.5%, the financial and real estate sector also fell by more than 0.4%, the health care sector rose by more than 0.2%, the consumer goods sector rose by more than 0.4%, and the industrial sector rose Over 0.6%, the raw materials sector rose 1.1%.
Large technology stocks were mixed. (Arranged by market value) Apple fell 0.34%, Microsoft rose 0.13%, Google fell 0.44%, Amazon fell 1.43%, Tesla rose 0.08%, and Meta rose 2.53%.
Chinese concept stocks, the Nasdaq China Golden Dragon Index rose 5.39%, and this week it has risen by more than 22%, the largest weekly gain since mid-March
Most popular Chinese concept stocks closed up, Bilibili rose 16.57%, Xiaopeng Motors rose 14.84%, JinkoSolar rose 12.01%, Weilai rose 8.60%, Ideal Auto rose 6.95%, Tencent Music rose 6.63%, New Oriental rose 6.24%, JD.com rose 5%, Alibaba rose 4.79%, Baidu rose 4.72%, TAL rose 4.02%, and Pinduoduo rose 3.10%.
company news
【JPMorgan Chase, Bank of America, Citigroup are reported to significantly cut investment banking bonuses】
Across Wall Street, pessimistic expectations about bankers’ bonuses are quickly being met, as shrinking activity in investment banking quells the battle for talent and corporates regain the upper hand in setting salaries. JPMorgan, Bank of America and Citigroup are all considering cutting investment bankers’ bonus pools by as much as 30%, according to people familiar with the matter. Some companies plan to give poor performers no bonuses at all. The proposals are still under discussion and could be tweaked in the coming weeks, the sources said.
【GM and LGES will invest $275 million to expand the Tennessee EV battery plant】
Ultium Cells, the battery joint venture of LG Energy Solution and General Motors, said it would invest an additional $275 million to expand its electric vehicle battery plant in Tennessee, with the goal of increasing production by more than 40%. The plant is scheduled to start production in late 2023, and the new investment is expected to increase the plant’s capacity from 35 GWh to 50 GWh.
[United closes deal with Boeing for dozens of 787s]
United Airlines is close to a deal to order dozens of Boeing 787 Dreamliners, people familiar with the matter said. A deal between the Chicago-based airline and Boeing could be finalized as soon as this month, some of the people said. According to reports, the negotiations between the two parties have entered the advanced stage. Boeing’s Dreamliner is popular with airlines for its fuel efficiency.
[Tesla finally delivered the first batch of Semi trucks]
Tesla delivered its first all-electric Semi trucks to PepsiCo on Thursday, marking the company’s long-delayed expansion beyond the passenger car market. On December 2, Tesla held a Semi electric truck delivery ceremony at its Nevada Gigafactory to commemorate this historic moment. Musk said at the event that this battery-powered truck will effectively reduce carbon emissions on highways and is superior to existing diesel models in terms of power and safety. “If you’re a truck driver and you want the coolest truck on the road, this is it,” Musk said.