The Associated Press (Shanghai, editor Ale) reported that the three major U.S. stock indexes reversed their losses during the intraday session on Wednesday (October 6) and maintained their gains until the close.
(S&P 500 Index 5-minute image source: Tradingview) U.S. Senate Republican Leader Mitch McConnell issued a statement on Twitter, proposing an agreement to raise the U.S. debt ceiling in the short term, and the validity period will last until the end of November. The increase will be Enough for the Ministry of Finance to deal with until December to alleviate the imminent risk of default.
Although the Democratic senators and the White House stated that the Republican Party has not formally proposed to raise the debt ceiling, the press release is not a formal proposal. But after the news was announced, the three major stock indexes still rebounded from their daily troughs and turned up.
Wells Fargo Securities strategist Anna Han said that Republicans are willing to sit at the negotiating table to negotiate an extension, and the stock market (and yields) rebounded as a result. “This is certainly not all good, but it does ease one of the various macro risks that we have been paying attention to in the short term.”
According to the pre-market announcement, the number of ADP employment in the United States increased by 568,000 in September, higher than the expected 430,000. The report pointed out that despite people’s worries about the new crown epidemic and the economy, corporate recruitment was still active in September. The US Department of Labor will release the September non-agricultural report on Friday. The data is expected to have a greater impact on the Fed’s monetary policy and stock market trends.
Market dynamics
As of the close, the Dow Jones Index regained the intraday decline of 459 points and closed up 0.30% to 34,416.99 points; the S&P 500 index rose 0.41% to 4,363.55 points, down 1.27% during the session; the Nasdaq Composite Index rose 0.47%. It reported 4,363.55 points, a 1.2% drop in intraday trading.
Most of the 11 sectors of the S&P 500 index closed gains. The utilities sector rose more than 1.5%, the consumer goods sector rose 1%, the real estate sector rose about 1%, the technology sector rose about 0.7%, and the energy sector fell more than 1%. It fell more than 0.2%, and the healthcare sector fell more than 0.1%.
Hot stock performance
Large technology stocks all closed up, Amazon rose 1.27%, Google A rose 1.13%, Netflix rose 0.68%, Apple rose 0.63%, and Facebook rose 0.20%.
New car-making forces rose and fell mixed. Ideal cars rose 1.48%, Xiaopeng Motors rose 0.65%, and Weilai fell 0.62%. Tesla rose 0.28%.
Chinese concept stocks were mixed. The Nasdaq Golden Dragon Index rose 0.49% to close at 10,150. Among popular stocks, NetEase rose 6.65%, Pinduoduo rose 2.17%, Didi rose 1.61%, Alibaba rose 0.67%, JD.com rose 0.35%, Baidu fell 0.29%, and Tencent ADR fell 0.67%.
Most education stocks closed up, Gaotu soared 8.20%, New Oriental rose 3.90%, and good future rose 3.14%.
Company news
[Facebook found the cause of the large-scale downtime, the engineer wrongly ordered to cut off the connection]
Facebook said that the reason for the large-scale downtime on the 4th was that an engineer mistakenly issued an instruction to cut off “all network connections on a global scale” of Facebook’s data center. On the 4th local time, Facebook and many of its social software experienced large-scale outages on a global scale. Six hours after the service was interrupted, Facebook posted that its applications and service systems began to resume operation.
[Google: In the next 5 years, it will invest US$1 billion in Africa to help the African continent carry out digital transformation]
Google said on Wednesday that it plans to invest US$1 billion in Africa in the next five years to help Africa obtain a fast and cheap Internet, and will support start-ups to help the African continent carry out digital transformation. Alphabet, Google’s parent company, launched an African investment fund in a video conference that will invest $50 million in start-ups to allow them to hire their employees and gain access to the Internet and technology.
[Twitter sold MoPub mobile advertising network to AppLovin for US$1.05 billion]
Twitter announced on Wednesday that it has decided to sell its MoPub mobile advertising network to mobile game developer AppLovin for US$1.05 billion in cash. Twitter said that the transaction is to accelerate and operate the development and growth of its own products. Twitter said that the sale of MoPub is in line with its set goal of reaching $7.5 billion in revenue by the end of 2023. Twitter closed up 2.39%.
[Home Depot will cooperate with Wal-Mart’s GoLocal to provide fast delivery services in the United States]
Wal-Mart announced on Wednesday that it has partnered with Home Depot to use its same-day and next-day delivery service GoLocal. Home Depot will work with GoLocal to launch a delivery service. In the next few weeks, it will first be launched in specific markets and then expanded before the end of the year. Items that are easy to load into cars, such as paint and tools, will be able to take advantage of this service and be quickly delivered to consumers. Home Depot rose 0.27% and Wal-Mart rose 0.73%.
[General Motors plans to double its revenue by 2030]
General Motors plans to double its annual revenue by 2030 to $280 billion. The company is transitioning to pure electric vehicles and diversifying its business beyond just selling cars and trucks. GM announced new revenue targets and expected operating profit margins of 12%-14% before the investor presentation on Wednesday. The two-day investor meeting will detail how the company plans to achieve these goals through traditional automotive business, new software, and data-centric businesses. General Motors fell 0.75%.
[Pfizer’s new crown vaccine has an effective rate of infection prevention reduced to 47% 5 months after vaccination]
A new study published by The Lancet in the United Kingdom showed that five months after receiving two doses of Pfizer vaccine, the effective rate of preventing infection with the new crown virus dropped to 47%, but it was effective in preventing hospitalization related to new crown infection. It remains at about 90%. Pfizer fell 0.71%.
[SwedensuspendsvaccinationofModena’snewcrownvaccineforpeoplebornin1991andafter]
Swedish TV reported that the official website of the Swedish Public Health Agency issued a document stating that it has decided to suspend vaccination of Modena’s new crown vaccine for people born in 1991 and later. The reason is that vaccination causes an increased risk of side effects, such as myocarditis or pericarditis. Modena plunged 8.94%.
[The European Medicines Agency considers rapid approval of Merck’s oral anti-coronavirus drugs]
Marco Cavalieri, the head of the European Medicines Agency’s vaccine department, said at a regular press conference that day that the European Medicines Agency’s advisory committee will consider initiating procedures in the next few days to quickly approve monabiravir. It will also assess whether existing relevant data can support this rapid approval process.
[SEC plans to strengthen the supervision of complex ETFs to better protect retail investors]
The Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler said in a statement that the SEC will consider implementing stricter regulations on “complex” exchange-traded products such as leveraged and inverse funds. These products may be available to retail investors and a wider audience. The financial market brings risks.