**: Shanghai ** newspaper
On Friday, local time, Federal Reserve Chairman Jerome Powell said that the Fed is acting cautiously and tightening monetary policy further if necessary. However, the market interpretation believes that the tone of Powell's speech has been dovish, and the market's expectations for the Fed to end its interest rate hike have risen.
After Powell's speech, U.S. stocks rose, and finally the three major indexes collectively closed higher, all of which recorded a weekly "five consecutive positives".
Nick Timiraos, a financial journalist known as the "new Fed news agency", said that the Fed's interest rate hike cycle may be over, but they are not yet willing to make a clear statement.
On the same day, the American pharmaceutical giant Pfizer announced that it planned to abandon the development of its experimental ** drug danuglipron (oral twice a day) due to the high frequency of adverse reactions. Affected by this news, on the same day, Pfizer fell more than 7% in early trading and closed down 512%, the biggest one-day drop since December 2021.
The weekly line of U.S. stocks is "five consecutive yangs".
On Friday, local time, U.S. stocks opened lower and higher, and after Powell's speech, the S&P and Nasdaq turned higher, and the Dow expanded its gains, and finally closed up collectively. As of **, the Dow Jones rose 29461 points, an increase of 082% at 362455 o'clock;The S&P 500 rose 2683 points, an increase of 059% at 459463 points;The Nasdaq rose 7881 points, an increase of 055% at 1430503 o'clock.
This week, the Dow rose 242%, and the S&P 500 rose 077%, the Nasdaq rose 038%, all of which recorded the weekly line "five consecutive yang".
On the market, most of the technology stocks **, Apple rose 068%, Amazon rose 064%, Netflix fell 174%, Google fell 051%, Facebook fell 071%, Microsoft fell 116%。
Bank stocks collectively **, JPMorgan Chase rose 054%, Goldman Sachs rose 206%, Citi rose 245%, Morgan Stanley rose 197%, Bank of America rose 153%, Wells Fargo rose 101%。
Most of the popular Chinese concept stocks**, the Nasdaq China Golden Dragon Index closed down 1%, and Xpeng Motors fell 5%.24%, good future fell 255%, Li Auto fell 176%, NIO fell 165%, down 159%, Pinduoduo fell 147%, Alibaba fell 119%, JD.com fell 098%, Tencent ** fell 094%。
In the European market, the three major stock indexes **across the board**, and the German DAX index rose 112% at 16397At 52 points, the French CAC40 index rose 048% at 7346At 15 points, the British FTSE 100 index rose 101% at 752935 points. This week, Germany's DAX index rose 23%, the French CAC40 index rose 073%, the British FTSE 100 index rose 055%。
Powell spoke again!
On Friday, local time, Federal Reserve Chairman Jerome Powell said in a speech at the Spelman Institute in Atlanta that Fed policymakers are acting cautiously and that the Fed is still ready to tighten monetary policy further if necessary.
After going so far so quickly, the FOMC is moving cautiously forward as the risk of insufficient or excessive tightening is becoming more balanced. Powell said.
Powell said that the current level of inflation is still well above the Fed's 2% target. He cited data that core inflation grew at an annualized rate of 25%, while the low inflation data of the past few months is welcome, to reach the target level of 2%, means that this progress must be sustained.
Powell believes that the 11 rate hikes implemented by the Fed so far have brought monetary policy "into tightening territory", but the full effect of rate hikes may not yet be fully felt.
Market analysts believe that the tone of Powell's speech has been dovish, and the market's expectations for the Fed to end its interest rate hike have risen. After Powell's speech, the U.S. market rose and U.S. Treasury yields fell.
At the same time, on the eve of Powell's speech, Nick Timiraroos, a financial journalist known as the "new Fed news agency", said that the Fed's interest rate hike cycle may be over, but they are not yet willing to make a clear statement. He believes that at the FOMC meeting on December 12-13, the Fed will pause interest rate hikes for the third time in a row, keeping interest rates at 525% to 55% is unchanged.
Pfizer halted the development of a ** drug.
The stock price plummeted. On Friday, local time, the American pharmaceutical giant Pfizer announced that it plans to abandon the research and development of its experimental ** drug danuglipron (oral twice a day) due to the high frequency of adverse reactions. It is understood that danuglipron is an oral glucagon-like peptide-1 receptor agonist (GLP-1RA) drug candidate developed by Pfizer, which aims to maintain blood glucose indicators at a healthy level by increasing the amount of insulin released and reducing the amount of glucagon released into the blood.
Affected by this news, on the same day, Pfizer fell more than 7% in early trading and closed down 512%, the biggest one-day drop since December 2021.
Pfizer explained that a high incidence of adverse reactions was observed in patients, with up to 73% experiencing nausea, up to 47% vomiting, and up to 25% experiencing diarrhea. In clinical trials, a significant proportion of patients stopped taking danuglipron because they could not tolerate *** such as nausea and vomiting.
Therefore, twice-daily danuglipron will not enter phase III clinical trials. But Pfizer said it still plans to release data from a once-daily phase 2 trial of danuglipron in the first half of 2024, which will inform future directions. Based on this data, Pfizer will decide whether to start a phase 3 trial of once-daily danuglipron.
It is reported that Pfizer has laid out two small molecule oral GLP-1 agonist drugs, namely lotiglipron and danuglipron. In June of this year, Pfizer announced that it would stop developing the ** drug lotiglipron due to elevated aminotransferases in patients who took the drug in an interim clinical study, a phenomenon that usually means that liver cells and liver function are impaired. But Pfizer said none of the patients had liver-related symptoms or had no patients with liver failure or needed it.
The U.S. House of Representatives voted to expel Rep. Santos.
According to CCTV News, on December 1, local time, according to the New York Times, the U.S. House of Representatives voted 311 in favor and 114 against to expel New York State Rep. George Santos (George Santos), becoming the sixth member of the U.S. history to be expelled from the House of Representatives.
It is reported that the U.S. Department of Justice filed an indictment against Santos on October 10 on 23 counts, including 10 counts of wire fraud and identity theft, as well as seven counts of wire fraud, three counts of money laundering, one count of theft of public funds and two counts of material misrepresentation.