On Friday, December 1, Eastern time, the first trading day of December for U.S. stocks, the three major U.S. indexes collectively closed higher.
Federal Reserve Chairman Jerome Powell spoke out and continued to "pour cold water" on the market's expectations of interest rate cuts.
The experimental drug research failed, and the world's pharmaceutical giant Pfizer closed down more than 5%, the biggest decline since December 2021.
The PC market is sluggish, and the giant Dell once fell nearly 10% after its earnings report.
Powell made a bombshell statement: it is too early to declare victory over inflation.
According to Hong Kong's Wind News Agency, on Friday, December 1, local time, Federal Reserve Chairman Jerome Powell reiterated at a dialogue event at Spelman College in Atlanta that we are ready to tighten policy further if the timing is right.
Powell stressed that it is too early to confidently conclude that we have achieved enough restrictive stance, or to speculate on when policy is likely to ease.
According to a report released by the Commerce Department on Thursday local time, the Fed's preferred inflation measure, personal consumption expenditures** (CPI), was 3% from a year earlier, but the core base index after excluding volatile food and energy** was 35%。In this regard, Powell said that he is committed to maintaining tightening policy until inflation is on the 2% track;In order to achieve the inflation target, recent progress in core inflation must be sustained.
Powell added that the Fed's strong action has brought policy rates into restrictive territory, meaning that tighter monetary policy is putting downward pressure on economic activity and inflation. He believes that the impact of monetary policy on economic conditions is lagged, and the full effect of tightening policy may not yet be felt.
Powell further said that the Fed is prepared to tighten monetary policy further if the timing is right;The FOMC is "treading cautiously" and the risks of under-tightening and over-tightening have become more balanced.
The Federal Reserve's Goolsbee also said that it still believes that US inflation is on track to fall towards the 2% target. If inflation stops, the Fed will stop at nothing to act.
Fearless of Powell's "pouring cold water", the three major U.S. indexes collectively closed up.
On Friday, December 1, Eastern time, Federal Reserve Chairman Powell's "pouring cold water" did not prevent *** U.S. stocks from opening lower in early trading, and the S&P and Nasdaq turned higher after Powell's speech. In the end, the three major U.S. indexes collectively closed higher.
As of **, the Dow closed up 29461 points, an increase of 082% at 362455 points, the first time since January last year, rose above 36,000 points, hitting a new high since January last year for two consecutive days. The S&P closed up 059% at 459463 points, a new high since March 30 last year, up for two consecutive days. The Nasdaq closed up 055% at 1430503 o'clock.
According to CME Group, market pricing on Friday morning showed that the Fed has indeed ended its rate hikes and could start cutting rates as early as March 2024. In addition, the market is pricing in a total of 125 percentage points, equivalent to an interest rate cut of 025 percentage points.
The experimental ** drug research failed, and the world's pharmaceutical giant Pfizer closed down more than 5%.
On Friday, December 1, Eastern time, the world's pharmaceutical giant Pfizer closed down more than 5%, the biggest decline since December 2021, and its stock price fell nearly 40% during the year. Report 28$91 shares, the latest total market capitalization is 1632$3.8 billion.
On the news side, Pfizer announced data from the phase IIB clinical trial (NCT04707313) of the oral small molecule glucagon-like peptide-1 receptor agonist (GLP-1RA) danuglipron (PF-06882961) in patients with obesity (non-type 2 diabetes). The study met the primary endpoint with a statistically significant change from baseline in patient weight. However, Pfizer said it does not plan to advance the twice-daily oral drug to phase III clinical trials.
Pfizer said it observed a high incidence of adverse reactions in patients, although most of these were mild and gastrointestinal. In clinical trials, a significant proportion of patients stopped taking danuglipron due to intolerable *** such as nausea and vomiting.
The PC market is sluggish, and the giant Dell once fell nearly 10% after its earnings report.
On Friday, December 1, Eastern time, PC giant Dell announced its results for the third quarter of fiscal year 2024, in which the performance of the PC business unit was significantly lower than expected, while providing lower-than-expected performance outlook data.
Dell fell nearly 10% at one point and closed down more than 5%.
According to the financial report data, Dell's Q3 revenue fell 10% year-on-year to 222$5.1 billion, less than the average analyst estimate of $23 billion. By business, revenue from Dell's PC Customer Solutions business, which includes sales of enterprise and consumer PCs, decreased 11% year-over-year to 122$7.6 billion, down 5% sequentially, well below analysts' consensus expectations.
Wall Street giant Citi warned that Dell's weak PC business could be "temporary bad news" for the performance and stock prices of PC CPU giants Intel and AMD.
PC makers have been hit hard in the past 18 months due to a sharp drop in demand for PCs, according to Sina Technology. However, analysts believe that they are already starting to see signs of recovery in the industry. Research firm IDC said in an October report that the PC market has "come out of the trough" despite the global economic downturn.
"We note that about 83 percent of Intel's sales come from PCs and servers, compared to 53 percent for AMD," Citi analyst Christopher Danely wrote in an investor note. "We also note that as of 2022, Dell's PC business revenue accounted for approximately 19% of Intel's net revenue. ”
Danely added that he is still waiting to see where the global laptop shipment data will go in November. "If laptop sales in November are lower than expected, we think this is very bad news for the PC update cycle. Citi maintained Intel's ** rating at 'Neutral' and AMD's rating at '**
Editor-in-charge: Liu Anqi |Review: Li Zhen |Supervisor: Wan Junwei.
*: China ** newspaper).