**: Global Market Broadcast.
In the early morning of the 10th, Beijing time, U.S. stocks were mixed at the end of Friday. Major stock indices are on track for a fifth consecutive week**. The S&P 500 hit another all-time intraday high. Markets continue to focus on U.S. earnings and the Fed's monetary policy outlook. The US CPI for December was revised downward to an increase of 02%, indicating that inflationary pressures have eased.
The Dow fell 2930 points, a decrease of 008% to 3869703 o'clock; The Nasdaq rose 20453 points, an increase of 129% at 1599824 points; The S&P 500 rose 2942 points, an increase of 059% at 502733 points.
Dana D'Auria Co-Chief Investment Officer at Envestnet said: "At the end of the day, we're seeing tremendous good news on the economic front, and the market is reacting to it. The longer this continues, the more likely it is that the market will think that we will actually achieve a soft landing. ”
Adam Turnquist, chief technical strategist at LPL Financial, said: "If the S&P 500 can close above the closely watched level of 5,000, it will undoubtedly make headlines and further exacerbate the fear of missing out (FOMO). In addition to a potential sentiment boost, integer levels like 5000 tend to provide support to the market or act as a psychological resistance zone. ”
U.S. stocks closed slightly higher on Thursday, with the S&P 500 closing slightly higher, but briefly breaching the 5,000-point milestone for the first time before **. The Dow closed 013%, the 11th time this year to hit a record high. The Nasdaq closed 024%。
"Our base case remains a soft landing for the U.S. economy, with the S&P 500 remaining around current levels by the end of the year," Solita Marcelli of UBS Global Wealth Management said in a report on Thursday (8th). ”
"However, recent economic data have highlighted the potential for a period of sustained strong economic growth, moderate inflation and faster monetary policy easing," he said. In this case, we believe the S&P 500 has the potential to rise to around 5,300 this year. ”
Jay Woods, chief global strategist at Freedom Capital Markets, said the S&P 500 breakout of 5,000 "is a good headline, but in the long run, it's another stop in what we're seeing in this ridiculous **." I think the market is tired, and this time ** is already tired. ”
In recent trading days, strong earnings reports and the continued rally in large technology stocks have continued to support the U.S. market. But the over-concentration of market darlings that will lead the rally in 2023 has been a concern for many investors, who worry that a narrow market width could hinder sustainability**.
Bank of America analyst Michael Hartnett said the fast-track move to all-time highs in the U.S. is now close to triggering several selling signals.
Hartnett wrote in a note that the bank's customized bull/bear indicator rose to 68。The strategist said that a reading above 8 indicates that the bullish trend has gone too far and is sending a reverse signal to sell. Hartnett was firmly bearish last year, but his was not materialized.
Michael Arone, chief investment strategist at State Street Global Advisors, believes that the narrow sector range of U.S. equity leaders should be attributed to the uncertainty surrounding the prospect of a rate cut after Fed Chairman Jerome Powell and his colleagues verbally suppressed the market's hopes for a rate cut in March.
Richmond Fed President Barkin reiterated yesterday that the Fed has time to be patient before cutting interest rates. New data on Thursday (8th) also highlighted the resilience of the U.S. economy. Initial jobless claims were slightly below consensus**, indicating that the labor market remains strong.
U.S. earnings remain the focus of the market. Expedia, Affirm Holdings, and Take-Two Interactive will report earnings on Friday.
Arone, chief investment strategist at State Street Global Investment Advisors, said: "U.S. earnings continue to be better than expected, helping some specific** to get out of a very positive trend. Overall, earnings boosted sentiment and allowed stock indices to continue to make new highs. ”
On Friday's economic data front, according to the much-watched revised data released by the U.S. Labor Department on Friday, consumers are paying even slower in the market than initially reported.
According to the data, the revised annualized growth rate of core CPI in the fourth quarter of the United States remained at 33% unchanged; The month-on-month increase in CPI in December increased from 03% revised down to 02%。The data is of particular concern as the annual revision of the CPI announced early last year was revised upwards sharply, which surprised the market.
The U.S. Bureau of Labor Statistics released a seasonally adjusted revision to monthly inflation on Friday, and the "annual overhaul" data is closely watched by Wall Street and economists.
According to the data, the revised annualized growth rate of core CPI in the fourth quarter of the United States remained at 33% unchanged; The month-on-month increase in the US CPI in December increased from 03% revised down to 02%。
This result is broadly in line with market consensus expectations. Previously, analysts estimated that the CPI revision would not fluctuate drastically and would hardly affect the Fed's monetary policy outlook.
The analysis said that this quiet revision will come as a sigh of relief to the Fed, who are looking for more evidence that inflationary pressures are continuing to subside before deciding to start cutting interest rates. U.S. inflation slowed rapidly in the second half of last year, and the Fed** expressed doubts about whether this rapid progress in inflation could be sustained.
The U.S. Bureau of Labor Statistics regularly adjusts monthly CPI data to remove seasonal interference from the data, such as those related to holiday shopping. By smoothing out these factors with seasonal adjustments, it is possible to make meaningful comparisons of inflation in different months of the same year.
Usually, the annual revision of the CPI index does not attract much attention. However, the data was revised sharply upwards at the beginning of last year, which surprised the market and cast doubt on the progress of reducing inflation. Therefore, Friday's latest data is quite interesting.
Fed Chair Jerome Powell almost never stressed that he expects a specific economic data, but he said at the latest FOMC meeting that he would be closely watching the CPI inflation revision; Fed Governor Waller also mentioned the importance of the CPI revision in a speech last month.
Focus**. Nvidia is in talks with companies such as OpenAI on chip design. Nvidia is also in talks with Ericsson for a wireless chip. Nvidia is building a new division to design chips specifically for cloud computing companies. Nvidia's new business unit will also design chips for advanced AI processors.
Google has completed its own AI rebranding. As part of the first part of the rebranding, Google rebranded the Bard AI chatbot launched in March last year as Gemini Gemini and launched a dedicated Gemini Android app. Gemini is the base large language model that supports the Bard chatbot.
In addition, Google has also renamed the AI features in Google Workspace apps such as Gmail and Docs, previously called "Duet AI" and now Gemini.
L'Oréal achieved sales of 411 in 2023800 million euros, a consolidated increase of 7.6%, a year-on-year increase of 11%; Further improvement in operating margin: Operating margin increased 30 basis points year-over-year to 198% and operating profit of 814.3 billion euros.
PepsiCo's fourth-quarter results were mixed due to lower demand for various products due to price increases. According to the data, the company's Q4 revenue fell to 27.8 billion from $28 billion in the same period last year$500 million, compared to the average analysts' estimate of $28.4 billion.
PepsiCo and other retailers have raised prices several times since the start of the pandemic to fend off rising costs due to chain disruptions, but for now, these retailers are facing headwinds from these moves.