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Chinese Golden Dragon Index Soars Over 6%; US Stocks Rally
* U.S. stocks surge across the board, Dow Jones up over 300 points, Nasdaq jumps 1.5%
* Chinese concept stocks show strong momentum, Nasdaq Golden Dragon China Index soars 6.01%
* Apple announces the largest buyback plan in history, worth up to $110 billion
On Thursday (2nd) local time, U.S. stocks rose across the board. By the close, the Dow Jones Industrial Average increased by 322.37 points, a gain of 0.85%, to 38,225.66 points; the S&P 500 index rose by 45.81 points, a gain of 0.91%, to 5,064.20 points; the Nasdaq Composite rose by 235.48 points, a gain of 1.51%, to 15,840.96 points.
Chinese concept stocks showed strong momentum, with the Nasdaq Golden Dragon China Index soaring 6.01%.
Angelo Kourkafas, a senior strategist at Edward Jones Investments, stated that the market breathed a sigh of relief after the Federal Reserve's interest rate meeting was not as hawkish as people feared; although the timing of rate cuts is likely to be delayed, it is still expected that the Federal Reserve will cut rates this year.
Leading tech stocks rose across the board, and Chinese concept stocks showed strong momentum.
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Nvidia closed up 3.34%, Amazon rose 3.20%, Netflix increased 2.44%, Google gained 1.68%, Microsoft rose 0.73%, Meta climbed 0.57%, and Tesla edged up 0.01%.
Chinese concept stocks showed strong momentum, with Bilibili closing higher by 15.63%, Futu Holdings up 11.87%, JD.com up 11.51%, Pinduoduo up 10.48%, Weibo up 8.28%, Baidu up 7.12%, Tencent up 6.87%, Alibaba up 6.38%, and NetEase up 5.24%.
New forces in the automotive industry also performed quite well, with XPeng Motors up 15.76%, Li Auto up 9.98%, NIO up 6.07%, and Niu Technologies up 4.39%.In focus stocks, Apple Inc. closed up 2.20%. Apple's second-quarter earnings slightly exceeded Wall Street expectations, but iPhone sales decreased by 10% year-over-year. Apple announced that its board has authorized a $110 billion share repurchase, a 22% increase from last year's $90 billion authorization. Institutional data shows that this is the largest repurchase in Apple's history, and Apple's stock price rose by 6.74% after hours.
Qualcomm closed up 9.74%, as the company's latest quarterly results exceeded Wall Street expectations, with a quarterly net profit of $2.33 billion, or $2.06 per share, compared to $1.7 billion, or $1.52 per share, in the same period last year.
Food delivery platform DoorDash closed down 10.32%. The company expects its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for this quarter to be between $325 million and $425 million, with the midpoint significantly lower than market expectations.
U.S. used car e-commerce platform Carvana closed up 33.77%, as Carvana just announced its first-quarter revenue of $3.06 billion, significantly higher than the consensus analyst forecast of $2.67 billion.
U.S. initial jobless claims last week were lower than expected. In terms of data, for the week ending April 27, the seasonally adjusted U.S. initial jobless claims were 208,000, lower than expected and unchanged from the previous week. Market analysts believe that the stable number of new jobless claims in the U.S. last week indicates that the labor market remains quite tight and should continue to support the economic growth of the U.S. in the second quarter.
Savita Subramanian, Head of U.S. Equity & Quantitative Strategy at Bank of America Merrill Lynch, believes that even if the Federal Reserve does not cut interest rates, a strong economy will maintain the bull market in U.S. stocks. She expects a soft landing for the U.S. economy, with the current market environment being reasonable, and the next growth situation may be better than before.
In terms of oil prices, due to weak global demand and increased inventory, international oil prices closed at the lowest level in seven weeks. The near-month contract price of U.S. WTI crude oil futures fell by 5 cents, a decrease of less than 0.1%, to $78.95, the lowest since March 12.
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