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NYSE, FOMC awaits, tech stocks rise as investors await ‘Tesla 4.58%↑’…Oil prices fall, Bitcoin rises

New York stocks rose on Monday (Sept. 9). On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 33,833.61, up 168.59 points, or 0.50%, from the previous trading day. The S&P 500 added 26.41 points, or 0.62%, to 4293.93, while the tech-heavy Nasdaq Composite closed up 133.63 points, or 1.02%, to 13,238.52.

Tech stocks were in focus today as markets awaited the FOMC meeting.

The bullish momentum in tech stocks was maintained in the absence of materials ahead of next week’s Federal Open Market Committee (FOMC) meeting. In particular, analysts remained positive on tech giant Amazon. Wells Fargo maintained a Buy rating and an “outperform” opinion on Amazon, making it a “favorite” stock. The firm believes the margin inflection point is likely to come sooner than expected. The price target is $159.

UBS also reiterated a Buy rating on Amazon, citing improved performance on Amazon Web Services, and raised its price target to $150 from $130. Shares of Amazon are up more than 2%.

Tech stocks also benefited from a 10th straight day of gains, with Tesla shares rising more than 4%. Tesla’s stock rose on expectations for the cyber truck. According to documents the company sent to suppliers, Tesla plans to produce 375,000 cyber trucks per year, with the first candidates expected to arrive in late August.

However, investors remain cautious as they await next week’s FOMC meeting. The previous day’s surprise rate hike by the Bank of Canada has raised concerns that the Federal Reserve (Fed) could follow suit. Earlier in the week, the Reserve Bank of Australia also hiked rates by a quarter of a percentage point, against market expectations.

A large increase in the number of people filing for unemployment insurance suggested that the labor market is gradually slowing down. In the U.S., new jobless claims rose 28,000 from the previous week to 261,000 last week. That was the largest increase in nearly 20 months since the week ended Oct. 30, 2021, and more than the 235,000 consensus estimate compiled by the Wall Street Journal. Treasury yields fell on the news of rising unemployment.

The market has also taken note of the recent rebound in small-cap stocks. The Russell 2000 is up more than 7% in June alone. This was due to stronger-than-expected economic data from the U.S., which boosted confidence in the recovery. However, the Russell 2000 is down slightly today.

Treasury rates fell on the day. The US 10-year Treasury yield was trading at 3.71%, down 1.74% from the previous day. The 2-year Treasury rate fell to 4.48% intraday.

[Featured Stocks]

■Technology stocks
Tech stocks rose. Apple closed up 1.55%, Amazon up 2.49%, Netflix up 2.40%, Nvidia up 2.76%, Microsoft up 0.58%, and Meta up 0.37%. Alphabet closed down 0.29%.

Electric car stocks
Tesla gained 4.58% to close at $234.86, a seven-month high. Nikola was up 2.63% and Livian was up 1.66%, but Lucid was down 1.88% on news that it plans to sell vehicles in China.

GameStop fell 17.89% on news that CEO Matthew Furlong was fired and board chairman Ryan Cohen was named executive chairman.

Used-car seller Cabana surged 56.02% after the company said it expects gross profit per unit to top $6,000 in the second quarter of this year, up more than 60% from the same period last year. Its previous forecast was for more than $5,000.

[european stock market close].

European equity markets ended mixed on Aug. 8 (local time).

The STOXX 600, a pan-European index, closed down 0.10 points, or 0.02%, at 460.70, while the FTSE 100 in London, UK, closed down 24.6 points, or 0.32%, at 7599.74. On the other hand, the DAX index in Frankfurt, Germany, rose 29.4 points, or 0.18%, to 15,989.96, and the CAC40 index in Paris, France, rose 19.36 points, or 0.27%, to 7222.15.

[China stock market close].

Chinese stocks rose on Aug. 8 (local time). The Shanghai Composite Index closed up 0.5% at 3213.59, the Shenzhen Composite Index up 0.13% at 10722.87, and the Shenzhen Composite Index down 0.28% at 2123.96.

Stocks fell in the morning session on concerns over weak economic data, but gains in financial stocks in the afternoon session led to gains in Shanghai.

By sector, real estate, lithium, financials, and consumer goods rose, while semiconductors, games, healthcare, automobiles, and new energy declined.

[Vietnam Stock Market Closing]

Vietnam’s stock market fell on the 8th (local time)안전놀이터. The benchmark VN-Index fell 8.22 points, or 0.74%, from the previous trading day to 1101.32, with 130 stocks rising and 228 falling.

The VN30 Index, comprising the top 30 stocks by market capitalization on the VN-Index, also fell 13.22 points, or 1.20%, to close at 1092.46. Six stocks advanced, while 23 declined.

The Hanoi Exchange’s HNX Index, which focuses on small- and mid-cap stocks, fell 3.55 points, or 1.54%, to 226.78 points, with 83 stocks advancing and 115 declining. The unlisted UPCoM exchange also fell 0.55 points, or 0.65%, to 84.02 points, with 154 stocks advancing and 153 declining.

Trading value on the day rose about 31 percent from the previous trading day to VND23.69 trillion (US$1.31 trillion).

Foreign investors ended the day with a net selling of VND313 billion.

[International oil prices]

International oil prices fell more than $3 intraday before recovering some of the losses after the White House denied reports that the United States and Iran were close to a deal on crude oil and petrochemical exports. On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for July delivery settled at $71.42 per barrel, down $1.11, or 1.5%, from the previous session.


The price of gold, a safe haven asset, was

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