Early trading: U.S. stocks continue to rise, with Dow up 140 points

View the latest market conditions On the evening of the 10th, Beijing time, U.S. stocks continued to rise in early trading on Friday. The Dow Jones Industrial Average is expected to record gains for the eighth consecutive trading day.
The market continues to focus on U.S. stock earnings reports and the outlook for the Federal Reserve\’s monetary policy.
Several Fed officials will speak on Friday.
The Dow rose 144.71 points, or 0.37%, to 39532.47 points; the Nasdaq rose 30.25 points, or 0.19%, to 16376.52 points; the S&P 500 rose 14.58 points, or 0.28%, to 5228.66 points.
U.S. stocks closed higher on Thursday.
The Dow Jones Industrial Average rose more than 300 points and recorded its seventh consecutive day of gains. It set a record for the longest consecutive rise since December 2023, when it rose for nine consecutive trading days.
The S&P 500 closed above 5,200 for the first time since early April.
The number of Americans filing for unemployment benefits for the first time last week, released on Thursday, was higher than expected, providing support for interest rate cuts.
Data showed that the number of initial jobless claims in the United States for the week of May 4 was 231,000. This was higher than the expected 215,000 and the previous value of 209,000.
In the week ending April 27, the number of people continuing to apply for unemployment benefits hit the largest increase in a month, to about 1.79 million.
The number of people filing for unemployment benefits in the United States rose to the highest level since August last year. This once again confirmed the view that the U.S. labor market is gradually cooling.
Before the release of last week\’s initial jobless claims data on Thursday, U.S. non-farm employment growth in April, released last Friday, slowed more than expected. Average hourly wage growth fell below 4.0% year-on-year for the first time in nearly three years. These data strengthened investment Investors’ expectations for the Federal Reserve to cut interest rates this year.
Investor sentiment became more optimistic after the Federal Reserve signaled that the next move was unlikely to be a rate hike and noted that interest rates may have peaked.
A strong U.S. stock earnings season, as well as some weak labor force data, also boosted investor confidence in the outlook for the stock market.
Chris Hyzy, chief investment officer of Bank of America Merrill Lynch Private Bank, said: Against all this background, the important thing is: are we in the early stages of a long-term bull market? It feels appropriate to say this now. In our opinion, yes.
A number of Fed central bankers are scheduled to speak on Friday. They include Dallas Fed President Lorie Logan, Minneapolis Fed President Neel Kashkari and Chicago Fed Governor Austan Goolsbee, Federal Reserve Board Governor Michelle Bowman, etc.
Atlanta Fed President Bostic said on Thursday that although the timing and extent of policy easing are uncertain and the pace of further decline in inflation is also slow, the Fed may still cut interest rates as planned this year.
San Francisco Fed President Daly said on Thursday that the current interest rate policy is suppressing the economy, but it may need to be maintained for longer to restore inflation to the central bank\’s target.
The market is waiting for the important CPI and PPI data to be released by the United States next week. It hopes to use this to further determine the Fed\’s future interest rate cut path.
The market has now fully priced in the expectation that the Fed will only cut interest rates in November. However, the Fed may still take action in September.
Focus Stocks Musk posted on X that Tesla will spend well over $500 million to expand the super charging network. Thousands of new charging piles will be created this year.
That\’s just investment in new sites and expansion, he said. It doesn\’t include operating costs, which would be much higher.
Well-known technology analyst Gene Munster expressed concerns about the morale of Tesla after several senior executives resigned.
However, he hopes the company\’s revenue growth will improve in 2025.
He believes that although Tesla\’s revenue growth may decline slightly, it is expected to rebound to more than 25% by 2025.
On May 9th, local time, Tor Myhren, Apple’s vice president of marketing communications, apologized for the latest advertisement that caused controversy. Prior to this, an advertisement prepared by Apple for the iPad Pro caused them trouble. They have apologized for it. and announced that it would not be shown on television as planned.
It is also reported that Apple will use its own server chips to provide support for AI tools this year.
According to people familiar with the matter, negotiations for Google parent company Alphabet to acquire marketing software provider HubSpot are progressing.
Alphabet has discussed terms of a potential deal with HubSpot, people familiar with the matter said.
Sarah Bond, president of Microsoft\’s Xbox business, announced on May 9, local time, that Microsoft will launch its own online mobile game store in July to compete with similar app stores from Apple and Google.
Amazon Global Store announced the official opening of its Zhengzhou office on Friday.
This is Amazon’s first global store office in Central China. It is also an important step for Amazon’s global store to deepen its local layout and continuously improve its localized service system.
The U.S. merchant review website Yelp\’s net revenue in the first fiscal quarter was US$332.8 million, a year-on-year increase of 7%. Analysts expected US$333.4 million; the adjusted EBITDA in the first fiscal quarter was US$64.46 million, a year-on-year increase of 19%.
Blockchain concept stock Cleanspark achieved revenue of US$111.8 million in the second fiscal quarter. The previous value was US$42.546 million. The expected value was US$102.6 million; earnings per share was US$0.58. The previous value was US$0.23. The expected value was US$0.04. .
US fast food restaurant Sweetgreen\’s first fiscal quarter revenue increased to US$157.9 million from US$125.1 million in the same period last year, exceeding analysts\’ expectations of US$152 million.
For fiscal 2024, Sweetgreen raised its revenue forecast from $655 million to $660 million to $675 million.
Novavax announced on Friday that it has reached a multi-billion dollar cooperation agreement with French pharmaceutical giant Sanofi.
According to the agreement, the two parties will jointly commercialize Novavax\’s COVID-19 vaccine starting next year and jointly develop a combination vaccine against coronavirus and influenza.
The company\’s CEO, John Jacobs, said that this licensing agreement will help the company lift the continued operating warning issued previously.
In addition, Novavax Pharmaceuticals announced its first quarter results. Sales were US$93.855 million, a year-on-year increase of nearly 16%; loss per share was US$1.05, which was significantly narrowed from US$3.41 in the same period last year.
Artificial intelligence company SoundHound\’s first fiscal quarter revenue was US$11.6 million, a year-on-year increase of 73%. It exceeded the expected US$10.104 million.
Adjusted loss per share was 7 cents, better than analysts\’ expectations of a loss of 9 cents per share.
Full-year revenue in 2024 is expected to be between US$65 million and US$77 million. Analysts expected US$69.49 million.
Affected by continued inflation, a large number of commodities in Japan have increased in price.
This week, Coca-Cola Japan announced on its official website that the prices of many of its products will increase. These include various types of Coca-Cola in plastic bottles and cans. The price increase will be as high as nearly 20%.
TSMC’s board of directors approved the distribution of a cash dividend of NT$4 per share.