According to market data, the three major US stock indexes rose for the second consecutive trading day on Wednesday, slightly higher than the previous trading day, and the overnight gains were significantly enlarged. At the close, the Standard & Poor's 500 Index rose 56.82 points, or 1.5%, to 3,878.44 points, and all its 1 1 stocks rose. The Dow rose 526.74 points, or 1.6%, to 33,376.48 points. The Nasdaq Composite Index rose 162.26 points, or 1.5%, to 10709.37 points.
FedEx and Nike's profit data this week were better than Wall Street's expectations, providing a breathing space for the US stock market that has been hit hard since the Fed's hawkish interest rate hike last week. Investors didn't hear more statements from Fed officials this week, which also increased the hope that the "Santa Claus market" will reappear at the end of the year.
On Wednesday, Nike's share price rose by $65,438+02.57, or 65,438+02%, to $65,438+065,438+05.78, after the company raised its revenue forecast and its performance was better than that of Wall Street. The retailer's stock rose the most in a year and a half, becoming the best-performing component in the Dow Jones and Standard & Poor's 500 Index on Wednesday. FedEx also rose $5.64, or 3.4%, to $65,438+069.99 on Wednesday, after the company announced that its profit had declined due to the slowdown in global trade, but the decline was not as good as analysts expected.
In the bond market, the yield of longer-term US bonds was almost unchanged on Wednesday, and investors waited for the inflation data released on Friday to find further clues about whether the price pressure would continue to ease. The yield of 10-year US Treasury bonds stabilized at 3.684% in the day. The yield of two-year US Treasury bonds fell by 5 basis points to 4.2 15%.
The yield curves of two-year and 10-year US bonds slightly reversed, and the spread narrowed to minus 53 basis points.
On Tuesday, the Bank of Japan unexpectedly expanded the scope of the yield curve control policy (YCC). Some analysts said that this shift may reduce the attractiveness of US Treasury bonds to Japanese investors on the basis of foreign exchange hedging.
The US Treasury auctioned 654.38+0.2 billion US dollars of 20-year treasury bonds on Wednesday, and the overall auction was in good condition. The winning bid rate is 3.935%, and the transaction rate before issuance is 3.948%; The bid multiple is 2.68, which is not only higher than 2.64 last month and the average of 2.56 in the past six auctions, but also the third highest on record. After the auction results were announced, the yield of US bonds generally declined.
American economic data has become the main attraction before Christmas.
Judging from the financial calendar, under the background of increasingly light market transactions before Christmas, American economic data has almost become a rare main attraction in the market. Wednesday's economic indicators also promoted the upward trend of US stocks to some extent. Although the sales of existing homes in the United States declined for the 65,438+00th consecutive month in June, with the easing of inflation, the increase of consumer confidence in the United States exceeded expectations, reaching the highest level since April.
According to the data released by the American Federation of Large Enterprises on Wednesday, the consumer confidence index in June rose to 108.3 in February, which was higher than the median forecast of economists in media surveys 10 1 and the revised consumer confidence index in June was 5438+0 1.4.
LynnFranco, senior director of economic indicators of the World Federation of Large Enterprises, commented that "inflation expectations have fallen back to the lowest level since September 200212, and the recent decline in gasoline prices is a major driving force."
MikeBailey, research director of FBBCapitalPartners, said, "After concerns about the hawkish Fed triggered a sell-off in the past week, investors were excited about the prospect of buying fundamentals at a cheaper price. As far as macro data is concerned, the improvement of consumer confidence also contributes to the favorable changes in investor sentiment. However, I think inflation, the job market and profits are still the most concerned issues for most investors at present. "
Today and tomorrow, investors are expected to pay attention to the specific performance of more key US economic data. BillAdams, chief economist of ComericaBank, said that the real GDP data of the third quarter of the United States released on Thursday may be lowered, and the fourth quarter may be flat. Meanwhile, Friday's data will give investors a better understanding of consumer spending in the United States.
DavidDonabedian, chief investment officer of CIBCPrivateWealthUS, pointed out, "We will pay attention to whether expenditure and income can resist inflation. At the same time, it is expected that the core PCE price index will further drop by 5438+0 1 in June, which is a key economic indicator and a concern of the Federal Reserve. "
Since the beginning of this week, the interest rate futures market has not changed much about the pricing of the Fed's peak interest rate and interest rate cut next year. Traders predict that the Fed's benchmark interest rate will peak at around 4.84% in the first half of next year, and then cut interest rates to around 4.37% before the end of the year. Interest rate pricing is obviously more pigeon than the Fed bitmap.