Microsoft Stock backs Nasdaq, Dow bounces off oil and energy


The minute of the Wednesday market

  • Wall Street’s openness is mixed, with the Dow Jones rebounding from a two-month low as investors question the strength of the domestic recovery and the prospect of higher corporate tax rates.
  • Global stocks are pulling back on weak economic data from China, with retail sales in August, as well as production at its factories, notably slowing in August amid COVID restrictions.
  • Macau’s crackdown on gambling added to market unrest as casino stocks lost $ 14 billion in Hong Kong trading.
  • Benchmark 30-year bond yields fall to a low of 1.827% on August 5 as inflation fears ease.
  • Oil hits new multi-week highs as the dollar retreats and API data shows a 5.3 million decline in domestic crude inventories.

U.S. stocks traded higher on Wednesday as the Dow Jones rebounded from a two-month low as investors question the strength of the domestic and global recovery and the prospect of higher corporate tax rates. companies.

A closely watched data set from China, the world’s second-largest economy, showed both a drop in retail sales and cooling plant activity last month in what could be a worrying sign for the region. as COVID cases accelerate in southeast Fujian province ahead of national holiday week next month.

The latest crackdown on China’s corporate sector, this time targeting $ 36 billion a year in gambling activity in the special protectorate of Macau, has only added to the market malaise.

In the United States, the prospect of a corporate tax hike in the House Democrats’ $ 3.5 trillion budget bill adds to investor concerns about growth and inflation, although the latter was dispelled by a slower than expected reading of the August CPI yesterday which could provide the Federal Reserve with a little more time to consider the next policy decision.

The prolonged gains in oil and energy prices helped the Dow Jones Industrial Average rise 100 points at midday, while the broad S&P 500 was up 12 points. The tech-focused Nasdaq Composite fell 8 points lower than 10-year bond yields, held at 1.28% after yesterday’s inflation easing and Apple (AAPL) – Get the Apple Inc. (AAPL) report stocks extended their recent declines.

Microsoft (MSFT) – Get the report from Microsoft Corporation (MSFT) stocks were a notable precursor, rising 1.2% to $ 303.50 each after the world’s second-largest tech company unveiled plans to increase its quarterly dividend and buy back additional shares.

Apple has fallen amid a mixed reception from analysts and technical observers for its recently unveiled iPhone 13. Shares of the tech giant were down 0.8% at midday and changed hands to $ 146.95 each.

Outside of technology, the biggest pre-market drivers were in the gaming space, as shares of US casinos with Macau operations fell after they set out to make major changes to licensing rules in the gaming space. the biggest game in the world.

Sands of Las Vegas (LVS) – Get the report from Las Vegas Sands Corp. (LVS) shares were down 3.6% early in the session to $ 37.30 each. Wynn Resorts (WYNN) – Get the Wynn Resorts, Limited (WYNN) report meanwhile, fell 8.3% to $ 84.60 each and MGM Resorts International (MGM) – Get the MGM Resorts International (MGM) report fell 4.9%.

Oil prices also rose on Wednesday, extending gains triggered by damage from Hurricanes Nicholas and Ida, after the Energy Department reported a larger-than-expected drop in national crude inventories.

The Energy Information Administration said U.S. crude inventories fell 6.4 million barrels in the week ending September 10, more than double the consensus market forecast. Gasoline stocks are now at their lowest level since 2017, according to the EIA.

WTI crude futures for October delivery rose 2.6% during the session to $ 73.04 a barrel after the EIA data was released, while Brent crude contracts for November , the global benchmark, rose 3.4% to trade at $ 76.10 per barrel.

Chevron (CVX) – Get the Chevron Corporation Report shares rose 2.1% to 98.20 each while its biggest rival, Exxon Mobil (XOM) – Get the Exxon Mobil Corporation report, was scored 3% more at $ 56.20 each.

In overseas markets, weak Chinese data and the fastest August inflation impression in Britain in nine years, where the CPI rose 3.2% year-on-year last, pushed the European Stoxx 600 down 0.4% at midday, while the Asia region’s benchmark, the MSCI ex-Japan index, was down 0.7%.

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