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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Wall Street Ends The Day With A Gain, And The S&P Snaps A Losing Streak

Charlie Brooks

Feb 24, 2023 11:34

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Thursday ended positively on Wall Street, with the S&P 500 snapping a four-session losing trend, as investors pondered the impact of interest rate policy on the U.S. economy.


This year, stock markets have been volatile, falling in February after a robust January as investors pondered the Federal Reserve's plans for interest rates. Data indicating a robust American economy have been interspersed with hawkish policymaker comments.


The number of Americans filing new claims for unemployment benefits decreased unexpectedly last week, the Labor Department reported on Thursday, reflecting constrained labor market conditions.


A separate report verified the economy grew robustly in the fourth quarter, with rising inventories accounting for the majority of the expansion.


According to the government's second estimate, the gross domestic product increased 2.7% in the fourth quarter. Economists predicted a 2.9% increase.


Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers Solutions, stated, "If you're a bull, you can find plenty of supportive factors, and if you're a bear, there are plenty of supportive factors you can refer to."


"There are so many cross currents that are moving in opposite directions that I find it extremely difficult to rely on one or two factors. This is causing a great deal of hand-wringing uncertainty, and as a consequence, we are range-trading."


The S&P traded below its 50-day moving average of 3,980 points for a portion of the day before rallying in the afternoon to close above 4,000 points for the first time this week.


According to Nomura strategist Charlie McElligott, this intraday decline was influenced by significant trades in short-dated derivatives, which piled on selling pressure.


Nvidia (NASDAQ:NVDA) Corp posted positive earnings and surged 14% after forecasting quarterly sales above estimates and reporting an increase in the use of its chips to fuel artificial intelligence services, thereby boosting buyer confidence.


Other chipmakers also increased in value, with Broadcom (NASDAQ:AVGO) Inc, Intel Corp (NASDAQ:INTC), and Qualcomm (NASDAQ:QCOM) Inc gaining between 0.6% and 1.8%. The Philadelphia SE Semiconductors index increased by 3.3%.


The Dow Jones Industrial Average increased 108.82 points, or 0.33%, to 33,153.91, while the S&P 500 gained 21.27 points, or 0.53%, to 4,012.32 and the Nasdaq Composite rose 83.33 points, or 0.72%, to 11,590.40.


Seven of the eleven main S&P 500 sectors advanced. Energy prices rose 1.3% due to higher petroleum prices, and the index ended a seven-day losing streak. This is the longest sequence of declines since a March 2017 slide of eight sessions.


Communication services was the largest decliner, dropping 0.7%. This was its fifth consecutive loss, mirroring the streak in October. It was weighed by Netflix Inc (NASDAQ:NFLX), which slipped 3.4% on reports the streaming service was reducing subscription prices in 30 countries.


Among other equities, eBay Inc (NASDAQ:EBAY) experienced the largest daily decline since September 13, falling 5.2% after forecasting weak demand in the first half.


Moderna (NASDAQ:MRNA) fell 6.7% to its lowest closing price since November 3 after the vaccine manufacturer reaffirmed its annual sales forecast of $5 billion for its COVID-19 vaccines, despite fourth-quarter sales exceeding estimates.


In contrast, Bumble Inc. rose 7.5%. The proprietor of the eponymous dating app projected annual revenue growth in excess of market expectations due to optimism regarding the growth of paying users.


Volume on U.S. exchanges was 10.43 billion shares, compared to the average of 11.59 billion shares over the previous 20 trading days.


The S&P 500 recorded seven new 52-week highs and three new lows, while the Nasdaq Composite registered 59 new highs and 128 new lows.