Opening: U.S. stocks opened mixed on Thursday Micron's stock price fell sharply after the results

On the evening of the 27th, Beijing time, U.S. stocks opened mixed on Thursday. The earnings reports of Micron and others have depressed investor sentiment. Continuing jobless claims in the U.S. rose to their highest level since late 2021, suggesting that it has taken longer for the unemployed to find work.

The Dow fell 43.74 points, or 0.11 percent, to 39,084.06, the Nasdaq added 4.73 points, or 0.03 percent, to 17,809.89 and the S&P 500 lost 2.28 points, or 0.04 percent, to 5,475.62.

Chipmaker Micron's stock price fell sharply after it reported its earnings report, and the company's fiscal fourth-quarter guidance failed to meet Wall Street's "ultra-high expectations" and HBM's chip production capacity was limited.

Shares of jeans maker Levi's fell sharply after the company's latest quarterly revenue disappointed investors.

Bank stocks such as Goldman Sachs and JPMorgan Chase were in focus after the Federal Reserve said on Wednesday that some of the largest financial firms in the United States could withstand a severe recession scenario.

The success of the Fed's annual stress tests for some of the largest U.S. banks paved the way for them to raise shareholder dividends and showed the resilience of the banking sector in the face of a potential recession.

While the industry is now expecting a weaker version of a proposal for stricter capital rules, the results of the stress test provide strong evidence of the bank's soundness.

In a statement released on Wednesday, the Fed noted that even during a recession, the capital levels of each bank tested exceeded the minimum requirements. Although the banks are expected to suffer losses of nearly $685 billion, resulting in a larger decline in capital than last year, the result is still within the expected range of stress tests.

U.S. stocks closed slightly higher on Wednesday, with the S&P 500 closing up 0.2%, the Nasdaq up 0.5% and the Dow up 0.04%.

Despite the recent downturn in trading activity, big tech stocks continued to outperform the broader market on Wednesday, reversing the recent decline. On Wednesday, Amazon's stock price hit an all-time high, with its market capitalization exceeding $2 trillion for the first time, becoming the fifth company in the U.S. stock market to exceed $2 trillion.

Still, investors are considering whether artificial intelligence (AI) trading can sustain the market rally in the second half of the year, or whether the market width needs to be expanded. According to a survey, US stock strategists currently expect the S&P 500 to rise by 1% from current levels by the end of the year.

Brian Levitt, global market strategist at Invesco, said: "Right now, we are in an environment where the U.S. equity market is aligned with the Federal Reserve. There's a good chance you'll need the big expectation that 'inflation is accepted, the Fed can cut rates, and the economy can have a soft landing' to be accepted by this market. ”

On Thursday's economic data front, the U.S. Department of Labor reported that initial jobless claims fell to 233,000 in the week ended June 22, lower than expected. Continuing jobless claims rose to their highest level since late 2021, suggesting that it will take longer for the unemployed to find a job, which is not a positive sign for the economy.

Analysts said the number of continuing jobless claims in the United States rose to the highest level since late 2021 last week, a warning sign that the unemployed are looking for work longer. Data released by the U.S. Labor Department on Thursday showed that continuing claims for unemployment benefits rose to about 1.84 million in the week ended June 15. Meanwhile, initial jobless claims fell to 233,000 last week, including the Independence Day holiday.

Goldman Sachs chief economist Jan Hatzius recently said that the labor market is reaching a potential "inflection point" where further weakening demand for workers could lead to higher unemployment.

Wall Street is awaiting the latest inflation data favored by the Federal Reserve. The US personal consumption expenditures price index (PCE) for May will be released this Friday. Investors hope the report will show an easing of price pressures, cementing the Fed's rate cut later this year.

Markets are preparing for the first debate of the 2024 U.S. election. At 9 p.m. ET on June 27, the two candidates for the U.S. presidential election, Trump and Biden, will begin their first televised debate in the 2024 election. The 90-minute debate is likely to involve the details of the two candidates discussing their economic policies and other issues. Among them, inflation, taxes, import taxes, and government debt have been topics of discussion among voters and on the campaign trail.

Stocks in focus

Chip giant Nvidia held its 2024 annual shareholder meeting on Wednesday. Shareholders approved all 12 director nominees and approved the executive compensation plan. At the meeting, NVIDIA CEO Jensen Huang introduced the latest business situation and responded to many questions raised by shareholders in the Q&A session, elaborating on the company's strategic investment, business transformation, chip economics and other content.

Musk's space and satellite company SpaceX will sell insider shares at $112 per share in a takeover offer, a higher-than-expected price that would value the company at nearly $210 billion, according to people familiar with the matter. The company was reportedly valued at $180 billion in December.

AMD is reportedly redesigning the Ryzen 7 9700X processor internally, increasing its thermal design power consumption (TDP) to 120W from the current official 65W.

Mustafa Suleyman, CEO of Microsoft AI, said that for many things on the open web, the default social contract allows for this use. Since the 90s, the social contract for online content has been based on the principle of "fair use", which means that anyone can copy, reconstruct or regenerate publicly available content.

Google said Thursday that it has made significant progress on model and enterprise platform capabilities with the help of Vertex AI, a fully managed unified AI development platform. Google Cloud can expand its foundational capabilities on Vertex AI. Beginning in the next quarter, Vertex AI will also launch new services that enable customers to leverage specialized third-party data to support AI agents.

Semaglutide, known as the "miracle drug for weight loss", was approved in China, opening the door to the Chinese weight loss drug market for Novo Nordisk. However, considering the huge global demand for weight loss drugs, Novo Nordisk decided to restrict the sales of this popular drug in China at an early stage.

On Thursday local time, Maziar Mike Doustdar, head of Novo Nordisk's international business, said in an interview with the media that the company plans to launch Wegovy in China soon (the approved product in China is called Novowin), but will limit the supply so as not to deplete the supply in other parts of the world.

U.S. electric vehicle startup Rivian expects vehicle production of 91,000 to 93,000 vehicles in the second quarter, with deliveries of 13,000 to 13,300 vehicles in the second quarter.

This comes after German automaker Volkswagen AG announced on Wednesday that it would invest in Rivian. According to a joint release, Volkswagen's initial investment is about $1 billion, and the total investment is expected to increase to about $5 billion by 2026. The investment plan includes about $1 billion each in 2025 and 2026, followed by another $2 billion in 2026. In addition, the two companies plan to establish a joint venture to focus on the development of electrification architecture and software technologies.