Against the backdrop of three consecutive days of positive US economic data this week, the US stock market returned to a high rising track last night and this morning. Iconically, by the close of Thursday, both the S&P 500 and Nasdaq indexes had recovered from the gap they had experienced during the rapid decline in early August after six consecutive days of gains.
As of the close on Thursday, the S&P 500 index was at 5543.22 points, far from its historical high of 5669.67 points, and the index still needs to rise another 2.28%; The Nasdaq index closed at 17594.50 points, still 6.12% higher than its historical high of 18671.07 points. The Dow Jones Industrial Average closed at 40563.06 points, still 2% higher than its historical high of 41376 points.
Jose Torres, Senior Economist at Interactive Brokers, stated in a research report that market participants are screaming "No recession!" while actively buying up stocks in the face of strong financial reports and economic data.
In terms of commodities, the economic outlook has improved, coupled with the White House warning that "Iran may launch an attack without warning", and international oil prices have stopped the downward trend of the previous two days. The market's expectation for the Federal Reserve to cut interest rates this year has decreased, leading to the international gold price, which rose to a high of $2470 per ounce during the day, giving up most of its gains.
Other news
The Biden administration announces the results of the first batch of "drug procurement" negotiations
On Thursday (August 15th) local time, the Biden administration announced that negotiations with pharmaceutical companies had reached a "historic" agreement, and the negotiated new drug prices could save Medicare a net of approximately $6 billion by 2026. In addition, the new drug prices will save insured individuals $1.5 billion in out of pocket expenses.
The data released by the White House shows that the first 10 drugs included in the negotiations have seen price reductions ranging from 38% to 79%.
The biggest decrease was seen in Merck's blood sugar lowering drug Januvia, which dropped from $527 to $113 for a 30 day dose, while Novo Nordisk's insulin injection pen Novo Nordisk's monthly medication cost also dropped from $495 to $119.
(Source: White House official website)
The debate schedule for the US presidential election
After weeks of tug of war, the competing camps of both parties in the United States have confirmed that the Harris Waltz duo will partner with Trump Vance in a three round battle. Among them, in addition to the previously scheduled presidential candidate debate on September 10th, two deputies, Waltz and Vance, will participate in a debate hosted by CBS on October 1st local time. The Harris camp also announced that both sides have agreed to hold another debate between Harris and Trump in October.
Powell Jackson Hall Conference speech time confirmed
The Federal Reserve announced on Thursday that Powell will give a speech at the Jackson Hole Economic Policy Seminar hosted by the Kansas City Fed Bank next Friday. The specific speech time will be 10:00 AM Eastern Time on August 23 (10:00 PM Beijing Time on August 23).
Egyptian sources say differences among parties in Gaza ceasefire talks remain serious
According to Egyptian sources on August 15th local time, the differences between the parties involved in the ongoing Gaza ceasefire negotiations in Doha, the capital of Qatar, remain serious. This source stated that negotiations will continue on the 16th, and the Egyptian delegation participating in the negotiations is working hard to promote consensus among all parties and reach a ceasefire agreement as soon as possible.
Sweden discovers first case of monkeypox variant infection outside the African continent
Just one day after the World Health Organization sounded the alert for monkeypox variant on Wednesday, the Swedish health department confirmed the first case of type Ib monkeypox infection in the country. This is the first confirmed case of type Ib infection outside the African continent since the outbreak of monkeypox. The head of the European region of the World Health Organization, Kruger, interpreted that given the close interconnectedness of the world, it is only a matter of time before cases of type I monkeypox are discovered in other regions of the World Health Organization.
Along with the spread of the epidemic, there has also been progress in the capital market. The European stock market of Danish vaccine manufacturer Bavarian Nordic has risen strongly for two consecutive days, but the US stock market seems to have "oversold" and experienced a pullback on Thursday. Monkeypox/smallpox vaccine manufacturer Emerging Biotech continued to rise 14.4% on Thursday.
Amidst such positive sentiment, SIGA, the manufacturer of monkeypox treatment drugs, announced on Thursday that key drug research did not meet expectations, leading to a 19% drop on Thursday.
Complaining that Google employees are not working hard enough to fall behind in AI competition, veteran CEO apologizes quickly
Due to his participation in an event at Stanford University this week, former Google CEO Eric Schmidt attributed the company's lagging behind in the AI competition to "employees placing more emphasis on life and work balance" and remote work, which sparked public outrage. He quickly apologized publicly.
Amazon will test Prime Air delivery drones for over the horizon flight in the UK
The UK regulatory agency announced that the Amazon Prime Air delivery drone has been granted permission to test beyond line of sight (BVLOS) flights in the UK. These testing projects include Amazon's drone delivery service Prime Air, Airvision for inspecting offshore wind farms, and Project Lifeline aimed at transporting medical supplies. As of Thursday's close, driven by the booming market, Amazon closed up 4.4%.
[Wal Mart shares hit a record high on the list of the world's top 500 companies]
On Thursday local time, Wal Mart, the US retail giant, which has been the top of Fortune Global 500 for 11 consecutive years, jumped 6.58%, a record high. Earlier, the company released its financial report, which recorded a total revenue of $169.3 billion for the 13 weeks ending July 26th, a year-on-year increase of 4.8%; Adjusted earnings per share of $0.67, up 9.8% year-on-year; And it is expected that the revenue will increase by 3.25% to 4.25% in the next quarter. The management also predicts that the US economy will not experience a comprehensive recession in the future.
Toyota is considering transitioning to a full hybrid product lineup
On Thursday, media reported that in the face of slowing demand for pure electric vehicles and competitors redirecting resources to gasoline cars, Toyota may gradually phase out internal combustion engine vehicles and shift to a full hybrid product lineup in the future. Toyota North America Sales and Marketing Director David Christ told the media that the company will evaluate the feasibility of fully hybrid products year by year in the future.