The US stock markets on Thursday closed lower amid rising tensions between China and the US. The US also confirmed they were working on a bill that would sanction the Communist Party of China officials and entities that endorse new Chinese legislation about Hong Kong and also sanction banks that collaborate with China.
Shares of Amazon and Facebook on Thursday’s session hit an all-time high. Amazon price hit an all-time high of $2,499 after the company announced the reopening its warehouses in France and confirmed plans to acquire movie theatre chain AMC Entertainment Holdings. The Facebook stock also hit an all-time high of $231.34 the acquisition of GIF company Giphy and the launch of a new e-commerce business called Shops.
In the week ending May 15, the number of initial jobless claims in the United States decreased by 249,000 compared to the previous week to land at 2,438,000, the US Department of Labor announced on Thursday. This brings the total number of claims to 38.6 million over the past nine weeks.
The Composite Purchasing Managers’ Index in the United States increased in May to stand at 36.4, up from 27.0 in April, IHS Markit’s preliminary report released on Thursday showed. Services Business Activity Index was at 36.9 and Manufacturing PMI at 39.8. Manufacturing Output Index stood at 34.1.
Tesla plants in the United States will return to normal operations this week, US media reported on Wednesday. Additionally, construction work at Tesla Gigafactory Shanghai has reopened. Earlier this week, it was reported that Tesla’s car registrations in China plummeted 63.5% in April compared to the month prior.
Chinese e-commerce company Alibaba Group on Friday reported its earnings with its revenue for the final quarter of 2020 rising by 22% to $16.14 billion. Net income fell 99% to $49 million driven by net loss in investment income. For the FY period ended March 31, revenue rose 35% to $71.99 billion with net income growing at 42% to $19.82 billion. The company’s total annual active consumer base has hit 960 million globally according to a press release on its website.