The US stock market closed higher on Thursday’s trading session with technology stocks lifting the Nasdaq 100 to a record high. Apple, Netflix, Facebook, Alphabet, Microsoft all rose by more than 2% while Zoom Video Communications and Tesla closed by more 6% higher.
China has said it will take any necessary means to protect the legitimate interests of the country’s companies including Bytedance and Huawei which have been targeted by the Trump Administration.
This comes after the US Commerce Department this week blacklisted a number of Huawei affiliates, an action aimed at stopping the company from acquiring chips and other technologies made in the country.
The US Federal Open Market Committee on Wednesday released July meeting notes Minutes released on that discussion regarding possible changes to the Committee’s statement on long-term goals and monetary policy strategy have continued.
According to US Labor Department, the weekly number of US initial jobless claims rose by 135,000 to 1,106,000 in the week ending August 15.
Apple Record Market Cap
American technology company Apple Inc. on Wednesday became the first US company to surpass $2 trillion market valuation. Apple’s shares rose further on Thursday to hit a record $470.500 pushing its market cap to $2.01 Trillion.
Tesla shares on Thursday’s trading continued to rally and hit passed the $2,000 after gaining more than 6%. The rally is driven by the carmaker’s recent announcement of a 5-for-1 stock split which takes place on August 31.
According to Chinese media outlet Global Times, Tesla will in 2021 start rolling out “Made In China” model Y SUV vehicles at its production line in Shangai. The company is also looking to expand its international market presence, with a focus on China, France, and Canada.
Asian markets traded lower on Thursday even as China kept its benchmark lending rate unchanged, with the five-year rate kept on hold at 4.65% while the one-year rate was unchanged at 3.85%. US and China are also expected to hold a video conference to discuss the implementation of the phase one trade deal.
China’s Alibaba Group has reported its earnings for its fiscal first-quarter 2021, with revenue for the period rising 34% to $21.76 billion while net income was up 136% to $6.57 billion.
In a statement, it said annual active users in China 10% in the three-month time ended June 30 to hit 742 million.
Airbnb has filed paperwork for an Initial Public Offering with the U.S Securities and Exchange Commission (SEC). An initial public offering for the company will follow after the SEC completes the review process, and depending on market conditions.
Earlier on Thursday, Airbnb announced it was banning parties at all of its listings and limited its maximum occupancy at a single Airbnb to 16 people. It said it wad updating its policies to encourage responsible travel amid the virus impact.
According to Fox Business, Microsoft has emerged as the “most likely” buy video app TikTok by September 15 from Chinese tech firm ByteDance, it reported citing sources close to the two companies.
“There will most likely be a signed piece of paper by the September 15th cut-off date but the details will take the full 120 days to complete.” the sources claimed.
Oil futures traded mixed on Thursday following the outcome of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting. The members further revealed that demand recovery is slower than expected mainly as a result of virus uncertainty on consumers.
In a statement on OPEC website, the members also agreed to compensate oil production cuts in August and September, while adding 2.3 million bpd output cuts are required to reach target goals.
Futures of international benchmark Brent for October declined by nearly 3% on Thursday mid-session to trade at $44.36 per barrel.