At 16: EDT on July 8th (4: Beijing time on July 9th), the Dow Jones Industrial Average (17515.42, -261.49, -1.47%) dropped by 261.49 points to 17,515.42 points, a decrease of 1.47%. The Standard & Poor's 5 Index fell 34.65 points, or 1.66%, to 2,46.69 points. The Nasdaq (499.76, -87.7,-1.75%) composite index fell 87.7 points to 4,99.76 points, or 1.75%.
at 11: 32 am EDT on Wednesday, the new york Stock Exchange suspended all securities trading. A spokesman for the new york Stock Exchange said that it had encountered technical problems and was solving them as soon as possible. At 3: 1pm EDT on Wednesday, the new york Stock Exchange resumed trading.
the corporate earnings season is coming. Alcoa (1.5, -.56, -5.6%)(AA) will announce its earnings after the close of trading on Wednesday, thus informally kicking off the earnings season.
The decline of China stock market has worried investors. The China stock market continued to fall on Wednesday, with more than 4% of listed companies suspended today. The Shanghai Composite Index closed down 5.9%, down more than 3% from last month's peak.
The Greek debt crisis continues to attract attention. The Euro Group meeting held on Tuesday and the summit of euro zone leaders did not make any progress on the rescue agreement. The European Union stipulates that Greece must put forward a credible reform proposal before Sunday's deadline and reach an agreement with international lenders, otherwise the country will face the risk of bankruptcy and exit the euro zone.
Greek Prime Minister Alexis Tsipras told the European Parliament on Wednesday that the Greek government will submit a detailed reform plan in the next few days. At the same time, Athens applied to the European Stability Mechanism (ESM) for rescue funds.
According to media reports, Greece applied to the European Stability Mechanism (ESM) for a three-year loan plan on the 8th local time to repay its current debt. Greece's banking and stock markets remained closed on Wednesday.
on Tuesday, the U.S. stock market finally closed higher, after it was reported that Tsipras had put forward a proposal to obtain temporary financing before the end of July.
the federal reserve released the minutes of the latest FOMC meeting at 2pm EDT on Wednesday. The minutes show that Fed officials obviously tend to be "doves" when discussing economic policies at the meeting, but at the same time they laid the foundation for future interest rate hikes.
San Francisco Fed President John Williams (56.1,-.88,-1.55%) will deliver a speech on economic prospects in Los Angeles. Williams reiterated his previous view that the Fed's decision to raise interest rates needs to "depend on economic data". At the same time, he said that every policy meeting of the Federal Open Market Committee (FOMC) will discuss the issue of raising interest rates; But there are no convincing signs that inflation has bottomed out.
the earnings season is coming. Alcoa (AA) will announce its financial report after today's close, thus informally kicking off the corporate financial report for the second fiscal quarter. On average, the market expects Alcoa to earn 23 cents per share in the second quarter.
WD-4(WDFC), a manufacturer of special chemicals, will also announce its financial report after today's close. The market expects the company's earnings per share in the third quarter to be 77 cents on average.
On the whole, analysts believe that the corporate profitability is weak this fiscal quarter. Analysts of London Capital Group said in the research report: "For US stocks whose value is already above average, the slowdown in profit growth will be another headwind that will be faced soon. Other unfavorable factors include the Greek debt situation, the decline of China stock market and the uncertainty of the Fed's first rate hike since the 28 financial crisis."
in the news of individual stocks, the share price of Microsoft (44.24, -.6, -.14%)(MSFT) was lower. According to Dow Jones News, Microsoft [Weibo] announced the restructuring of its telephone hardware business, which will take into account the impairment change of about $7.6 billion and cut up to 7,8 jobs, including up to 2,3 jobs in Finland.
the share price of Tesla (254.96, -12.92, -4.82%)(TSLA) fell after Pacific Crest downgraded its stock rating from "over-matched" to "evenly matched" for fear that its share price was too high.
JPMorgan Chase (65.43, -1.37, -2.5%)(JPM) shares fell. According to The Wall Street Journal, citing informed sources, the bank hopes to pay at least $125 million to settle the investigation on its credit card problems.
American-listed Barclays Bank (BCS) rose after Antony Jenkins, the bank's chief executive, left his post.
European stock markets closed up slightly by .4% on Wednesday, reversing the previous four consecutive trading days, because Greece has requested a third aid plan from the euro zone's aid fund, which means that this heavily indebted country will be able to suspend its bankruptcy.
Gold futures for August delivery on the New York Mercantile Exchange rose by $1.9 or 1% to close at $1,163.5 an ounce. Crude oil futures for August delivery fell 68 cents or 1.3% to close at $51.65 a barrel.
Federal Reserve Announces Minutes of June Policy Meeting: Dove-leaning Position
On Wednesday, the Federal Reserve announced the minutes of the FOMC policy meeting in June. The minutes show that Fed officials obviously tend to be "doves" when discussing economic policies at the meeting, but at the same time they laid the foundation for future interest rate hikes.
The minutes show that the participants in the policy meeting in June believed that the economic situation in the United States was improving, but they were not ready to withdraw from the zero-interest policy implemented at the end of 28. However, the interest rate hike plan will be described in detail in an "implementation document" to explain the future interest rate hike. The Fed has not raised interest rates in the past nine years.
"The judgment made by most participants is that the conditions for tightening monetary policy have not yet been met; Some participants warned that premature decisions should not be made. " The minutes said. "Many participants stressed that in order to determine whether the conditions for starting to implement policy normalization measures have been reached, they will need more information, indicating that economic growth has been strengthened, the job market situation has continued to improve, and the inflation rate is moving towards the goal of the Federal Open Market Committee."
Federal Reserve Williams: The decision to raise interest rates depends on economic data
San Francisco Fed President John Williams reiterated his previous view on Wednesday that the decision of the Fed to raise interest rates needs to be "based on economic data".
Williams also said that he has not seen any convincing signs that inflation has bottomed out. He said: "I will continue to wait and see until I have greater confidence that inflation will return to the target level of 2%. Every Federal Open Market Committee (FOMC) policy meeting will discuss the issue of raising interest rates. "
Tsipras: Greece will submit a request for financial assistance to ESM on Wednesday
Greek Prime Minister Tsipras said in the European Parliament that Greece will submit a request for assistance to the European Stability Mechanism (ESM) on Wednesday, and asked to start negotiations on debt relief. Tsipras called on the euro zone to find a final solution to the Greek debt crisis and said that the Greek government is trying to avoid a final break.
NYSE suspended all securities trading due to computer failure
new york Stock Exchange suspended all securities trading due to computer failure at 11: 32 local time. Spokesman Marissa Arnold said: "At present, technical problems are encountered and are being solved as soon as possible. We will announce the latest news as soon as possible, try our best to give quick solutions, transmit information thoroughly and transparently, and ensure the timely and orderly resumption of transactions. "
stocks in other markets, such as Nasdaq [Weibo], are trading as usual, and Nasdaq has announced that it will help itself with the technical problems of the new york Stock Exchange. The NYSE also said that all open orders will be cancelled. Kevin Callahan, a spokesman for the US Securities and Exchange Commission, declined to comment.
new york Stock Exchange [Weibo] plays a dual role in the American stock market. On the one hand, it is a place for investors to buy and sell stocks, and at the same time, it also performs administrative and listing functions, and supervises two processors, Tape A and Tape B, among the three securities information processing systems of American stocks. These two processors are working normally.
Microsoft announced that it would cut as many as 7,8 jobs
On the evening of July 8, news from Dow Jones said that Microsoft announced that it would reorganize its telephone hardware business, which would include about $7.6 billion in impairment changes and cut up to 7,8 jobs, including up to 2,3 jobs in Finland.
Earlier today, The New York Times quoted people familiar with the matter as saying that following the plan to lay off 18, employees announced in July last year, Microsoft [Weibo (13.45, .5,.41%)] may announce the latest layoff plan as early as Wednesday (US time). Now the news has been confirmed.
Microsoft said that the company is transforming from a single mobile phone business to a vibrant Windows ecosystem and will complete the above plan before the end of this fiscal year. By the end of March this year, Microsoft had 118, employees around the world, and the restructuring and layoffs are expected to further reduce the company's cost in the field of mobile technology.
JPMorgan Chase was fined $136 million for improper credit card collection
Eric Edwin S. Shneidman, Attorney General of New York State, announced on Wednesday that JPMorgan Chase had agreed to pay a total of $136 million to settle the investigation into improper credit card collection and bad debt sales. JPMorgan Chase has reached a settlement with the Consumer Financial Protection Bureau, 47 states and Washington, D.C..
new york gold futures closed up by 1%
new york gold prices closed up by 1% on Wednesday, rebounding from the previous day's nearly four-month low. Concerns about the Greek debt deadlock and China's growth prospects continued, and a series of unrelated events led to a sharp drop in US stocks, which pushed up investors' safe-haven demand for gold. The New York Mercantile Exchange gold futures for August delivery closed up $1.9, or 1%, at $1,163.5 an ounce.
On Wednesday, New Zealand oil fell by 1.3% and cloth oil rose by .35%
Crude oil futures for August delivery on the New York Mercantile Exchange fell by 68 cents or 1.3% to close at $51.65 a barrel. US energy stocks continue to increase, putting pressure on new york oil prices. London Intercontinental Exchange (221.86,-5.37,-2.36%) August Brent North Sea crude oil futures price rose 2 cents or .35% to close at $57.5 a barrel.
according to a report released by the us energy information administration (EIA) on Wednesday, US crude oil inventories increased by 4, barrels in the week of July 3. On average, analysts surveyed by Platts Energy Information expect the US crude oil inventories to drop by 1.1 million barrels last week.
European stock markets closed up slightly by .4% on Wednesday.
European stock markets closed up slightly by .4% on Wednesday, reversing the continuous downward trend of the previous four trading days, because Greece has requested the third round of assistance from the euro zone's aid fund, which means that this debt-burdened country will be able to suspend bankruptcy.
On the same day, the EuroStoxx 6 index closed up .4% at 372.88 points on Wednesday, partly due to the decline of Russian stock market.
among European stock markets, Germany's DAX 3 index closed up .7% at 1747.3. The French CAC 4 index closed up .8% at 4639.2 points; Italy's FTSE 1 index closed up 2.6% at 21,512.39 points; Spain's IBEX 35 index closed up .8% at 1,43.3. Russia's MICEX index closed down 1.2%. Britain's FTSE 1 index closed up .9% at 649.7. (Zhang Jun)