News

The Dow Jones Industrial Average opened down 71.59 points, or 0.14%, at 51,598.51 on Wednesday, October 14; the Nasdaq Composite Index opened down 166.08 points, or 0.61%, at 27,038.30; and the S&P 500 Index opened down 29.80 points, or 0.38%, at 7,775.65.

Bank of America (BAC.N) opened down 8%, hitting its lowest point since May, after its third-quarter earnings missed expectations.

White House National Economic Council Director Hassett: Core inflation this month was just a minor fluctuation.

White House National Economic Council Director Hassett: The strength of the economy is slightly reflected in the inflation data.

White House National Economic Council Director Hassett: The current state of consumer spending is quite healthy. The upcoming holiday shopping season is expected to be excellent.

White House National Economic Council Director Hassett: Signs of a strong economy are obvious.

White House National Economic Council Director Hassett: Looking at the overall data, there are many positive signs. Today's headline news is indeed the energy shock.

UK Energy Secretary: We have all the information about the Jackdaw gas field, and the relevant departments have completed their review, so a decision will be made soon.

UK Energy Secretary: The UK government is about to decide whether to approve the development of the Jackdaw gas field in the North Sea.

1. JPMorgan Chase remains bullish on global equities, but currently favors the US and Asia; European valuations and positioning may have room for recovery, but sovereign debt and political risks still limit its certainty. 2. In terms of specific allocation, AI trading is shifting from a single "semiconductors vs. software" framework to a more diversified allocation. Technology bulls should simultaneously cover AI inference infrastructure, long-cycle infrastructure such as semiconductor equipment, low-leverage hyperscale cloud vendors, AI application software, and some promising AI-affected companies. In other words, the AI ​​investment theme has expanded from single hardware to multiple levels including infrastructure, cloud, and applications. (JPMorgan Chase report, October 13)

Analyst Ben Casselman stated that rising inflation coupled with slowing wage growth means Americans are earning less in real terms per hour. Inflation-adjusted average hourly earnings fell 0.5% month-over-month and 0.7% year-over-year in September. This marks the sixth consecutive month of year-over-year declines in real wages. Current average real hourly earnings are exactly at the level seen during President Trump's second inauguration. In other words, since his return to the White House, real wages for Americans have seen zero growth overall. Nominal hourly earnings, not adjusted for inflation, have risen 5.5% since January 2025, while the inflation rate has risen 5.44% over the same period.

An explosion and fire occurred at an Intel-owned electronics factory. The Israeli fire chief stated that the incident is under control.

Netflix (NFLX.O) announced it will lay off 6% of its workforce, its largest layoff since 2022. The layoffs will primarily affect its product, technology, legal, and human resources teams.

Bank of America CFO: The bank will continue to invest in technology modernization, artificial intelligence, marketing, and growth.

Bank of America CFO: Net interest income is expected to improve sequentially in the fourth quarter and continue to grow in 2027.

Bank of America CFO: We have achieved broad-based mid-market growth across all sectors and key industries of the commercial bank, including real estate, sports, technology, and healthcare.

The yield on the two-year U.S. Treasury note reached its highest level since September 29, at 4.92%, up 12.72 basis points on the day.

Bank of America projects that the Federal Reserve will raise interest rates three times by June 2027.

The yield on German two-year government bonds rose 2.2 basis points to 3.14%.

The yields on U.S. 2- to 5-year Treasury bonds all rose by at least 10 basis points during the day.