美國居民不適用 XM 服務。

Chips may be hot, but transports are experienced



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>LIVE MARKETS-Chips may be hot, but transports are experienced</title></head><body>

Main U.S. indexes ~flat

Healthcare leads S&P 500 sector gainers; Energy down most

Dollar barely up, bitcoin rises ~1%; crude off, gold down >1%

U.S. 10-Year Treasury yield ~flat at ~4.42%

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com


CHIPS MAY BE HOT, BUT TRANSPORTS ARE EXPERIENCED

Recent focus on mega-tech and in particular Nvidia NVDA.O vs transports stocks begs the question of whether the century-old bellwether status of Dow Jones Transportation Average .DJT is still relevant "in the age of semiconductors," according to Quincy Krosby at LPL Financial.

The firm's chief global strategist notes that at the start of the current bull market "semiconductors led the charge along with consumer discretionary, technology and home builders" while transports didn't participate until some days later.

This led to talk that semiconductors had replaced transports as "the bellwether for global demand" according to Krosby.

Because chips are "embedded in nearly every component of the modern economy" the argument is that they "better reflect demand for the broader global economy."

But the DJT still represents "a key measure of demand for consumer and manufacturing purchases," she notes, as it includes airlines, trucking and logistics, and the railroads, which move people, goods, and materials.

While the Philadelphia semiconductor index .SOX is up 22.8% so far this year, the DJT is down ~4%.

So Krosby asks if transports are "seeing a more marked slowdown in the economic landscape" or is their weakness "more specific to the weakness in the trucking industry where sluggish pricing is eroding operating margins."

She does point out that rail stocks are doing better and airlines say that retail and business travel "remains robust."

While Krosby concedes that there's always an evolution of which sectors are more important she argues that "the semiconductors and transports should both be afforded bellwether status in terms of future economic activity."

"With GDP cooling even at the margin, the transports with 100 years of experience, may be predicting a deeper chill," the strategist cautioned.

On Wednesday, the DJT is up 0.5% while the Sox is up 1%. While Nvidia is down 0.6% as investors await restlessly for its earnings report after the close, shares in many other chip companies are soaring with Analog Devices ADI.O leading the charge with a 9% gain.

(Sinéad Carew)

*****



FOR WEDNESDAY'S EARLIER LIVE MARKER POSTS:


UPSIDE FOR GLOBAL EQUITIES BOTH IN A GOLDILOCKS AND A MINI STAGFLATION SCENARIO - HSBC - CLICK HERE


HOUSING DATA DOUBLE-DIP: EXISTING HOME SALES, MORTGAGE DEMAND - CLICK HERE


NAIL BITING AHEAD OF NVIDIA'S NUMBERS - CLICK HERE


WALL STREET INDEXES STAY CLOSE TO UNCHANGED - CLICK HERE


BENCHMARK TREASURY YIELD PUSHES HIGHER AHEAD OF FED MINUTES - CLICK HERE


SERVICES TO BLAME AS UK INFLATION STAYS HOT - CLICK HERE


UTILITIES: WHAT A DIFFERENCE A MONTH MAKES! - CLICK HERE


BANKS: WHEN RATE CUTS COME, SO WILL PROFIT-TAKING - CLICK HERE


WHY US YIELDS CAN GO BACK TO RECENT HIGHS... OR BEYOND - CLICK HERE


STOXX STUMBLES AS AUTOS DRAG - CLICK HERE


STOXX FUTURES FLAT AS FTSE LAGS POST-CPI - CLICK HERE


NVIDIA VIGIL ALMOST OVER - CLICK HERE








</body></html>

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明