With Wall Street investors hesitant, fresh data in the coming week could help provide a clearer picture of whether the US economy is in recovery mode or an extended downward spiral.
Inconsistent reports in the past week contributed to volatility on the stock market, leaving the main indexes mixed.
The Dow Jones Industrial Average of 30 blue-chip shares fell 1.09 percent in the week to Friday, to end at 11,370.69, while the broad-market Standard & Poor’s 500 index lost a modest 0.23 percent to 1,257.76.
The technology-laden NASDAQ composite meanwhile rose 1.22 percent for the week to 2,310.53.
The market saw choppy trade in recent sessions, lifted by lower crude oil prices and hints of an economic rebound, but falling back on indications that a recovery is faltering, as occurred after a disappointing report on existing home sales.
US existing home sales fell to a 10-year low last month, according to industry data that depressed market sentiment. But that was tempered by a more modest decline in new home sales of 0.6 percent that raised hopes for a “bottom” to the housing slump, and by solid gains in orders for durable manufactured goods.
In the coming week, the picture may become clearer with the first estimate of US GDP in the April-June quarter.
Bonds fell on the week. The yield on the 10-year Treasury bond edged up to 4.111 percent from 4.081 percent a week earlier and that on the 30-year bond rose to 4.696 percent from 4.662 percent. Bond yields and prices move in opposite directions.
CRITICAL MOVE: TSMC’s plan to invest another US$100 billion in US chipmaking would boost Taiwan’s competitive edge in the global market, the premier said The government would ensure that the most advanced chipmaking technology stays in Taiwan while assisting Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in investing overseas, the Presidential Office said yesterday. The statement follows a joint announcement by the world’s largest contract chipmaker and US President Donald Trump on Monday that TSMC would invest an additional US$100 billion over the next four years to expand its semiconductor manufacturing operations in the US, which would include construction of three new chip fabrication plants, two advanced packaging facilities, and a research and development center. The government knew about the deal in advance and would assist, Presidential
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INVESTMENT WATCH: The US activity would not affect the firm’s investment in Taiwan, where 11 production lines would likely be completed this year, C.C. Wei said Investments by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in the US should not be a cause for concern, but rather seen as the moment that the company and Taiwan stepped into the global spotlight, President William Lai (賴清德) told a news conference at the Presidential Office in Taipei yesterday alongside TSMC chairman and chief executive officer C.C. Wei (魏哲家). Wei and US President Donald Trump in Washington on Monday announced plans to invest US$100 billion in the US to build three advanced foundries, two packaging plants, and a research and development center, after Trump threatened to slap tariffs on chips made
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