Before Federal Reserve Chairman Powell's testimony to Congress this week, blue-chip technology stocks have repeatedly hit the U.S. stock market: Tesla continued to lead the decline of the technology giant "Seven Sisters" after a suspected arson attack on a German factory forced a power outage and production shutdown; agencies estimate that the first six months of this year After iPhone sales plummeted 24% in China last week, Apple further hit a four-month low.

The overall rally in chip stocks, which had outperformed the market in recent days, stalled, and artificial intelligence (AI) concept stocks generally fell. Global News quoted reports that AMD's sales of "customized AI chips" to China were blocked by the U.S. government, and U.S. officials believed its performance was "too powerful." AMD fell from the all-time high set in recent days, and its archrival Nvidia erased a drop of more than 2% during the session, and continued to hit a record closing high in a thrilling manner.

Popular Chinese concept stocks generally continued to fall, but NIO, which released its financial report, staged a big reversal, falling 10% at the beginning of the session and then turned higher. NIO announced before the market that its fourth-quarter revenue was higher than expected, but its gross profit margin was lower than expected and its operating losses were far higher than expected. At the subsequent earnings call, NIO CEO Li Bin said that the Alpine sub-brand will launch its first model in the third quarter of this year. The sub-brand will focus on the family market, and its first car will compete directly with Model Y. NIO will be betting heavily on its software capabilities this year, and the company is confident that its monthly delivery volume will return to the level of 20,000 units.

The rise in chip stocks fueled by the AI craze has paused, and the carnival Bitcoin has also encountered setbacks. After breaking through US$60,000 last week, Bitcoin further hit the US$70,000 mark this week. It rose above US$69,000 on Tuesday, hitting a record high for the first time in more than two years. However, it quickly gave up its intraday gains and collapsed. Dropped below $60,000.

The U.S. ISM non-manufacturing index released on Tuesday fell more than expected, reflecting an unexpected slowdown in the expansion of service industry companies that contribute the majority of U.S. GDP. Poor economic data fueled expectations of a rate cut by the Federal Reserve. After the data was released, U.S. Treasury bond prices accelerated their rebound, with yields at least hitting a daily low. The yield on the benchmark 10-year U.S. Treasury note once fell more than 10 basis points from the day's high; the U.S. dollar index quickly turned lower. And fell to the lowest level in more than a week, the offshore yuan turned higher against the US dollar in the short term and recovered 7.21.

Among commodities, driven by the decline in the U.S. dollar and U.S. bond yields, gold once again turned higher during the session. New York gold futures, which closed above $2,100 for the first time on Monday, continued to set a new closing record. Some analysts believe that the recent record high in gold prices is due to an increase in speculative bets. There has not yet been a gold rush in either spot or futures gold.

After the release of U.S. ISM data, international crude oil turned higher in the short term and set a new daily high, but ultimately failed to rebound and continued to fall away from its high in nearly four months. Some commentators said that the market's expectation that the Federal Reserve will not start cutting interest rates until the middle of this year supports the strengthening of the U.S. dollar, which is not conducive to crude oil exports and exerts downward pressure on oil prices. At the same time, the market's risk aversion sentiment hit oil prices on Tuesday, and the technical trend of the 200-day moving average of U.S. oil on Tuesday Support helped limit oil price losses.

The three major U.S. stock indexes closed down at least 1%. Tesla continued to lead the decline of the "Seven Sisters" of technology. Apple fell for five consecutive days. Chip stocks generally stalled. Regional banks rebounded.

The three major U.S. stock indexes generally opened lower and moved lower. When it hit its daily low at midday, the Nasdaq Composite Index led the decline for two consecutive days. It fell 2.1% at midday, the S&P 500 Index fell more than 1.4%, and the Dow Jones Industrial Average fell more than 530 points and nearly 1.4% at the end of early trading. %. In the end, they closed down collectively for two consecutive days, both recording the largest decline since February 13, the day the United States announced January CPI growth above expectations.

The Nasdaq closed down 1.65% at 15,939.59 points, setting a new closing low since February 21. The Dow closed down 404.64 points, or 1.04%, to 38585.19 points, setting a new closing low since February 20. The S&P closed down 1.02% at 5,078.65 points, continuing to fall away from the closing record high set last Friday.

The Russell 2000, a small-cap stock index focused on value stocks, closed down 0.99%, falling for two consecutive days to its highest closing level since April 2022; the Nasdaq 100 index, which is focused on technology stocks, closed down 1.8%, hitting a record high on January 31 The largest daily decline in history, falling for two consecutive days after hitting a record high last Friday; the Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the technology industry components in the Nasdaq 100 Index, closed down 1.87%, After hitting record highs for three consecutive days, it fell back.

Among the major sectors of the S&P 500, only energy, which rose more than 0.7%, consumer staples, which rose more than 0.3%, and financials, which rose more than 0.1%, closed higher on Tuesday. IT, where Apple and chip stocks are located, fell nearly 2.2%, leading the decline. Consumer discretionary goods and interest rate-sensitive real estate, where Tesla is located, both fell by more than 1%.

Seven major technology stocks, including Microsoft, Apple, Nvidia, Google parent company Alphabet, Amazon, Facebook parent company Meta, and Tesla, all fell during the session. Tesla, which has not yet determined when its German factory will resume production, fell 5.6% in early trading and closed down nearly 4%. After falling more than 7% on Monday, it set a new closing low since May 2023. Tesla CEO Musk's personal net worth was surpassed by Amazon founder Bezos, and he lost his status as the world's richest man.

Among the six major technology stocks of FAANMG, Apple fell more than 3% in early trading and closed down 2.8%. It has fallen for five consecutive trading days and will set a new closing low since the end of October 2023; Microsoft closed down nearly 3% and fell for two consecutive days to 2 Lows since November 21st; Meta closed down 1.6%, Amazon closed down nearly 2%, and continued to fall away from the closing historical highs refreshed last Friday and the high since November 2021; Alphabet closed down 0.5%, falling for three consecutive days to the lowest since December 14, 2023; Netflix closed down 2.8%, falling for two consecutive days after setting a new high since December 2021 last Friday.

Chip stocks retreated after three consecutive days of overall gains. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX closed down slightly more than 2% and nearly 2% respectively, falling away from the highest closing record set for three consecutive days. Among chip stocks, Nvidia turned up at the beginning of the trading session and then turned down. It fell by more than 2% in early trading, then turned up in late trading and closed up nearly 0.9%, setting a record closing high for four consecutive trading days. AMD fell by 3% at the beginning of the trading day. It closed down 0.1%, setting aside its record closing highs for three consecutive days; TSMC’s U.S. stocks, which also hit a record high on Monday, closed down more than 2%; at the close, Intel fell more than 5%, Arm fell nearly 3%, and Apple’s supply chain Broadcom and Strix fell more than 4%, Qualcomm fell more than 3%, and Micron Technology fell more than 1%.

AI concept stocks that had different gains and losses on Monday all fell during the session. At the close, SoundHound.ai (SOUN), which closed up 25% on Monday, fell nearly 12%, C3.ai (AI) fell more than 8%, BigBear.ai (BBAI) fell more than 13%, and Adobe (ADBE) fell more than 4%. , Palantir (PLTR) fell nearly 1%; while Super Micro Computer (SMCI), which bucked the trend and closed up nearly 19% on Monday, fell more than 9% in early trading, turned higher in late trading, and closed up 1.5%.

Popular Chinese concept stocks generally continued to fall. The Nasdaq Golden Dragon China Index (HXC) fell more than 2% at the beginning of the market and closed down 1.5%. It fell for two consecutive days and refreshed its closing low since February 13. China Concept ETFs KWEB and CQQQ closed down more than 2% and CQQQ respectively. 1%. The performance of the three new car-making forces was mixed. NIO fell 10.3% at the beginning of the trading, but turned up less than half an hour after the opening. It rose 5.4% in early trading and closed up 2.8%. Xpeng Motors fell 2.6% at the beginning and ended flat. , Li Auto rose more than 2% in early trading and closed up 0.4%. Among other stocks, at the close of trading, Dingdong Maicai fell by nearly 4%, NetEase fell by nearly 3%, Baidu fell by more than 2%, JD.com and Bilibili fell by 2%, Tencent Fandan fell by nearly 2%, and Pinduoduo fell by more than 0.6%. , while Alibaba, which turned higher in early trading, rose 0.1%.

The bank index turned positive in early trading, outperforming the broader market, as regional banks rebounded. The overall banking indicator KBW Bank Index (BKX) closed up nearly 1.4%, rising for two consecutive days, and will continue to refresh the closing high since March 8, 2023, smoothing the decline since the collapse of Silicon Valley Bank last year; the regional bank index KBW Nasdaq Regional Banking Index (KRX) and the regional bank ETF SPDR S&P Regional Bank ETF (KRE) closed up 4.3% and 4% respectively, rebounding after two days of losses.

Among regional banks, New York Community Bank (NYCB), which fell more than 20% for two consecutive trading days after the thunderstorm last Friday, rebounded and closed up 18.6%. By the end of the day, Alliance Western Bank (WAL) rose more than 7%, and Zions Bancorporation (ZION) rose 4.5% and Keycorp (KEY) rose 3%.

Among the stocks that released financial reports, retail giant Target (TGT) closed up 12.1% after forecasting weak sales this year but reporting higher-than-expected fourth-quarter revenue and earnings; payment technology company Paymentus Holdings (TGT), which reported higher-than-expected fourth-quarter revenue and earnings; PAY) closed up 20.2%; military industry stock AeroVironment (AVAV), whose third-quarter results and full-year guidance were higher than expected, closed up 27.9%; and software company GitLab, whose fourth-quarter results were better than expected but first-quarter and full-year guidance were inferior (GTLB) closed down 21%; personal styling service company Stitch Fix (SFIX), which lowered its full-year revenue guidance, closed down 21%; after announcing that its fourth-quarter net profit fell by 10% more than expected and lowered its 2024 profit guidance, online ticketing Platform Vivid Seats (SEAT) closed down 10.4%.

Among the more volatile stocks, Microstrategy (MSTR), the listed company holding the largest number of Bitcoins, closed down 21.2% after announcing that it would privately issue $600 million in convertible bonds to raise funds aimed at purchasing more Bitcoins and meeting general corporate needs. ; Lithium mining company Albemarle (ALB) closed down 17.8% after it began selling depositary shares worth US$1.75 billion to raise funds partially for business expansion in China and Australia; financial services company SoFi Technologies issued US$750 million in convertible bonds (SOFI) closed down 15.3%.

In terms of European stocks, pan-European stock indexes fell. The Stoxx Europe 600 index, which closed slightly lower on Monday, continued to fall away from the historical closing high reached last Friday. The stock indexes of major European countries continued to perform mixedly. The German stock market closed slightly lower for two consecutive days, still close to the third consecutive day last Friday. After hitting a record closing high in eight trading days, French stocks, which had risen for two consecutive days, fell back, while the Spanish stock index rose for three consecutive days, and British and Italian stocks, which fell back on Monday, rebounded.

Among various sectors, technology, which led the gains on Monday, closed down 1.6%, following the decline of U.S. technology stocks. Among the constituent stocks, ASML, the highest market value chip stock in Europe listed in the Netherlands, closed down 1.5%, falling to the highest closing record set for two consecutive days; investment Investors are paying attention to China's economic growth target this year. The basic resources sector of mining stocks fell nearly 0.9%, the personal and household products sector of luxury goods giants fell more than 0.7%, and the component stocks LVMH and Hermès both fell more than 1%.

Among other stocks, despite announcing clinical trial results showing that its diabetes drug Ozempic can reduce patients' risk of severe heart disease and death by 24%, Novo Nordisk, the Danish-listed pharmaceutical company with the highest market value in Europe, still closed down 2.5%. It fell from the closing record high set on Monday and turned lower in early trading after setting an intraday record high; Swedish car company Volvo, whose sales in February were lower than expected, fell 7.6%; German chemicals and chemicals companies postponed their plan to split the group for up to three years. Pharmaceutical giant Bayer also fell 7.6%.

After the ISM, the 10-year U.S. Treasury yield hit a new low in more than three weeks, once falling by more than 10 basis points.

Prices of European government bonds rose, with yields following the intraday decline of U.S. Treasuries. At the end of the bond market, the yield on the British 10-year benchmark government bonds was about 4.01%, down about 11 basis points on the day; the yield on the 2-year British bonds was about 4.27%, down about 3 basis points on the day; the benchmark 10-year German government bond yield was about 4.01%, down about 11 basis points on the day; The yield on government bonds is about 2.32%, down about 7 basis points on the day; the yield on 2-year German bonds is about 2.84%, down about 5 basis points on the day.

The U.S. 10-year benchmark Treasury bond yield rose above 4.22% in early trading in Asia, setting a new daily high. European stocks fell below 4.20% before the market opened. They remained downward during European and American trading sessions. After the release of the U.S. ISM services index in early trading, U.S. stocks quickly fell below 4.11. %, refreshing the low since February 8, down about 11 basis points from the daily high, to about 4.15% at the end of the bond market, down about 6 basis points during the day, and fell back after stopping two consecutive declines on Monday.

The 2-year U.S. Treasury yield, which is more sensitive to the interest rate outlook, hit a daily high of 4.61% in early trading in Asia. After the release of the U.S. ISM index, it fell below 4.53%, a daily low, approaching the highest level since February 15 last Friday. At the low level, it fell more than 8 basis points from the daily high, and was about 4.56% at the end of the bond market. It dropped about 4 basis points during the day, giving up part of the gains from Monday's rebound, and falling for the fifth day in the last six trading days.

The U.S. dollar index quickly turned lower after the ISM, and Bitcoin fell back over $9,000 after rising above $69,000.

The ICE U.S. Dollar Index (DXY), which tracks the exchange rate of the U.S. dollar against a basket of six major currencies including the euro, was approaching a daily high of 104.00 before the European stock market opened. It rose about 0.1% during the day. U.S. stocks turned slightly lower before the market opened. U.S. ISM in early trading After the service index was announced, it quickly turned negative and fell below 103.60, setting a new low since February 22 and falling by more than 0.2% within the day.

As of the close of U.S. stocks on Tuesday, the U.S. dollar index was below 103.80, falling slightly during the day and falling for three consecutive days; the Bloomberg U.S. dollar spot index, which tracks the exchange rate of the U.S. dollar against ten other currencies, fell less than 0.1% during the day, falling for three consecutive days, refreshing the level on February 2 Since then, it has been at a low level during the same period.

Among non-U.S. currencies, after the release of the U.S. ISM index, the euro and pound sterling quickly turned higher. The euro-dollar exchange rate was close to 1.0880, setting a new high for two consecutive days since last Thursday, February 22. It rose 0.2% on the day, and the pound-pound exchange rate rose above 1.0880. 1.2730, a new high since February 2, up more than 0.3% on the day; the Japanese yen, which has fallen for two consecutive times, rebounded, and the US dollar against the yen approached 149.70 after the release of the US ISM index, setting a new daily low, falling more than 0.5% on the day, and last Thursday It is still far away from the low since February 12 when it tests 149.20.

The offshore yuan (CNH) has fluctuated slightly against the U.S. dollar for two consecutive days. After turning higher in the Asian market on Tuesday, it hit a daily high of 7.2059. European stocks turned lower before the market opened and then fell to 7.21. The European stock market hit a daily low of 7.2137 during the session. The daily high fell back 78 points. After the announcement of the US ISM index, it turned up in the short term and recovered 7.21. At 5:59 Beijing time on March 5, the offshore RMB was quoted at 7.2121 yuan against the US dollar, down 20 points from the late New York trading on Monday. It rebounded and then retreated, falling for the seventh day in the last nine trading days.

Bitcoin (BTC) rose above US$69,000 in early trading on the US stock market, setting a new all-time high set in November 2021. Some platforms rose to above US$69,200, and then dived soon after. US stocks fell below US$60,000 in midday trading. It fell by more than $9,000 or more than 10% from the day's high. The U.S. stock market closed at $62,000 and fell by more than 8% in the last 24 hours.

U.S. oil fell to one-week lows for two consecutive days, Brent oil fell away from nearly four-month highs for two days, and ISM turned higher in the short term.

Most international crude oil futures were in decline on Tuesday. U.S. stocks turned higher after the announcement of the U.S. ISM index in early trading and set a new daily high. At that time, U.S. WTI crude oil approached US$79.50, up more than 0.9% on the day, and Brent crude oil rose above US$83.10, rising on the day. 0.4%. After turning down in early trading, the decline expanded at midday. When it hit a new daily low, U.S. oil was close to US$77.50, down more than 1.5% on the day, and Brent oil was close to US$81.70, down 1.3% on the day.

Finally, crude oil ended lower for two consecutive days. WTI April crude oil futures closed down nearly 0.75%, at $78.15/barrel, setting a new low since last Monday, February 26; Brent May crude oil futures closed down nearly 0.92%, at $82.04/barrel, continuing to fall. Last Friday set a new closing high since November 6, 2023.

U.S. gasoline and natural gas futures continued to trade mixed gains and losses. NYMEX April gasoline futures closed down about 2%, at $2.5328/gallon, falling for two consecutive days, setting a new low since February 23; NYMEX April natural gas futures closed up 2.14%, at $1.9570/million British thermal units. It refreshed the highest level since February 7 and rose for two consecutive days.

Lun Copper stopped three consecutive positive gains, Lun Nickel bid farewell to nearly four-month highs, and gold futures hit record highs for three consecutive days.

London base metals futures were mostly lower on Tuesday. Lunnickel, which led the decline, fell by about 1%, giving up most of the gains that led to gains on Monday. Lunxi and Lunxi both fell to their respective highs in nearly four months and more than two weeks set on Monday after rebounding on Monday. Lun Copper, which has risen for three days in a row, also fell back, bidding farewell to its highs in more than a week. London lead, which hit its lowest level in more than two weeks on Monday, fell slightly. Lun zinc, which rebounded on Monday, closed slightly higher, hitting a one-month high for two consecutive days.

New York gold futures, which rose above US$2,100 on Monday, stayed above US$2,100 throughout the day. On Tuesday, the intraday refresh in the Asian market was as low as US$2,118.5, down nearly 0.4% on the day. European stocks turned higher before the market opened and maintained their gains, and US stocks refreshed before the market opened. The daily high reached $2150.5, up 1.1% during the day.

Finally, COMEX April gold futures closed up 0.73% at $2,141.9 per ounce, rising for four consecutive trading days and hitting record closing highs for three consecutive days.

Spot gold was close to $2,142 before the U.S. stock market opened, and continued to approach the intraday record high set on December 4, 2023, rising 1.3% during the day. U.S. stocks closed above $2,130, rising more than 0.7% during the day.