2024/03/06
Powell said a rate cut may be appropriate at some point this year.
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Powell's testimony showed no "scare", U.S. stocks rebounded, U.S. bonds turned higher, Nvidia and AMD both hit record highs, and JD.com rose more than 10% after the earnings report
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The three major U.S. stock indexes closed down at least 1%, with the Nasdaq hitting a two-week low and the Dow hitting a two-week low. Tesla closed down nearly 4%, continuing to lead the decline of the "Seven Sisters" of technology. Apple fell nearly 3%, its fifth consecutive decline; Nvidia fell more than 2% during the session and then turned higher; AMD fell 3% during the session and then erased most of the losses. , TSMC’s U.S. stocks fell more than 2%, both falling to historical highs; AI concept stock SoundHound fell more than 10%, Super Micro (SMCI) fell more than 9% and then turned higher; regional bank NYCB rose nearly 19%, the first time since the thunderstorm last Friday rose; Target rose 12% after the earnings report. China's stock index fell 1.5%, falling for two consecutive days. NIO closed up nearly 3% after falling 10% at the beginning. European stocks ASML fell 1.5% and Novo Nordisk fell 2.5%, both falling to record highs. After the release of the U.S. ISM index, the 10-year U.S. bond yield hit a new low in more than three weeks, once falling by more than 10 basis points; the U.S. dollar index quickly turned lower and hit a new low in more than a week; the offshore RMB turned higher in the short term and recovered 7.21. Bitcoin rose above US$69,000 to hit a record high during the session, before falling back to over US$9,000, or over 10%. U.S. oil fell to one-week lows for two consecutive days, and Brent oil fell away from its nearly four-month high for two days. The U.S. ISM later turned higher in the short term. Gold futures hit record highs for three days in a row, rising more than 1% intraday. Lun Copper ended its third consecutive positive streak, while Lun Nickel fell 1%, bidding farewell to nearly four-month highs.
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Affected by the sharp decline in commercial aircraft bookings, U.S. factory orders fell 3.6% month-on-month in January, the largest decline since April 2020.
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Bitcoin once rose above US$69,000 in early trading to hit a record high, and then fell sharply. U.S. stocks briefly fell below the US$60,000 mark in Tuesday afternoon trading, down US$9,300 from the day's high. At present, the decline of Bitcoin has narrowed, and it is located in the range of 62,000-63,000 US dollars. According to the X platform account "Bitcoin News", a large number of Bitcoins mined in 2010 appeared to be sold off after reaching all-time highs, leading to Tuesday's decline
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U.S. stock futures were mixed, with Bitcoin rising more than 6% during the day to stand at $65,000, a new high since November 2021.
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In the infrastructure of AI data centers, servers, network equipment, cooling systems, data storage, and even physical real estate may be "all prosperous".
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As the price of Bitcoin skyrocketed, spot Bitcoin ETFs received record inflows of funds, and BlackRock IBIT reached a milestone of tens of billions of dollars.
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Japanese stocks hit new highs, while European stocks rose. U.S. stock indexes were mixed. In early trading, the chip stock index rose by more than 2%, AMD rose by more than 4%, hitting a record intraday high, TSMC rose by more than 4%, and Nvidia once rose by more than 2%. New York Community Bank (NYCB), which suffered a tenfold increase in losses in the fourth quarter due to major deficiencies in internal controls, fell more than 20% in early trading, and the regional bank index once fell more than 3%. Dell rose more than 20% after the earnings report. In early trading, the concept stock index rose by more than 1%, Xpeng Motors rose by more than 3%, and Li Auto fell by nearly 4%. U.S. oil rose above $80 intraday for the first time in more than three months. After the release of the manufacturing index, U.S. bond yields plunged, falling more than 10 basis points from their daily highs. updating
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The ISM and Markit manufacturing PMIs showed a huge difference, the largest difference between the two types of manufacturing surveys in at least three years. Markit data showed manufacturing expansion reached its strongest level since June 2022, while ISM data showed that manufacturing has continued to contract over the past 16 months. However, the chairman of the ISM Manufacturing Business Survey Committee said that he is quite confident that the expansion zone will be reached in March or April.
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Volkswagen will also push for a massive cost-saving plan, cutting its five-year rolling spending plan by 10 billion euros to a total of 170 billion euros as the peak spending period for fuel-burning and electric vehicles gradually ends.
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Market bets on a Federal Reserve rate cut continue to decrease. The Dow Jones extends its losing streak to three days, with chip stocks and AI concept stocks underperforming the broader market. Early in the session, the chip stock index fell over 1%, Nvidia dropped over 1%, and AI concept stock SoundHound, which surged on Tuesday, dropped over 10%. The Chinese concept stock index fell over 1%, with Xpeng Motors dropping nearly 8%, NIO falling nearly 7%, and Li Auto dropping over 5%. Bitcoin at one point during the session broke through $61,000, with bitcoin mining giant Canaan Technology surging over 10%. Oil prices turned lower after two consecutive days of gains.
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The breadth of the global market rally is set to expand further, as continued declines in inflation coupled with a rebound in global manufacturing sentiment could create tailwinds for cyclical stocks, non-U.S. currencies, and non-U.S. stock markets.
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Tianfeng International's renowned Apple analyst, Ming-Chi Kuo, wrote that demand for Apple's Vision Pro in the U.S. market has significantly slowed, with shipping times now improved to 3-5 days. It is currently estimated that new models with significant changes in Vision Pro specifications may not enter mass production until 2027.
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This week, the U.S. will welcome key economic data including the revised value of the fourth-quarter real GDP and January PCE. If the U.S. economy accelerates again and inflation remains sticky, then the Federal Reserve will once again lose its reason for cutting interest rates.
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Traders hold the largest open interest in Nvidia call options with a strike price of up to $1,300, meaning a single-day surge of 16% in Nvidia is still not enough for investors.
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Investment banks firmly believe that this new high is significantly different from the "bubble" period, with analysts from Nomura Securities even exclaiming: even at such highs, the Japanese stock market is still worth buying
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There are only seven companies in the world with a market capitalization of at least $1 trillion. Among these businesses, only Microsoft, Apple, Nvidia, and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) have reached an even more exclusive club.
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