U.S. stocks were mixed, Alibaba soared 11%, the Fed minutes showed significant differences
On July 8 (Wednesday), Eastern Time, the three major U.S. stock indexes had mixed trends, with the S&P 500 (SPX) index falling 0.28% to 7,482.71 points; the Dow Jones Index falling 1.09% to 52,348.39 points; and the Nasdaq (NDAQ) Index rising 0.20% to 25,870.65 points. On July 8, the benchmark 10-year U.S. Treasury yield was 4.56%, and the 2-year U.S. Treasury yield, which is most sensitive to the Federal Reserve’s policy interest rate, was 4.21%. Among popular U.S. stocks, Nvidia (NVDA) rose 3.65%, Apple (AAPL) rose 0.88%, Google A (GOOGL) fell 1.39%, Google C (GOOG) fell 1.35%, Microsoft (MSFT) fell 1.42%, and Amazon (AM) ZN) fell 0.96%, TSMC (TSM) rose 0.93%, Meta (META) fell 2.02%, Tesla (TSLA) fell 2.23%, AMD Semiconductor (AMD) rose 0.25%, and Intel (INTC) fell 0.14%. Index rise and fall points: French cac40 (FCHI) -2.18% 8252.66 British FTSE 100 (FTSE) -1.66% 10489.04 German dax (GDAXI) -2.23% 24897.45 Russian rts (RTS) 1.02% 915.67 On July 8, overnight Hang Seng Technology Index futures rose 4.12%, the Nasdaq (NDAQ) China Golden Dragon Index rose 2.05%, and the FTSE China A50 Index fell 0.04%. In terms of popular Chinese concept stocks, Tencent Holdings (HK0700) (Hong Kong stocks) rose 3.82%, Alibaba (BABA) rose 11.05%, Pinduoduo (PDD) rose 2.68%, NetEase (NT) ES) rose 1.93%, Baidu (BIDU) rose 4.93%, Ctrip (TCOM) rose 1.40%, Li Auto (LI) rose 0.58%, and Weilai (NIO) rose 0.51%. Foreign exchange rate rise and fall (basis points) USD/CNY (away) 6.81-1.4 bp USD/EUR 0.88-1.8 bp USD/JPY 162.57-550 bp The latest price of commodity futures rise and fall: COMEX silver -2.92% 58.45 US dollars/ounce COMEX gold -0.54% 4085.00 US dollars/ounce WTI crude oil 5.19% 72.21 US dollars/barrel Brent crude oil 5.46% 75.94 US dollars/barrel LME copper -0.37% 13298.49 US dollars/ton
OpenAI: Publishes National Security Guidelines for OpenAIOpenAI: Publishes National Security Guidelines for OpenAI. "Fed's mouthpiece": The Fed's disagreements are more about future developments than current measures. "Fed's mouthpiece" Nick Timiraos said that in June, even the most hawkish Fed officials did not actively promote action. According to the meeting minutes, some participants believed it was necessary to raise interest rates at the June meeting, but supported maintaining the status quo, indicating that the differences in forecasts were more about how future trends will develop rather than what measures should be taken now. Meta (META) will invest 13 billion Canadian dollars in the construction of a data center in Alberta, which is Canada's first layout project. Meta (META) announced on Wednesday that it will build a very large data center in central Alberta, Canada. This is also the company's first computing power base in Canada to rapidly expand computing power reserves and support the explosive growth of the global artificial intelligence (885728) industry. Meta (META) said the 1-gigawatt data center is located in Sturgeon County, with a total project investment of C$13 billion (equivalent to US$9.17 billion). After the completion of this Alberta project, the total number of Meta (META) global data centers will increase to 33. Meta (META) revealed on Wednesday that it will fully fund the construction of supporting power generation facilities and power grid renovation projects; the power consumption of this data center is approximately equivalent to the total power consumption of 800,000 households. Minutes of the Federal Reserve’s June meeting: Inflation rate rose further, far exceeding the long-term target. On July 8, local time, the Federal Reserve released the minutes of the Federal Open Market Committee’s meeting from June 16 to 17. The minutes of the meeting showed that all members unanimously agreed to maintain the target range for the federal funds rate at 3.5% to 3.75%. Participants noted that inflation has risen further and remains well above the committee's long-term target of 2%. They observed an increase in both core and headline inflation and attributed these increases primarily to the ongoing impact of tariffs, supply chain disruptions related to the closure of the Strait of Hormuz, and strong demand for certain goods and services driven by strong AI-related investment. (CCTV News) Minutes of the Federal Reserve meeting: AI continues to drive real investment spending in data centers, high-tech equipment and software. Minutes of the Federal Reserve’s June meeting show that real GDP growth in the second quarter remains at a solid pace. Real private domestic final expenditure - which includes personal consumption (883,434) spending and private fixed investment, which is generally a better reflection of economic fundamentals than real GDP - picked up in the second quarter, growing even faster than GDP. Real consumption (883434) spending was strong, and the expansion of artificial intelligence (885728) continued to drive real investment spending on data centers, high-tech equipment and software. April data show that the import and export of high-tech products continued to maintain strong growth, and energy (850101) exports also increased significantly. Minutes of the Federal Reserve meeting: Officials have obvious differences on the direction of interest rates, and the possibility of raising interest rates and cutting interest rates coexists. The minutes of the Federal Reserve's June policy meeting show that officials have obvious differences on the direction of future interest rates. Some policymakers believe that inflation may ease, thereby creating conditions for interest rate cuts; other officials are worried about continued price pressures and believe that interest rates may need to be raised in the future. At the meeting held on June 16-17, the Federal Reserve unanimously decided to keep its benchmark interest rate unchanged at 3.5% to 3.75%. However, discussions at the meeting showed that policymakers have different judgments on the level of interest rates at the end of the year. Some officials believe that interest rates may end this year close to current levels or even slightly lower; others believe that rates may need to be higher than current levels. The Fed stated that future policies will be adjusted based on economic data such as inflation and employment. Fed meeting minutes: Most officials believe shortening the statement has its advantages and support deleting the "easing bias" Minutes of the Fed's June meeting showed that policymakers also considered Fed Chairman Warsh's proposal to terminate "forward guidance" and reduce comments on future interest rate decisions in the statement. "A majority of participants noted that they believed there were advantages to shortening the statement," the minutes said, while "a majority of participants" supported removing any hints about the Fed's next policy
The move is likely to be wording of a rate cut. The alternative package approved by the Fed in June removed guidance on interest rates entirely, in line with Warsh's overall desire to avoid commitments on interest rate decisions. At its June meeting, the Fed kept its benchmark interest rate unchanged in the range of 3.50%-3.75%, but the latest forecasts show that the market generally believes that interest rates may be raised this year, with 9 of 18 policymakers expecting interest rates to rise slightly by the end of 2026. Fed: Officials believe the labor market will remain stable in the short term Fed: Officials believe the labor market will remain stable in the near term. The size of the Federal Reserve's overnight reverse repurchase agreement (RRP) was US$3.347 billion on Wednesday, compared with US$4.484 billion in the previous trading day. Google: Google Photos launches video mixing and editing feature powered by Gemini Omni model Google: Google Photos launches video mixing and editing feature powered by Gemini Omni model.
OpenAI: Publishes National Security Guidelines for OpenAIOpenAI: Publishes National Security Guidelines for OpenAI. "Fed's mouthpiece": The Fed's disagreements are more about future developments than current measures. "Fed's mouthpiece" Nick Timiraos said that in June, even the most hawkish Fed officials did not actively promote action. According to the meeting minutes, some participants believed it was necessary to raise interest rates at the June meeting, but supported maintaining the status quo, indicating that the differences in forecasts were more about how future trends will develop rather than what measures should be taken now. Meta (META) will invest 13 billion Canadian dollars in the construction of a data center in Alberta, which is Canada's first layout project. Meta (META) announced on Wednesday that it will build a very large data center in central Alberta, Canada. This is also the company's first computing power base in Canada to rapidly expand computing power reserves and support the explosive growth of the global artificial intelligence (885728) industry. Meta (META) said the 1-gigawatt data center is located in Sturgeon County, with a total project investment of C$13 billion (equivalent to US$9.17 billion). After the completion of this Alberta project, the total number of Meta (META) global data centers will increase to 33. Meta (META) revealed on Wednesday that it will fully fund the construction of supporting power generation facilities and power grid renovation projects; the power consumption of this data center is approximately equivalent to the total power consumption of 800,000 households. Minutes of the Federal Reserve’s June meeting: Inflation rate rose further, far exceeding the long-term target. On July 8, local time, the Federal Reserve released the minutes of the Federal Open Market Committee’s meeting from June 16 to 17. The minutes of the meeting showed that all members unanimously agreed to maintain the target range for the federal funds rate at 3.5% to 3.75%. Participants noted that inflation has risen further and remains well above the committee's long-term target of 2%. They observed an increase in both core and headline inflation and attributed these increases primarily to the ongoing impact of tariffs, supply chain disruptions related to the closure of the Strait of Hormuz, and strong demand for certain goods and services driven by strong AI-related investment. (CCTV News) Minutes of the Federal Reserve meeting: AI continues to drive real investment spending in data centers, high-tech equipment and software. Minutes of the Federal Reserve’s June meeting show that real GDP growth in the second quarter remains at a solid pace. Real private domestic final expenditure - which includes personal consumption (883,434) spending and private fixed investment, which is generally a better reflection of economic fundamentals than real GDP - picked up in the second quarter, growing even faster than GDP. Real consumption (883434) spending was strong, and the expansion of artificial intelligence (885728) continued to drive real investment spending on data centers, high-tech equipment and software. April data show that the import and export of high-tech products continued to maintain strong growth, and energy (850101) exports also increased significantly. Minutes of the Federal Reserve meeting: Officials have obvious differences on the direction of interest rates, and the possibility of raising interest rates and cutting interest rates coexists. The minutes of the Federal Reserve's June policy meeting show that officials have obvious differences on the direction of future interest rates. Some policymakers believe that inflation may ease, thereby creating conditions for interest rate cuts; other officials are worried about continued price pressures and believe that interest rates may need to be raised in the future. At the meeting held on June 16-17, the Federal Reserve unanimously decided to keep its benchmark interest rate unchanged at 3.5% to 3.75%. However, discussions at the meeting showed that policymakers have different judgments on the level of interest rates at the end of the year. Some officials believe that interest rates may end this year close to current levels or even slightly lower; others believe that rates may need to be higher than current levels. The Fed stated that future policies will be adjusted based on economic data such as inflation and employment. Fed meeting minutes: Most officials believe shortening the statement has its advantages and support deleting the "easing bias" Minutes of the Fed's June meeting showed that policymakers also considered Fed Chairman Warsh's proposal to terminate "forward guidance" and reduce comments on future interest rate decisions in the statement. "A majority of participants noted that they believed there were advantages to shortening the statement," the minutes said, while "a majority of participants" supported removing any hints about the Fed's next policy
The move is likely to be wording of a rate cut. The alternative package approved by the Fed in June removed guidance on interest rates entirely, in line with Warsh's overall desire to avoid commitments on interest rate decisions. At its June meeting, the Fed kept its benchmark interest rate unchanged in the range of 3.50%-3.75%, but the latest forecasts show that the market generally believes that interest rates may be raised this year, with 9 of 18 policymakers expecting interest rates to rise slightly by the end of 2026. Fed: Officials believe the labor market will remain stable in the short term Fed: Officials believe the labor market will remain stable in the near term. The size of the Federal Reserve's overnight reverse repurchase agreement (RRP) was US$3.347 billion on Wednesday, compared with US$4.484 billion in the previous trading day. Google: Google Photos launches video mixing and editing feature powered by Gemini Omni model Google: Google Photos launches video mixing and editing feature powered by Gemini Omni model.