U.S. chip stocks soared, SK Hynix soared 27%, IBM's market value evaporated by nearly $70 billion, and the Fed's expectations for interest rate hikes changed
On July 14, local time, all three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average rising 0.02%, the Nasdaq Composite Index rising 0.9%, and the S&P 500 Index rising 0.38%. Most large technology stocks rose. Nvidia rose by more than 4%, Google rose by nearly 2%, Facebook rose by 0.66%, Tesla and Amazon followed slightly; Microsoft fell by more than 1%, and Apple fell by 0.77%. Chip stocks generally rose. The Philadelphia Semiconductor Index rose by 2.54%, Intel rose by more than 4%, Applied Materials rose by more than 3%, ASML rose by nearly 3%, AMD rose by more than 2%, Qualcomm fell by more than 3%, and ARM fell by nearly 6%.
On July 14, local time, all three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average rising 0.02%, the Nasdaq Composite Index rising 0.9%, and the S&P 500 Index rising 0.38%. Most large technology stocks rose. Nvidia rose by more than 4%, Google rose by nearly 2%, Facebook rose by 0.66%, Tesla and Amazon followed slightly; Microsoft fell by more than 1%, and Apple fell by 0.77%. Chip stocks generally rose. The Philadelphia Semiconductor Index rose by 2.54%, Intel rose by more than 4%, Applied Materials rose by more than 3%, ASML rose by nearly 3%, AMD rose by more than 2%, Qualcomm fell by more than 3%, and ARM fell by nearly 6%. The storage sector performed well, with SK Hynix rising over 27% and closing at a 51% premium to Korean listed stocks, SanDisk rising over 5%, and Micron Technology rising nearly 5%. Most bank stocks rose, with JPMorgan Chase rising by more than 2%, Goldman Sachs rising by more than 9%, Citigroup falling by more than 5%, Morgan Stanley rising by more than 3%, Bank of America rising by nearly 2%, and Wells Fargo falling by more than 2%. According to the Financial Associated Press, the overall performance of the second-quarter financial results of Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo exceeded market expectations. Cryptocurrency concept stocks, computer hardware, metals and mining sectors rose. Conte Technology rose by more than 9%, Dell Technology rose by more than 7%, MicroStrategy rose by nearly 6%, Quantum and Southern Copper rose by more than 4%, American Silver Company rose by nearly 4%, and Coinbase rose by more than 2%. The medical equipment and weight-loss drug sectors fell, with Abbott falling more than 3% and Eli Lilly falling more than 2%. In terms of individual stocks, IBM fell 25%, the largest single-day decline in history, and its market value evaporated by nearly US$70 billion. According to the Financial Associated Press, the company had previously warned that its second-quarter revenue would be lower than market expectations. The company's CEO said the reason was that customers were shifting spending toward servers, storage and memory to get ahead of price increases brought about by the AI boom. Chinese concept stocks had mixed gains and losses, with the Nasdaq China Golden Dragon Index falling 0.11%. WeRide Zhixing rose by more than 6%, Pony.com rose by nearly 4%, Xpeng Motors and BYD ADR rose by more than 3%, and Li Auto rose by more than 2%. In terms of declines, Kingsoft Cloud fell by more than 6%, Baidu Group fell by more than 3%, and NetEase fell by more than 2%. Gold and silver fluctuated higher, with COMEX gold futures closing up 1.31% at $4,058.3 per ounce; COMEX silver futures closing at $59.04 per ounce, up 1.84%. International oil prices continued to rise, with WTI crude oil closing up 1.54% to US$79.34 per barrel; Brent crude oil rose 1.72%, returning to above US$80, hitting a one-month high. Cryptocurrencies have surged. In the past 24 hours, Bitcoin rose 3.88%, reaching a maximum of $64,583.93, setting a three-week high. Ethereum rose by more than 6%, SOL coin and Dogecoin rose by more than 3%. According to China Securities Journal, on the evening of July 14th, Beijing time, the U.S. Bureau of Labor Statistics released data showing that affected by the sharp plunge in energy prices, the Consumer Price Index (CPI) in June hit the largest month-on-month decline in more than six years, and the high inflation during the year was temporarily alleviated. After the data was released, traders pushed back expectations for a rate hike by the Federal Reserve until October. According to the Associated Press, after the release of CPI data, financial markets predict that the probability that the Federal Reserve will keep the benchmark interest rate unchanged at the end of the July policy meeting is 83.4%, higher than Monday's 58.3%. Markets still expect the Fed to raise interest rates at least once by 25 basis points before the end of the year, according to the CME Group's "FedWatch Tool." (