last night! Chinese assets rise, the Fed’s latest statement!
Overnight, the three major U.S. stock indexes all closed down, with the Dow falling 0.2%, the S&P 500 falling 0.51%, and the Nasdaq falling 1.47%. Chinese concept stocks bucked the trend and strengthened, with the Nasdaq China Golden Dragon Index rising 1.79%. Fed Vice Chairman Thomas Jefferson said the Fed is firmly committed to returning inflation to 2%. Most of the seven largest technology stocks in the United States fell. Google fell by more than 4%, Nvidia fell by more than 2%, Amazon fell by nearly 2%, Tesla fell by 0.86%, and Apple and Microsoft rose by more than 1%. In addition, SpaceX fell more than 3%, and the closing price was lower than the IPO issue price for the first time.
Overnight, the three major U.S. stock indexes all closed down, with the Dow falling 0.2%, the S&P 500 falling 0.51%, and the Nasdaq falling 1.47%. Chinese concept stocks bucked the trend and strengthened, with the Nasdaq China Golden Dragon Index rising 1.79%. Fed Vice Chairman Thomas Jefferson said the Fed is firmly committed to returning inflation to 2%. Most of the seven largest technology stocks in the United States fell. Google fell by more than 4%, Nvidia fell by more than 2%, Amazon fell by nearly 2%, Tesla fell by 0.86%, and Apple and Microsoft rose by more than 1%. In addition, SpaceX fell more than 3%, and the closing price was lower than the IPO issue price for the first time. Chip stocks continued to plummet, with the Philadelphia Semiconductor Index falling by 4.29%, Marvell Technology falling by more than 8%, Intel falling by nearly 6%, Micron Technology falling by more than 5%, ARM falling by more than 5%, AMD Semiconductor falling by more than 5%, Broadcom falling by more than 5%, and Qualcomm falling by more than 4%. Bank stocks fell, with Goldman Sachs falling nearly 5%, Morgan Stanley falling more than 4%, Citigroup falling more than 2%, and JPMorgan Chase, Bank of America, Wells Fargo, etc. also all ended lower. Chinese concept stocks bucked the trend and strengthened, with the Nasdaq China Golden Dragon Index opening higher again and rising 1.79%, hitting a new high in the past one and a half months. Tencent Music rose by more than 4%, Bilibili rose by nearly 4%, and Yum China, Miniso, Vipshop, and Beike all rose by more than 2%. On the macro level, data from the U.S. Department of Commerce showed that U.S. retail sales increased by 0.2% month-on-month in June, the lowest growth rate since February this year. Affected by falling oil prices, gas station sales plunged 5.3% month-on-month, the largest decline since December 2022. Excluding gas stations, retail sales increased 0.7% month-on-month. Data from the National Association of Home Builders (NAHB) showed that the homebuilder confidence index fell 2 points to 34 in July. It has been below 40 for 15 consecutive months, setting a record for the longest time since 2012. The U.S. existing home contracted sales index fell 5.4% month-on-month to 72.5 in June, a decline far exceeding market expectations. Fed Vice Chairman Thomas Jefferson said the Fed is firmly committed to returning inflation to 2%. In a scenario where inflation fails to start cooling, the policy stance may need to be revisited to ensure price stability is achieved. (