On Thursday Eastern Time, the three major US stock indices closed with divergent trends. The Dow Jones Industrial Average rose 0.08%, the Nasdaq fell 1.95%, the S&P 500 index fell 0.88%, and large tech stocks generally fell. Tesla fell more than 8%, ending its 11 consecutive gains and shrinking its market value by $185 billion. Nvidia fell more than 5%, Meta fell more than 4%, and Apple, Microsoft, Google, and Amazon fell more than 2%. Semiconductors, computer hardware, and consumer electronics fell the most, with Arm falling over 7%, Qualcomm and Micron Technology falling over 4%, Dell Technologies and ASML falling over 3%, and Snap falling over 2%. The real estate, construction, and leasing services sectors rose, with Hertz Car Rental up over 12%, US real estate investment up over 9%, Hekla Mining up over 7%, aviation leasing companies and Costa up over 4%, and CRH Cement and United Leasing up over 3%.
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index up 2.24%. Xiaopeng Motors rose over 7%, JD.com and Vipshop rose over 6%, iQiyi rose over 4%, Bilibili, Ideal Auto, Weibo, and Alibaba rose over 3%, Baidu and Manbang rose over 2%, NetEase and NIO rose over 1%, and Pinduoduo rose slightly. Futu Holdings and Tencent Music experienced a slight decline.
Global News
US CPI slows down unexpectedly in June, probability of September interest rate cut rises to nearly 90%
On Thursday local time, data released by the US Department of Labor showed that inflation in June slowed down beyond expectations due to a significant drop in gasoline prices, providing further protection for the Federal Reserve to start cutting interest rates later this year. Specific data shows that the non quarterly adjusted CPI annual rate in the United States recorded 3.0% in June, far below the market expectation of 3.1%, and fell sharply to the lowest level since June last year. The seasonally adjusted CPI monthly rate for June recorded -0.1%, the first negative value recorded since May 2020.
Federal Reserve Chairman: We won't wait until the inflation rate drops to 2% to cut interest rates and reduce balance sheets. There is still a long way to go
On the evening of July 10th Beijing time, Federal Reserve Chairman Powell stated during a congressional hearing that the Fed will not wait until the US inflation rate slows down to its target of 2% before cutting interest rates. If we wait too long, inflation may be too low, far below 2%, which is not what the Federal Reserve wants to see. When asked if the obstacles to interest rate cuts have been cleared, Powell said that although he is not yet ready to make a statement, he is confident in it and the recent data is encouraging. Powell emphasized that currently, the risks in the job market are roughly equivalent to those of high inflation, and the Federal Reserve hopes to achieve its goal of restoring comprehensive price stability while maintaining low unemployment rates.
Will the 'Capitol Hill Stock God' become a thing of the past? Senators from both parties in the United States propose a new bill to ban lawmakers from trading stocks
In addition to Wall Street, a group of "stock gods" have also emerged on Capitol Hill in the United States, with the former Speaker of the House of Representatives being the most well-known and becoming the target of investors' pursuit. At the same time, these "stock gods" are suspected of using their positions to trade stocks and have been widely criticized by the outside world. On Wednesday local time, a bipartisan group of senators announced a new bill that would prohibit members of Congress from trading stocks.
Buffett Index hits dangerous level: Are US stock investors really living in fear of rising?
A market indicator once favored by Warren Buffett, known as the "stock god," is issuing a warning to investors. This indicator is the ratio between the Wilshire 5000 Index, which represents the total market value of US stocks, and the Gross National Product (GNP) of the United States. In 2001, Buffett said that this indicator "may be the best single standard to measure the valuation level at any particular moment." Buffett believed that if the ratio is too high, it means the greater the risk of foam in the market. After that, the indicator was also known as the 'Buffett Indicator'. Due to the extremely small actual difference between US GDP and GNP, GNP is gradually replaced by GDP in calculations.
The protagonist of the Century's Big Bang was found guilty and caused Wall Street to lose billions of dollars. Who is he truly?
According to foreign media reports, Bill Hwang, founder of Archegos Asset Management, has been convicted of criminal charges stemming from the company's bankruptcy in 2021, putting an end to the two month trial that Wall Street has been following. The jury made its verdict on Hwang and his co defendant, former Archegos CFO Patrick Halligan, in Manhattan Federal Court on Wednesday. The group only started deliberating the day before.
Company News
Apple's big move! Expected surge in iPhone 16 shipments, AI services may be key driving force
According to media reports, Apple Inc. plans to ship over 90 million iPhone 16 smartphones in the second half of this year, in hopes of using the potential demand brought by artificial intelligence (AI) services to sweep away the company's troubles in 2023. This confirms what industry chain insiders said earlier this week. According to informed sources, Apple has informed its suppliers and partners that the shipment volume of its new iPhone will increase by about 10% compared to previous models. By comparison, in the second half of 2023, the shipment volume of iPhone 15 will be approximately 81 million units.
Tesla is going crazy! Goldman Sachs raises target price: Robotaxi will bring new growth momentum
On Wednesday Eastern Time, as Tesla's stock price closed higher for the 11th consecutive trading day, Tesla has fully recovered all the losses from the beginning of the year to date. Amid the excitement of Tesla shareholders, Goldman Sachs analysts raised their target price for Tesla stock, bringing more cheers to this bullish feast.
Smoke fills the air! A Boeing plane in the United States experienced a tire blowout during takeoff
According to reports from American media, on July 10th local time, a Boeing plane flying from Florida to Arizona in the United States had a tire blowout during takeoff. According to reports, the Boeing 737-800 aircraft of American Airlines had a tire blowout while taxiing on the runway, emitting a large amount of smoke near the landing gear and catching fire.
It is rumored that Jack Ma returned to China and appeared at Alibaba headquarters. After his last appearance, Alibaba underwent a huge change
On July 6th, it was rumored that Jack Ma returned to Hangzhou and appeared at Alibaba's headquarters building. The last time Jack Ma appeared in the public eye after returning to China was on March 27th. The next day, Alibaba announced "the most important change in the past 24 years", redefined and structured the governance relationship between Alibaba Group and various businesses, and initiated the organizational structure adjustment of "1+6+N". Zhang Yong announced his resignation. Cai Chongxin and Wu Yongming from the "Eighteen Arhat" took over as the chairman of the board of directors and CEO of the group respectively.
Boiling! Brain computer interface welcomes major progress, Musk: 'I want to give humans superpowers'!
On July 10th local time, Tesla CEO and founder of Neuralink, a brain computer interface company, revealed in a video program that a brain computer interface device is about to be implanted into a second human patient. In addition, he also revealed that patients using the old model should be able to upgrade to the new model. According to the company's previous disclosure, more than 22000 people may undergo brain computer interface surgery by 2030.