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US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose more than 4%. JD.com and Baidu both rose over 6%.

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Steven000 wrote a column · May 16, 2023 10:03
On Monday, May 15th, the market continued to focus on the U.S. debt ceiling negotiations and the possibility of a historic default. Risk sentiment was volatile and uneasy.

After a small high opening, the US stocks quickly fell, with the Dow Jones Industrial Average falling nearly 140 points in the first 40 minutes of trading. Only Russell small-cap stocks maintained an upward trend. But during the midday session, US stocks rebounded, with the Nasdaq up 0.7%, leading the major indexes along with the more than 1% rise in Russell small-cap stocks.

At the close, the S&P 500 index ended a two-day decline, approaching a recovery of last Wednesday's decline. The Dow Jones Industrial Average ended a five-day decline, rebounding from a low level of one week. The Nasdaq hit its highest level since August 25 of last year, while the Nasdaq 100 hit its highest level since August 18 of last year:
US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose mo...
$S&P 500 Index (.SPX.US)$ It closed up 12.20 points, up 0.30%, at 4136.28 points. $Dow Jones Industrial Average (.DJI.US)$ It closed up 47.98 points, up 0.14%, at 33348.60 points. $Nasdaq Composite Index (.IXIC.US)$ It closed up 80.47 points, up 0.66%, at 12365.21 points. $Invesco QQQ Trust (QQQ.US)$ Up 0.6%. $Ishares Russell 2000 Value Etf (IWN.US)$ Up 1.2%. $Materials Select Sector SPDR ETF (XLB.US)$ $Financial Select Sector SPDR Fund (XLF.US)$ $The Technology Select Sector SPDR® Fund (XLK.US)$ All rose by about 0.7%. $Utilities Select Sector SPDR Fund (XLU.US)$ Dropped over 1%.

Russell small cap stocks rose more than 1% throughout the day, leading the Nasdaq to an eight-and-a-half month high.

Star tech stocks have mixed gains and losses. 'Metaverse' $Meta Platforms (META.US)$ fell 0.3% to a one-week low; $Apple (AAPL.US)$ and then rebounded 0.9%. $Amazon (AMZN.US)$ $Netflix (NFLX.US)$ Fell more than 1%; $Microsoft (MSFT.US)$ After falling 0.4%, it rebounded and it is still close to a 13-month high; $Alphabet-A (GOOGL.US)$ Fell nearly 1%, breaking through a nine-month high, and had a best weekly performance since March 17th with an increase of more than 11% last week; $Tesla (TSLA.US)$ Failed to rebound, fell 1% and hit a one-week low.
US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose mo...
Chip stocks rose across the board. $PHLX Semiconductor Index (.SOX.US)$ Rose 2.7%, back above 3000 points to a four-week high. $Advanced Micro Devices (AMD.US)$ Rallied more than 2% to a one-and-a-half-month high. $NVIDIA (NVDA.US)$ Rallied more than 2% to a one-week high. $Intel (INTC.US)$ Up nearly 3%. $Western Digital (WDC.US)$ Up over 11% to a five-week high.
US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose mo...
Rebound of AI concept stocks. $C3.ai (AI.US)$ Up over 23% leading the way to a six-week high. $BigBear.ai Holdings (BBAI.US)$ Up over 5%, breaking away from a new low of over five weeks. $SoundHound AI (SOUN.US)$ i rose nearly 5%, recovering from a one-week low and regaining last Wednesday's decline.
US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose mo...
On the news front, C3.ai's first-quarter revenue exceeded expectations. Microsoft's $69 billion acquisition deal with Activision Blizzard received EU approval, while the UK antitrust regulator still opposes the deal. Activision Blizzard rose nearly 2%, rising for the fourth consecutive day and recovering from the decline since April 26. Loop Capital raised Meta's rating to 'buy' citing 'brighter revenue prospects' and downgraded Apple's rating to 'hold' due to concerns that user interaction with AI assistant search could change behavior patterns, undermining Apple's dominant position through large-scale technological transformation. Media reports that Western Digital is speeding up discussions with Japanese computer memory chip manufacturer Kioxia Holdings for the merger of their NAND flash memory business. The new company will directly challenge the largest player in the field, Samsung, and may go public independently.
Popular Chinese concept stocks are performing strongly. Chinese concept ETF $KraneShares CSI China Internet ETF (KWEB.US)$ Increased by 5.8% $Invesco China Technology ETF (CQQQ.US)$ Increased by 4.7% $NASDAQ Golden Dragon China (.HXC.US)$ Increased by 4% to a four-week high. Among the four constituent stocks of the Nasdaq 100, $JD.com (JD.US)$ Increased by nearly 7% $PDD Holdings (PDD.US)$ Increased by over 4% $Baidu (BIDU.US)$ rising by more than 6%, $NetEase (NTES.US)$ Increased by 5.5%. Among other stocks, $Alibaba (BABA.US)$ Increased by 3.5% $Tencent (TCEHY.US)$ and $Bilibili (BILI.US)$ Rise more than 7%, $Tencent Music (TME.US)$ Rising more than 9%, only the "new car forces" $XPeng (XPEV.US)$ falling, $NIO Inc (NIO.US)$ rising nearly 4%.

The banking index also rebounded significantly, with the industry benchmark Philadelphia Stock Exchange $KBW Nasdaq Bank Index (.BKX.US)$ rising 2.6%, approaching the lowest level since October 4, 2020, set on May 5 last Friday. $Spdr Series Trust S&P Regional Bkg Etf (KRE.US)$ rising more than 3%, approaching the lowest level since October 2020, set on May 4 last Thursday.
US stocks closed higher, with all three major indexes up. The Nasdaq hit its highest level in nearly eight and a half months, and Chinese concept stocks rose mo...
Among the 'big four banks' in the United States, $Wells Fargo & Co (WFC.US)$ increased by 3.4% and took the lead, $JPMorgan (JPM.US)$ increased by 0.9%, with the smallest increase, and was upgraded by Raymond James to outperform the market. The asset management giant is predicted to increase its stock price by another 30%. $Charles Schwab (SCHW.US)$ Among key regional banks, $PacWest Bancorp (PACW.US)$increased by over 17%, $Western Alliance Bancorp (WAL.US)$ increased by 12% to the highest level since May 1st, $KeyCorp (KEY.US)$ increased by over 6%.
Key market news
US Treasury Secretary issued another warning, the US Department of the Treasury may run out of cash by June 1st.
On May 15th, local time, US Treasury Secretary Janet Yellen warned again that unless the US Congress raises or suspends the federal debt limit, the US Department of the Treasury may run out of cash as early as June 1st.

On May 15th, US House Speaker Kevin McCarthy stated that there is very little progress in negotiations to avoid a historic US default. US President Biden announced plans to meet with congressional leaders on the 16th.

Finally pausing the rate hike? Some Fed officials revealed that the May meeting was a dilemma.

On Monday, May 15th, Chicago Fed President Austan Goolsbee stated that the Fed's intensive rate hikes have not fully taken effect, and policymakers need to be cautious when evaluating the next steps.

Goolsbee told the media that in the past year, the Fed has raised interest rates by 500 basis points accumulated, and the effects of this series of monetary tightening policies have not fully materialized. He added that it is too early to discuss what the bank should do at its June meeting.

In its May policy statement, the committee stated that when considering future monetary policy, it will focus on the cumulative effects of monetary tightening, the lag effects on the economy and inflation, and the subsequent development of economic and financial events. This statement is seen by the market as a signal to pause the rate hike.

In addition, Richmond Fed President Barkin stated that financial stability does not currently pose an obstacle to potential rate hikes to combat inflation. Minneapolis Fed President Kashkari believes that inflation is too high, but it is decreasing, and the Fed still has a lot of work to do. Atlanta Fed President Bostic stated that a rate cut this year is not his base expectation, and it is more likely that the Fed will lean toward pausing the rate hike.

"Zero balance in the account."Bank of AmericaAnother explosive news in the business.

Unexpectedly,Bank of AmericaThe Asian depositors are the most affected in the business crisis. According to the Wall Street Journal, the funds of depositors at Silicon Valley Bank (SVB) in the Cayman Islands branch have been seized by the Federal Deposit Insurance Corporation (FDIC) in the USA. Institutional depositors have stated that their bank statements show a zero balance in their accounts at Silicon Valley Bank. SVB had previously stated that it established the offshore branch primarily to support its activities in Asia.

However, for American depositors, their experience is completely different from the customers of SVB's Cayman Islands branch. After the FDIC officially took over SVB, its American depositors quickly received the protection of deposit insurance. A spokesperson for the FDIC stated that according to the Federal Deposit Insurance Act in the USA, only domestic deposits in the country are eligible for protection.
Important News from the Company
Microsoft's $69 billion acquisition of Activision Blizzard has been approved by the EU. The European Commission stated that its analysis shows that the deal will not harm competition, after Microsoft allowed cloud computing competitors to offer blockbuster games like 'Call of Duty' on its platform 10 years later. Previously, the UK Competition and Markets Authority (CMA) refused to approve the deal, believing that Microsoft would only offer Activision Blizzard games on its own cloud gaming service for commercial reasons. The CMA also found significant flaws in Microsoft's proposed solution to address concerns in the cloud gaming sector.

teslaCEO Musk: All personnel hires need his approval.

According to tech media reports, on Monday local time, Musk stated in an email to Tesla employees that the company will not hire new employees, including contract workers, unless he personally approves. He told executives to send him a recruitment request list every week, and to consider carefully before submitting such requests.

"The Big Short" stocked up on US stocks in the first quarter: heavily increased positions in JD.com, Alibaba and banks in various regions.

The 13F report shows that Michael Burry's hedge fund, Scion Asset Management, increased its holdings of JD.com ADR by 6.763 million shares in the first quarter, accounting for 10.261% of its investment portfolio and the largest holding, with a holding value of $10.973 million, ranking first in terms of value. The hedge fund also increasedAlibabaADR 5.814 million, accounting for 9.555% of the investment portfolio, is the second largest heavily weighted stock, with a holding market value of $1.0218 million, the second holding market value.

Another major move by Burry in the first quarter was to buy multiple regional bank stocks, including First Republic Bank (FRC).

In the first quarter, Buffett divested from regional banks like New York Mellon and Taiwan Semiconductor, and increased holdings in Apple.

According to the 13F report released on Monday, May 15th, Buffett's holdingsBerkshireHathaway did not hold regional banks Bancorp, New York Mellon in the first quarter, nor did it holdluxury furniture retailer RH, and divested from Taiwan Semiconductor ADR.Furniture retailer RH, and cleared out Taiwan Semiconductor ADR.

In the first quarter, $Berkshire Hathaway-A (BRK.A.US)$ Hassawe initiated long positions in three stocks including Capital One; shareholding increased in apple, $Occidental Petroleum (OXY.US)$ $HP Inc (HPQ.US)$ $Paramount Global-A (PARAA.US)$ $Citigroup (C.US)$ and seven other stocks; reduced shareholding in $Chevron (CVX.US)$ and $General Motors (GM.US)$ and eight other stocks.
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