Market analysis on August 29

The decline in technology stocks has once again put pressure on the US stock market. Despite the strong performance of energy stocks, the Dow hit a new high, but the Nasdaq index continued to decline, hitting a two-week low, showing divergence. Nvidia plunged more than 6% after the release of its earnings report, and CEO Huang Renxun's confidence failed to ease the market's concerns. The stock fell nearly 6.4% on Thursday. Nevertheless, Wall Street remains bullish on Nvidia, believing that it performed well in the second quarter, and the market's expectations were too high.

$Dell Technologies (DELL.US)$ Moomoo's post-market performance is particularly impressive, with server revenue in the second quarter soaring 80% due to better-than-expected demand for AI, and the stock price jumping more than 8% after hours. In addition, the latest addition to Buffet's portfolio, the beauty and retail company... $Ulta Beauty (ULTA.US)$ fell more than 8% after the earnings report. Overall, Chinese concept stocks rebounded more than 2%, with... $Li Auto (LI.US)$ rising more than 10%. $PDD Holdings (PDD.US)$ Rise nearly 5%.

In terms of economic data, the annualized quarterly GDP growth rate in the second quarter of the United States has been revised upward to 3%, while the core PCE price index has been slightly revised downward to 2.8%, indicating a slight easing of inflationary pressure. At the same time, the number of initial jobless claims in the United States unexpectedly declined to 0.231 million last week, showing the resilience of the labor market.

In the currency and bond markets, the US dollar index climbed to a one-week high after the release of US GDP data, while the yield on 2-year US Treasury bonds quickly turned upward, and the 10-year yield hit a one-week high. The price of gold initially rose before turning downward, but it still remains at a high level.

The offshore renminbi rose sharply during the session, rising more than 480 points and breaking through 7.09 for the first time in more than three weeks. Bitcoin also performed actively, briefly returning to the $0.061 million mark before falling back more than $2,000.

In the commodity market, due to supply concerns in Libya and Iraq, the price of crude oil reversed its previous decline and rose by more than 3%, with WTI crude oil rising at one point. The base metal market continued to decline for the second day in a row, with lead prices falling to a two-week low.

In the Asian market, the Shenzhen Component Index of A-shares rose by over 1% on heavy trading volume, while the four major bank stocks fell by more than 3%. The Hong Kong stock market fluctuated upward, with Meituan rising by over 12% and driving market sentiment. The sharp appreciation of the offshore renminbi also shows market optimism about the future of the Chinese currency. $NVIDIA (NVDA.US)$

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