Market Analysis on January 31st

The S&P index temporarily bid farewell to historical highs, the Nasdaq index fell from a two-year high, while the Dow Jones index continued to set new historical highs for four consecutive days. Analyst Ming-Chi Kuo predicts a significant decrease in iPhone shipments this year, leading to a nearly 2% drop in Apple's stock price. Microsoft initially set an all-time high during trading but reversed to a decline later. Despite rising over 1% after the financial report, Google's stock price fell over 5%. While overall chip stocks retreated, Nvidia's stock price continued to set new historical highs, but AMD fell over 6% after the financial report. General Motors' stock price rose nearly 8% after the financial report, while UPS's stock price fell over 8%. The pan-European index set a two-year high for three consecutive days, with the French stock market hitting a historical high. In terms of the U.S. stock market, the Dow Jones index rose by 0.35%, the S&P 500 index fell by 0.06%, and the Nasdaq index fell by 0.76%.

Microsoft's financial report in the fourth quarter of last year exceeded market expectations. Although cloud growth is still awaiting acceleration, the stock price fell by more than 2% after hours. Google's revenue and profit both exceeded expectations, but advertising revenue was lower than expected, causing the stock price to fall by more than 5% after hours. AMD's guidance for the first quarter performance was lower than expected, and the issue with AI chips caused its stock price to drop by 6% after hours.

Following the release of the U.S. job vacancy data, the yield on the ten-year U.S. Treasury bond quickly rose from a two-week low, briefly exceeding 4.10%, but then fell again. The US dollar index briefly erased its intraday losses and rebounded to a new daily high. Gold futures, which rose by over 2% during the session, gave back most of the gains but still hit a two-week high. Crude oil initially dropped by over 1% during the session before rising again, nearing a two-month high.

In the Chinese market, during the U.S. trading session, Chinese tech stocks fell by over 2%, declining for four consecutive days. Nio Inc's stock price dropped by nearly 6%, and Bilibili's stock price fell by over 4%; the offshore renminbi against the US dollar fell by over a hundred points after approaching 7.18. With the stock market declining and the bond market rising, the A-share ChiNext Price Index fell below 1600 points, with all three major indexes declining by more than 1%. Hong Kong stocks opened lower and continued to decline, while government bond futures remained strong.

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