January 5th Market Analysis

Today is January 5th. The Nasdaq fell for the fifth consecutive day last night, and the S&P 500 also saw four consecutive drops, both hitting new lows in three weeks, while the Dow Jones Industrial Average rebounded slightly. Apple has once again been downgraded by institutions this week, with a cumulative decline of more than 5%. Microsoft has introduced an AI key in PC keyboard, marking the first change since 1994. Microsoft sees 2024 as the "year of AI PC" and is committed to seamlessly integrating AI into the Windows system, promoting it comprehensively from the system, chip to hardware. Despite the poor performance of chip stocks, Nvidia has experienced a certain rebound. As for the performance of US stocks on that day, the Dow Jones rose slightly by 0.03%, the S&P 500 index fell by 0.34%, and the Nasdaq index fell by 0.56%.

In terms of economic data, the 'small non-farm' ADP employment in the United States increased by 0.164 million people in December, far exceeding expectations, but wage growth hit a new low in more than two years. The Markit services and composite PMIs hit their highest levels since July last year. However, the strong performance of the 'small non-farm' data has lowered market expectations for rate cuts. After the data was released, US bond yields rose by 10 basis points at one point, and the 10-year yield rose above 4.0% for two consecutive trading days. The US dollar index rose in the short term but ended up pulling back after four consecutive gains, remaining far from the three-week high. In Europe, German and French inflation heated up, and European bond yields rose by more than 10 basis points intraday, while the yen fell by more than 1% for consecutive trading days.

In the Chinese market, during the US trading session, Chinese concept stocks performed weakly. After an initial rise of over 10%, Faraday Future fell back and closed down more than 2%. Bilibili fell more than 3%, while New Oriental rose more than 5%. Offshore yuan fell more than 200 points intraday, falling below 7.17 again, hitting a three-week low. In the A-share market, the high-dividend camp showed overall strong performance. The ice and snow tourism concept was popular, while core assets performed weakly. The stock price of KEEP in the Hong Kong stock market hit a new low.

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