July 25 Market Analysis

Investors have significantly reduced their holdings in tech stocks this week, favoring blue-chip stocks and small-cap stocks. Despite the Nasdaq falling for the third day in a row, the Dow Jones Industrial Average and the Russell 2000 Small-Cap Index performed well. After a day of sharp fluctuations in chip stocks, Nvidia eventually fell 1.7%, while Tesla's stock price surged during the intraday period.

Furthermore, US GDP growth in the second quarter exceeded market expectations, showing 2.8% month-on-month growth, but the rise in the core PCE price index exceeded expectations, indicating that inflation is still stubborn. In the pharmaceutical industry, Viking Therapeutics' share price skyrocketed due to positive clinical trial results, while Eli Lilly's market capitalization shrunk by $120 billion within a few days.

In the AI field, OpenAI is testing its AI search function SearchGPT and collaborating with several media giants, although the company may face huge losses of up to 5 billion dollars this year. Meanwhile, the performance of China Securities fluctuated. New Oriental declined after Dong Yuhui left his job, while Xiaopeng and Ideal Auto recorded slight increases.

In the global bond market, US Treasury bonds performed strongly before favorable domestic economic data was released. In the foreign exchange market, both the offshore renminbi and yen rose significantly, while in the cryptocurrency market, Ethereum futures fell sharply on the third day after the listing of spot ETFs.

In the commodity market, the price of silver fell sharply, while the price of copper once fell below 9,000 US dollars per ton, a new low in three months. In the Asian market, China's A-shares generally declined, and the Hang Seng Technology Index fell 2%. Furthermore, the central bank of China has taken additional market operations and cut interest rates.

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Crossing Malaysia through the US 2.0 offline sharing session (Johor Bahru, Selong)