Market analysis for March 29th

With the closing day of March, the rise in the US stock market slowed slightly. Despite this, the S&P 500 index still struggled to reach a new high, marking its first five-month rise for the first time in ten years. It is also the best opening year performance in nearly five years, with an increase of more than 10% for two consecutive quarters. In this quarter, heavyweight technology stocks collectively known as the “Seven Sisters of Technology” fell sharply during the intraday period. Tesla fell more than 2% and fell nearly 30% this quarter, while Nvidia once fell by more than 1% in the intraday period and then turned up, with a cumulative increase of more than 80% this quarter. Apple fell more than 10% this quarter, while Meta rose nearly 40%. The AI concept stock Palantir, which was downgraded to being sold, fell more than 6%, while Trump's social media company, which had just gone public and had risen sharply in the previous two days, also fell more than 6%. In Europe, the pan-European stock index and the German and French stock markets continued to reach record highs, rising for five consecutive months and rising for two consecutive quarters.

According to US economic data, GDP rose to 3.4% in the fourth quarter, and the increase in the core personal consumption expenditure (PCE) price index exceeded expectations. The yield on ten-year US bonds rebounded from a two-week low after a member of the Federal Reserve made hawkish remarks. Despite this, it fell by more than 30 basis points in the first quarter; the US dollar index reached a six-week high. At one point, the price of Bitcoin rose by nearly $3,000 and returned to $71,000, close to a two-week high. Meanwhile, SBF, a former cryptocurrency mogul, was jailed for 25 years and had $11 billion in assets confiscated, although he thought the sentence was too harsh and intended to appeal.

In the energy market, crude oil prices rebounded, and U.S. crude oil rose more than 2%, approaching a four-month high. Brent crude oil hit a five-month high at the close, with increases of more than 10% this quarter. After hitting a record closing high for two consecutive days, the price of gold rose cumulatively by nearly 8% in March. This is the biggest monthly increase in more than a year.

In China, the A-share market closed slightly higher after rising and falling back. Low-profile economy concept stocks continued to be active, and the Hang Seng Technology Index rose more than 2%. The US-listed Chinese Concept Stock Index once rose more than 1% in the intraday period, but later gave up most of the gains. Among them, Xiaomi's shares in the US soared 12%, Xiaopeng Motors rose more than 4%, then fell 1%, and NIO fell more than 3%. Meanwhile, the offshore RMB exchange rate against the US dollar fell by more than 200 points in the intraday period, falling below 7.26 points.

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