Market Analysis on March 6th

Today is March 6th. Last night, the US stock market was dragged down by technology stocks, with all three major indexes falling by more than 1%, with the Nasdaq index falling by more than 2% at one point, hitting a new low in nearly two weeks. The Dow Jones Industrial Average also touched a two-week low. Major technology stocks Tesla and Apple both fell by nearly 4% and nearly 3% respectively, continuing to lead the decline in the "Seven Sisters" of technology stocks. However, Nvidia, after initially falling by more than 2% during the trading session, turned around to hit a new high. Although AMD and Taiwan Semiconductor experienced significant declines during the trading session, AMD eventually erased most of its losses.

In February, the US service sector showed signs of slowing down, with the ISM Services PMI lower than expected, employment and price indices falling, while demand-related indicators rebounded slightly. After this data was released, the yield on the 10-year US Treasury bond hit a more than three-week low, and the US dollar index quickly turned downwards and hit a more than one-week low, reflecting market concerns about future US economic growth.

Internationally, the year-on-year growth data for Tokyo's CPI in Japan has sparked expectations in the market that the Bank of Japan may soon exit its negative interest rate policy and gradually move towards raising interest rates. At the same time, international gold prices and domestic solid gold jewelry prices have both reached historical highs, with gold becoming investors' preferred safe-haven asset. After two consecutive declines, crude oil prices turned upwards in the short term, while the price of Bitcoin hit a historic new high during trading and then experienced a significant decline.

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