Market analysis for March 6

Today is March 6th. The US stock market was dragged down by technology stocks last night. The three major indices all closed down more than 1%. Among them, the NASDAQ index once fell more than 2%, hitting a new low in nearly two weeks, and the Dow Jones Industrial Average also hit a two-week low. Tesla and Apple, the heavyweight stocks in the tech sector, closed down nearly 4% and nearly 3% respectively, continuing to lead the downward trend of the “Seven Sisters” stocks in technology. However, after falling more than 2% during the intraday period, Nvidia turned up and closed a thrilling record high. Although AMD and TSMC each showed relatively large losses in the intraday period, AMD eventually smoothed out most of the losses.

The US service sector showed signs of slowing down in February. ISM service sector PMI fell short of expectations, employment and price indices declined, while demand indicators rebounded. After this data was released, the 10-year US Treasury yield hit a new low of more than three weeks, and the US dollar index quickly fell and hit a new low of more than a week, reflecting market concerns about future US economic growth.

At the international level, Japan's Tokyo CPI's year-on-year growth data raised market expectations that the Bank of Japan may soon withdraw from the negative interest rate policy and gradually shift to interest rate hikes. At the same time, international gold prices and domestic pure gold jewelry prices have both broken through historic highs, and gold has become the first choice for investors to take refuge. The price of crude oil turned upward in the short term after two consecutive declines, while the price of Bitcoin fell sharply after hitting a record high in the intraday period.

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