生财有道 wrote a post · May 3, 2024 10:56

Market analysis on May 3rd

Ahead of the release of the US non-farm payroll report, the Nasdaq index rose 1.5%, leading the S&P 500 index to end its previous two-day decline. Amazon's stock price rose over 3%, performing well among technology stocks. Chip stocks also performed strongly, with Nvidia rising over 3% and Qualcomm's stock price soaring nearly 10%, thanks to its surprising quarterly earnings report.

In the UK market, Standard Chartered Bank's stock price rose nearly 9% after its earnings report, helping the FTSE reach a new high. In the US market, despite Novo Nordisk announcing better-than-expected sales, its US stock still fell by 4%.

After Apple's earnings report, the stock price surged 7% in after-hours trading, benefiting from its performance exceeding market expectations. Despite a 10% decline in iPhone sales compared to the previous year, service revenue hit a new record high for the fifth consecutive quarter, and revenue decline in the Greater China region was relatively small. Apple announced the launch of the largest-ever $110 billion share buyback program and revealed that major plans will be announced at the global developer conference in June.

Tesla unexpectedly laid off its entire Supercharger team during the release of its earnings report, a decision that shocked the entire US electric vehicle industry. In addition, US economic data shows a slowdown in productivity growth, while the growth rate of labor costs has reached its highest level in a year. US factory orders in March saw significant growth, with aircraft orders being particularly prominent.

In the bond market, US Treasury yields have fallen for two consecutive days, with the two-year yield hitting a two-week low. The US dollar index has also dropped to its lowest level in nearly three weeks. In the foreign exchange market, after what seems to be market intervention by the Bank of Japan, the yen rebounded strongly the following day.

The crude oil market fell for the fourth consecutive day, hitting a seven-week low, while Brent crude oil barely rebounded. In the precious metals market, gold failed to sustain its previous rebound momentum, and the price of gold futures turned downward during the trading session.

In the Chinese market, Chinese concept stocks rose by 6%, reaching a five-month high. Xpeng and Li Auto surged by 16% and 10% respectively, while JD.com, PDD Holdings, and Bilibili's gains also exceeded 10%. Meanwhile, the offshore RMB to USD exchange rate soared, breaking the 7.20 barrier to hit a month-and-a-half high. In the Hong Kong stock market, the Hang Seng Tech Index closed up 4.45%, and the Hang Seng Index officially entered a technical bull market, with a 36% surge in SenseTime's stock price, indicating a strong market interest in tech stocks.