Market analysis on July 23

The three major US stock indices turned down at the end of the session, although small-cap indices maintained 1% gains. The earnings season has become the focus of today's market, especially the second-quarter earnings reports of tech giants started by Google and Tesla. Google's cloud business's quarterly revenue surpassed 10 billion dollars for the first time, but due to the slowdown in advertising business growth and increased investment in AI, its stock price experienced large fluctuations after the market, which rose 3% and then fell. Tesla's profit and revenue fell short of expectations. Coupled with the delay in the launch of Robotaxi, its stock price plummeted by more than 8% after the market.

Freight giant UPS plummeted 12% in the intraday period due to lower than expected earnings reports, the biggest drop in history. The US stock of luxury goods giant LVMH was also dragged down, falling more than 5% at one point.

Llama 3.1, the largest open source AI model released by Meta, and Nvidia's new AI foundry service mark the further development of open source big models and AI technology, which have had an important impact on the market's AI investment sentiment.

In the cryptocurrency market, Ethereum spot ETFs are highly sought after by the market, with a volume of over 0.5 billion dollars on the first day, showing a high level of interest among investors in this new investment instrument.

Furthermore, expectations of interest rate cuts have made demand for short-term US bonds strong, driving up the price of US bonds. Crude oil prices fell for four consecutive days due to concerns about oversupply, hitting a new low of more than a month. Meanwhile, the price of gold rose for the first time in five days, showing the market's demand for safe-haven assets.

China Securities underperformed, and the overall index fell 1.8%, while the offshore RMB rebounded. In the Asian market, the GEM index plummeted 3%, leading the decline in consumer stocks and metals stocks, while high-dividend assets and treasury bonds performed well.

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