Market analysis on June 10
Chip stocks rebounded strongly during yesterday's trading, driving the S&P 500 and Nasdaq indices to record highs. Although Nvidia once fell by more than 3% in the intraday period, it eventually rebounded and approached a record high; AMD fell by more than 4%. Meanwhile, TSMC US stocks, Broadcom, Applied Materials, and Micron all hit new highs. Apple fell nearly 2% on the first day of the World Developers Conference (WWDC). CrowdStrike, KKR, and GoDaddy, which will soon be included in the S&P 500 index, all hit new highs, while retail group stock game stations fell sharply for two consecutive days, closing down 12%.
Tesla's global sales performance in May was mediocre. With the upcoming June to August quarter, the company's high base of 2023 will put pressure on sales in the comparison period. It is difficult to be optimistic about sales volume for the next two quarters and the year-on-year data for the next three months.
In the US, the New York Federal Reserve's latest survey shows that the US one-year inflation forecast declined slightly in May, falling to 3.17% from 3.26% last month; the three-year inflation forecast remained at 2.8%, while the five-year inflation forecast rose from 2.8% to 3.0%. Meanwhile, American households' optimism about the stock market reached its highest point in three years. 40.5% of surveyed households expect the stock market to rise in the next year, the highest percentage since May 2021. The market is looking forward to the US CPI report and the Federal Reserve's interest rate decision to be released on Wednesday. These two major economic events are expected to cause the S&P 500 index to fluctuate 1.25% during the day, almost double the market average.
In Europe, unexpected election results caused market turmoil. The European stock market, bond market, and money market were all impacted. The euro fell to a four-week low, while the dollar index hit a four-week high. The French stock market fell by more than 2% after the news was announced, and the yield on ten-year French treasury bonds rose by more than 10 basis points, reaching a new high since this year.
In the commodity market, crude oil prices rebounded sharply, and US oil closed up nearly 3%, recording the biggest increase in four months. Gold escaped a one-month low. Lunzinc and Luntong rose 3% and more than 1%, respectively, to break out of the recent slump.
The Chinese market was closed for one day during this period. During the US trading session, the China General Stock Index broke away from a five-week low. Pinduoduo rose more than 3%, but NEV stocks generally fell. The offshore renminbi fell nearly 100 points in the intraday period, falling below the 7.27 mark.
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