Market analysis on June 26

The strong performance of technology stocks has once again become a key factor driving the rise in the US stock market. Tesla and Amazon led the tech giants. Among them, Tesla rose 4.8%, while Amazon rose 3.9%. The market capitalization broke through the $2 trillion mark for the first time, reaching a record high. Despite an intraday decline of 2.8%, Nvidia ended up closing in a thrilling rise, showing strong momentum for the market to recover.

Micron Technology once plummeted more than 9% in after-market trading. Although its results for the third fiscal quarter exceeded market expectations, financial guidance for the fourth fiscal quarter fell short of analysts' expectations. Driven by AI, the storage market is recovering strongly, which also influenced Samsung's decision to drastically raise memory prices by 15-20%.

On the macroeconomic side, the annual stress test results announced by the Federal Reserve show that the US banking industry has passed the stress test, which provides conditions for the banking industry to increase expenses in the future. Meanwhile, the yield on ten-year US Treasury bonds rose for two consecutive days, and the exchange rate of the yen fell below the 160 mark against the US dollar, a new low since 1986. Although senior Japanese officials were highly wary of exchange rate changes, the US dollar index also hit an eight-week high.

The crude oil market rebounded slightly. Despite an unexpected increase in US crude oil inventories, oil prices fell for a while and reached a new low. The price of gold also fell sharply in the intraday period, reaching a two-week low. Copper prices continued to fall. Copper prices fell four times in a row, once again hitting a new low in February, while Lunzinc reversed the market and rose to a new high for three to three weeks.

In the Chinese market, the Shanghai index rebounded sharply in the afternoon, and Hong Kong stocks also fluctuated and rose. AIGC and skit concept stocks performed strongly, and low-priced convertible bonds bottomed out and rebounded. China Securities rebounded slightly in the US stock market. Although still at a low level of nearly ten weeks, NIO rose more than 6%, while Station B fell 4.7%. The offshore renminbi fell sharply by 200 points in the intraday period, falling below 7.30 for the first time in seven months.

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