Market analysis on March 11

Today is March 11th. The sharp decline in chip stocks last Friday dragged down the US stock market, causing the S&P 500 index and the Nasdaq index to fall to record highs. At the same time, two consecutive weeks of gains were terminated. The Dow Jones Industrial Average also fell for the second week in a row. The chip stock index fell 4%, and Nvidia experienced a sharp intraday decline, closing at 5.5%, the biggest decline in nine months. US stocks of TSMC and AMD also fell nearly 2% each, falling from historic highs, even though TSMC rose more than 9% throughout the week. Maywell Technology fell 11% after the earnings report was released. Against this backdrop, Apple's stock price rose 1%, ending a seven-day decline, but fell 5% throughout the week. Tesla is down 11% throughout the week.

Meanwhile, the European stock market showed relatively strong performance. The pan-European stock index rose for seven consecutive weeks, and the French stock market hit record highs. However, ASML and Novo Nordisk declined by nearly 3% and more than 1%, respectively, and both fell from historic highs.

The US employment report exceeded expectations, strengthened market expectations for a possible interest rate cut in June, and pushed two-year US Treasury yields to a one-month low. The US dollar index reached a one-and-a-half-month low and recorded its biggest weekly decline in more than two months. The yen rose more than 1% intraday in two days, hitting a one-month high in a row.

In the commodity market, crude oil prices fell by more than 1%, and U.S. crude oil fell for two consecutive days, reaching a low of more than a week. Gold futures hit record highs for six consecutive days, rising nearly 5% throughout the week, the biggest weekly gain in nearly five months. Bitcoin's price historically broke through the $70,000 mark in the intraday period, but fell back nearly $4,000 within the next half hour.

In the Chinese market, China Securities performed better than the US market, and the China Securities Index rebounded, even though it recorded the first weekly decline in the Year of the Dragon. Station B rose 5% the day after the earnings report was released, and JD had a cumulative increase of 7.6% throughout the week. The offshore renminbi rose sharply in the intraday period, breaking through 7.19 and hitting a new high of more than two weeks. The A-share market experienced a volatile rebound. The three major indices all closed higher, with a net capital inflow of 6 billion yuan to the north. IFF and CNOOC rose and stopped at nearly 9% respectively, and CNOOC's stock price reached a record high.

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