Market Analysis on March 11th

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 from record highs, ending two weeks of gains. The Dow Jones Industrial Average also fell for the second consecutive week. The chip index fell by 4%, with Nvidia experiencing a sharp intraday decline and closing down by 5.5%, marking the largest drop in nine months. Taiwan Semiconductor and AMD's US stocks also fell by nearly 2% each, retracting from historical highs, despite Taiwan Semiconductor's over 9% weekly increase. Marvell Technology fell by 11% after the earnings report was released. Against this backdrop, Apple's stock price rose by 1%, ending a seven-day decline, but overall fell by 5% for the week. Tesla fell by 11% for the week.

Meanwhile, European stock markets performed relatively strongly, with the pan-European stock index rising for seven consecutive weeks and the French stock market hitting historical highs. However, ASML and Novo-Nordisk fell by nearly 3% and over 1% respectively, both retracting from historical highs.

The US employment report exceeded expectations, strengthening the market's expectations of a rate cut in June, leading to a one-month low in the two-year US Treasury yield. The US dollar index reached a one and a half month low and recorded the largest weekly decline in over two months. The yen rose by over 1% intraday in two days, hitting a one-month high consecutively.

In the commodity market, crude oil prices fell by over 1%, with US crude oil falling for two consecutive days to over a week low. Gold futures hit historical highs for six consecutive days, rising nearly 5% for the week, marking the largest weekly gain in almost five months. Bitcoin's price historically broke through the $0.07 million mark intraday, but then fell by nearly $4000 within half an hour.

In the Chinese market, Chinese concept stocks outperformed the US large caps, with the Chinese concept stock index rebounding despite marking the first weekly decline of the Year of the Dragon. Bilibili rose by 5% the day after the earnings announcement, while JD.com accumulated a 7.6% increase for the week. Offshore RMB surged significantly intraday, breaking 7.19 to hit a two-week high. The A-share market experienced a volatile rebound, with all three major indexes closing up. Northbound funds saw a net inflow of 6 billion RMB, with Foxconn Industrial Internet and CNOOC both hitting the limit up and rising nearly 9%, with CNOOC's stock price hitting a new high.

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