[Morning Report] NVIDIA depreciates 6.7%, no special materials, position adjustments at the end of the June fiscal year or rotation purchases into banks and department store stocks

Market Overview
In the US stock market on the 24th, the NY Dow Jones Industrial Average continued to rise for 5 days to 39,411 dollars 21 cents, which was 260 dollars 88 cents higher than the previous business day. The Nasdaq Composite Stock Price Index fell 192.544 points to 17,496.817. Amid strong and weak views in the Tokyo stock market on the 25th, is the Nikkei Stock Average going back and forth with the previous day's closing price in between?

Top news
Chicago Fed President Expresses Dove's Views on Interest Rate Cuts
On the 24th, President Austan Goulsby of the U.S. Chicago Area Federal Reserve expressed a pro-pigeon view on monetary easing over the possibility of interest rate cuts in the next few months. In an interview with CNBC, it was stated that there are signs that new stress is being applied to the economy, which will at least raise the question of whether policy interest rates need to be as high as the current level.

The presence or absence of intervention is unknown even in the scene where the dollar and yen plummeted to the 158 yen level in the first half of the 159 yen level = the beginning of the NY exchange rate
The dollar yen is in the first half of the 159 yen range and is coming into New York time. There was a scene where it quickly returned to London time and was pushed to sell, and it fell to the 158 yen range at one point. The presence or absence of intervention is unknown, but while there is a sign that 160 yen will be tried again, it seems that the Ministry of Finance's sense of caution about intervention is also increasing.

AI-related decline, NVIDIA's total market value split by 3 trillion dollars
$NVIDIA(NVDA.US)$A sense of exhaustion has begun to be seen in the US stock market, such as falling 6.7% (*). Regarding NVIDIA's decline, technical analysts also pointed out a bearish pattern that “there is a possibility that we will face speed bumps (deceleration bands) in the future due to extreme price performance.”
(*There are no particularly bad materials, but it seems that position adjustments have been made since the end of the June term has reached the end of the term. (The trading volume decreased by 200 million shares to 500 million shares, and the 50-day average was 400 million shares.)

The SOX index continued to fall for 3 days, and constituent stocks were almost completely weak
The Philadelphia Semiconductor Stock Index (SOX) continued to decline for 3 days. Individually, NVIDIA, Marvel Technology, Qualcomm, Broadcom, TSMC, Monolithic Power Systems, ASML Holding, etc. fell and became almost completely depreciated.

Bytedance and Broadcom discuss development of AI semiconductors and the response to stock prices conveyed is limited
Chinese Bytedance, which operates TikTok, is discussing and communicating the possibility of collaboration between Broadcom and AI processors in order to strengthen the development of its AI technology. Bloomberg told it as a story of the people involved. While semiconductor stocks are completely depreciating, $Broadcom(AVGO.US)$Response to this has been limited.　　

Strong bank stocks are reported to be considering relaxation of the FRB's plan to strengthen bank capital regulations
$Goldman Sachs(GS.US)$Ya $Citigroup(C.US)$Major silver stocks, etc., have been steady. Earlier, it was reported that the FRB showed other regulators a review of capital regulations to drastically reduce the burden on Wall Street financial institutions in a 3-page document.

Department store stocks are rising. Data shows recent traffic trend improvements
$Kohl's Corp(KSS.US)$、 $Macy's(M.US)$Department store stocks such as these have risen. Analysts pointed out that the data showed recent improvements in traffic trends. According to data from PLACER.ai, department store traffic for the week of 6/21 increased 5.7% compared to the previous year. It accelerated from a 4.7% increase in the week of 6/14.

Affirm grows rapidly Analysts recommend target stock price to 42 dollars
Handles fintech such as postpaid settlement services $Affirm Holdings(AFRM.US)$has risen. Analysts recommended the company among fintech companies. The company offers a variety of portfolios, and they view the company's underwriting business in particular positively. The investment decision is “buy,” and the target stock price is set at 42 dollars. The level is 41% higher than last weekend's closing price.

China and EU begin discussions over EV additional tariff plans
It is reported that China and the EU have agreed to begin discussions over the European Union (EU) plan to impose additional tariffs on electric vehicles (EVs) imported from China. On the 12th, the EU announced plans to impose tariffs of up to 48% on EVs imported from China. It is reported that multiple stakeholders familiar with the situation have made it clear that the German government is moving to prevent the new additional tariffs from being invoked.

ADR Japan Stock Ranking - Takayasu Machimachi
Japanese ADR (American Depositary Receipts) stocks are compared to the Tokyo Stock Exchange (1 dollar converted to 159.62 yen) $Komatsu(6301.JP)$、 $Toyota Motor(7203.JP)$、 $Mitsubishi(8058.JP)$、 $Mizuho Financial Group(8411.JP)$While things like that have risen, $Japan Post Bank(7182.JP)$、 $Tokyo Electron(8035.JP)$、 $Advantest(6857.JP)$、 $Renesas Electronics(6723.JP)$etc. have declined, and the overall situation is mixed.