Good evening, Moomoo users!Tonight's analysis of NY stocks.
Market Overview Opening of the US market: The Dow Jones Industrial Average, composed of high-quality stocks, opened at 38,916.42, up 12.38 points, while the Nasdaq Composite Index, which has a high ratio of technology stocks, started at 16,285.18, up 36.66 points. The S&P 500, which consists of 500 large-cap stocks in the US, opened at 5,211.37, up 7.03 points.
Top News The market is leaning toward a prediction of two interest rate cuts within the year, with the 10-year bond yield in view at 4.5%. Traders' confidence in the three quarterly 0.25 point rate cuts by the Federal Reserve is rapidly diminishing, with the market currently leaning towards the expectation of two rate cuts. The interest rate swap market suggests around a 60 basis point (bp, 1 bp = 0.01%) US interest rate cut this year, with the highest likelihood of two cuts. According to Bloomberg's pricing, the first rate cut is expected to take place by September. As of the 5th, the possibility of three rate cuts still exceeded 50%.
The spot price of gold temporarily exceeded $2350 per ounce and set a new record high. The spot price of gold temporarily exceeded $2350 per ounce in trading on the 8th, setting a new record high. After a 1% increase, the price of gold narrowed. Traders are eager to assess the timing of the Federal Reserve's pivot toward interest rate cuts ahead of the US inflation data release on the 10th. While a US interest rate cut is expected within the year, further evidence of easing inflation will need to be confirmed prior to that. Interest rate hikes are typically negative for interest-free gold.
Tesla's stock has plummeted since the beginning of the year, analyzed in five charts. Major US electric vehicle manufacturer$Tesla (TSLA.US)$Following the report by Reuters that vroom has discontinued the development of low-cost models, the company's stock plunged on the 5th. The company will continue to develop fully self-driving cars "Robo Taxis" on the same small car platform. Tesla has already dropped nearly 32% from the beginning of the year to the 4th.$S&P 500 Index (.SPX.US)$Among the components of the nasdaq, it is among the worst performers. Let's look back at the turbulent movement of Tesla's stock since the beginning of this year through five candlestick charts.
The stock price of a US social media company recorded its largest drop since its listing. Hedgeye Risk Management mentioned a short selling proposal and highlighted an expected 50% drop in stock price in a published report. moomoo News Zeber
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