Investors have significantly reduced their holdings in tech stocks this week, favoring blue-chip stocks and small-cap stocks. Despite the Nasdaq falling for the third day in a row, the Dow Jones Industrial Average and the Russell 2000 Small-Cap Index performed well. After a day of sharp fluctuations in chip stocks, Nvidia eventually fell 1.7%, while Tesla's stock price surged during the intraday period.
Furthermore, US GDP growth in the second quarter exceeded market expectations, showing 2.8% month-on-month growth, but the rise in the core PCE price index exceeded expectations, indicating that inflation is still stubborn. In the pharmaceutical industry, Viking Therapeutics' share price skyrocketed due to positive clinical trial results, while Eli Lilly's market capitalization shrunk by $120 billion within a few days.
In the AI field, OpenAI is testing its AI search function SearchGPT and collaborating with several media giants, although the company may face huge losses of up to 5 billion dollars this year. Meanwhile, the performance of China Securities fluctuated. New Oriental declined after Dong Yuhui left his job, while Xiaopeng and Ideal Auto recorded slight increases.
In the global bond market, US Treasury bonds performed strongly before favorable domestic economic data was released. In the foreign exchange market, both the offshore renminbi and yen rose significantly, while in the cryptocurrency market, Ethereum futures fell sharply on the third day after the listing of spot ETFs.
In the commodity market, the price of silver fell sharply, while the price of copper once fell below 9,000 US dollars per ton, a new low in three months. In the Asian market, China's A-shares generally fell, and the Hang Seng Technology Index fell...

The three major US stock indices turned down at the end of the session, although small-cap indices maintained 1% gains. The earnings season has become the focus of today's market, especially the second-quarter earnings reports of tech giants started by Google and Tesla. Google's cloud business's quarterly revenue surpassed 10 billion dollars for the first time, but due to the slowdown in advertising business growth and increased investment in AI, its stock price experienced large fluctuations after the market, which rose 3% and then fell. Tesla's profit and revenue fell short of expectations. Coupled with the delay in the launch of Robotaxi, its stock price plummeted by more than 8% after the market.
Freight giant UPS plummeted 12% in the intraday period due to lower than expected earnings reports, the biggest drop in history. The US stock of luxury goods giant LVMH was also dragged down, falling more than 5% at one point.
Llama 3.1, the largest open source AI model released by Meta, and Nvidia's new AI foundry service mark the further development of open source big models and AI technology, which have had an important impact on the market's AI investment sentiment.
In the cryptocurrency market, Ethereum spot ETFs are highly sought after by the market, with a volume of over 0.5 billion dollars on the first day, showing a high level of interest among investors in this new investment instrument.
Furthermore, expectations of interest rate cuts have made demand for short-term US bonds strong, driving up the price of US bonds. Crude oil prices fell for four consecutive days due to concerns about oversupply, hitting a new low of more than a month. Meanwhile, the price of gold rose for the first time in five days, showing the market's demand for safe-haven assets.
China Securities underperformed, and the overall index fell 1.8%, while the offshore RMB rebounded. In the Asian market, create...

US stocks showed strong performance on Tuesday. The S&P 500 index rose more than 1%, recording the best increase in seven weeks, and the Nasdaq Composite Index rose 1.6%. Small-cap stocks also showed strength. The index rose 1.7%, indicating that capital is once again flowing into small-cap stocks. Among technology stocks, with the exception of Apple and Amazon, which declined slightly, Tesla and Nvidia both achieved sharp gains of about 5%. Recently, however, Crowdstrike's stock price, which caused global IT failures, fell by more than 13%, erasing almost all of this year's gains.
The focus of the US stock market will be on Tuesday's after-market earnings reports, particularly those of Google and Tesla, which will have a significant impact on the trend of technology stocks. The market is paying particular attention to Tesla's Model 2 affordable model, the release date of Robotaxi, and the adoption of fully automated driving (FSD) technology.
In the cryptocurrency sector, an Ethereum spot ETF will be listed on Tuesday, a move approved by the US Securities and Exchange Commission (SEC), involving several companies including BlackRock. Meanwhile, Bitcoin ETFs have continued to attract capital inflows for nearly four weeks, and the market is looking forward to Trump's speech at the major cryptocurrency conference this week.
Furthermore, Berkshire Hathaway continues to reduce its holdings in BYD, and its shareholding ratio falls below 5%. Once the shareholding ratio falls below 5%, investors are not required to disclose the reduction in their holdings, which may speed up Buffett's holdings reduction.
In China, the one-year and five-year loan market quoted interest rates (LPR) were lowered by 10 basis points in July. This is a step forward in monetary policy by the central bank of China...

The European and American stock markets experienced two consecutive days of decline last week. The large-scale sell-off in US stocks intensified on Friday. In particular, technology stocks were hit hard. Although the Dow Jones Industrial Average rose for three consecutive weeks, the Nasdaq and S&P 500 both recorded their biggest weekly declines in three months. Among technology stocks, Intel led the decline in the Dow's constituent stocks, while Tesla and Nvidia also underperformed. The latter experienced large-scale IT system failures due to software update issues.
Furthermore, due to software updates, CrowdStrike has caused Windows system failures in many important industries around the world, such as banks and asset management companies, and the impact is widespread and serious. The incident is expected to take weeks to fix and could have a long-term impact on the global supply chain.
US President Joe Biden announced that he will not participate in the 2024 presidential election and supports Vice President Harris's campaign. Meanwhile, the performance of Tesla and Google this week will have a significant impact on the future of US tech stocks. TSMC proposed the Foundry 2.0 concept in its earnings report, expanding the market space and showing confidence in future growth. In particular, the CoWOS product line is expected to double every year for the next two years.
In the commodity market, the prices of crude oil, gold, and silver all fell sharply. Gold and silver, in particular, fell sharply during the week, respectively. Metal prices have also fallen, and the prices of both lenxi and copper have hit new lows recently. In the bond market, US bond yields have risen again, and the US dollar index has ended its sluggish state of nearly four months. Bitcoin's price unexpectedly rose, reaching a high of $0.067 million.
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