Major US stock indices rebounded across the board. The NASDAQ rose more than 1%, the Dow rose 300 points at the beginning of the session, and Russell 2000 small-cap stocks rose more than 1.8%; after Tesla rose more than 4% and Nvidia rose nearly 2.9%; the trend of AI stocks and bank stocks diverged, with Wells Fargo falling more than 7.4%, China's stock index outperforming the US stock market. Xiaopeng Motors rose more than 6.3%.
On Friday July 12, major US stock indexes rebounded across the board, and the NASDAQ rose more than 1%.
The NASDAQ, which is dominated by technology stocks, continued to rise by more than 1.1% in the intraday period, returning to 18,400 points; the S&P 500 market also rose all the way up, returning to the 5,600 point mark and rising more than 0.8%; the Dow, where blue chips converge, rose 0.8% and rose above 0.04 million points; Russell 2000 small-cap stocks also once again led the main index, rising more than 1.8%; and the NASDAQ 100 rose more than 1.1%.
The “Seven Sisters of Technology Stocks” had mixed ups and downs. Tesla and Nvidia, which led the decline yesterday, rose strongly. Tesla fell nearly 3.3% at the beginning of the market, then changed its decline and rose more than 4.2%; the Apple market initially surged to over 1.7%, maintaining the first market capitalization; Nvidia rose nearly 2.9%, third in market capitalization; Microsoft's initial drop of nearly 0.9% and then smoothed out most declines; Google A rose by more than 0.5% and then fell by more than 0.4%; Amazon fell by more than 0.6% after rising more than 0.24%; and Meta fell more than 3.6% at the beginning of the market.
Chip stocks mostly continued to rise. The Philadelphia Semiconductor Index rose more than 1.8%, and the industry ETF SOXX rose nearly 1.8%. Nvidia doubled its ETF increase by more than 4.4%; TSMC's ADR rose nearly 2.4%; Intel rose about 4%; and Arm Holdings rose nearly 5%.
AI concept stocks had mixed ups and downs. After falling close to 1.5%, ultra-microcomputers rose more than 4.1%; Soundhound.ai rose more than 11.7%; and Snowflake once fell by more than 4.3%.
Bank stocks opened the second-quarter earnings season for US stocks, but stock price performance was poor. J.P. Morgan Chase's profit reached a record high in the second quarter, but fell more than 2.5%. Wells Fargo's Q2 net income fell short of expectations and at one point fell more than 7.4%; Citibank's total revenue for the second quarter slightly exceeded market expectations, falling nearly 3% after opening 1% higher.
According to the news, major banks began the second-quarter earnings season on Friday, but mostly better-than-expected results failed to boost stock prices. Market hopes for a soft landing in the overall economy have boosted small-cap stocks. Chris Zaccarelli, chief investment officer of the Union of Independent Advisors, said they are still optimistic about the economy and the stock market due to slowing inflation and a strong labor market. But he warned that if these trends change, the market will be greatly adversely affected because current valuations have become very high.
The China General Stock Index outperformed the US stock market and later fell by half of its gains. The China Internet Index ETF (KWEB) rose more than 2.4%, the China Technology Index ETF (CQQQ) rose more than 1.6%, and the Nasdaq Golden Dragon China Index (HXC) rose nearly 2.4%, all of which were later halved.
Among the popular individual stocks, new car builders showed strong performance. Xiaopeng Motor rose more than 6.3%, Ideal Auto rose nearly 1.6%, NIO rose more than 4%, and Jikrypton rose nearly 2.9%, but since then they have all taken back most of their gains. Pinduoduo has risen more than 4.1%, Alibaba has risen more than 3%, and Bilibili has fallen more than 5.7%.
Here's what was updated before 21:50
The US PPI increased 2.6% year on year in June, the highest since March last year. The market fluctuated moderately after the data was released.
The three major US stock indexes were higher at the beginning of the session. The NASDAQ rose 0.12% at the beginning of the session, the S&P 500 index rose 0.13%, the Dow rose 0.20%, and the Russell 2000 index continued its gains, rising more than 1% at the beginning of the session.
With the opening of the US stock earnings season, bank stock trends diverged. Wells Fargo's Q2 net income fell short of expectations and plummeted by more than 6% at the beginning of the session; Citi fell more than 1%, and the company's total revenue for the second quarter slightly exceeded market expectations; J.P. Morgan Chase, the company's profit for the second quarter reached a record high.
Technology stocks had mixed ups and downs. Nvidia rose nearly 1%, Meta fell more than 2%, Tesla fell more than 2% at the beginning of the session, and UBS downgraded Tesla's rating to “sell.”
AI stocks had mixed ups and downs, with Soundhound.ai up more than 4% and AMD falling more than 1%.
Popular Chinese securities generally rose. Ctrip, Pinduoduo, Xiaopeng Auto, and Baidu all rose more than 3%, while Shell rose more than 4%.
US debt falls
The 10-year US Treasury yield rose more than 4 bps to 4.232%.
The dollar fell
The US dollar index fell 0.1% during the day.
The dollar weakened against the yen in the short term, falling 0.7% during the day, to a minimum of 157.60.
The price of gold hits the 2,400 mark
After the PPI data was released, spot gold declined in the short term. At one point, it fell to 2,395 US dollars/ounce, and is now reported at 2405.5 US dollars/ounce.
