Goldman Sachs released three heavyweight research reports over the weekend: downgrading the forecast for US recession, expecting the Chinese stock market to rise by another 15% to 20%.
Goldman Sachs' stock strategy team believes that the US large cap stocks can rise by another 4.3% to 6000 points by the end of the year, as the possibility of a US recession has decreased, allowing the Federal Reserve to only reduce interest rates by 25 basis points each time. Their AP strategic team has upgraded the rating of Chinese stocks to "shareholding" and is bullish on the potential boost to valuation from large-scale stimulus measures.
US stocks collectively fell by about 1%, with Chinese concept stocks rebounding in a V-shape, US bond yields rising above 4%, and oil prices rising by nearly 4%.
USA stocks and bonds both fell, with the Dow down 400 points, Tesla down 3.7%, Nvidia up over 2%, Chinese concept stocks fell nearly 3% before closing higher, Alibaba and Tencent ADRs rose 2.6%, Li Auto Inc. rose over 4%. The two-year US treasury yield rose nearly 10 basis points, breaking above 4% for the first time since August for both the 2-year and 10-year treasury yields, with the US dollar hovering at a seven-week high since August 16. Brent crude oil closed above $80, reaching a six-week high along with WTI oil climbing above $77. Silver briefly fell more than 2.4%.
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Global disparity in temperature: U.S. technology heavyweights come under repeated attack by investment banks, while chinese assets receive a series of bullish calls.
1. Apple, Amazon, and other USA technology giants have been downgraded by investment banks, leading to a collective weakness in the US stock market; 2. At the same time, Chinese assets continue to be the most eye-catching symbols in the entire market; 3. Under the enthusiastic gaze of global investors, Chinese concept stocks staged a strong V-shaped turnaround late at night.
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Top Wall Street strategists are more bullish on US stocks, while the big short seller Wilson is more bullish on cyclical stocks. Kostin raised the S&P target.
Morgan Stanley's Mike Wilson believes that cyclical stocks outperform defensive stocks, as the strong non-farm payroll data released last Friday and expectations of further interest rate cuts from the Federal Reserve. Goldman Sachs's David Kostin has raised the S&P's target price for the next 12 months by 5% to 6300 points, equivalent to an increase of over 9.5% compared to last Friday's closing.
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Jefferies downgraded Apple's rating, stating that the market is overly optimistic about Apple's AI phone, causing Apple's stock price to drop more than 1.2% at one point.
Jefferies analyst believes that the market's expectations for Apple's AI phone are too high, downgrading Apple's rating from buy to hold, and Apple's stock price fell more than 1.2% in Monday morning trading. Previously, the market believed that AI functionality would drive consumer upgrades of phones and re-accelerate Apple's revenue growth. Fueled by this optimism, Apple's stock price has risen by about 36% from its April low.
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