Tech giants are dragging down U.S. stocks, the three major U.S. stock indexes have been in the negative for two consecutive yearsThe Nasdaq fell more than 1% intraday, a two-week low. Small-cap stock indexes and chip stock indexes fell more than 1% and underperformed**; The sector in which chip stocks are located led the S&P lower, releasedNvidia before the earnings reportIt fell nearly 7% intradayclosed down more than 4%., ARM closed down more than 5%, AMD fell nearly 5%, and Intel rose more than 2%; Tesla fell more than 3%; AI Concept Stock C3AI fell nearly 6%; Walmart rose more than 3% after its earnings report, and its sector rose against the market. The pan-European stock index temporarily left a two-year high, French stocks hit a record high, the European technology sector fell nearly 2%, and ASML fell 25%。
U.S. Treasury yields retreated intraday, with the two-year yield briefly falling more than 10 basis points from a two-month high set in the previous session. The U.S. dollar index hit a fresh low in more than a week. Bitcoin hit 5 intraday$30,000 hit a new high in more than two years, and then fell back to more than $2,000.
* Closed down more than 1%, falling to a three-month high, and cloth oil stopped rising three times in a row. **Closed to a new high in more than a week, London Xi fell for five consecutive years, London aluminum continued to hit a new low in four weeks, and London copper ** to a high of more than two weeks.
In the Chinese market, the Shanghai Composite Index was five consecutive yang, small and micro cap stocks strengthened, SORA and ** drug concept stocks broke out collectively, and the Hang Seng Index closed up 057%。The U.S.-listed Chinese concept stock index fell more than 1%, stopping at Sanlianyang, Xpeng Motors fell more than 5%, and JD.com fell more than 4%. The offshore yuan rose more than 200 points intraday to break through 720, a new high in the past two weeks.
ChinaThe five-year LPR was cut by 25 basis points, forThe largest single drop in history, the one-year LPR was flat before the previous value; Central Bank Executive**: The downward trend of LPR with a term of more than five years will effectively support the economy to continue its upward momentum; A number of banks in Beijing and Shanghai simultaneously lowered mortgage interest rates on Tuesday; Analysts believe that there is still room for adjustment in mortgage rates.U.S. stocks: The Dow fell 017%, and the S&P 500 fell 06%%, Nasdaq fell 092%。Quantitative giantsLingjun InvestmentTwo markets sell 25 in one minute6.7 billion yuanRestricted from trading by the Shanghai and Shenzhen stock exchanges and publicly reprimanded: Lingjun announced late at night: resolutely obey the measures of the exchange and sincerely apologize; Quantitative giant High-Flyerdenied that it had a ** product liquidation.
NvidiaWednesday's after-hours blockbuster earnings report is coming, and Morgan Stanley believes that earnings guidance and B100 chips are the key.
Musk's official announcement:Brain-computer interface company NeuralinkThe first human subject has been basic**You can control the mouse just by thinking
Amazon February 26Will replace WalgreensBecame a component of the Dow Jones
European stocks: Europe's STOXX 600 index closed down 010%。Germany's DAX 30 index closed down 014%。France's CAC 40 index closed up 034%。Britain's FTSE 100 index closed down 012%。
A shares: The Shanghai Composite Index closed at 292273 points, up 042%。The Shenzhen Component Index closed at 890596 points, up 004%。The GEM index closed at 174618 points, down 001%。
Bond marketBy the end of the bond market, the yield on the benchmark US 10-year Treasury note was around 428%, unchanged from last Friday's level; The two-year Treasury yield is around 461%, down about 3 basis points in the day.
commodity: WTI closed down 1 in March01 US dollar, down 128% to 78$18 barrel. Brent closed down 1 percent in April$22, down 146% to 83$56 barrel. COMEX closed up 078% at 2039$8 oz. LME copper closed up $66, up 078% at $8,500 tonnes. LME aluminum closed down $4 at $2,194 tonnes. LME tin futures closed down $13 at $26,421 tonnes.
Domestic macro
China's five-year LPR was cut by 25 basis pointsThe largest single drop in history, the one-year LPR was the same as the previous value of China's one-year LPR in February45%, unchanged from the previous value, and the five-year LPR from 420% to 395%。After the LPR is lowered, the monthly payment of every million housing loans is 150 yuan less. The Financial Times, the head of the central bank, pointed out that the downward trend of LPR with a term of more than five years will effectively support the economy to continue to rebound. In the current situation of insufficient effective demand and weak expectations, maintaining a low interest rate level will help continue to support the recovery of the national economy. A number of banks in Shanghai simultaneously lowered mortgage interest rates on Tuesday, including the first home loan interest rate to 385%, second home loan interest rate 425%。A number of banks in Beijing have simultaneously cut mortgage interest rates since Tuesday. Among them, the interest rate of the first home loan in the six districts of Beijing was adjusted to 405%, 4 for the second set55%。The interest rate on the first home loan in the six non-urban districts has been adjusted to 395%, the second set is adjusted to 45%。Analysts believe that there is still room for mortgage interest rate adjustments. Soochow ** believes that in the choice of stabilizing the exchange rate and stabilizing the economy, the central bank has given a unique answer to the "reduction" heart: first, "emergency" real estate and release a positive monetary policy signal; The second is the idea of "innovation", focusing on the real economy and policy flexibility under the pressure of exchange rates. Ministry of Housing and Urban-Rural Development: In the past month, 214 cities have established a real estate financing coordination mechanism. Since the deployment of the urban real estate financing coordination mechanism in January, as of February 20, 162 projects in 57 cities across the country have received bank financing for a total of 294300 million yuan, an increase of 11.3 billion yuan compared with before the Spring Festival holiday. The quantitative trading reporting system of the Shanghai and Shenzhen Stock Exchange has been implemented smoothly: further strengthen the supervision of transactions of quantitative private equity and other institutions. The Shanghai and Shenzhen Stock Exchanges respectively issued the Notice on Matters Concerning the Reporting of Programmatic Transactions and the Notice on Matters Concerning the Strengthening of the Management of Programmatic Transactions, establishing a special reporting system and corresponding regulatory arrangements for quantitative trading, which will be officially implemented on October 9, 2023. National Health Commission: Establish a national poliovirus storage regulatory agency. The main responsibilities of this agency are to coordinate and promote the certification of essential poliovirus facilities in China, including specifically responsible for the formulation of rules for the work of regulatory agencies, organizing the mapping and updating of the list of potential polio facilities, organizing relevant experts to set up a review team to certify polio facilities, maintaining the strength of the expert team, and maintaining communication and liaison with the World Health Organization according to the division of responsibilities. Domestic companies
The quantitative giant "Lingjun invests in one minute, and the two markets sell 25."6.7 billion yuan, which was restricted from trading by the Shanghai and Shenzhen stock exchanges and publicly condemned. The Shenzhen Stock Exchange and the Shanghai Stock Exchange issued a document saying that on February 19, Ningbo Lingjun sold a total of 25 in 1 minute in the two cities6.7 billion, during which the Shenzhen Component Index and the Shanghai Composite Index fell rapidly, affecting the normal trading order. : Lingjun announced late at night: resolutely obey the measures of the exchange and sincerely apologize; According to the announcement, the company will deeply learn lessons, more carefully study relevant laws and regulations and trading rules, effectively enhance compliance awareness, ensure smooth and balanced transactions in the whole process of trading, effectively maintain normal market trading order, and fully protect the legitimate rights and interests of investors. Quantitative giant High-Flyer denied that it had its best products liquidated. Recently, due to the unsatisfactory response to different environmental strategies, a number of quantitative institutions, including High-Flyer's ** products, have had a large excess drawdown. There are market rumors that High-Flyer, a leading quantitative institution, has a product liquidation, to which High-Flyer responded that there is no product liquidation, and at the same time said that the company has never done any DMA leveraged trading. **Announced the establishment of a live streaming e-commerce company. **The purpose of the establishment of the live broadcast e-commerce company and the opening of the fully managed business is that as the live broadcast e-commerce industry gradually tends to stabilize from high-speed growth, it has embarked on a path similar to that of integrated e-commerce, and it is necessary to open up new space through product quality and refined operation, while maintaining the attractiveness of existing users. The live broadcast e-commerce industry will go from "over-the-top" to "competing for the stream". Overseas macro
The size of the U.S. currency** has not been reduced. U.S. inflation and other economic data have once again weighed on expectations of interest rate cuts, and U.S. individuals and businesses have increased their cash holdings. Commodities join the "1995 remake" discussion: after the Fed cut interest rates, commodities rose 20%. JPMorgan Chase & Co. believes that commodity markets are expected to "regenerate" the boom of the 90s of the last century, or even more violently. Goldman Sachs and hedging ** entered the game, and uranium became the new hot transaction on Wall Street. The rise in uranium prices has caused financial institutions to flock in, and physical uranium and related products have been popular. The Red Sea crisis has reshaped the global fuel landscape, and Indian diesel has shifted to Asia. Due to the increase in freight rates due to the ongoing turmoil in the Red Sea, it has become more attractive for carriers and commodity operators to export goods to Asian countries. Overseas companies
The fastest large-scale model explosion in history, AI chip startup GROQ became popular overnight, and the speed of self-developed LPUs crushed Nvidia GPUs. Nvidia's challenger, GROQ, is here. Abandon GPUs and develop their own LPUs. Text is generated faster than the blink of an eye. The inference scenario speed is 10 times faster than that of NVIDIA GPUs, but the ** and power consumption are only one-tenth of the latter. What does Nvidia's earnings report look at? Morgan Stanley:Earnings guidance, B100 is key。Morgan Stanley expects Nvidia to once again show strong profitability while its revenue guidance remains optimistic, and the emergence of the next generation of GPU chips, the B100, will allow it to continue to change the rules of the AI game. On the eve of the earnings report, Nvidia announced a key event: the 2024 Graphics Technology Conference (GTC), known as the "first conference of AI developers", will officially open on March 18 local time, and may release more new details about the B100, and the conference may also introduce the next generation of Blackwell architecture and GB200 products, and discuss new general-purpose GPUs. Musk's official announcement: The first human subject of brain-computer interface company Neuralink has been basically **,You can control the mouse just by thinking。Musk said that "the brain-computer interface trial is going very well". The study surgically implants a brain-computer interface into an area of the brain that controls the intention to move, and the initial goal is to enable people to control a computer mouse or keyboard with their minds, Neuralink previously said. The bad debts of the six major banks on Wall Street have exceeded the banks' loss reserves. The U.S. commercial real estate woes could become the biggest potential crisis in the next two years, as the six major U.S. banks face worsening commercial real estate loan defaults, but the big banks are dealing with non-performing loan reserves falling instead of rising. European auto giants are reportedly considering teaming up with industry rivals to produce cheaper electric cars. Renault CEO Luca de Meo is currently proposing an automotive industry alliance similar to that of Airbus. Microsoft is quietly making efforts to reduce its reliance on Nvidia: developing alternatives to network cards. ** Said that the network card developed by Microsoft is similar to NVIDIA's ConnectX-7, and the development may take more than a year, if the development is successful, it can not only save Microsoft's money, but also reduce the time for OpenAI to train AI large models with Microsoft servers. On February 26, Amazon will replace Walgreens as a component of the Dow Jones. 1、hbm|According to ** report, SK hynix officially ended the development of HBM3E in mid-January, successfully completed NVIDIA's performance evaluation that lasted for half a year, and plans to start large-scale production of fifth-generation HBM3E high-bandwidth memory products in March, and the first batch of products to NVIDIA next month.
Comments: Analysts believe that HBM effectively solves the memory bottleneck problem and is the best solution to meet AI needs at present, and the strong demand for HBM also benefits packaging, materials, equipment and other links. SK hynix expects HBM to account for 15-19% of the total DRAM market in 2024, of which SK hynix's 2024 HBM3 and HBM3E production capacity is fully booked, and customers are still discussing additional demand.
Robots|According to reports, recently, TTBOT, an expert in the core components of robots, launched the world's first universal humanoid robot platform with humanoid spine function, which can realize the omnidirectional movement of the waist of the humanoid robot, provide force and support for the body, and have some core functions of the human spine. In addition, through exquisite manufacturing technology, Tiantai maximizes the transmission rigidity and transmission efficiency of the robot joint. The humanoid robot is about 165 meters, the whole body has a total of 64 degrees of freedom, its walking speed can reach 5km h, and it also has a variety of abilities such as jumping, going up and down stairs, climbing, etc., and can be widely used in various scenes in production and life in the future.
Comments: Tiantai Robot has strong self-research capabilities, and will open source the entire program, its independent research and development of high-performance drive components, harmonic reducers, hollow joints, encoders, motor drives and other key components, Tiantai said that all components will be opened to the market in the future. The agency believes that this will not only accelerate the localization of core components, but also reduce the overall manufacturing cost of humanoid robots and promote the commercialization process. In addition, with the continuous maturity of AI large-scale model technology, humanoid robots are accelerating their evolution, and 2024 will become the "first year of commercialization of humanoid robots".
Heavy trucks|According to the data of the China Association of Automobile Manufacturers, in January 2024, China's truck market (including chassis and tractors) sold a total of 28880,000 units, down 7% m/m and up 82% y/y. Among them, the heavy-duty truck market (including chassis and tractors) sold 9690,000 units, up 86% m/m and 99% y/y.
Comments: Xiangcai** believes that at present, the snack retail end is undergoing channel changes, and the mass snack store is expected to efficiently undertake the traffic transfer from traditional stores and supermarkets, ushering in a period of rapid development. At the same time, the domestic sinking market has a solid consumption foundation and broad space, and the cost-effective snack mass sales format has entered an accelerated growth stage after the epidemic. With the continuation of channel dividends and the continuation of the downward trend of cost raw materials, the profit elasticity of the snack sector is expected to be further released.
Brain Science|According to Jiemian News on February 20, Musk revealed at the Spaces event on the social ** platform X that the first human subject of the brain-computer interface company Neuralink "seems to have been completely ** and can move the mouse on the computer screen with only his thoughts".
Comments: Southwest ** said that Neuralink has made a milestone in the field of brain-computer interfaces, marking an important step forward on the road of human direct communication with machines. Neuralink's range of products heralds a possible communication revolution and opens up new possibilities for the future of medical and technological convergence.
Live streaming|According to reports, recently, ** has enlarged its move and established a live broadcast e-commerce company to provide "nanny-style" fully managed operation services for celebrities, KOLs, and MCN institutions who are interested in entering Taobao and start broadcasting. The reporter learned that this service is mainly for "novice players" who have just entered Tao, providing them with refined hosting and operation services to help them get started quickly and adapt to the ecological gameplay of Tao.
Comments: As the pioneer and main position of e-commerce live broadcast, relying on the most abundant product pool and the most professional e-commerce operation team in the industry, it has become the terminal of top institutions and celebrity online celebrity live broadcast entrepreneurship. Seven of the top 10 live broadcast agencies in the industry have taken root**. In the second half of the live broadcast of goods, in the context of Internet celebrities and anchors seeking steady growth across platforms, the launch of "nanny-level" full hosting services, with the advantages of the platform to provide celebrities and Internet celebrities with product selection, chain and operation services that they were not good at, can allow institutions to release greater energy, open up new growth space, and create the largest growth dividend in the live broadcast industry in 2024.
Nvidia reports its financial results.
The Federal Reserve publishes the minutes of its monetary policy meeting.
Atlanta Fed President Bostic speaks.
G20 foreign ministers meet to prepare for the November summit.
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