On February 6, local time, the three major U.S. stock indexes closed slightly higher, and the major stock indexes partially recovered the losses suffered on Monday. The Dow rose 037%, the Nasdaq rose 007%, the S&P 500 rose 023%。
The market continues to focus on the Fed's monetary policy path and U.S. stock earnings. Cleveland Fed President Loretta Mester said the Fed will be more confident of cutting interest rates later this year. Minneapolis Fed President Neel Kashkari welcomed the recent pullback in inflation, but stressed that the central bank has not yet achieved its anti-inflation target. Yellen said commercial real estate is a cause for concern, and regulators are focusing on the issue, and said regulators and financial institutions should deepen their understanding of AI.
Fed's Mester: The Fed will be more confident of cutting interest rates later this year
On February 6, local time, the three major U.S. stock indexes closed slightly higher. The Dow rose 14124 points, an increase of 037% at 3852136 points; The Nasdaq rose 1132 points, an increase of 007% at 1560900 points; The S&P 500 rose 1142 points, an increase of 023% at 495423 o'clock.
Fed Chair Jerome Powell reiterated on Sunday that the Fed is unlikely to cut interest rates at its March meeting. His comments caused the US 10-year Treasury yield to rise sharply on Monday, and US stocks closed the day lower.
Markets continued to focus on comments from several Feds** on Tuesday, including Cleveland Fed President Loretta Mester, Minneapolis Fed President Neel Kashkari and Boston Fed President Collins, among others.
Investors will want to get a better idea of the Fed's future monetary policy path from their speeches.
Cleveland Fed President Mester cautioned against cutting interest rates too early and too quickly, signaling that there is no rush to start cutting rates at this time, saying that the Fed may be more confident about cutting rates "later this year" if the economy develops as expected.
At the same time, she said the Fed would like to see more evidence that inflation is coming down to its 2% target and that borrowing costs should not be lowered too soon.
Speaking in a written speech Tuesday at an event in Columbus, Ohio, Mester said, "It would be a mistake to cut interest rates too early or too quickly in the absence of sufficient evidence that inflation is continuing to fall toward the 2% target." If the economy goes as expected, then I think we'll have more confidence later this year to start cutting interest rates. ”
Mester said it still favors three rate cuts in 2024;Reluctance to provide a timeline for interest rate cuts, believing that there is no urgency to cut interest rates. More data is needed before the interest rate can be decided.
A number of Feds**, including Chair Powell, have made similar remarks in recent weeks.
Minneapolis Fed President Neel Kashkari welcomed the recent pullback in inflation, but stressed that the central bank has not yet achieved its anti-inflation target.
One of the amazing things that happened in the last six to nine months is that inflation has come down very quickly," Kashkari said Tuesday at an event in Mankato, Minnesota, "We're not quite on target, but we've made a lot of progress on inflation." ”
Referring to the 3-month and 6-month inflation measures "basically" reaching 2%, Kashkari said, "If we just think that we will continue to experience what we have been experiencing, which is that inflation is expected to return to the 2% target, I don't want to say that the mission has been accomplished".
Kashkari said the U.S. is "very promising" to avoid a recession this year against the backdrop of a strong labor market. However, he believes that the global and domestic economies are at risk of geopolitical turmoil.
U.S. earnings remain the focus of market attention. So far this year, U.S. stocks have strengthened, driven by stronger-than-expected optimism about the economy, with the S&P 500 hitting record highs for the first time since 2022. The stellar performance of super technology stocks in the fourth quarter of last year also boosted market sentiment.
The Nasdaq China Golden Dragon Index rose nearly 6%.
Popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index rose 593%。
iQiyi, Bilibili, and Weilai rose more than 12%, Xiaopeng Motors rose more than 11%, Kingsoft Cloud, Li Auto rose more than 10%, JD.com rose more than 7%, Vipshop, NetEase rose more than 6%, Tencent**, Ctrip rose more than 5%, Alibaba rose more than 4%, Pinduoduo, rose more than 3%, Huya rose more than 2%, and New Oriental rose more than 1%.
Alibaba closed 482%, with a turnover of nearly $3 billion. According to reports, Alibaba Group's B2B e-commerce "1688com" is about to land in the Korean market, which has attracted the attention of the local e-commerce industry. The industry is already grappling with the competitive pricing strategies of Chinese direct sourcing platforms such as AliExpress and Temu. “1688.com" has further exacerbated concerns that domestic companies could face stiff competition from Chinese companies. According to industry sources, Alibaba plans to launch "1688."com" launched a Korean-language service, independent of its existing platform, AliExpress. It is generally believed in the industry that "1688com targets wholesalers and sells products at half the normal retail price, which makes it more competitive than AliExpress and Temu.
On the news side, from 5 to 6 February, the Sino-US Economic Working Group held its third meeting in Beijing, and Finance Minister Lan Foan attended the meeting and had a brief exchange with the US side.
The meeting was co-chaired by Vice Minister of the Treasury Liao Min and US Deputy Secretary of the Treasury Chambaugh, and attended by relevant departments of the economic fields of the two countries. In accordance with the three-point consensus reached at the San Francisco Summit, China and the United States conducted in-depth, candid, pragmatic and constructive exchanges on the macroeconomic situation and policies of the two countries, G20 financial cooperation, developing countries' debt, industrial policies and other issues. The Chinese side expressed concern over the US tariffs on China, two-way investment restrictions, and sanctions against Chinese companies. The two sides agreed to continue to communicate.
On February 6, ** Huijin Company announced that ** Huijin Company fully recognized the value of the current A** field allocation, and has recently expanded the scope of exchange-traded open-end index ** (ETF) holdings, and will continue to increase its holdings, expand the scale of holdings, and resolutely maintain the smooth operation of the capital market.
The China Securities Regulatory Commission said that it firmly supports ** Huijin Company to continue to increase the scale and intensity of its holdings, and will create more convenient conditions and smoother channels for its market entry operations.
At the same time, the China Securities Regulatory Commission (CSRC) responded to matters such as the "two financings" margin financing and securities lending business, severely punishing market manipulation and malicious short-selling, enhancing the investment value of listed companies, and supporting mergers and acquisitions.
New York community banks fell more than 22%.
In terms of sectors, nine of the 11 major sectors of the S&P 500 Index rose and two fell. The materials sector and the real estate sector each ended with 170% and 1A 49% gain led the gains, with the technology sector and the communication services sector each **048% and 021%。
Big tech stocks were mixed in half. Tesla rose more than 2%, Boeing, Apple, ASML, TSMC, Google A, Intel, Qualcomm slightly**, Microsoft, Amazon, Oracle slightly**, Meta, Netflix, Nvidia, Broadcom fell more than 1%, and Chaowei Semiconductor fell more than 3%.
Nvidia closed down 16%, with a turnover of 459$2.5 billion. The company will report results on Feb. 21, with Goldman Sachs and BofA both raising their price targets to $800. At the beginning of 2024, Nvidia's stock price continued to rise, and in about 6 weeks, the market value increased by about $500 billion, which is almost equivalent to the market value of the entire Tesla. Driven by the AI boom, Nvidia's stock price has soared by more than 200% in the last year. So far this year, it has risen by nearly 38%, and the latest market value is 1$69 trillion. In contrast, Musk's Tesla's share price has risen by nearly 26% this year, and its market value has shrunk to $589.5 billion.
Tesla**223%, 223$7.3 billion. More than 5,800 Tesla** shareholders signed a joint letter in just four days, asking Tesla's board of directors to support Musk's 2018 compensation plan and asking the board of directors to develop a new compensation plan for Musk. The compensation plan was declared null and void last week by a Delaware judge who found that Tesla's huge option award package granted to Musk in 2018 was unfair. But Musk has already taken all the rewards, with a total value of more than $55 billion. Tesla's shareholders believe that Musk has achieved the goals set in the compensation plan, so they want to confirm that they will continue to pay the promised compensation package.
Apple**086%。Apple's first headset device, Vision Pro, was officially launched in the United States a few days ago, and it quickly sparked a craze. Many analysts believe that,Aside from hardware technology,At present, the most critical problem facing Vision Pro is application,At present, there are very few native applications of this device,The vast majority of applications are compatible versions of mobile phone or tablet applications,Just a flat window suspended in front of the user。 On the other hand, the Vision Pro has only been on sale for a few days, and some examples of dangerous use have already appeared. There was a man who was driving in autopilot mode, his hands were not controlling the steering wheel, but controlling the application in Vision Pro, and the man was quickly spotted and stopped by the traffic police. In response to these problems, Apple calls on users to use new technologies wisely and always put safety first.
Financials were mixed. Barclays rose more than 1%, MasterCard, BlackRock, Goldman Sachs, Visa, JPMorgan Chase, Allstate Insurance, Morgan Stanley, MetLife, Bank of America, Bank of New York Mellon slightly**, United Bank of America flat, Travelers Insurance, American Express, American International Group, Citigroup, Hartford Financial, Capital One Financial, Regional Finance, Schwab, Wells Fargo slightly**, Deutsche Bank, Mizuho Financial fell more than 2%.
UBS Group fell more than 5%. UBS's fourth-quarter 2023 revenue grew but earnings fell short of expectations.
New York community banks fell more than 22%.At one point, New York Community Bank was at 25 percent, the lowest level since June 2000. Since the bank cut its dividend and raised its loan loss provision to protect against an accident with its commercial real estate loans, its share price has exceeded 50%. "If Moody's or Fitch act on their respective negative observations and outlooks, the issuer rating of the New York Community Bank will be downgraded to junk, making it difficult for the bank to issue $4 billion in senior bonds to meet the new requirements for regional banks with more than $100 billion in assets," industry research analyst Arnold Kakuda wrote in a note on Tuesday.
Energy stocks are the majority**. British Petroleum rose more than 6%, Apache Oil, Caron Oil, Imperial Oil rose more than 2%, Petrobras, ConocoPhillips, Shell, Occidental Petroleum rose more than 1%, Marathon Oil, ExxonMobil, Chevron slightly**, Duke Energy, Schlumberger, U.S. Energy slightly**.
BP rose 638%。BP's adjusted earnings per ADS for the fourth quarter of 2023 exceeded expectations, and it plans to repurchase 17. per quarter in the first half of the yearUS$500 million**.
Editor-in-charge: Zhu Yumeng.
Proofreading: Li**.
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