Market analysis on March 18

Last week, the US stock market turned into a full week decline due to another fall on Friday. The Nasdaq index closed down nearly 1%, and the S&P 500 index and the Dow Jones Industrial Average fell for the second and third consecutive weeks, respectively. The overall performance of chip stocks was poor, with a cumulative decline of 4%, the second largest weekly decline since the beginning of the year. Although Nvidia once rose nearly 2% in the intraday period, it eventually fell only slightly by 0.1%. The cumulative increase for the whole week was less than 0.4%, and it continued to rise for ten consecutive weeks. Relatively speaking, AMD rebounded on Friday, rising more than 2%, but was still losing nearly 8% throughout the week. Among AI concept stocks, Adobe fell nearly 14% after announcing earnings reports.

As an “AI weather vane”, Nvidia hosted the GTC 2024 conference from March 18 to 21 and unveiled the latest breakthrough results in the fields of accelerated computing, generative AI, and robotics. The results of this conference may have an important impact on the direction of AI technology development.

In the international market, the Pan-European stock index fell for two consecutive days. Despite this, it continued to rise for eight consecutive weeks, setting the longest weekly gain since 2018. The French, Italian, and Spanish stock markets all hit record highs. US Treasury yields hit another two-week high, rising more than 20 basis points in a week. The US dollar index hit a new weekly high and recorded its biggest weekly gain in two months. Although the price of crude oil fell, it has accumulated a cumulative increase of nearly 4% throughout the week, and the price of US crude oil remained at the 80 US dollar mark. The price of gold fell for two consecutive days, reaching a new low of more than a week. Bitcoin once fell by more than $65,000 over the weekend, down nearly $9,000 from the all-time high set on Thursday.

In the Chinese market, the Chinese stock index fell for two consecutive days during the US stock trading session, but the cumulative increase for the whole week was nearly 4%. Ideal Auto closed Friday up more than 2%. The offshore RMB exchange rate against the US dollar fell for four consecutive days and failed to recover from the 7.20 mark throughout Friday. The A-share market closed slightly higher after experiencing bottoming out. The Beijing Stock Exchange 50 Index rose more than 3%, and northbound capital bought more than 10 billion yuan during the week.

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