Market analysis on March 8

Today is March 8. Last night, US Federal Reserve Chairman Jerome Powell reiterated expectations of interest rate cuts in his latest Senate testimony, triggering optimism in the market that monetary policy may be relaxed. He pointed out that the time to be confident of cutting interest rates is not far away. At the same time, he emphasized the risk of cutting interest rates too late, and said that monetary tightening policies will be carefully removed. Powell's series of statements boosted the US stock market. The NASDAQ index and the S&P 500 index rose sharply, respectively, close to or hit record highs.

Against this backdrop, the strong performance of technology stocks and chip stocks. In particular, the stock prices of Nvidia and TSMC reached new highs, which led to a rise in the overall chip stock index. Despite Apple's seventh consecutive day of decline, Meta rose more than 3% to a record high, showing the market's divided attitude towards different tech giants.

Powell's speech also hinted that the Federal Reserve is expected to increase its holdings of short-term bonds, which has led to a decline in short-term US bond yields. In Europe, after the announcement of the ECB's decision, stock markets in Germany, France, Italy, and Spain all hit record highs, and market sentiment is generally optimistic. In other financial markets, the 10-year US Treasury yield hit a new low of more than four weeks, the US dollar index hit a six-week low, while gold futures hit record highs for five consecutive days. The prices of copper and bitcoin also showed upward momentum.

In the Chinese market, during the US stock trading period, the overall performance of Chinese securities declined, but the offshore RMB exchange rate against the US dollar hit a new high of nearly two weeks. There was a correction in the A-share market. The GEM index and treasury bond futures closed down, but some brokerage stocks rebounded at the end of the session, and individual stocks in the Yao Ming series experienced a collective sharp decline, reflecting the market's divided attitude towards different sectors and individual stocks.

======= I am a dividing line =======

Moomoo account opening link: