The Nasdaq index turned down during the intraday period, with the Dow hitting record highs for two consecutive days, with S&P closing up more than 1% this week; the tech giant “Seven Sisters” had a sharp intraday decline; Tesla closed down nearly 3%, Nvidia rose nearly 5% at the beginning of the market; the market capitalization broke through $2 trillion, up 0.4%, and the earnings week went up 8.5%; the chip stock index fell more than 1%, but Arm closed up nearly 4%; AI “demon stocks” (SMCI) fell nearly 12%. China's stock index rose three times in a row and two weeks in a row, while NIO fell nearly 8%, and Xiaopeng Motors fell more than 5%. The pan-European stock index, German stocks, and French stocks continued to hit record highs. The technology sector declined, and ASML fell more than 1%.
The two-year US Treasury yield fell after hitting a new high for more than two months, and continued to rise for four weeks. The US dollar index stopped rising for seven weeks, falling weekly for the first time since the beginning of the year. The offshore RMB fell by more than 100 points to 7.21 in the intraday period, but it continued to rise for two weeks in the Year of the Dragon.
Crude oil fell sharply the next day after hitting a three-month high. For the first time this month, US oil fell nearly 3% to a new two-week low. Gold rebounded to a two-week high. Luntong fell to a three-week high and continued to rise for two weeks; Lunxi hit a three-month high in three consecutive months, rising nearly 7% in one week.
Nvidia's earnings report, which crushed expectations, continued to support the upward trend in US stocks, and the S&P and Dow continued to reach record intraday highs. However, most leading technology stocks and chip stocks, including Nvidia, have declined in the intraday market, dragging down the NASDAQ's high position for more than two years, and S&P once turned down. Despite the decline in gains on Friday, major US stock indexes continued to rise throughout the week, supported by strong gains on Thursday. The China Securities Index continues to rise and has maintained a steady weekly upward trend since entering the Year of the Dragon for two weeks.
Nvidia's market value at the beginning of the session set a precedent where the market value of chip stocks broke through 2 trillion US dollars at the beginning of the session. Although most of the gains at the beginning of the session were not recovered after the “flash drop” in the intraday period and fell below the 2 trillion mark, with a sharp rise on Thursday after the release of the earnings report, the increase for the whole week far exceeded last week. According to S3 Partners analysis, Nvidia's high rise on Thursday caused short sellers to lose about 3 trillion US dollars, and bears experienced a “nightmare made by artificial intelligence (AI).” Bank of America analysts believe that in the future period of monetary easing, the rise in AI concept stocks and market optimism about economic growth are part of the “magic” that will drive the stock market to rise further.
The US did not release important economic data on Friday, nor did Federal Reserve officials speak. Before PCE and GDP were released next week, the price of US Treasury bonds, which had been falling for several days, rebounded, and yields fell. The yield on the benchmark ten-year US Treasury fell 4.30% after hitting a new high in more than two months. At one point, it fell 10 basis points from its high level. Due to the decline on Friday, it changed from rising to falling throughout the week. The yield on two-year US Treasury bonds, which are sensitive to interest rates, turned down in the middle of the day after hitting a new high for more than two months. The upward trend remained unchanged throughout the week, and continued to rise for four weeks.
In the foreign exchange market, the US dollar index failed to escape its decline on Friday. At one point, it was close to the four-week low set on Thursday. After continuing to rise for almost two months, this week it will fall for the first time in a single week since the beginning of 2024. The commentator said that the US dollar's continuous rise for many weeks this year is based on the situation where market interest rate cuts are close to those predicted by the Federal Reserve, and traders' pricing may reflect the possibility that the US economy will begin to slow down. Starting with the February non-farm payroll data released on March 8, there will be a series of data showing a weaker economy.
Among commodities, gold, which has declined over the past few days, has rebounded, locking in this week's gains. International crude oil showed a dramatic reversal. It fell sharply after hitting a new high of more than three months on Thursday, falling at least 3% in the intraday period. US oil closed down to a two-week low, and oil sales hit a new low of more than a week, reversing this week's upward trend and entering the first weekly decline since February. The review said that the expectation that the Federal Reserve has repeatedly hit the market to cut interest rates is the driving force behind the decline in oil prices. On Thursday night, Federal Reserve Governor Waller, who has permanent voting rights at the FOMC meeting of the Federal Reserve's Monetary Policy Committee during his tenure, said that the Federal Reserve should delay the start of interest rate cuts for at least a few months. If interest rate cuts are postponed, it means that economic growth will slow down and demand in the oil market will be curtailed.
The Nasdaq index fell during the intraday period, and the Dow made history for two days. The high-tech giant “Seven Sisters” once fell sharply during the intraday period, and chip stock indices and AI concept stocks fell
The three major US stock indexes collectively opened higher for two consecutive days, with mixed intraday performance. The Nasdaq Composite Index rose nearly 0.6% at the beginning of the session, hitting a new intraday high since November 2021, and continued to decline. It turned down more than an hour after opening. It fell more than 0.5% in early trading, and then fell back down after turning higher in midday trading. For the first time in early trading history, the S&P 500 index rose above 5,100 points during the day, rising nearly 0.5% during the day, and continued to take back gains. It turned down and fell 0.1% in early trading, then turned slightly higher, and regained most of its gains at the end of the session. The Dow Jones Industrial Average maintained its gains. It rose more than 210 points or 0.6% in early trading.
In the end, of the three major indices, only the NASDAQ closed down, falling 0.28% to 15996.82 points, falling to its closing high since November 22, 2021, which was refreshed on Thursday. S&P closed up 0.03% to 5088.80 points, and the Dow closed up 62.42 points, or 0.16%, to 39131.53 points. Both closed higher for three consecutive days and hit record closing highs for two days.
The tech-heavy Nasdaq 100 Index closed down 0.37% after falling in early trading, falling to a record closing high created by stopping three consecutive declines on Thursday. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, fell 0.31% after falling in early trading, falling from the historic closing high created by Thursday's rebound, and has risen 2.28% this week. The small-cap stock index Russell, which is mainly value stocks, fell nearly 0.5% at the beginning of the 2000 session. It turned up at the end of early trading and closed up 0.14%. It continued to break away from its closing low since last Tuesday, February 13, when it fell for three consecutive days on Wednesday.
Due to the sharp rise on Thursday, all major stock indexes have surged this week. The S&P, which closed up 3.1% on Thursday, rose 1.66%; the Dow, which rose nearly 1.2% on Thursday; the NASDAQ, which rose nearly 3% on Thursday, rose 1.4%; and the Nasdaq 100, which rose 3% on Thursday, all rebounded after ending five weeks of continuous gains last week. They have been rising for the sixth week in the eight weeks since the beginning of 2024, and falling only in the first week and last week since the beginning of the year. Meanwhile, Russell fell 0.79% in 2000, falling back after two weeks of continuous gains.
Among the major sectors of the S&P 500, only four closed down on Friday. Energy hit by falling crude oil fell nearly 0.6%, Tesla's non-essential consumer goods fell more than 0.3%, Apple and Microsoft's IT fell nearly 0.3%, and Meta's communications services fell 0.2%. Among the seven sectors that closed higher, utilities led the way with a 0.7% increase. All sectors rose this week. With the exception of real estate, which rose by nearly 0.9%, and energy, which rose more than 0.4%, other sectors rose at least 1%, non-essential consumer goods rose by more than 2%, IT rose by about 2%, and materials rose by nearly 2%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, all seven major technology stocks have declined in the intraday. Among them, Tesla, which had the highest decline, fell 3% in midday trading and closed down nearly 2.8%. This week's decline was about 4%. After three weeks of continuous growth, it fell short of nearly 14% in the week the earnings report was released and the week of January 26.
Among the six major FAANMG technology stocks, Meta rose nearly 1.7% at the beginning of the session, hitting a record high in early trading, falling down 0.4% from Thursday's rebound, closing down 0.4%; rising two times to February 13, closing down 1%; rebounding to Microsoft, which is high since February 12, closing down 0.3% on Thursday; Alphabet, which has been high since February 14, closed down slightly; it rebounded on Thursday until Netflix, which has been high since February 15, closed down 0.8%; while Amazon closed up 0.2% Refresh since November 2021 on the 3rd and 2nd High rank.
Most of these tech stocks have been rising this week. Amazon has risen more than 3%, Alphabet has risen by nearly 2.5%, Meta has risen by more than 2%, Microsoft has risen by more than 1%, Apple has risen by about 0.1%, and Netflix has fallen less than 0.1%.
Chip stocks generally turned down in early trading and outperformed the general market. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX closed down about 1.1%, falling to historic closing highs created by Thursday's rebound, and climbed 1.9% and 1.8% respectively this week. Among individual stocks, Nvidia, which surged 16% on Thursday, rose to $823.94 at the beginning of the session, continuing to hit a record high of 4.9% during the day, with a market capitalization of more than $2 trillion, and continued to decline thereafter. It had fallen by more than 1.2% in early trading, up nearly 2% at the end of early trading, up nearly 0.4%, and a market capitalization of less than $2 trillion. The increase was over 0.7% last week; the AMD market, which rose more than 10% on Thursday, initially turned down and closed down nearly 3% on Thursday Broadcom fell more than 1% in early trading and closed down nearly 0.7%, while reversing the market and fell more than 1% on Thursday After falling more than 0.7% in early trading, Intel turned up and closed slightly higher. Arm, which rose more than 4% on Thursday, continued to rise. It had risen 5.8% in early trading and closed up 3.7%.
AI concept stocks generally declined. By the close, ultra-micro computers (SMCI) fell 11.8%, BigBear.ai (BBAI) fell more than 5%, Palantir (PLTR) fell more than 2%, C3.ai (AI) fell nearly 2%, and SoundHound.ai (SOUN) fell more than 1%. Synopsys (SNPS), which rose nearly 7% on Thursday after announcing excellent earnings reports and guidelines, fell 0.9%, while Adobe (ADBE) rose nearly 3%.
Popular Chinese securities have generally declined in the intraday period. The Nasdaq Golden Dragon China Index (HXC) fell nearly 0.5% after falling in early trading, then turned up and rose nearly 0.7%, rising for the 3rd to the highest level since January 5. This week it has been rising 1.7%, and has continued to rise since entering the Year of the Dragon. The three new car builders fell sharply in early trading. After J.P. Morgan downgraded its rating to low due to lower revenue expectations and lack of new models to be launched compared to rivals, NIO Auto closed down 7.7%, Xiaopeng Motor closed down 5.6%, and Ideal Auto fell by more than 1% in the market, closing down 0.5%. Among other individual stocks, at the close, Ctrip rose nearly 6%, Jinshan Cloud rose more than 3%, New Oriental rose nearly 2%, Baidu rose 0.7%, and Tencent Fan rose slightly, while Pinduoduo fell 3%, Station B fell 2.5%, JD fell nearly 0.3%, and Alibaba and NetEase fell about 0.2%.
Among the individual stocks that announced financial reports, payment company Block (SQ) closed up 16.1% after announcing fourth-quarter revenue that was higher than expected and gross profit surged 22% year over year, and gross profit in 2024 was expected to increase by at least 15%; the second-quarter EPS loss was less than half of analysts' expectations, and Carvana (CVNA), a used car online retail platform that achieved annual profit for the first quarter, closed down 32.1%; while total orders and EBITDA profit guidance for the first quarter fell below expectations 10.1%; e-commerce MercadoLibre (MELI), which had zero year-on-year profit growth in the fourth quarter and operating profit far below expectations, closed down 10.4%; medical equipment company Insulet (PODD), whose revenue guidance growth in the first quarter fell short of expectations, closed down nearly 6.6%.
Furthermore, after announcing four-quarter losses that were higher than expected on Thursday, electric vehicle manufacturer Rivian (RIVN) was downgraded by UBS from buying to selling and slashed its target price from $24 to $8, and the stock price closed down 12% on Friday; after announcing weak full-year guidance, J.P. Morgan Chase downgraded its rating from overallocated to neutral medical device company Penumbra (PEN), closed down 9.2%.
In terms of European stocks, European stocks generally continued to rise, but the speeches of ECB President Lagarde and other ECB officials dampened market sentiment. Lagarde said that the fourth quarter wage growth data is encouraging, but not enough to convince the central bank that it has overcome high inflation. Bundesbank President Joachim Nagel said that there is currently not enough evidence that inflation is under control, and the ECB should resist the temptation to cut interest rates early, especially before the release of key wage data for the second quarter of this year.
The pan-European stock index rose two times in a row. The European Stoxx 600 Index closed at a record high for two consecutive days. Most of the major European countries' stock indexes continued to rise. French stocks reached record closing highs for seven consecutive trading days. German stocks rose three times in a row, closing at record highs for two consecutive days. The Italian and British stock indexes rose four times in a row and two, respectively, while the Spanish stock index fell slightly after four consecutive gains.
Among various sectors, automobiles, which rose more than 1.1%, and chemicals, which rose about 1%, rose 0.8%. Thanks to a 13% increase in profits in 2023, the UK Standard Chartered Bank, which announced a $1 billion repurchase plan and paid dividends to shareholders, rose 4.9%; while technology reversed the market and fell nearly 0.4%. Among the constituent stocks, ASML, the highest market capitalization chip stock in Europe, which surged more than 5% on Thursday, closed down nearly 1.4%.
Among other individual stocks, although core profit is expected to rebound in 2024 and says it wants to cut annual costs by another 1 billion euros, German chemical giant BASF closed down 0.5%; after announcing plans to allocate 60% of its Polestar shares worth about SEK 9.5 billion to Geely, Volvo, which is listed at Reddy, fell 4.9%.
The Stoxx 600 index rose for five consecutive weeks this week, rising more than 1% every week for two consecutive weeks. European stock indices have mostly risen. Italian stocks have risen by more than 3% for five weeks, German stocks and French stocks have been rising for three weeks, and Western stocks have rebounded for two weeks, while British stocks, which rebounded last week, have declined slightly.
Part of this is due to the rise on Friday. The automobile and chemical sectors both rose by about 3.5% this week. Automobiles led the rise for two consecutive weeks, banks rose nearly 1.9%, while basic resources in the mining sector, which rose more than 2% last week, fell by nearly 3%. Technology, which reversed the market and fell slightly last week, fell by nearly 0.3%. Last week, oil and gas, the only sector that had declined.
The two-year US Treasury yield hit a new high for more than two months, then declined and continued to rise for four weeks
The yield on US 10-year benchmark treasury bonds rose 4.35% before the European stock market, rising to a high level since December 1, 2023 for 2 consecutive days, and continued to fall. US stocks fell 4.30% in early trading, fell 4.25% to a new daily low in midday trading, falling slightly more than 10 basis points from the daily high, about 4.25% at the end of the bond market, falling about 7 basis points during the day. The yield on US bonds with other maturities fell after two consecutive days of rise, falling by about 3 basis points this week. Decreased in the second week.
The 2-year US bond yield, which is more sensitive to interest rate prospects, rose above 4.74% in early trading, and rose about 3 basis points during the day. At the end of early trading, the US stock market broke 4.70%, and then dropped 4.67% to a new daily low. After refreshing the high since the first day of the Federal Reserve interest rate meeting on December 13 last year on Thursday, it also refreshed the high level since December 11 last year, falling more than 7 basis points from the daily high. By the end of the bond market, it had a cumulative increase of about 5 basis points during the week. This week, it climbed for the sixth week in the last 11 weeks.
The US dollar index fell weekly for the first time since the beginning of the year, and the offshore RMB fell by more than 100 points and fell below 7.21, but the Dragon Year continued to rise for two weeks
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, turned down several times in the intraday session. After turning down at the beginning of the Asian session, European stocks turned up before the market and once rose above 104.00 to a new daily high, rising nearly 0.1% during the day. European stocks fell below 103.80 in the intraday period after falling below 103.50 on Thursday, and fell close to 0.2% during the day). After the early trading session turned up, it fell to 104.00 in the short term and turned down at the end of the session. It turned up again.
By the close of the US stock market on Friday, the US dollar index was slightly below 104.00. After three days of continuous decline, it had risen slightly and remained flat at Thursday's level, falling 0.3% this week; the Bloomberg US dollar spot index, which tracks the exchange rate of the US dollar against ten other currencies, also rose slightly during the day, stopping a four-day continuous decline. This week, it had fallen more than 0.1%, and the US dollar index both ended seven weeks of continuous rise and entered the first weekly decline since 2024.
Among non-US currencies, EUR/USD reached a new high of 1.0840 in the European stock market, rising nearly 0.2% during the day. US stocks turned down in early trading and fell after hitting 1.0890 to a new high since February 2. US stocks closed above 1.0820, roughly flat at the same time level on Thursday; GBP/USD rose above 1.2700 in the European stock market, approaching the high level of 1.2710 since February 2, when US stocks closed; The two days hit a new intraday low in the past week, then evened out the decline. USD/JPY in European stocks It was close to 150.80 before the market, breaking the high level since February 13. It rose nearly 0.2% during the day, and European stocks turned down during the session. US stocks fell to a new daily low of 150.30 in early trading and fell nearly 0.2% during the day. US stocks were at the 150.50 line at the close of trading, remaining flat at Thursday's level.
The offshore renminbi (CNH) rose to a new high of 7.1987 against the US dollar in early Asian trading and maintained a downward trend after falling in early Asian trading. European stocks fell below 7.21 to 7.2143 before the market, falling 156 points from the daily high, and continued to fall from the intraday high since January 31, when it rose above 7.19 and refreshed on Wednesday. At 5:59 Beijing time on February 24, the offshore renminbi was reported at 7.2057 yuan against the US dollar, down 36 points from the end of Thursday in New York. After six days of continuous gains, it continued to rise by 71 points this week, rising continuously for two weeks, and has continued to rise every week since entering the Year of the Dragon.
Bitcoin (BTC) was estimated at $51,700 at the beginning of the Asian session, then declined overall. European stocks fell below $51,000, and US stocks fell below $50,300 in the intraday market, falling more than $1,000 and falling nearly 3% from the daily high, falling from the high level since December 2021, which hit the $53,000 mark on Tuesday. US stocks closed above $51,000, falling more than 1% in the last 24 hours, and also fell more than 1% in the last 7 days.
Crude oil hit a three-month high and fell sharply the next day for the first time in the month, US oil fell nearly 3% to a two-week low
International crude oil futures opened low. When US stocks hit a new low in midday trading, US WTI crude oil fell below $76.40 and fell nearly 2.9% during the day. Brent crude oil fell below $80.70 and fell 3.6% during the day.
In the end, crude oil, which had been rising for two days, fell to the high level held since November 6 last year, which it held on Thursday. WTI crude oil futures for April closed down 2.70% to $76.49 per barrel, breaking the closing low since February 8; Brent crude oil futures for April closed down 2.45% to $81.62 per barrel, breaking the closing low since February 14.
This week, US oil's monthly contract fell by about 2.5%, and oil fell by about 2.2%. They all fell after two consecutive weeks of gains. This is the first time in this month that they have declined in a single week, and in the second week of the last six weeks. In the 20 weeks since the outbreak of the conflict between Palestine and Israel, crude oil has declined for a total of 11 weeks.
US gasoline and natural gas futures fell sharply. NYMEX's March gasoline futures, which have been rising for two days, closed down 2.5% to $2.2767 per gallon, breaking the low since February 7, falling about 2.5% this week, falling for two weeks; NYMEX March natural gas futures closed down 7.45% to 1.6030 US dollars/million British thermal units, falling for two days, and nearing a new closing level since June 2020. Despite a 12.5% rebound on Wednesday, this week it still fell 0.37% for four weeks.
Copper fell to a three-week high and still rose for two weeks. Lunnickel rose nearly 7% in a week, and gold rebounded to a two-week high
London basic metals futures mostly rose on Friday. Lun Ni has been rising for three consecutive days, hitting a new high since November last year for two consecutive days. Lun lead continued to rise for four days and continued to hit a new high of more than two weeks. Renxi ended a seven-day decline and bid farewell to a two-week low. Lunzinc, which fell back on Thursday, rebounded to a high of more than two weeks. Meanwhile, Luntong fell to a three-week high created by three consecutive gains, while Lunan Aluminum fell for two days in a row, breaking the low it had held since late January on Tuesday.
Most of the basic metals group continued to rise this week. Lunn nickel, which led the rise, rose by nearly 7%, Luntong, which rose nearly 4% last week, rose more than 0.9%, and Lunzinc, which rose 3.7% last week, rose 0.8%, all rose for two weeks, while Renxi, which had been rising for two weeks, fell more than 2% in the second week of the last seven weeks, and Lunn Aluminum, which stopped falling for two weeks last week, fell nearly 2%.
New York gold futures reached a low of 2025.4 US dollars on the pre-market day, falling nearly 0.3% during the day. European stocks maintained their gains after turning up in early trading. US stocks reached a fresh daily high of 2053.2 US dollars in midday trading, up 1.1% during the day.
In the end, COMEX April gold futures, which have been falling for two days, closed up 0.92% to 2049.40 US dollars/ounce, breaking the closing high since February 7. This week they have accumulated 1.25% and rebounded after two consecutive weeks of decline.
In the 20 weeks since the outbreak of the Arab-Israeli conflict, futures fell for a total of six weeks. Three of these weeks were in January, including the first week of the new year. The biggest drop was in the week of December 8, which fell nearly 3.6%. Spot gold fell below the $2,000 mark in the same intraday market as last week.
Spot gold, which turned down during the session on Thursday, rebounded close to the 2016 US dollar record low in the European stock market on Friday. European stocks turned up in mid-day trading. US stocks rose above $2041.40 in midday trading. For the first time since February 7, they rose more than 0.8% during the day. US stocks closed above $2,036 and rose nearly 0.6% during the day.
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