U.S. stocks closed: The Dow fell more than 400 points, technology stocks and Chinese concept stocks fell, Apple fell nearly 3%, and Tencent Music fell more than 6%.
Financial Industry2024-03-06 05:36:05
According to news from the financial world on March 6, investors focused on Federal Reserve Chairman Powell’s congressional testimony and Friday’s non-agricultural data. The three major stock indexes closed down across the board, led by Apple. The Dow fell more than 400 points, the S&P fell more than 1%, and the Nasdaq fell more than 1%. 260 points; popular technology stocks and cryptocurrency stocks generally fell, with Coinbase falling 5% and MicroStrategy falling 21%. Intel fell by more than 5%, Tesla fell by nearly 4%, Microsoft fell by nearly 3%, and Apple fell by more than 2%. Albemarle in the United States fell by more than 17%, Chilean Mining and Chemical Industry fell by more than 7%, New York Community Bank rose by more than 17%, most Chinese concept stocks fell, Bit Mining fell by more than 13%, Kingsoft Cloud fell by more than 10%, and Tencent Music fell by more than 6%. iQiyi fell more than 5%, while NIO bucked the trend and rose nearly 3%.
As of the close, the Dow Jones Index fell 404.64 points, or 1.04%, to 38585.19 points; the S&P 500 Index fell 51.85 points, or 1.01% to 5079.10 points; the Nasdaq Composite Index fell 267.92 points, or 1.65%, to 15939.59 points.
Spot gold closed up 0.7% at $2,130.59 an ounce, while U.S. gold futures also rose 0.6% to $2,137.80 an ounce. This increase allowed gold prices to successfully break through the important mark of US$2,100 per ounce and refresh the previous record high of US$2,135.40 per ounce set in December last year. Spot silver prices fell 0.6% to $23.76 an ounce, but still hit their highest level since December 28. Platinum and palladium also fell 1.8% and 2%, respectively, to $881.32 and $941.29 an ounce.
West Texas Intermediate crude futures for April delivery fell nearly 0.8% to settle at $78.15 a barrel on the New York Mercantile Exchange. Meanwhile, global benchmark Brent crude oil prices for May on ICE Futures Europe also fell 0.9% to $82.04 a barrel. Both major crude oil futures markets have fallen on Monday. Gasoline prices fell nearly 2.1% in April to $2.53 per gallon, while heating oil prices also fell 1.5% in April to $2.61 per gallon. However, in contrast, natural gas prices for April delivery rose 2.1%, extending Monday’s 4.4% gain, to settle at $1.96 per million British thermal units.
Most popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index falling 1.49%. Phoenix New Media soared 46%, Suntech rose more than 11%, Shuidi rose more than 8%, Yixian E-commerce rose more than 7%, 36Kr rose more than 6%, Yunji rose more than 5%, Tuanche.com, and Uxin rose Over 3%, NIO, Boqi Pet, Baijiayun, 51Talk rose over 2%, WIMI Hologram, Huya, Xinye Technology, Huanju Group, Jiayin Technology, Huazhu rose over 1%, Zhiwen Group, 1 Yaowang, Sohu, Wuxin Technology, Li Auto, Weibo, and Alibaba rose slightly.
Zhongchao Medicine fell by 17%, Lotus fell by more than 13%, Lufax fell by more than 12%, Kingsoft Cloud fell by more than 10%, The9 City, Quantum Song, Yiren Jinke fell by more than 8%, GDS, Xiao iRobot fell more than 7%, Dada Group, Nenglian Smart Electronics, Zhihu, Tencent Music fell more than 6%, iQiyi, Amer Sports fell more than 5%, Hesai Technology, Dingdong Maicai, Tuniu , BeiGene, Secoo, Tuya Smart fell by more than 4%, Huize, Mavericks Electric, Miniso fell by more than 3%, SoYoung, Monster Charge, NetEase, Baidu, Ehang Smart, Lexin, Shell, Bilibili, JD.com, Mogujie fell more than 2%, Yunmi Technology, ZTO Express, Noah Fortune, TAL, Aihuishou, New Oriental, Tiger Securities, Xiaoying Technology, Douyu, Cheetah Mobile, Atour, Shengwang fell more than 1%, Vipshop, Manbang, OneConnect, Qudian, Huami Technology, Boss Direct Pin, Futu, Ctrip, Pinduoduo, Gaotu, Autohome, and Youdao fell slightly.
Fed holds key to unlocking value in this year’s hottest trades: Arbitrage trade’s perfect combination fails
By all accounts, it’s a great time for the popular foreign exchange trade in emerging markets.
Foreign exchange rate fluctuations are mild, and interest rates are high in many developing countries, which is a perfect combination for arbitrage trades to pay off handsomely most of the time. An arbitrage trade occurs when an investor borrows money in a cheaper currency and then invests it in an asset in another currency that yields a higher yield.
Strangely enough, this deal is currently failing miserably. The MSCI Emerging Markets Currency Index and the J.P. Morgan Emerging Markets Volatility Index stopped moving in opposite directions for the first time since 2006, and even showed a slight positive correlation. This has led to an unusual situation: Volatility has fallen to four-year lows but developing country currencies have not risen. In fact, many currencies are weakening.
After hitting new highs, Bitcoin falls back to around $63,000 after failing to hold on
Bitcoin failed to hold on for long after surging to its first new high in more than two years. The cryptocurrency surged 2.5% to $69,191.95 just after 10 a.m. New York time, but turned lower almost immediately. It fell as much as 6.3% in the afternoon, hitting $63,237.51.
“Given that almost everyone who ever bought Bitcoin has now made a profit, there’s a good chance we’ll see some pockets,” said Zaheer Ebtikar, founder of cryptocurrency fund Split Capital.
Bitcoin, the originator of cryptocurrencies, has staged a stunning rally this year, driven by emerging demand from U.S. exchange-traded funds and impending supply growth. From its Tuesday high, Bitcoin is up about 63% so far in 2024, outperforming global stock markets and driving optimism across the digital asset market.
Morgan Stanley expects global M&A activity to rise 50% this year, driven by increased confidence
Morgan Stanley expects global M&A activity to increase by 50% this year as business confidence recovers and economic growth continues.
Strategists led by Andrew Sheets wrote in a survey report of the bank’s analysts summarizing 150 industries around the world that health care, real estate and technology are the industries most attracting M&A activity.
Potential acquisition targets include Acadia Pharmaceuticals and Lumentum in the United States, as well as Europe’s ITV Plc, Aston Martin Lagonda Global Holdings Plc, Basic-Fit NV and Eutelsat, the bank said, citing quantitative screening looking for companies with similar characteristics to past targets. .
Goldman Sachs says bear market for battery metals like nickel, lithium, cobalt is far from over
Goldman Sachs believes it is too early to conclude that the collapse in battery raw material prices is over. The agency warned that a severe supply glut and headwinds for the Western electric vehicle industry could keep battery raw material prices low for longer. Goldman Sachs made the prediction in a research report released on Tuesday.
Goldman’s report comes after prices for some of the most popular battery metals – nickel, copper, lithium and cobalt – fell sharply. Metals such as nickel, copper, lithium and cobalt have a wide range of end uses in the energy industry and are used in electric vehicles, wind turbines and solar panels. Goldman Sachs said the outlook for nickel, lithium and cobalt appears bearish.
Tesla’s German factory shut down power due to fire. Musk angrily denounced the perpetrator: extremely stupid
On Tuesday (March 5) local time, a suspected arson incident occurred near Tesla’s German factory, causing the factory to lose power and stop production activities.
Tesla’s Gigafactory in Germany is located in Grünheide, southeast of Berlin. Local police said the fire had been extinguished and had not spread to the Tesla factory.
In response to the fire near the German factory that caused the suspension of production, Tesla CEO Elon Musk said on social media X that it is extremely stupid to stop producing electric vehicles instead of fossil fuel vehicles. Musk harshly condemned the suspected arsonists, saying they were either the stupidest eco-terrorists on the planet or puppets of people without good environmental goals.
Greggs becomes king of UK breakfast market, McDonald’s loses top spot
Forget about McDonald’s McDonald’s. Brits go crazy for the bacon and sausage buns served at Greggs. The 85-year-old budget bakery chain just reported its best sales ever on Tuesday.
The company reported on Tuesday that it had a 19.6% share of the UK takeaway breakfast market last year, knocking McDonald’s off the top spot and capturing 8.2% of the overall takeaway food market. This proportion is a record high, up from 7.7% in 2022. The company’s pre-tax profits also rose by more than 13% last year to a record high of nearly 168 million pounds ($213 million).
Warning from the financial community: The content, data and tools in this article do not constitute any investment advice and are for reference only and do not have any guiding role. The stock market is risky, so be cautious when investing!
2024-03-05 21:36:05
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