On Thursday Eastern Time, the three major indexes of the US stock market collectively closed down, with the Dow Jones Industrial Average falling 0.43%, the Nasdaq falling 1.67%, the S&P 500 index falling 0.89%, large technology stocks falling generally, Tesla falling more than 5%, Nvidia falling nearly 4%, and Microsoft and Amazon falling more than 2%. Semiconductors, precious metals, and mining led the decline, with Intel falling more than 6%, Harmony Gold falling more than 5%, Supermicro, Micron Technology, Koehler, NXP, Pan American Silver, and Century Aluminum falling more than 3%, and Southern Copper falling more than 2%. Insurance stocks and real estate trust sectors rose, with Anbo, American Family Life Insurance, and Good Fortune rising by over 1%.
Most popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index dropping 1.52%. IQiyi fell over 15%, NetEase fell over 11%, Bilibili fell over 7%, Baidu fell over 4%, Xiaopeng Motors fell over 2%, Tencent Music, Vipshop, JD.com, Weibo fell over 1%, and Alibaba fell slightly. Ideal Auto rose by over 1%, while Manbang and Futu Holdings saw slight increases.
Global News
Powell Jackson Hall's heavyweight speech foresight: Familiar formula for classic occasions?
On Friday local time, Federal Reserve Chairman Powell will give a speech on the economic outlook at the Economic Policy Forum held in Jackson Hole, Wyoming. As the impact of restrictive monetary policy on prices and business activities gradually becomes apparent, it is widely expected that the Federal Reserve may release a signal of policy shift, and the performance of the job market may become an important reason.
The Federal Reserve releases meeting minutes! Release heavy signal
On the early morning of August 22nd Beijing time, the Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) meeting from July 30th to 31st, which showed that Fed officials strongly tended to cut interest rates at the September policy meeting, with several officials even suggesting immediate cuts. Some comments suggest that the dovish tendency of Federal Reserve decision-makers reflected in this minutes is astonishing, leading to further speculation on interest rate cuts.
Overweight data leaked in one phone call! The American investment community is burning with anger
At 22:30 Beijing time on Wednesday evening, the annual preliminary revised data on non farm payroll employment in the United States was released more than half an hour later than the originally scheduled time (22:00). Just as market traders were puzzled by this reason and eagerly awaited the release of this heavyweight data, at least three international investment banks managed to obtain this crucial data privately.
Bitcoin is soaring across the board! Three major reasons drive
Analysts believe that there are three main reasons: firstly, the September interest rate cut of the US dollar is basically certain. On the early morning of August 22nd Beijing time, the minutes of the Federal Open Market Committee's July 30-31 meeting showed that Federal Reserve officials were strongly inclined to cut interest rates at the September policy meeting, with several officials even suggesting immediate cuts. Secondly, some members of the US presidential campaign team have stated that Harris intends to support measures that will help develop the cryptocurrency industry. Thirdly, Michael Saylor, CEO of Micro Strategy, once again hinted through his latest tweet that it is possible to purchase a large amount of Bitcoin.
I haven't seen such a warning signal in nearly a century! Godfather of Emerging Markets: Be cautious about entering the US stock market and hoarding cash
Mark Mobius, a legendary American investor known as the "godfather of emerging markets," said that although the US stock market has rebounded rapidly recently, investors should not rush to buy. In his latest interview, he suggested that investors hold at least 20% of their investment portfolio in cash while waiting for buying opportunities. Maipu Si warns investors to remain vigilant as there are unsettling signals emerging in the economy.
Company News
Too rare! Tesla physical recalls over 9000 Model X vehicles
The National Highway Traffic Safety Administration announced on Wednesday local time that Tesla will recall over 9000 Model X electric vehicles in the United States due to a possible detachment of a decoration on their roofs, increasing the risk of accidents. And this is also a very rare physical recall for Tesla, which previously mainly solved car problems through wireless software updates.
Buffett loves stocks, Western oil is at a 'good price', but why hasn't the stock god increased his position this time?
The stock price of American oil producer Occidental Petroleum fell to $56.02 on Wednesday (August 21), below the level that its largest shareholder, Warren Buffett's Berkshire Hathaway, usually buys. But this time, Berkshire has been slow to take action.
JPMorgan Chase is the JD platform after Wal Mart clearance: the valuation is too low and the stock price is expected to rebound
On Thursday Eastern Time, JPMorgan Chase quickly released a report to boost confidence among JD's bulls. JPMorgan believes that JD's share price is expected to rebound in the future, because the withdrawal of Wal Mart will not affect the firm fundamentals of JD itself. Meanwhile, JD's valuation is already low enough, which means there is huge potential for upward growth.
NetEase: Q2 revenue of 25.5 billion yuan, up 6% year-on-year
On August 22nd, NetEase released its Q2 2024 financial report. According to the financial report, NetEase's revenue in the second quarter was 25.5 billion yuan, a year-on-year increase of 6%. The net profit attributable to the company's shareholders under non GAAP accounting standards was 7.8 billion yuan, and the performance maintained steady growth. During the quarter, the R&D investment was 4.5 billion yuan, with a R&D investment intensity exceeding 17%.
Baidu's total revenue in the second quarter was 33.9 billion yuan, and the growth momentum of intelligent cloud is strong
On August 22, Baidu released its Q2 2024 financial report, showing a total quarterly revenue of 33.9 billion yuan, Baidu's core revenue of 26.7 billion yuan, and core operating profit of 5.6 billion yuan, a year-on-year increase of 23%. Baidu's Chief Financial Officer, Luo Rong, said, "In the second quarter, as the speed of AI native transformation of our products accelerated, we optimized operational efficiency and maintained a healthy profit margin. Especially in the intelligent cloud business, we expect to continue strong growth momentum