On Friday Eastern Time, the three major US stock indices closed with mixed gains and losses, with the Dow Jones Industrial Average falling for the seventh consecutive trading day, setting a record for the longest consecutive decline since 2020. This week, the Nasdaq rose 0.34%, the S&P fell 0.64%, and the Dow Jones Industrial Average fell 1.82%. Investors expect the Federal Reserve to slow down its pace of interest rate cuts next week.
The three major stock indexes in the United States rose or fell on Friday Eastern Time
Most large technology stocks have risen, with Broadcom rising over 24% and its market value breaking through the $1 trillion mark for the first time. Since the beginning of the year, Broadcom has risen by 101.39%. Broadcom's AI revenue has grown by 220% to $12.2 billion this year, and it is expected that AI product revenue will increase by 65% year-on-year in the first quarter of fiscal year 2025. Maiweier Technology rose nearly 11%, with its stock price reaching a historic high, as its major competitor Broadcom released an optimistic revenue forecast. Apple and Broadcom collaborate to develop AI chips, and TSMC's advanced processes will receive another large order, with TSMC rising 5%. Tesla rose over 4%, continuing to reach a historic high. It was previously reported that Trump's transition team proposed to abolish the current general order requiring automobile manufacturers to report accidents related to the auto drive system.
Driven by the sharp rise of Broadcom, the Nasdaq 100 index climbed for the fourth consecutive week, while other major stock indices performed poorly. Except for the technology sector, there are fewer and fewer stocks supporting the rise of the stock market, and the market breadth is rapidly deteriorating.
The Nasdaq China Golden Dragon Index closed down 1.13% and rose 2.07% this week. Most popular Chinese concept stocks fell, with Xiaopeng Motors dropping over 3%, Ideal Auto, Pinduoduo, Bilibili, and JD.com falling over 2%, and Alibaba and NIO falling over 1%. In terms of gains, Tiger Securities rose over 9%, while Futu Holdings rose over 1%.
Infrastructure CEO Jay Hatfield said, "We're a bit stuck in this trading range, with the tech dominated Nasdaq outperforming the market average, and small cap stocks and the Dow Jones performing poorly until some new catalysts emerge
SentimentTrader's strategists describe this phenomenon as an "early crack" in the "long-term, strong" bull market of the US stock market. They wrote in their report to clients, 'Investors have started to hesitate.' Some Wall Street insiders also believe that there may still be greater room for the US stock market to rise.
At present, the market generally expects the Federal Reserve to cut interest rates by 25 basis points next week, which may drive the US stock market to continue to rise.
BMO analyst Ian Lyngen said, "The market is preparing for the Federal Reserve's interest rate decision, and this action is likely to be characterized as a hawkish rate cut
After releasing a series of mixed data this week, swap traders have reduced their bets on the Federal Reserve's loose path. They currently expect to cut interest rates about three times in the next year. A week ago, they thought there would be four interest rate cuts.
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