On Wednesday Eastern Time, the three major indexes collectively rose, recovering some of the losses from the previous trading day, with the Nasdaq up over 1%.
(Three major index minute line charts, source: TradeView)
As of the close, the Dow Jones index rose 0.40% to 38424.27 points; The S&P 500 index rose 0.96% to close at 5000.62 points; The Nasdaq index rose 1.30% to close at 15859.15 points.
On the previous trading day, the January inflation data in the United States exceeded expectations, shattering market hopes that the Federal Reserve would soon switch to interest rate cuts. Investors currently anticipate that the Federal Reserve will not cut interest rates earlier than June this year, and may even start cutting rates in the second half of the year, compared to previous expectations of starting interest rate cuts as early as March.
CFRA Chief Investment Strategist Sam Stovall said, "Based on various data, the market is in an overbought state, but it has not yet entered the oversold camp. In my opinion, there may still be some correction measures in the short term, but it will definitely not fall by more than 10%."
The 10-year US Treasury yield fell to 4.266%, closing at its highest level since November last year.
Nvidia's stock price rose nearly 2.5%, once again reaching a historic high with a market value of approximately $1.83 trillion, surpassing Google and becoming the third largest listed company on the US stock market.
The stock price of ride hailing company Lyft rose by over 35%, and the company's Q4 performance and Q1 guidance exceeded expectations.
Bitcoin once again broke through $50000 and briefly rose to $52000. Boosted by this, blockchain concept stocks surged, with Jianan Technology up over 30%, MarathonDigital and RiotPlatforms up over 14%, and MicroStrategy up over 12%.
Popular stock performance
Large tech stocks collectively rose, with Apple down 0.48%, Microsoft up 0.97%, Nvidia up 2.46%, Tesla up 2.55%, Google up 0.55%, Amazon up 1.39%, Meta up 2.86%, Netflix up 4.47%, and AMD up 4.17%.
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index up 3.45%, Alibaba up 2.50%, JD.com up 4.56%, Pinduoduo up 2.30%, NIO Auto up 5.26%, Xiaopeng Auto up 5.27%, Ideal Auto up 1.00%, Bilibili up 4.15%, Baidu up 2.79%, NetEase up 2.84%, Tencent Music up 5.71%, and iQiyi up%.
Company news
[Musk will negotiate with Tesla investors to request a court ruling to suspend the compensation plan]
Musk will discuss with Tesla investors who have successfully challenged his $56 billion compensation plan, demanding that the judge set aside the ruling. The judge had previously ruled against Musk. Tesla shareholder Richard Tornetta's lawyer Greg Varallo stated in a letter on Wednesday that both parties' lawyers have agreed to finalize an agreement on the terms of the final judgment. Varallo said they will also discuss requesting Delaware Court of Chances Chief Justice Kathaleen St. J. McCormick to suspend the ruling on Musk's appeal. Varallo stated that both parties will seek to reach an agreement on the form of the final order and judgment, including suspension of execution during the appeal period of the final judgment and compensation for costs and expenses.
Maersk: Will not return to the Red Sea in the near future
Shipping giant Maersk has stated that due to the continued threat from Yemeni Houthi militants on the Red Sea route, it is expected that navigation in the Red Sea will not resume in the short term. Maersk North America President Charles van der Steene stated that the company has informed customers that they may need to continue using longer routes through the Cape of Good Hope in the third quarter of this year.
Morgan Stanley Further Layoffs in Wealth Management Business Will Cut Hundreds of Jobs
Morgan Stanley is planning to cut hundreds of jobs, marking the first layoff since CEO Ted Pick took office. According to an insider, the number of layoffs is less than 1% of wealth management businesses. This business is Morgan Stanley's largest department, with a total of approximately 40000 employees. Last year, the bank laid off over 3000 employees due to the resurgence of concerns over expenses and a downturn in transaction matching business, resulting in a decline in related fee income.
Uber Announces Repurchase of $7 Billion Stocks
On February 14th, Uber announced that its board of directors had authorized the repurchase of up to $7 billion in the company's common stock. The Chief Financial Officer of Uber stated that this is the first time the company has authorized the implementation of a stock repurchase plan, and stated that "this is a vote of confidence in the company's strong financial momentum.".
Uber rose 14.73% on Wednesday.
[Asma: The semiconductor market has bottomed out and there are currently signs of recovery]
Asma stated in its 2023 annual report released on Wednesday that the semiconductor market has bottomed out and there are currently signs of recovery. Asma stated that in the fourth quarter, the amount of new orders more than doubled from 2.6 billion euros in the previous quarter to 9.19 billion euros, reaching a historic high, far exceeding the average analyst expectation of 3.6 billion euros. This is mainly due to the soaring demand for its most precision machinery in the market, which may indicate that the semiconductor industry is recovering.
Alibaba gains "big bear" Michael Burry's further increase in holdings to become its top heavy holdings
The 13F report shows that hedge fund Scion Asset Management LLC further increased its holdings in Alibaba and JD.com in the fourth quarter of last year. Scion, founded by Michael Burry, increased its holdings of 25000 shares in Alibaba to 75000 shares in the fourth quarter, with a market value of $5.81 million. In the fourth quarter, we increased our holdings of 75000 shares in JD.com to 200000 shares, with a market value of 5.78 million US dollars. As of the end of the fourth quarter, Alibaba had the largest disclosed position, accounting for 6.1% of its assets, followed by JD.com.
Alibaba Becomes Canada's Largest Pension Fund's New Target for Q4 Purchase
According to the 13F document of the Canada Pension Plan Investment Board (CPPIB), in the fourth quarter ending December 31, the pension fund made new purchases of Alibaba, Ideal Automobile, JD.com, and NetEase. The market value of 1079 disclosed investments covered by this analysis increased by 16% month on month to $79 billion. Alibaba was the largest new acquisition target of CPPIB in the fourth quarter, with a holdings of 3.6 million shares and a market value of 279 million US dollars; CPPIB also purchased 1.7 million shares of Ideal Automobile in the fourth quarter, with a market value of 63.6 million US dollars; Newly purchased 1.33 million shares of JD.com with a market value of 38.3 million US dollars; Newly purchased 291000 shares of NetEase with a market value of 27.1 million US dollars.
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