On Monday (1st) Eastern Time, US stocks were generally hit by renewed concerns among investors about the timing of the Federal Reserve's interest rate cut. As of the close, the Dow Jones Industrial Average fell 0.61%, the Nasdaq rose 0.11%, and the S&P 500 index fell 0.20%.
On the market, most large technology stocks rose, with Apple down 0.86%, Amazon up 0.3%, Netflix up 1.13%, Google up 3.02%, Facebook up 1.16%, and Microsoft up 0.91%. Among them, Trump Media (DJT) fell more than 26%, giving up its gains in the past week. As of the close, TMTG fell 21.47% to $48.66 per share, and the company had a net loss of $58 million in 2023.
Most Chinese assets have risen, while most popular Chinese concept stocks have risen. The Nasdaq China Golden Dragon Index has risen nearly 2%.
The Dow Jones and S&P 500 Index closed lower
On Monday Eastern Time, the three major US stock indexes fluctuated. As of the close, the Dow Jones Industrial Average fell 0.60%, the Nasdaq rose 0.11%, and the S&P 500 index fell 0.20%.
The manufacturing data disclosed earlier that day unexpectedly expanded, marking the first time since September 2022. The ISM manufacturing PMI in the United States rose 2.5 to 50.3 in March, stopping the trend of 16 consecutive months of contraction and exceeding market expectations. Subsequently, bond traders expected the Federal Reserve's monetary policy easing to decrease this year and briefly set the possibility of the first rate hike in June below 50%.
On the market, most large technology stocks rose, with Apple down 0.86%, Amazon up 0.3%, Netflix up 1.13%, Google up 3.02%, Facebook up 1.16%, and Microsoft up 0.91%.
Bank stocks mostly fell, with JPMorgan Chase down 0.67%, Goldman Sachs down 1.02%, Citigroup up 0.34%, Morgan Stanley down 0.67%, Bank of America down 1.08%, and Wells Fargo down 0.64%.
Energy stocks collectively rose, with ExxonMobil up 0.61%, Chevron up 0.82%, ConocoPhillips up 1.09%, Schlumberger up 0.75%, and Western Oil up 2.12%.
Aviation stocks fluctuated, with Boeing falling 1.81%, American Airlines rising 0.39%, Delta Air Lines rising 0.73%, Southwest Airlines falling 0.03%, and United Airlines falling 1.11%.
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index up 1.91%, Ruineng New Energy up 22.02%, Dajian Cloud Warehouse up 15.23%, Douyu up 13.66%, Gaotu Group up 8.32%, Ctrip Group up 6.99%, Century Internet up 6.45%, Vipshop up 5.68%, Hillway Metal Mining up 5.67%, Wanguo Data up 5.11%, BOSS Direct Hiring up 5.08%, and Futu Holdings up 4.71%; In terms of decline, Nenglian Zhidian fell 11.29%, Jianan Technology fell 7.89%, NetEase fell 4.6%, and Shuodi Biotechnology fell 4.57%. Zhonggai New Energy Vehicle stocks collectively rose, with NIO Automobile up 3.22%, Xiaopeng Automobile up 1.11%, and Ideal Automobile up 1.12%.
On April 1st, several domestic new energy vehicle companies announced their performance reports for March. Ideal Automobile delivered 28984 new cars in March, a year-on-year increase of 39.2%. In the first quarter, a total of 80400 cars were delivered, a year-on-year increase of 52.9%. NIO delivered 11866 new cars in March, a year-on-year increase of 14.3% and a month on month increase of 46%; In the first quarter of 2024, NIO delivered a total of 30053 new cars. Xiaopeng Motors delivered a total of 9026 new cars in March, a month on month increase of 99% and a year-on-year increase of 29%. In the first quarter, Xiaopeng delivered a total of 21821 new cars, a year-on-year increase of 20%.
The stock price of Trump Group plummeted by 20%
On Monday (April 1st), Trump Media&Technology Group (TMTG, stock code DJT) fell more than 26% during trading. As of the close, TMTG fell 21.47% to $48.66 per share, which is already lower than the closing price of $49.95 the day before the company's SPAC listing, and nearly 40% lower than last week's high of $79.38. Based on current stock prices, the total market value of the company is approximately 6.59 billion US dollars.
Prior to trading, TMTG stated in its 8-K form submitted to the US Securities and Exchange Commission (SEC) that the company's 2023 revenue was only $4.1 million, with a net loss of $58.2 million, most of which came from $39.4 million in interest expenses.
In 2022, TMTG's revenue was $1.47 million, with a net profit of $50.5 million due to changes in convertible bond value.
TMTG predicts that the company's losses may continue for a period of time, and the document also warns shareholders that due to former US President Donald Trump's involvement in the company's business - "True Social" social media, it may face greater risks than other social media companies.
According to the 8-K document, the company's risks include external suppression of users, harassment of advertisers or content providers, increased potential risk of platform hacking, decreased potential demand due to political reasons, and potential criticism of "real social" reviews, or the company may face more shareholder lawsuits.
In October 2021, Trump founded Trump Media Technology Group TMTG and launched "Real Social" in early 2022, attempting to compete with social media giants. Last Tuesday, TMTG began trading stocks on NASDAQ, with the code DJT being the abbreviation of Trump's full name.