In the early morning of the 11th, Beijing time, US stocks closed sharply lower on Friday, with the Dow down 880 points and the Nasdaq down 3.5%. Us CPI inflation data hit a 40-year high in May and consumer confidence hit a record low in June, strengthening expectations that the Fed will continue to aggressively raise interest rates and indicating an increased risk of recession for the US economy. Yields on two-year US Treasuries are at their highest level since 2008.

The Dow fell 880.00 points, or 2.73%, to 31392.79; the Nasdaq fell 414.20, or 3.52%, to 11340.02; and the S & P 500 fell 116.96, or 2.91%, to 3900.86.

The three major indexes of US stocks all recorded big declines this week. The Dow is down 4.58% for the week, the 10th week decline in the past 11 weeks. The s & p 500 fell 5.05% and the Nasdaq fell 5.6%, both of which fell in the ninth week of the past 10 weeks.

The yield on two-year treasury bonds broke through 3% on Friday, the highest since June 2008. The yield on the 10-year Treasury note rose to 3.14%.

The closely watched US Consumer Price Index (CPI) report for May discouraged market sentiment. The US Labor Department reported that US CPI in May rose 8.6 per cent from the same period last year, the biggest increase since December 1981. Another data showed that the initial consumer confidence index of the University of Michigan fell to 50.2 in June, a record low.

Federal funds futures imply that the Fed will raise interest rates by about 215bp in 2022, with the federal funds rate at 2.985 per cent at the end of December, according to the CME Fed Watch tool.

Tesla, Inc., the champion of US stock turnover, closed down 3.12% on Friday, with a turnover of US $22.73 billion.Tesla, Inc. reportedly delivered about 30, 000 electric vehicles in May, and the company says capacity utilization has returned to 100%. In order to ensure safety, the factory still uses the "two-shift system" for closed production. Before the outbreak, Tesla, Inc. produced nearly 20, 000 vehicles a week (24 hours a day, 7 days), meaning that even if it returned to pre-epidemic levels, Tesla, Inc. would not have produced more than 80, 000 cars in June. Even based on Tesla, Inc. 's full production of 80, 000 vehicles in June, plus 44301 electric cars in April and May, Tesla, Inc. is expected to produce about 120000 electric cars in the second quarter, down at least 30 per cent from nearly 180000 in the first quarter.

It is also reported that Tesla, Inc. applied to split the shares into three shares.

In second place, Apple Inc Company closed down 3.86%, with a turnover of US $12.64 billion.Cook, CEO of Apple Inc, sent a letter to Capitol Hill on Friday urging approval of draft privacy legislation. In his letter, Cook advocated strong privacy legislation at the federal level. The letter appears to be a response to a proposed bipartisan bill called the US data Privacy and Protection Act, which deals with the types of data companies can collect from individuals and how they use them.

Cook said in the letter that Apple Inc will continue to support federal efforts to establish strong privacy protection for consumers. Cook reiterated Apple Inc's belief that privacy is a fundamental human right. Cook said that despite Apple Inc's efforts to protect user privacy, "only Congress can provide strong privacy protection for all Americans." "

On the same day, the UK Competition and Market Administration said it planned to further investigate the influence of Apple Inc and Alphabet Inc-CL C in the mobile browser market and Apple Inc's restrictions on cloud games.

The third place AMD closed down 4.03%, with a turnover of US $9.82 billion.Su Zifeng, chief executive of AMD, said that after two years of "very strong PC market", the growth rate of PC market would slow this year. Ms Su added that it was natural for the PC market to be depressed after a long period of high growth, but she expected the market for high-performance and adaptive computing to remain "very strong", with "huge" growth in demand for her company's cloud computing, data center chips and artificial intelligence application chips, which would help boost the company's profit margins.

In fourth place, Amazon.Com Inc closed down 5.6%, with a turnover of US $9.44 billion.Amazon.Com Inc announced plans to withdraw from the Indian cricket copyright bid on Friday, saying he was wary of a multibillion-dollar bidding war.

In sixth place, NVIDIA Corp closed down 5.95%, with a turnover of US $7.97 billion.The trust, entrusted by Shoquist Debora, executive vice president of operations of NVIDIA Corp, sold 23600 shares, worth about $4.4506 million, at an average price of $188.23 per share on June 8, according to SEC documents. In addition, Robertson Donald F Jr6, the company's chief accounting officer, received 9480 shares of restricted stock on March 8.

BABA, No. 7 Chinese stock, closed down 0.05%, with a turnover of US $5.49 billion.

The 12th DocuSign closed down 24.53%, with a turnover of $2.78 billion.The company's first-quarter net revenue loss widened to $27.4 million year-on-year and cut its revenue guidance for fiscal 2023 to $2.52 billion-$2.54 billion.

After announcing the results, Royal Bank of Canada analyst Rishi Jaluria lowered its target price to $80 from $85 and maintained its outperforming rating on the stock. The analyst told investors in a research note that DocuSign's first-quarter performance was weak, management underestimated the impact of rising interest rates, and underlying indicators performed poorly.

Adobe Inc, 15th, closed down 7.64%, with a turnover of US $1.75 billion.J.Derrick Wood, an analyst at Kewen, cut Adobe Inc's target price to $550 from $600 and maintained its outperform rating on the stock. The analyst said the survey showed that Adobe Inc's performance in the second quarter was likely to be slightly better than that in the first quarter, but slightly lowered the full-year guidance for 2022. He expects a modest increase in second-quarter results and in line with guidance, but given the weak mood, the performance should also be good enough.

The prices of some e-commerce products are falling, supporting consumers' expectations that digital shopping will remain strong, Adobe Inc's CEO Shantanu Narayen said on Thursday.

The following are the 20 most actively traded stocks of the day (by turnover):