Hot news
After 512 trading days! The S&P 500 Index reached another record high
On Friday, the S&P 500 index closed and hit a new intraday high for the first time in nearly two years, continuing its impressive rebound over the past year. This is certainly another memorable milestone for all US stock investors. This new closing high confirms that the S&P 500 index has been in a bull market since it fell to its lowest point of the year on October 12, 2022.
Federal Reserve Officials Continue to Crack Down on Market Expectations of Interest Rate Cuts
Federal Reserve Goulsby said that inflation data will determine the path of interest rates. Falling inflation opens the door to interest rate cuts, and interest rate hikes may be necessary if the progress of inflation is reversed. Bostic also pointed out that he hopes to ensure steady progress towards the 2% target before interest rates are cut. Daly, on the other hand, believes that it is still too early to announce that it will overcome inflation and cut interest rates soon.
Historic moment! At $13.29 trillion, the size of US passive funds surpassed active funds
According to data from Morningstar, by the end of 2023, the size of US stock passive funds surpassed that of US active funds. Following the size of the US passive stock base surpassed the active stock base in August 2019, the wave of passivity reached a new milestone. According to data from Morningstar, as of the end of 2023, the total assets of US passive funds were 13.293 trillion US dollars; during the same period, the total assets of US active funds were 13.234 trillion US dollars. According to our understanding, the above statistics do not include money market funds and in-fund funds (FOF), including transactional open index funds (ETFs).
Can't afford to buy, can't afford to borrow! Last year, US property market sales fell to a 28-year low
Due to high housing prices, rising mortgage interest rates, and supply shortages, sales in the US property market fell to their lowest level in nearly 30 years last year. The National Association of Realtors (NAR) said on Friday that in 2023, sales of existing homes in the US fell 19% year on year to 4.09 million units, which is not only lower than during the subprime mortgage crisis, but also the lowest since 1995.
Resumption of US stock trading
The three major indices all rose more than 1%, and the Dow and S&P 500 indices reached record highs
On Friday EST, the three major indices collectively closed up more than 1%, and the Dow and S&P 500 reached record highs.
Major technology stocks generally rose. AMD rose more than 7%, Nvidia rose more than 4%, Intel rose more than 3%, Google and Meta rose about 2%, Apple, Microsoft, and Amazon rose more than 1%, Tesla rose slightly, and Netflix fell slightly.
Most popular Chinese securities fell, with Alibaba and NetEase up more than 2%, JD and Pinduoduo up more than 1%, NIO falling more than 3%, and Bilibili, Xiaopeng Auto, and Ideal Auto falling more than 2%.
AI chip warfare upgrade! AMD's stock price surged nearly 19% last week, overtaking Nvidia
As the market re-established optimism about the growth prospects of the semiconductor industry, the stock prices of the two major GPU giants both closed to record highs. Among them, AMD's performance was even more impressive than the “AI darling” Nvidia.$NVIDIA (NVDA.US)$The weekly increase was nearly 9%.$Advanced Micro Devices (AMD.US)$The weekly increase was nearly 19%, and both closing prices set new record highs. David Wagner, portfolio manager at Aptus Capital Advisors, expects Nvidia to “not be the only winner.”
Ultramicrocomputers soared 36% to a record high, raising Q2 performance guidelines
Friday,$Super Micro Computer (SMCI.US)$It surged nearly 36% during the day, reaching a record high. According to the company, revenue for the second fiscal quarter ending December 31 will reach 3.6 billion to 3.65 billion US dollars, far higher than the previous forecast of 2.7 billion to 2.9 billion US dollars, and also exceeding Wall Street analysts' expectations of 3.06 billion US dollars; adjusted earnings per share will be between 5.40 US dollars and 5.55 US dollars, higher than the previous forecast of 4.40 US dollars to 4.48 US dollars per share.
The pre-sale is crazy! Apple Vision Pro order delivery delayed until March
January 19,$Apple (AAPL.US)$Pre-sale of Vision Pro began on the US official website. There are three versions: 256GB, 512GB, and 1TB, of which the 256G basic model costs $3,499. Currently, this product is only available in the US and can only be used in the US. According to Apple's official website, it may take more than 1 month to get all Vision Pro specifications after launch, and the delivery date for online orders has been postponed to March 8 to 15.
American trams are bleak: Tesla stock prices have plummeted, Ford is unable to sell, and “new forces” warn of “industry carnage”
At a time when global demand continues to slow and competition among peers heats up, electric vehicle stocks had an unfavorable start in 2024 and were collectively abandoned by investors.$Tesla (TSLA.US)$The stock price has fallen nearly 15% year to date.$Ford Motor (F.US)$It has fallen 20% in the past six months, the “rival of Tesla”$Rivian Automotive (RIVN.US)$The three major new domestic forces are all “in constant blood flow.”$Stellantis NV (STLA.US)$The company's CEO Carlos Tavares warned automakers on Friday that car companies cutting prices too fast could trigger a “carnage” in the industry.
A new breakthrough in Novartis Nuclear Pharmaceuticals! MPFS at the primary endpoint of GEP-nets in first-line treatment with Lutathera was extended by 3 times
January 19,$Novartis AG (NVS.US)$The latest clinical data on phase III clinical NETTER-2 of the nuclear drug Lutathera for first-line treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs) was presented at the ASCO-GI conference. The primary endpoint mPFs were extended from 8.5 months to 22.8 months, nearly tripling, reducing the risk of disease progression or death by 72%, and the overall response rate as high as 43%.
Top 20 US stock turnover last Friday
Hong Kong Market Outlook
Beishui bought more than HK$200 million from China Mobile and continued to expand positions with Meituan and Tencent
On January 19 (Friday), Southbound made a net purchase of HK$1,031 billion in Hong Kong stocks.
$CHINA MOBILE (00941.HK)$,$MEITUAN-W (03690.HK)$,$TENCENT (00700.HK)$Received net purchases of HK$226 million, HK$184 million and HK$135 million respectively;
$TRACKER FUND OF HONG KONG (02800.HK)$,$CHINA SHENHUA (01088.HK)$,$WUXI BIO (02269.HK)$Net sales were HK$514 million, HK$268 million and HK$217 million respectively.
Today's attention
Keywords: LPR; State Council Policy Briefing; “Online Game Management Measures (Draft for Comments)”
In terms of economic data, China's one-year and five-year LPR will be announced at 9:15 Beijing time.
On January 15, the People's Bank of China launched a 995 billion yuan medium-term loan facilitation (MLF) operation, winning the bid interest rate of 2.5%, which is the same as before. Since it was lowered from 2.65% to 2.5% in August 2023, the MLF operating interest rate has been “on hold” until now.
Wang Qing, chief macro analyst at Dongfang Jincheng, said that considering that MLF operating interest rates are the pricing basis for LPR quotes, and that commercial banks' net interest spreads are currently under pressure, even though commercial banks have recently initiated a new round of deposit interest rate cuts, taking into account various factors affecting LPR quotes, it is expected that 1-year LPR and LPR with a term of 5 years or more will remain unchanged this month.
In terms of financial events, the State Council policy briefing will be held at 10:00 Beijing time.
At 10 a.m. on January 22, Zhang Shixin, Deputy Secretary General of the National Development and Reform Commission, and relevant officials from the Ministry of Industry and Information Technology, the Ministry of Civil Affairs, and the Ministry of Commerce will present the “Opinions on Developing the Silver Hair Economy to Improve the Welfare of the Elderly” and answer questions from reporters.
The “Measures for the Administration of Online Games (Draft for Comments)” is closed for public comment and feedback.
On December 22, 2023, the State Press and Publication Administration issued the “Administrative Measures on Online Games (Draft Draft for Comments)”. The deadline for feedback is January 22, 2024. Normally, it takes 1 to 3 months from the feedback deadline to the official publication of the draft, during which time there is also a review process for the draft submitted for review. Previously, the market reacted strongly because some of the new provisions were more strict than the previous regulations and covered a wider range of regulations. CITIC Securities pointed out that the goal of the draft management measures is to guarantee and promote the prosperous and healthy development of the industry. It is recommended to focus on their ultimate implementation and view their impact rationally.
Futubull Chen read:
The most important thing is not what cards you touch, but whether you can play the cards in your hand well.
—Charlie Munger
Editor/Somer