1. In the first quarter of the USA, GDP and core PCE index were slightly revised upward on an annualized quarterly basis, and the market eagerly anticipates the release of key data tomorrow; 2. To compete against Temu and Xinyin, Amazon reportedly plans to establish direct-operated discount stores for Chinese sellers; 3. The whistleblower of Boeing has appeared again, and the manufacturing of 787 airplanes was declared non-compliant; 4. Novo Nordisk: sales of semaglutide in China will be restricted.
Before the US stock market opened on Thursday, due to the fact that storage chip giant Micron Technology's financial report failed to "crush" analysts' expectations, technology and AI concept stocks including Nvidia and Micron Technology declined in pre-market trading. The three major futures also softened in the gloomy atmosphere.
As of press time, Nasdaq 100 index futures (2409 contracts) fell slightly by 0.06%, S&P 500 index futures fell by 0.05%, and Dow Jones industrial average futures fell by 0.21%.
The situation of Micron Technology's financial report also reflects the heavy pressure under the "US stock AI boom": Micron Technology achieved year-on-year revenue growth of 82% in the previous quarter, with a better-than-expected profit of 62 cents per share. However, in the revenue guidance, Micron Technology did not demonstrate the growth rate that exceeded expectations, and attributed this to the traditional market such as PC and smart phones, where "chip demand is still weak".
(Micron Technology daily chart, source: TradingView)
In short, for AI leading enterprises such as Nvidia, Super Micro Computer, and Micron Technology, the market is constantly expecting them to deliver stimulating financial figures, which also amplifies the volatility of these stocks. As of press time, in addition to the pre-market trading drop of 4% of Micron Technology, Nvidia, which has continued to fluctuate in recent days, also fell by nearly 1%.
Also in pre-market trading on Thursday, multiple US economic data were released. Among them, the initial jobless claims were 233,000, which is close to the expected 236,000. The second revision of the annualized quarterly rate of US GDP in the first quarter was slightly increased to 1.4%, with the initial value and the first revised value at 1.6% and 1.3%, respectively. The annualized quarterly rate of the core PCE index in the first quarter was also revised upward by 0.1% to 3.7%.
After these data were released, the market's reaction was relatively tepid, and the decline of the three major US stock futures slightly narrowed. Investors also know that the most critical US economic data of this week is undoubtedly the May PCE data before the opening of the market tomorrow (June 28), which will also be a key node for Federal Reserve officials to accumulate "confidence in starting interest rate cuts".
For the US stock market, it will also usher in the first debate of the US presidential election after the close of trading on Thursday. Considering that the "spectator crowds" in the United States and even globally want to see if Biden and Trump can withstand 90 minutes of debate, the host CNN will also usher in a wave of "huge traffic".