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Powell said that inflation had made considerable progress and refused to give specific information on the first rate cut.
Powell said that the Federal Reserve had made considerable progress in inflation. However, he also said that he would like to see more progress before he has enough confidence to start cutting interest rates. Powell refused to give any specific information on the timing of the Fed's first rate cut. The "New Fed Communications Agency" said Powell was satisfied with the steady recovery of U.S. inflation after rebounding earlier this year, and his speech highlighted a cautious and optimistic mood.
JOLTS job vacancies unexpectedly improved in May 2023, rebounding from a three-year low.
JOLTS job vacancies in the United States were 8.14 million in May, with an expected 7.95 million, down from 8.059 million in April, with a sharp rise in government job vacancies leading the way. Voluntary resignations rebounded slightly but remained relatively low. Analysts say the slowdown in demand for labor in the United States is gradual.
US tech stocks face a 'financial Olympics' as Q2 earnings approach, and the cost of failing to meet expectations is huge.
The market has high hopes for AI technology giants, with second-quarter profits of AI six giants, including Nvidia, expected to grow by 30% year-on-year, far exceeding the 5% growth rate of the other 494 component stocks of the S&P 500. However, historical data shows that high-growth stocks with high valuations often face greater downside risk if they fail to meet expectations.
Biden will meet with Democratic governors to solicit support for several potential successors.
U.S. President Biden plans to meet with Democratic governors. The Wednesday meeting is expected to be held online, with many governors participating via video conference. Biden's performance in the debate shook his position as a candidate a week ago, causing Democrats to fear that if Biden continues to run, Trump is likely to return to the White House. Biden has not indicated that he intends to step down, but the governors attending the meeting include several rumored potential successors, such as California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer, and Illinois Governor JB Pritzker. According to CBS News earlier, Biden hopes to use the opportunity to convince these governors that he should continue to be the Democratic candidate for president.
The ruling on the Trump 'gag fee' case has been postponed until September 18.
On July 2, local time, Manhattan prosecutors in New York said they were willing to postpone their ruling on the 'hush payment' case against former President Trump after the US Supreme Court made a ruling granting Trump 'some degree' of immunity. Court documents show that a New York judge has postponed the ruling on the 'gag payment' case against former US President Trump, originally scheduled for July 11, to September 18.
OPEC's oil revenue fell sharply by 18% last year, due to falling oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) announced that its oil revenue fell 18% last year, due to falling oil prices and the group's implementation of new production cuts to balance the global market. In its annual statistical report released on Tuesday, OPEC said that after a surge in 2022, oil export revenues fell by $148.9 billion to $679.7 billion in 2023. Saudi Arabia accounted for the majority of the additional supply restrictions, with its revenue falling 24% to $248.4 billion. Equatorial Guinea suffered the biggest decline in revenue, with output plummeting, causing its revenue to fall by 44%. Brent crude futures averaged $82 per barrel in 2023, down 17%.
Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.
All three major U.S. stock indexes closed higher. Tesla was up more than 10% and Apple and Amazon hit new highs.
The Dow rose 0.41%, the Nasdaq rose 0.84%, and the S&P 500 index rose 0.62% on Tuesday.
Most large-cap tech stocks rose, with Tesla up more than 10%, beating Q2 delivery expectations. Amazon, Google, and Apple were up more than 1%, with Apple and Amazon both closing at record highs. The automotive manufacturing, industrial metals, and semiconductor equipment sectors were among the top gainers, with Century Aluminum up more than 13%, Rivian up nearly 7%, AMD and Lucid up more than 4%, and Super Micro Computer and Cohu Inc. up more than 3%.
China concept stocks rose across the board, with the Nasdaq China Golden Dragon Index up 0.79%. Weibo was up more than 4%, Alibaba and NIO were up more than 2%, and Li Auto, iQiyi, and JD were up more than 1%.
443,956 vehicles were delivered in Q2, estimated at 439,302, including 422,405 model 3/Y, higher than the expected 412,288. Tesla also said it deployed 9.4 GWh of energy storage products in Q2, the highest quarterly deployment to date. Boosted by this news, Tesla's stock rose more than 10% on Tuesday.
Tesla delivered 444,000 vehicles in the second quarter, exceeding market expectations.
$Tesla (TSLA.US)$Apple is expected to be appointed as an observer to the OpenAI board as part of a milestone agreement announced last month.
Apple is expected to receive a position as an observer on the OpenAI board of directors.
As part of the milestone agreement announced last month,$Apple (AAPL.US)$OpenAI has announced that Phil Schiller, Apple's App Store chief and former marketing executive, will take on an observer role on the OpenAI board. Source said that as a board observer he won't serve as a formal director. The role of board observer will place Apple on par with Microsoft, OpenAI's largest investor and a major AI technology provider.
Report: Apple has increased the A18 chip order size, and iPhone 16 sales are expected to reach 100 million units.
The iPhone 16 series will be equipped with the A18 series processor. As Apple's first AI model, the release is expected to create a new buying wave. JPMorgan predicts that in the first year of the AI-enabled iPhone, total iPhone sales will increase by 22 million units. In addition, it is reported that Apple is expected to acquire observer status on OpenAI's board of directors under an AI cooperative agreement.
Eli Lilly and Co's drug for delaying Alzheimer's disease has been approved in the United States.
$Eli Lilly and Co (LLY.US)$The company said the US Food and Drug Administration (FDA) has approved Kisqali for adult patients with early symptoms of Alzheimer's disease. Treatment for six months costs $12,522, 12 months cost $32,000, and 18 months cost $48,696.
Biden and Sanders teamed up to pressure Novo Nordisk and Eli Lilly to lower the price of weight loss drugs.
US President Biden and Senator Bernie Sanders said in a commentary article in USA Today on Tuesday that drug prices for treating diabetes and obesity must be reduced.$Novo-Nordisk A/S (NVO.US)$ and $Eli Lilly and Co (LLY.US)$Novo Nordisk has overcharged each American $1,000 a month for weight-loss drugs that cost less than $5, Biden said.
General Motors delivered a total of 696,086 vehicles in the second quarter, a 0.6% increase year-on-year.
$General Motors (GM.US)$The company said that dealers are using the CDK platform to meet customer demands in difficult times. Some deliveries may be delayed to the third quarter. Total vehicle deliveries in the second quarter were 696,086, up 0.6% year-on-year. Total electric vehicle deliveries were 21,930, up 34% from the previous quarter and 40% year-on-year.
Top 20 Transaction Volume
BeiShui crazily bought China Mobile for nearly HKD 1.8 billion and sold Tencent for about HKD 200 million. On Monday (June 3rd), Southbound funds net purchased HKD 3.4 billion of Hong Kong stocks.
Northbound funds bought HKD 1.753 billion more China Construction Bank shares and sold Tencent shares worth nearly HKD 500 million on July 2.
On Tuesday, southbound funds bought HKD 5.953 billion in Hong Kong stocks.
$CCB (00939.HK)$, $ICBC (01398.HK)$, $TRACKER FUND OF HONG KONG (02800.HK)$They respectively bought HKD 1.707 billion, HKD 995 million, and HKD 692 million.$TENCENT (00700.HK)$, $BRILLIANCE CHI (01114.HK)$, $CHINA TELECOM (00728.HK)$They sold HKD 469 million, HKD 161 million, and HKD 126 million, respectively.
Alibaba repurchased $5.8 billion worth of shares in the second quarter of 2024.
$BABA-SW (09988.HK)$During the quarter ended June 30, 2024, 613 million ordinary shares (equivalent to 77 million American depositary shares) were repurchased for a total price of $5.8 billion. This includes approximately 14.8 million American depositary shares repurchased at a price of $80.80 per share in a private transaction on May 23, 2024. As of June 30, 2024, the group's board-authorized share repurchase program had a remaining buyback balance of $26.1 billion, which will remain effective until March 2027.
The company's overall sales volume in 2023 was 18,000 kiloliters, with a year-on-year increase of 28.10%, indicating significant growth. In terms of product structure, the operating income of products worth 10-30 billion yuan were 401/1288/60 million yuan respectively.
Keywords: China June Caixin Services PMI, US June ADP Employment, US Jobless Claims, US stock market early close.
On Wednesday, in terms of economic data, investors can closely follow China's June Caixin Services PMI; in the United States, the June ADP Employment and US jobless claims data for the week ending June 29 are also worth paying attention to.
In terms of financial events, FOMC permanent voting member, New York Fed President Williams made a speech at the central bank forum held by the European Central Bank; European Central Bank President Lagarde made a speech; in addition, due to the United States' Independence Day, the US stock market closes early at 01:00 Beijing time on July 4th.
Futubull Morning News:
"You must maintain a positive attitude towards investment. Although the stock market will experience pullbacks and even crashes, don't lose faith in it because in the long run, the stock market will always rise. Only optimistic investors can win in the stock market." - John D. Rockefeller
- John Dunpington
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