Source: Wall Street Journal.
Accenture fell over 7%; quantum computing stock D-Wave dropped 18%; after the Earnings Reports, FedEx fell over 5% in after-hours trading; Micron Technology once rose over 5% in after-hours trading. NIO declined nearly 9%, but PDD Holdings closed up 4%. After the Bank of England meeting, UK bond yields experienced a V-shaped reversal, and UK stocks halted a six-day rally. The USD reached a two-week high. Brent crude oil rose nearly 2% to create a new three-week high. Gold reached a new intraday historical high for three consecutive days. Copper increased for four straight days, closing at a new historical high.
Economic uncertainty and the shadow of Trump's tariff plan loom, as the initial comfort brought by the Federal Reserve to the market fades, leading to a lower open for the three major US stock indices. However, the Magnificent 7 in early trading continuously rose, and the indices turned positive, but ultimately couldn't maintain their gains and reversed to decline. China Concept Stocks saw a general decline, with PDD Holdings dropping over 5% in early trading after its earnings report, but recovering to close nearly 4% up.
The three major indexes in the USA experienced widespread declines.
The S&P 500 Index closed down 0.22%. The Dow closed down 0.03%. The Nasdaq closed down 0.33%. The Nasdaq 100 closed up 1.30%.
The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology component stocks, closed down 0.34%.
The Russell 2000 Small Cap Index closed down 0.65%. The volatility index VIX closed down 0.30%, reporting 19.84.
Most industry ETFs in the USA experienced declines.
The Biotechnology Index ETF fell by 1.36%, the Global Aviation Industry ETF dropped by 1.03%, the Financial Industry ETF rose by 0.14%, the Energy Industry ETF increased by 0.37%, and the Utilities ETF gained 0.41%.
The "Magnificent 7" saw more declines than gains:
The Magnificent 7 Index fell by about 0.1%, while the "Trump Tariff Losers" Index decreased by about 0.9%.
Google's Class A shares fell by 0.67%, Apple declined by 0.53%, Amazon dropped by 0.3%, Microsoft decreased by 0.25%, while Tesla rose by 0.1%, Meta increased by 0.33%, and NVIDIA was up by 0.86%.
Reports indicate that Cook is restructuring Apple's AI management team in the hope of revitalizing Siri's design work.
Musk stated that Tesla has enhanced security at multiple stores in the USA.
Huang Renxun expressed that NVIDIA will establish a quantum research laboratory in Boston, officially starting operations later this year, and was unaware of any quantum companies already going public. Following Huang's remarks, quantum computing stocks began to decline rapidly.
Quantum computing concept stocks broadly declined:
Kingsoft Cloud ADR fell by 10.63%, QMCO fell by 16.2%, and QBTS fell by 18.02%.
Most chip stocks declined.
PHLX Semiconductor Index closed down by 0.72%. NVIDIA double leveraged ETF rose by 1.7%.
AI demand remains strong, Micron's Q2 Datacenter revenue surged three times, and the Q3 guidance greatly exceeded expectations, causing the stock price to rise by up to 5% in post-market trading.
AI concept stocks showed mixed performance.
Jet.AI rose by 5.78%, while BigBear.a fell by 3.54%.
China Concept Stocks fell broadly.
Nasdaq Golden Dragon China Index closed down by 3.84%. FTSE A50 futures continuous night trading closed down by 0.28%.
In the ETF market, the China Technology Index ETF (CQQQ) closed down 3.39%, the FTSE China 3x Long ETF (YINN) closed down 8.66%, and the China Concept Internet Index ETF (KWEB) closed down 3.56%.
Among popular China Concept Stocks, Alibaba fell 4.39%, TENCENT ADR fell 4.96%, and Baidu fell 4.04%.
PDD Holdings initially fell over 5%, but rebounded to close up 3.97%. Q4 revenue year-on-year growth of 24.4% was below expectations, but net income of 29.85 billion yuan exceeded expectations.
Xiaomi ADR fell 2.55%. According to Yicai, Xiaomi's second automobile factory has begun construction, with rumors of an expansion near its eastern side.
ZEEKR fell 7.22%. The company's first earnings report showed revenue exceeding 100 billion, with delivery volume increasing by 87.2%.
Other key stocks include.
FedEx closed down 0.37%, and fell over 5% in Post-Market Trading. The company lowered its full-year earnings guidance and capital expenditure expectations.
Berkshire Hathaway Class B shares under Buffett rose 0.66%, reaching a record closing high for five consecutive trading days.
Trump stated that the USA is about to sign a rare earth agreement with Ukraine; after the news broke, rare earth materials company MP Materials (MP) rose by 4.19% in Post-Market Trading.
After the Federal Reserve's interest rate decision, several central banks in Europe indicated uncertainty in economic prospects, coupled with some Analysts warning of the "buy the expectation, sell the fact" trend in German stocks, the Pan-European Index ended a four-day winning streak, with German defense stock Thyssenkrupp retreating from early gains to close down 4%.
European stocks:
The Pan-European STOXX 600 Index closed down 0.43%. The Eurozone STOXX 50 Index closed down 1.02%.
The German stock index closed down 1.24%. The French stock index closed down 0.95%. The Italian stock index closed down 1.32%. The UK stock index closed down 0.05%. The Spanish stock index fell 0.76%.
Investor expectations of interest rate cuts have cooled, and the two-year UK bond yield increased by more than 3 basis points on the day of the Bank of England's decision.
US Treasury:
The USA 10-Year Treasury Notes Yield fell by 1.35 basis points to 4.2293%.
The two-year US Treasury yield fell by 1.71 basis points, reported at 3.9552%.
European bonds:
In the European market's late trading, the German 10-Year Treasury Notes Yield fell by 2.3 basis points. The two-year German yield fell by 2.4 basis points.
The UK 10-Year Treasury Notes Yield rose by 1.5 basis points. The two-year UK yield rose by 3.4 basis points.
The France 10-Year Treasury Notes Yield fell by 0.1 basis points. The Italy 10-Year Treasury Notes Yield fell by 0.2 basis points.
Editor/jayden
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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