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Fed minutes: Waiting for more information to gain confidence in rate cuts, with the majority of officials believing the economy is gradually cooling.
On Wednesday, Eastern Time (July 3), the Federal Open Market Committee (FOMC) monetary policy meeting minutes from June 11 to 12 were released by the US Federal Reserve. The decision-makers stated that although inflation is moving in the right direction, the speed is not fast enough to make them lower interest rates. Participants generally believe that it is inappropriate to cut interest rates now and more favorable data is needed to make them more confident that inflation is continuing to decline to the target level of 2%. Product structure, operating income of products worth 10-30 billion yuan were respectively 401/1258/60 million yuan.
"New Federal Reserve News Agency": Fed officials hinted that they are not in a hurry to cut interest rates and are generally satisfied with the wait-and-see stance. The meeting at the end of this month may not cut interest rates, and the minutes did not indicate that the Fed was worried about an overheating economy or policy too loose.
The unexpectedly significant shrinkage of the June ISM service index in the United States is the fastest in four years.
On Wednesday, data released by ISM showed that the US June ISM service PMI was 48.8, significantly lower than the expected 52.6 and 53.8 in May. The sharp drop in business activity and the decline in orders led to shrinkages, and the rate of decline in the service industry was the fastest in four years. After the data was released, US bond yields fell significantly, gold rose, and the US dollar fell.
The U.S. "little non-farm" unexpectedly fell to a new low for the year, with only 150,000 new private sector jobs created in June.
On Wednesday, data released by ADP showed that private employment in American private companies increased by 150,000 in June 2024, which slowed for the third consecutive month and was the smallest increase since February, lower than the previously estimated 160,000 people in the market. The data for May was revised up from 152,000 to 157,000.
ADP chief economist Nela Richardson wrote, "Job growth is more robust, but it is not widely based. If the recruitment of the leisure and hospitality industry does not rebound, the employment situation in June will not be optimistic."
Biden may face a campaign crisis! Multiple Democratic lawmakers reportedly considering a joint "persuasion" to withdraw from the campaign. Biden vowed to continue the campaign.
According to media reports, a senior Democratic official in the United States revealed that dozens of Democratic lawmakers in the House of Representatives are considering signing a letter asking Biden to withdraw from the presidential race because they are increasingly concerned that Biden will make them Lose control of Congress.
Subsequently, U.S. President Biden said in a call with members of the campaign team that he vowed to continue to participate in the 2024 presidential election and tried to reassure the Democratic leadership on Capitol Hill. Although his performance in last week's debate was disappointing, he was still suitable for re-election.
Beware of Trump! Goldman Sachs: Tariff plan may cause the Fed to raise interest rates five times.
Jan Hatzius, chief economist at Goldman Sachs, said that former US President Trump's comprehensive tariff plan may cause inflation to rise in the country, prompting the Federal Reserve to further raise interest rates. It is expected that the interest rate will cumulatively increase by 130 basis points. The "doomsday professor" warned that Trump's re-election may trigger a trade war, damaging US stocks and bonds.
Western sanctions impact foreign trade, and the Russian Central Bank encourages companies to use cryptocurrencies to cope.
Due to Western sanctions, Russia has suffered major setbacks in its trade with countries such as India, the United Arab Emirates, and Turkey in recent weeks; the Russian Central Bank stated to companies that they should use multiple options, including cryptocurrencies and other digital assets, to promote cooperation with foreign partners to counter sanctions imposed by the West.
Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.
The S&P, Nasdaq hit new record highs, popular Chinese concept stocks generally rose, and the Golden Dragon Index rose more than 3%.
The three major US indices only saw the Dow Jones Industrial Average decline slightly, the S&P 500 Index and the Nasdaq set intraday record highs, reaching the 33rd and 23rd closing records this year, respectively.
At the close, the Dow Jones Industrial Average fell 0.06% to 39,308.00 points; the S&P 500 index rose 0.51% to 5,537.02 points; and the Nasdaq index rose 0.88% to 18,188.30 points.
Most large tech stocks rose, with Apple up 0.58%, Microsoft up 0.32%, Nvidia up 4.57%, Tesla up 6.54%, Google up 0.31%, Amazon down 1.20%, and Meta up 0.09%.
Popular Chinese concept stocks generally rose, and the Nasdaq Golden Dragon Index rose 3.31%. Alibaba rose 2.57%, JD.com rose 2.99%, Pinduoduo rose 2.58%, NIO rose 7.51%, XPeng rose 9.04%, Li Auto rose 6.53%.
Tesla soars again! The second-generation humanoid robot Optimus made its Shanghai debut
$Tesla (TSLA.US)$On Wednesday night, it was announced on Weibo that the company's second-generation humanoid robot Optimus will be unveiled at the Shanghai World Artificial Intelligence Conference from July 4th to 7th. Musk previously said he believed Optimus would bring huge profits to the company. If Tesla had 10% market share and each robot sold for $20,000, it could make $1 trillion in profits per year. Product structure, 10-30 billion yuan products operating income of 401/1288/60 million yuan respectively.
Tesla rose nearly 7% at the close of trading for the third consecutive trading day.
'Congressional stock god' takes action! Pelosi purchases call options on Broadcom, 10,000 shares of Nvidia, sells Tesla and Visa.
Former US House Speaker Pelosi, known as the "Congress Hill Stock God", has recently been active. According to Congressional members' trading records, Pelosi bought call options and 10,000 shares of stocks, and sold some stocks. $Broadcom (AVGO.US)$Call options$NVIDIA (NVDA.US)$Stocks$Tesla (TSLA.US)$ and $Visa (V.US)$Stocks
In addition, Broadcom plans to split 1 share into 10 shares after the market closes on July 12th. The stock will start trading before the market on July 15th. At the close of trading, Broadcom rose more than 4%.
Novo Nordisk fell by nearly 3%, Harvard study shows that the weight loss drug Ozempic is associated with rare vision loss.
Novo Nordisk's best-selling weight loss drugs, Ozempic and Wegovy, have been associated with an increased risk of a rare vision loss called non-arteritic anterior ischemic optic neuropathy (NAION). Doctors at Massachusetts Eye and Ear, a hospital affiliated with Harvard University, found that patients using these drugs had a significantly higher risk of developing NAION compared to those using other drugs.
At the close,$Novo-Nordisk A/S (NVO.US)$It fell by nearly 3%.
Beishui increased its position to China Construction Bank by over HKD 800 million and sold more than HKD 400 million in Tencent holdings.
Amazon founder Jeff Bezos revealed a plan to sell 25 million shares worth $5 billion in stocks. In February of this year, Bezos sold approximately $8.5 billion worth of stock in nine trading days, his first stock sale since 2021. It is reported that Amazon's stock price closed at $200 on Tuesday, the highest level since its listing in 1997.$Amazon (AMZN.US)$Trade. Stocks.
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.
Good decisions take time. They are the result of deliberate and thoughtful consideration, not impulsive actions. --Buffett
As of Wednesday, southbound funds net bought HKD 3.643 billion of Hong Kong stocks.
$CCB (00939.HK)$, $ICBC (01398.HK)$, $CHINA MOBILE (00941.HK)$Net purchases were HKD 837 million, HKD 698 million, and HKD 597 million respectively;
$TENCENT (00700.HK)$, $SENSETIME-W (00020.HK)$Net sales were HKD 434 million and HKD 98.31 million respectively.
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: FOMC released minutes of monetary policy meeting, US stock market closed.
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Good decisions take time, they are the result of careful consideration rather than impulse.
Broadcom
Editor/ping