(Original title: U.S. stocks overnight | Three major indexes closed lower, Nvidia (NVDA.US) continued to hit a record high, and digital currency concept stocks led the gains)
Zhitong Finance APP learned that on Monday, the three major indexes fell. This week, investors will focus on Federal Reserve Chairman Powell’s congressional testimony and Friday’s non-farm employment data.
【US stocks】As of the close, the Dow fell 97.55 points, or 0.25%, to 38989.83 points; the Nasdaq fell 67.43 points, or 0.41%, to 16207.51 points; the S&P 500 fell 6.13 points, or 0.12%, to 5130.95 points. New York Community Bank (NYCB.US) fell more than 23%, and Nvidia (NVDA.US) rose 3.6%, continuing to hit a record high. Digital currency concept stocks led the market, with Coinbase (COIN.US) rising by more than 11% and MicroStrategy (MSTR.US) rising by 23%. The Nasdaq China Golden Dragon Index closed down nearly 4%, Li Auto (LI.US) fell 13%, and Alibaba (BABA.US) fell more than 3%.
[European stocks]The major European stock indexes were mixed, with Germany’s DAX30 index falling by 0.11%, Britain’s FTSE 100 index falling by 0.55%, France’s CAC40 index rising by 0.28%, and Europe’s Stoxx 50 index rising by 0.37%.
[Asia-Pacific Stock Market]The Nikkei 225 Index rose 0.5%, Indonesia’s Jakarta Composite Index fell 0.48%, Vietnam’s VN30 Index rose 0.12%, and Singapore’s Straits Times Index fell 0.43%.
【Cryptocurrency】Bitcoin rose nearly 7%, breaking through $67,000; Ethereum rose more than 2.7% to $3,585.54.
【gold】COMEX April gold futures closed up 1.46% at $2,126.3 per ounce
【crude】West Texas Intermediate crude oil (WTI) futures for April delivery closed down $1.23, or nearly 1.54%, at $78.74 per barrel; Brent crude oil futures prices fell 73 cents, or 0.89%, to settle at $78.74 per barrel. $82.81.
【Metal】Most London metals closed higher, with Lun nickel falling 0.71%; Lun aluminum rising 0.54%, Lun copper rising 0.37%, and Lun zinc rising 0.21%.
【Macro News】
Bostic: After the first interest rate cut, there will be a pause to assess the impact, hoping to maintain the current pace of balance sheet reduction.Atlanta Fed President Bostic said he expects the Fed to pause after its first rate cut, which he has scheduled for the third quarter, at its next meeting to assess the impact of the policy shift on the economy. In a commentary posted on the Atlanta Fed’s website, Bostic said he was concerned that a rate cut could unleash a burst of new demand that would increase price pressures, which could be another reason not to cut rates hastily. “I expect there will probably not be back-to-back interest rate cuts,” Bostic said. “Given the uncertainty, I think there is some appeal in taking action and then seeing how market participants, business leaders and households react to it.” .” Bostic also said he hopes to continue reducing the size of the Fed’s balance sheet at the current pace for some time, rather than adopting reduction measures quickly.
With Democrats impatient and Republicans strongly criticizing, Powell will face bipartisan grilling this week.Federal Reserve Chairman Jerome Powell faces increased pressure from both parties this week. Powell will lay out why officials are in no rush to cut interest rates as the economy’s strong growth and inflation inch closer to the Fed’s optimal range. Some Democrats trying to avoid putting pressure on the Fed are growing impatient. “Pressure usually comes from one party or the other, and this time it could come from Democrats as the Fed becomes more hawkish this year,” said analyst Marc Sumerlin. “They don’t want the economy to flip over unexpectedly, because when it happens, it happens very quickly. That’s a huge risk for Democrats.” And Republicans will grill Powell about the Fed raising capital requirements for big banks by nearly 20% proposal. The plan proposed by Barr, the Fed’s vice chairman for supervision, has been strongly criticized by Republican lawmakers and banking lobby groups. “The biggest question before the Fed is not 25 basis points this or that, but the bigger picture of bank capital,” said House Financial Services Committee Chairman Patrick McHenry, a Republican.
The U.S. Supreme Court overturned a ruling that barred Trump from participating in the Colorado primary.On March 4, local time, the U.S. Supreme Court overturned the Colorado Supreme Court’s ruling banning former President Trump from participating in the state’s primary election in the 2024 U.S. presidential election. The Supreme Court held that the U.S. Constitution places the responsibility on Congress, not the states, to enforce Section 3 of the Fourteenth Amendment against federal officials and candidates. US media pointed out that the Federal Supreme Court’s ruling on the 4th basically ended the attempt to prevent Trump from returning to the White House through the “insurrection ban”. Trump issued a brief statement on social media that day welcoming the ruling, while Colorado election officials expressed “disappointment.”
U.S. oil exports surge, OPEC+ production cuts face challenges.A surge in U.S. Gulf crude exports helped push up global oil shipments observed in February, underscoring the challenges OPEC+ faces as it attempts to cut global supplies. Ship tracking data compiled by the agency showed crude flows from the United States and Canada surged to nearly 4.5 million barrels per day, one of the highest levels ever recorded. Without the region’s month-on-month growth of 664,000 barrels per day, global oil flows would have declined slightly. On Sunday, OPEC+ extended a collective production cut deal until the middle of this year to avoid a global oil supply glut and support oil prices. However, with overall oil prices around $80 per barrel, some oil-producing countries outside OPEC are still increasing oil production.
[Individual stock news]
The European Union fined Apple (AAPL.US) a whopping US$1.8 billion.On Monday, the European Commission announced that it had fined Apple 1.8 billion euros for abusing its monopoly position and restricting music streaming competitors including Spotify. The fine issued this time began with a complaint from Swedish music streaming giant Spotify in 2019. Spotify said that due to Apple’s 30% cut from the App Store, the company was forced to increase the price of subscription services, and Apple was suspected of having a monopoly in the competition in the streaming music market. At the same time, the European Commission also ordered Apple to stop blocking developers from recommending cheaper payment options outside the App Store to users. In its latest statement, Apple rejected the EU fine and said that EU regulators had “not found any credible evidence of harm to consumer interests.”
Nvidia surpasses Saudi Aramco and ranks among the top three in the world in terms of market capitalization.Chipmaker Nvidia (NVDA.US) has surpassed Saudi Aramco in market capitalization, becoming the world’s third most valuable public company after Apple (AAPL.O) and Microsoft (MSFT.O), hitting another milestone. The company closed Friday with a market capitalization of $2.06 trillion, closing above the $2 trillion mark for the first time. At the same time, Saudi Aramco’s market capitalization fell to $2.03 trillion. Nvidia’s performance surge reaffirmed Wall Street’s optimism about the potential of artificial intelligence to reshape the technology industry, and the company’s stock price soared. Nvidia’s rebound this year has been strong. It rose by about 66%, and its market value increased by about $834 billion.
Tesla (TSLA.US) wholesale sales in China fell to a new low in more than a year in February.Affected by sluggish sales during the Spring Festival holiday and intensifying price wars in the electric vehicle market, Tesla’s wholesale sales in China fell to their lowest level in more than a year in February. Preliminary data released by the China Passenger Car Association on Monday showed that Tesla China’s wholesale sales in February were 60,365 vehicles, which was the lowest level since December 2022, with a month-on-month decrease of nearly 16%; the year-on-year decrease was even greater, reaching 19%. The Passenger Car Association predicts that China’s domestic wholesale sales of new energy passenger vehicles will reach 11 million units in 2024, a year-on-year increase of 22%. Although it is still growing, the growth rate is lower than 36% in 2023 and 96% in 2022. At the same time, the Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in China will be 450,000 units in February, a year-on-year decrease of 9% and a month-on-month decrease of 34%. The Passenger Car Association said price cuts by major automakers may dampen consumers’ desire to buy as they expect prices to fall further.
2024-03-04 22:00:00
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