U.S. stocks opened: The Dow fell nearly 60 points, and most Chinese concept stocks rose. Li Auto and Xpeng Motors rose more than 4%.
Financial World 2024-02-16 22:31:53
According to news from the financial world on February 16, investors paid attention to the day’s economic data and speeches by Federal Reserve officials, and also weighed the financial reports of many companies. U.S. stocks opened mixed, with the Dow Jones Industrial Average falling 57 points, the S&P 500 Index falling 0.01%, and the Nasdaq Composite rising. 0.03%. Coinbase rose more than 15% as results exceeded expectations. Popular Chinese concept stocks generally rose, with Li Auto rising over 5%, Xpeng Motors rising over 4%, and JD.com rising over 4%. DoorDash fell 12%, its largest intraday drop since 2022. Dropbox fell 19%, its largest drop ever.
As of press time, the Dow Jones Index fell 66.51 points, or 0.17%, to 38,706.61 points; the S&P 500 Index fell 4.64 points, or 0.09%, to 5,025.09 points; the Nasdaq Composite Index fell 18.22 points, or 0.11%, to 15,887.95 points.
U.S. PPI rose 0.3% month-on-month in January, higher than expected
The U.S. Bureau of Labor Statistics announced that the final demand producer price index (PPI) fell 0.1% in December. Final demand PPI increased by 0.9% year-on-year in January; it is expected to increase by 0.6%.
Final demand PPI excluding food and energy rose 0.5% month-on-month; it is expected to rise 0.1%. Final demand PPI excluding food and energy rose 2% year-on-year; it is expected to rise 1.6%. Final demand PPI excluding food, energy and trade services rose 0.6% month-on-month; it rose 2.6% year-on-year.
Fed’s Bostic: Fed’s war on inflation is not over yet
Atlanta Fed President Bostic said the Fed is in no rush to cut interest rates as the U.S. labor market and economy remain strong, and warned that it is unclear whether inflation will continue to move toward the Fed’s 2% target. While stronger-than-expected January CPI may be an outlier, Bostic said the report proves the Fed’s war on inflation isn’t over yet.
The “Big Seven” flameout, S&P still hits new highs, analysts: the market is still optimistic about economic recovery
Over the past week, the U.S. stock market has experienced a series of eye-catching changes. Despite pressure from higher-than-expected inflation data, market optimism still drove gains in stocks, especially as the S&P 500 hit its 11th record high this year. Analysts believe that even in the context of the “Big Seven” stalling, the market is still optimistic about economic recovery, the momentum of the U.S. stock market is still strong, investors are shifting funds from technology stocks to non-technology stocks, and the U.S. stock market is experiencing a quiet crisis. Silent rotation.
Is the crisis just the tip of the iceberg?Dozens of U.S. banks quickly accumulate commercial real estate loans
At the end of 2023, about two dozen banks in the United States held commercial real estate loans that federal regulators believed required stricter supervision, a sign that more banks may face pressure to increase their reserves. Three regulators last year publicly warned banks to cautiously evaluate large debt exposures to office buildings, retail stores and other commercial properties. Authorities said they would keep a close eye on banks with commercial property loans worth more than three times their total capital. New York Community Bank (NYCB), which has seen its share price plummet recently, is the largest bank currently approaching that threshold, but many smaller banks may have “crossed the line” more severely.
Fed’s reverse repo balance falls below $500 billion mark
The Federal Reserve’s reverse repurchase balance fell below the US$500 billion mark for the first time in more than two years. Market liquidity has once again turned on the red light, and the risk of a liquidity crisis in March is increasing. The latest data released by the Federal Reserve shows that on February 15, local time, the Fed’s overnight reverse repurchase (RRP) balance fell by US$82 billion to US$493 billion from the previous day, falling below US$500 billion for the first time since June 2021.
Bet all on U.S. bonds!Fund manager: Fed may cut interest rates by as much as 400 basis points
A fund owned by European asset manager Jupiter Asset Management has increased its holdings of U.S. Treasuries to a record and predicted a hard landing for the world’s largest economy. Harry Richards, a London-based fund manager at the firm, said the prospect of a U.S. recession means the Fed could ultimately cut its benchmark interest rate by as much as 400 basis points in the coming easing cycle.
Bank of Japan expects to end negative interest rates in coming months
The Bank of Japan is still expected to end negative interest rates in the coming months despite Japan’s economy slipping into recession, Reuters reported, citing unnamed people familiar with the central bank’s thinking. Weak domestic demand means the Bank of Japan may seek more clues on wage growth before taking action, with Reuters citing one person saying that domestic demand does lack momentum. But GDP is just one of many numbers the BOJ focuses on, with another person saying it is the broader trends and prospects for the economy that matter.
Coinbase Q4 revenue and profits far exceeded market expectations
Coinbase surged nearly 16% before the market opened, trading at $192. Coinbase announced its results after the market closed, with fourth-quarter revenue of $954 million, far exceeding the expected $826 million; transaction volume of $154 billion, exceeding the expected $143 billion; earnings per share of $1.04, far exceeding the expected loss of $0.01.
Google releases Gemini 1.5 Pro, only one and a half months after Gemini was released
In December 2023, Google released the Gemini series of large models, including 3 versions with different parameter sizes. Among them, Gemini Ultra claims to have surpassed GPT-4 in MMLU evaluation. At the beginning of the month, Bard was also renamed Gemini and Gemini Ultra was opened for paid use. Just now, Google CEO Pichai announced the release of Gemini 1.5 Pro, which means that Gemini has received a major update in just one and a half months.
Ming-Chi Kuo releases Spring Festival mobile phone market briefing: iPhone still cannot be sold despite price cuts
Tianfeng Securities analyst Ming-Chi Kuo released a market research briefing today, briefly reviewing the important updates in the mobile phone industry from January to the Spring Festival (mid-February) this year. Ming-Chi Kuo pointed out that during this period, on the one hand, demand for Android models priced at 3,000-4,000 yuan has recovered steadily, and on the other hand, the shipment base in the first quarter of 2023 is low, so domestic Android phone shipments have grown steadily year-on-year. Apple iPhone shipments in the domestic market continue to decline year-on-year, and the price cuts at the beginning of the year have made limited contribution to boosting shipments.
Musk’s Tesla stake increases to 20.5%?My response: No
Musk responded to a report that his stake in Tesla increased to 20.5%, suggesting that this was the result of a media misinterpretation. Previously, it was reported that a regulatory filing showed that Musk currently holds 20.5% of Tesla’s shares, a significant increase from the 13% he held in May last year. Electric vehicle analyst Sawyer Merritt shared a screenshot of this report and commented that the media’s interpretation of this document was wrong and Musk’s direct holdings of Tesla shares have not increased. He owns the same amount of Tesla stock as he did a year ago. Musk acknowledged Merritt’s statement, responding: “They’re not that smart.”
Nike plans to lay off more than 1,600 employees, sources say
According to reports, sporting goods giant Nike plans to lay off approximately 2% of its workforce, or more than 1,600 jobs, to cut costs. The layoffs will begin on Friday, with the second phase expected to be completed by the end of the quarter, according to an internal employee memo from the company. The layoffs are not expected to affect employees in stores and distribution centers, nor are they expected to affect employees in the innovation team.
Lilly to initiate phase III study of head-to-head GLP-1R/GIPR/GCGR agonist semaglutide
Recently, the clinicaltrials.gov website showed that Eli Lilly has registered a randomized, multi-center, open-label Phase III clinical trial of the GLP-1R/GIPR/GCGR triple-target agonist retatrutide, which is designed to evaluate the efficacy of retatrutide compared with simax Efficacy and safety of glutide in the treatment of type 2 diabetes patients with poor glycemic control in patients with type 2 diabetes treated with metformin with or without sodium-glucose cotransporter 2 inhibitors (SGLT2i).
Duan Yongping’s investment account increased his holdings in Alibaba
According to All Weather Technology, the latest position of an investment account (H&H International Investment, LLC) controlled by Duan Yongping shows that the account increased its holdings in Alibaba in the fourth quarter of 2023. Specifically, at the end of the fourth quarter of 2023, this account held a total of nine companies with a total market value of US$14.45 billion. The top four holdings were Apple with US$11.498 billion, Berkshire Hathaway with US$1.692 billion, and Berkshire Hathaway with US$757 million. USD Google, USD 384 million Alibaba. Compared with the previous quarter, this account has increased its holdings of Alibaba shares by 1,918,730 shares, and currently holds a total of 4,959,230 shares.
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2024-02-16 14:31:53
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