US Stock Journal: Gold Price Plummets as S&P Nasdaq Retreat, Weakest in Two Years

US Stock Journal｜ Gold price falls 3% as S&P Nasdaq retreats, weakest in two years (Reuters/Reuters)

US stocks are doing well.NvidiaUnder guidance, the S&P 500 index and the Nasdaq index rebounded sharply after falling for 6 consecutive days, with the latter rising more than 1%. The situation in the Middle East has temporarily calmed down, and gold prices, which have reached their highest levels in the past few days, have quickly recovered, falling almost 3% , which was the biggest one-day decline in the past two years. Investors are paying attention to the performance of key stock earnings reports this week, includingMicrosoft、Alphabet、Meta、Teslawait

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Market conditions on April 19 (Friday)

l Dow Jones Index It rose 253.58 points or 0.67% to 38,239.98 points.

l S&P 500 It rose 43.37 points or 0.87% to 5,010.60 points.

l Nasdaq Index It rose 169.30 points or 1.11% to 15,451.31 points.

l New York May oil futures It closed at $82.85 per barrel, down $0.29 or 0.3%.

l New York June gold futures It closed at US$2,398.0 an ounce, up US$9.6 or 0.4%.

l The interest rate on the 10-year US Treasury bond It closed at 4.623%, up 0.8 points.

Nvidia rebounded 4.3% after falling 10% last Friday at least 10 suppliers are able to support their monthly sales. He believes Blackwell is expected to drive double-digit growth in public use by the end of this year and early next year.

On the other hand, the chief UBS US stock strategist Jonathan Golub believes that the rise of the US technology giants is disappearing, and he lowered the business rating of the six major technology giants Alphabet, Apple, Amazon, Meta , Microsoft and Nvidia from “fat”. to “Neutral” because “earnings momentum has turned firmly to the negative after a sharp increase in profits.” He said the decline was a result of “comparison of the problems facing these stocks and the limitations of cyclical forces” rather than “based. on valuations.” Value Extension Projections or Doubts About Artificial Intelligence.”

Tesla fell as low as $138.8, a new low since late 22, and closed at $142, down 3.4%. The company announced on Friday that it had reduced the prices of Model Y, Model X and S in the United States. In Germany and China, the price of the Model 3 was lowered to boost sales amid falling sales and rising inventories. The company announced its results on Tuesday, and the market expected its operating profit to fall 40%.

Marko Kolanovic, chief market strategist at JPMorgan Chase, said that in terms of market capitalization, about 40% of US companies will announce their results this week. However, Kolanovic said, “We believe that the sale is not yet “It will continue.” He pointed out that current stock valuations are too complacent, inflation remains high, expectations of interest rate cuts by the Federal Reserve have changed further. , along with rising bond interest rates, high oil prices and high concentration in the stock market, they believe that US stocks have fallen after three weeks in a row The trend is not over yet.

Performance time is about to enter its peak, and big banks have mixed views on whether US companies can meet strong profit forecasts this year. Michael Wilson, chief investment officer at Morgan Stanley, said the economy is strong and corporate profit growth is expected to improve in 2024 and 2025.

But strategists at JPMorgan Chase believe that high inflation, a strong dollar and the recent increase in geopolitical tensions have cast a shadow on this outlook. “Investors expect S&P 500 earnings per share to grow nearly 20% in the fourth quarter from forecast levels in the first quarter,” strategist Mislav Matejka wrote in a note. “We think this rate is too high.”

The price of gold has declined, and UBS believes that any changes in the low price can be taken advantage of, as geopolitical risks continue to support the gold market in the long term , however, if the situation does not improve, gold may enter a period of consolidation.

Bitcoin mining expansion revenue was “cut in half” last Friday and did well, however, JPMorgan strategist Nikolaos Panigirtzoglou believes: “Bitcoin price is not expected to rise after the half because it is already digested.