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Market Insights: April 3rd, 2024

TraderKnows
TraderKnows
04-03

Tesla's first-quarter deliveries fell far short of expectations, closing nearly 5% lower. The three major A-share indexes opened slightly lower; oil prices continued to rise.

Automobile Industry and Stock Market:

  • Tesla's first quarter delivery report showed a year-over-year decline of 8.5%, falling significantly short of the expected 449,000 vehicles. The stock price closed down nearly 5%.
  • U.S. stocks fell due to Tesla's lower-than-expected delivery numbers, with the S&P 500 index dropping 0.7%.
  • The Dow Jones Industrial Average dropped over 500 points in early trading, oil prices continued to rise, the global energy ETF reached a ten-year high, and the rise in U.S. Treasury yields put pressure on the stock market.

Financial Markets:

  • Gold and crude oil prices continued to rise. Crude oil closed up nearly 2%, reaching a five-month high for consecutive days; gold set new closing highs for four consecutive days, and silver rose over 3%.
  • U.S. Treasury yields continued to rise, with ten-year bond yields reaching the highest point of the year, dragging down the stock market.

Chinese Market:

  • The A-share market fluctuated throughout the day, with cyclical stocks performing strongly, but the index slightly fell. Sectors such as gold concepts, precious metals, jewelry, and port shipping led the gains.
  • Hong Kong stocks surged, with the Hang Seng Index rising over 2%, and Xiaomi's Hong Kong stocks closed up 9%, at one point rising 15%. However, Xiaomi's U.S. stocks fell more than 3%.
  • Chinese concept stocks listed in the U.S. performed well, although some individual stocks fell. Li Auto rose over 1%, while NIO and XPeng Motors fell more than 2%.
  • The offshore renminbi rose more than 100 points during trading, breaking above 7.26.

Internet Investments:

  • South African media company Naspers, through its internet investment flagship Prosus, reduced its holdings in Tencent to 2.326 billion shares, equivalent to 24.6% of Tencent's shares, but its holding in Meituan remained unchanged.

Cryptocurrency Market:

  • Bitcoin experienced a massive sell-off yesterday, resulting in a rapid price drop that affected other cryptocurrencies in the market. Ethereum's 24-hour decline exceeded 7%, while Dogecoin's 24-hour decline reached 11.3%.
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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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