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Market Insights: Mar 6th, 2024

TraderKnows
TraderKnows
03-06

Today's A-share market trend; The downturn in U.S. stocks intensifies; Nongfu Spring's share price fell for three consecutive days.

A-Share Market Trends:

  • Today, the overall A-share market presented a trend of fluctuations and declines, with the ChiNext Index's decline expanding to 1%, and the Shenzhen Component Index and Shanghai Composite Index falling by 0.64% and 0.19% respectively.
  • Among major industry sectors, stocks in the semiconductor chips, automotive industry chain, and general artificial intelligence fields led the declines, with nearly 3000 stocks falling across the market.
  • The CSI 2000 Index slightly rose by 0.19%, while the Wind Micro-cap Index increased by 1.23%, and the Hang Seng Tech Index also saw a rise of 0.79%.

International Economic Data:

  • The ISM Services PMI in the United States for February showed a slowdown, with employment and price indices falling back, but the new orders index for future demand rose to 56.1, the highest since August last year.
  • The Eurozone's Producer Price Index (PPI) for January continued to decline year-on-year for nine consecutive months, with the largest month-on-month drop in nearly a year. Persistent declines in energy prices led to a year-on-year decrease of 8.6% in the Eurozone's January PPI, and a month-on-month decrease of 0.9%, exceeding expectations.
  • Japan's Tokyo CPI rose by 2.5% year-on-year, marking the first significant bounce in inflation in 22 months, potentially prompting the Bank of Japan to adjust its policies to combat inflation.

Financial Markets:

  • International gold prices broke through $2100, setting a new historical high, while domestic pure gold jewelry prices also reached record levels, breaking through 636 yuan/gram.
  • Bitcoin momentarily surged past $69,000 to set a new all-time high, but then sharply fell, dropping below $60,000 at one point.
  • Wall Street stocks fell for the second consecutive day, with tech stocks dragging down the market. The Nasdaq index at one point fell more than 2%.
  • Tesla fell about 10% over two days, with Elon Musk's position as the world's richest person overtaken by Amazon founder Jeff Bezos, and AI-related shares declined.

Technology Stock Market:

  • The "Tech Magnificent Seven", which have recently supported the strength in the stock market, saw their market value evaporate by $233 billion yesterday, intensifying the downturn in the U.S. stock market. However, analysts believe this is a normal correction in a bull market.
  • At the close on Tuesday, Apple (AAPL) fell 2.8%, Amazon (AMZN) nearly 2%, Microsoft (MSFT) 3%, and Alphabet (GOOGL), Meta (META), and Tesla (TSLA) ended lower by 0.5%, 1.6%, and 3.9% respectively.
  • AMD's "special edition" chips for sales to China faced restrictions, requiring an export license to continue sales.

Individual Stock Dynamics:

  • Nongfu Spring's stock price fell for three consecutive days. On March 5, after the opening, Nongfu Spring's stock price rapidly declined, touching the day's low point after 11:00, before experiencing a rebound around noon.
  • Today's Hong Kong stock market showed a trend of fluctuating upwards, with the Hang Seng Index rising by more than 1%. Tech stocks performed particularly strongly, with JD.com Group-SW, Wuxi Biologics, and others rising by more than 7%, Kuaishou-W by more than 6%, and JD Health, Leading Ideal Cars, and XPeng Motors-W by more than 4%.
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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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