On Wednesday, July 10th, the S&amp;P and Nasdaq both rose for the seventh consecutive day, while the Dow Jones Industrial Average fluctuated multiple times before turning downward. However, within the first hour and a half of trading, all three major indexes saw gains.
Chip stocks and large-cap tech stocks led the S&amp;P 500 and Nasdaq to open at new highs. The Nasdaq rose nearly 0.67% or about 122 points at the opening, while the S&amp;P 500 rose nearly 0.36%. The Dow Jones, which is dominated by blue-chip stocks, initially fell by nearly 0.09% within the first hour of trading before recovering slightly.
Most of the &#34;Tech Seven Sisters&#34; saw gains. Tesla opened high but closed lower, ending a ten-day winning streak, dropping nearly 1.2% at the beginning of trading. Nvidia led the gains, surging nearly 2.3% to approach its historical high. Apple hit a new high for the seventh consecutive day, rising over 1.3%. Google Class A shares ended a two-day decline, rising over 1%. Microsoft started trading higher, with gains expanding to nearly 0.8% at one point. Amazon, however, experienced a sharp drop within the first 50 minutes of trading, falling nearly 0.3%.
Chip stocks saw widespread gains. The Philadelphia Semiconductor Index rose over 1.7% at the opening, surpassing 5860 points to set a new high, while the industry ETF SOXX rose over 1.6%. The Nvidia 2x Long ETF surged nearly 4.4%; ARM rose nearly 2.6%, approaching historical highs along with TSMC's US-listed shares, which rose nearly 3.4%. Applied Materials hit a new high with a nearly 0.8% increase, while AMD surged over 5.6%.
AI concept stocks had mixed performance, with SoundHound AI soaring over 7.2% while CrowdStrike fell over 4.4%.
On the news front, it is reported that Baidu's subsidiary Luobo Kuaipao is expected to achieve profitability by 2025; AI demand is boosting TSMC's revenue significantly beyond expectations; Microsoft is giving up its non-voting observer seat on the OpenAI board, but may not dispel concerns from US regulators about anti-monopoly issues. Reports suggest that AMD will acquire Europe's largest private AI lab, SILO AI, in an all-cash deal worth about $665 million to narrow the gap with Nvidia.
Chinese concept stocks saw slight gains. The KraneShares CSI China Internet ETF (KWEB) rose about 0.4%, the Invesco China Technology ETF (CQQQ) rose over 0.4%, and the Nasdaq Golden Dragon China Index (HXC) briefly rose over 1% and crossed back above 6000 points, but erased most of its gains before midday.
Among popular individual stocks, Baidu ADR rose nearly 6.2% at one point, continuing its over 8% gain from the previous day, while ZEEKR fell over 3.5%.
The following is the update before 21:50 Beijing time
Overnight, Powell emphasized signs of cooling in the job market but indicated the need for &#34;more good data&#34; to boost confidence in lowering inflation, leading to new highs in the US stock market. Currently, the pricing in the swap market predicts two rate cuts within the year, with the Fed most likely to initiate the first rate cut in September.
Tonight at 22:00, Powell will continue to attend the House of Representatives for questioning, with the speech expected to maintain a similar tone. The market is focused on the June CPI data to be released tomorrow night at 20:30.
The three major US stock indexes showed mixed performance at the opening, with the Nasdaq rising by 0.46%, the S&amp;P 500 up by 0.25%, and the Dow down by 0.02%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a1dcc01b-efd4-4ae8-9c02-177a0b31a7b1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a1dcc01b-efd4-4ae8-9c02-177a0b31a7b1.png"/>
Several leading tech stocks rose, with TSMC up over 1.5%, reporting second-quarter sales exceeding market expectations with a 40.1% year-on-year increase; AMD rose over 1.4%, with reports of AMD's all-cash acquisition of Silo AI; NVIDIA rose over 2%; Tesla rose by 0.22% as delivery volumes exceeded expectations, leading to Goldman Sachs analysts raising Tesla's target price. Apple's stock price continued to hit new highs, reaching a high of $231.06, with a total market value of $3.54 trillion.
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Most popular Chinese concept stocks rose, with Nio up by 1%, XPeng up by over 2%, Baidu up by over 5%, and its subsidiary Luobo Kuaipao expected to achieve profitability by 2025.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/78584017-c0d4-43b7-b38d-920e336479b3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/78584017-c0d4-43b7-b38d-920e336479b3.png"/>
<h2>US Treasury Yields Decline Together</h2>
Ahead of the inflation data release tomorrow night, the market will closely monitor the trend of US Treasury yields, which are collectively falling due to high expectations of rate cuts.
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The 10-year US Treasury yield continued to decline in the afternoon, with a slight rebound now, accumulating a 1.6 basis point drop during the day to 4.282%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/809a048c-c113-43ca-9caf-0dc2e3683137.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/809a048c-c113-43ca-9caf-0dc2e3683137.png"/>
The 2-year US Treasury yield continues to decline, hovering near a three-month low.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fec517e5-fabf-4f0a-839c-3429e51f6867.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fec517e5-fabf-4f0a-839c-3429e51f6867.png"/>
<h2>Spot gold rises above $2380</h2>
Spot gold rose above $2380 per ounce in pre-market trading, now slightly falling to $2378.93 per ounce.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fccfb840-75c6-4f64-a52a-31f05cbcd33a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fccfb840-75c6-4f64-a52a-31f05cbcd33a.png"/>
<h2>Narrowing decline in oil prices</h2>
The decline in oil prices has slowed down, with Brent crude and WTI down by 0.39% and 0.29% respectively.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d94258ab-e24e-4e4f-b365-cd061e36fd77.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d94258ab-e24e-4e4f-b365-cd061e36fd77.png"/>

09888

BIDU

89888

S&P Nasdaq Composite Index rose for seven consecutive days, while Dow Jones Industrial Average turned down multiple times in the short term; Nvidia rose nearly 2.3%, leading the "Big Seven Sisters of Technology", Apple hit a new high for seven consecutive days, ranking first in market value; Tesla extinguished its fire to end a ten-day rally; Baidu ADR once rose nearly 6.2%, continuing the performance of over 8% increase from the previous day, reportedly, Baidu's subsidiary Luobo Kuaipao is expected to achieve profitability by 2025

- The S&P 500 and Nasdaq rose, while the Dow fluctuated before all three major indices climbed at the opening. Tech stocks like Nvidia led to record highs for the S&P 500 and Nasdaq, with the Dow initially dropping but later recovering slightly.
- Tech giants like Tesla, Nvidia, Apple, Google, and Microsoft saw varied movements, with chip stocks broadly rising. AMD announced a cash acquisition of SILO AI, aiming to narrow the gap with Nvidia. Chinese tech stocks showed mixed performance.
- Powell's remarks hinted at a cooling job market but emphasized the need for more positive data to boost inflation confidence, with expectations of Fed rate cuts. Tech stocks like TSMC and AMD surged, while Baidu and Nio also saw gains.

Wallstreetcn

BIDU-SW

Baidu

BIDU-SWR

US stocks hit new highs again, with Nvidia leading the tech stocks with a 2.3% increase, Apple reaching a seven-day high, Tesla cooling off, and Baidu ADR continuing to rise by nearly 6.2%