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Overnight, the three major U.S. stock indices had mixed results, with the Dow Jones Industrial Average slightly down 0.16%, while the S&P 500 and NASDAQ rebounded by 0.30% and 0.86%, respectively. After digesting the unexpectedly strong non-farm payroll data, chip stocks experienced a technical recovery, with the Philadelphia Semiconductor Index soaring 5.61%, led by gains in Micron Tech and Intel. The NASDAQ Golden Dragon China Index closed down 0.62%, showing a divergent pattern internally. New energy vehicle manufacturers performed strongly, with Pony AI rising over 3% and Li Auto up more than 2%; however, some e-commerce and new energy stocks faced pressure, with PDD and Daqo New Energy leading the declines as funds opted for selective risk aversion amid macroeconomic uncertainties. London spot gold briefly fell below the key level of $4,300, effectively erasing its gains for the year. Strong employment data pushed up U.S. Treasury yields and the dollar index, diminishing the appeal of non-yielding assets. The market is closely watching the upcoming May CPI data and signals from the Federal Reserve's interest rate meeting this week. Looking ahead, Morgan Stanley characterized the recent market volatility as a "healthy adjustment," believing that the fundamentals have not fundamentally reversed. Goldman Sachs cautioned that if subsequent inflation data continues to exceed expectations, it could further strengthen the narrative for interest rate hikes, exacerbating valuation pressures on growth stocks and gold. Related ETFs: Global Tech Leaders: NASDAQ ETF Hua Xia (513300) U.S. Core Broad Market: S&P 500 ETF Hua Xia (159655) Tracking Gold Price Performance: Gold ETF Hua Xia (518850)

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