---
title: "Breakfast | Tesla sets a record for the longest consecutive decline, Chinese concept stocks outperform the market, UBS downgrades the ratings of six American technology giants"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/202539942.md"
description: "Tesla fell for seven consecutive trading days, while Nvidia rose nearly 4.4% and Pinduoduo surged over 9%. UBS believes that the profit growth of the six major tech giants is expected to slow down, with the industry rating downgraded from \"overweight\" to \"neutral\". Bank of America ranks Apple as the TOP 1 for 2024. Morgan Stanley lowered the target price for Apple Inc. Baidu stated that it has not given up on its L2 business. Tencent is about to launch \"Dungeon & Warriors: Origin\". Chabaida and Tianjin Jianfa officially listed today"
datetime: "2024-04-23T00:03:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/202539942.md)
  - [en](https://longbridge.com/en/news/202539942.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/202539942.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/202539942.md) | [English](https://longbridge.com/en/news/202539942.md)


# Breakfast | Tesla sets a record for the longest consecutive decline, Chinese concept stocks outperform the market, UBS downgrades the ratings of six American technology giants

Good morning! A great day starts with making money.

### Overnight Morning Market

The earnings season of US stocks is in full swing, with nearly 180 listed companies set to release their financial reports this week. These companies account for 40% of the total market value of the S&P 500, including tech giants like Microsoft, Google's parent company Meta, and Tesla.

The major US stock indices rebounded overall on Monday, with the S&P and Nasdaq ending a six-day losing streak. The Dow rose by 0.67%, marking a three-day consecutive increase.

Tesla fell by 3.4%, extending its decline for seven consecutive trading days, matching its longest losing streak record and hitting the lowest closing level since January 2023 for three consecutive days. Informatica's stock price fell by 11%, marking its largest drop since May 2022. Verizon dropped by 4.7%, the biggest decline in nine months.

Alphabet rose by 1.4%; Amazon rose by nearly 1.5%; Netflix fell by less than 0.1%, declining for four consecutive days. Nvidia rose by nearly 4.4%, while Arm rose by 6.8%. Most AI concept stocks rebounded. BigBear.ai (BBAI) surged by over 7%, SoundHound.ai (SOUN) rose by over 6%.

Chinese concept stocks rebounded overall, outperforming the broader market. Li Auto fell by 5.6%, Xiaomi closed down by nearly 1.5%, Nio rose by 5.3%, XPeng rose by 0.7%. Pinduoduo surged by over 9%, Bilibili rose by over 7%, JD.com rose by nearly 6%, Tencent closed up by over 5%, Alibaba and Baidu rose by over 2%, NetEase rose by over 1%.

The UK's FTSE 100 index closed at a record high for the first time since February 2023.

### Blue Chips and Hot Stocks

**Profit growth expected to slow down, UBS downgrades ratings of the "Big Six" US tech stocks**

The momentum behind the rise of US tech giants is fading as the sector's once strong profit growth is facing a slowdown, with industry ratings downgraded from "overweight" to "neutral". After a significant increase in profits, the profit momentum has firmly shifted towards the negative, with this downgrade being a recognition of the difficulties and cyclical constraints these stocks face, rather than being based on predictions of valuation expansion or doubts about artificial intelligence.

According to The New York Times, the International Football Federation is close to reaching a new TV deal for a football tournament with Apple.

**Bank of America ranks Apple as TOP 1 for 2024, optimistic about its long-term prospects**

Bank of America is optimistic about Apple's upcoming earnings and long-term prospects, citing the company's "rich catalyst path and defensive cash flow". The rating is a buy with a target price of $225. Apple is set to release its second-quarter financial report next week.

Morgan Stanley: Lowers Apple's target price from $220 to $210

Tesla's newly formed US marketing team announces layoffs of around 40 people

Market news: Boeing (BA.N) expects production of the 787 aircraft to slow down due to parts shortages.

Tencent: "Dungeon & Fighter: Origin" (DNF Mobile) will officially launch on May 21, 2024.

### Chips and Artificial Intelligence

Baidu IDG's head Wang Yunpeng: Baidu has not given up on its L2 businessJapanese media: SoftBank to invest $960 million to enhance artificial intelligence computing power.

Liu Qiangdong's digital avatar live streaming becomes normalized, with digital avatar costs as low as 10% of human live streaming.

### Cryptocurrency

As the US may resume sanctions, Venezuela's national oil company PDVSA plans to increase the use of the digital currency USDT.

### IPO Opportunities

Chabaida and Tianjin Jianfa officially listed today.

### Macro: A Global Perspective

**JP Morgan: US stock market correction is not over yet**

Various reasons have led to the continued three-week decline in the US stock market, including rising bond yields, high oil prices, and high market concentration. About 40% of US companies will announce their financial reports this week, and price movements may depend on these reports. In the short term, there may be some stabilization, "however, we believe that selling pressure will continue."

Forex company Corpay: US first-quarter GDP is more likely to surprise than March personal consumption expenditure.

NYSE conducts a survey on extending trading hours for market participants.

**Bridgewater Associates' famous trading strategy fails, pension funds and other institutional investors withdraw funds**

Eileen Neill, Managing Director of Verus Investments, stated, "The long-term returns have been disappointing, and the risk parity funds only performed well once during the global financial crisis, which was their heyday." As funds flow back into the stock market, the performance of risk parity funds begins to lag. When safe-haven assets such as US treasuries face heavy losses in 2022, risk parity funds suffer even more.

China's Ministry of Finance: In the first quarter, the national general public budget revenue is expected to increase by around 2.2% on a comparable basis; national tax revenue decreased by 4.9% year-on-year; securities trading stamp duty revenue decreased by 49.1% year-on-year.

Beijing's new housing policy: For those divorced for less than a year but do not own a house, the first-home mortgage rate will be implemented starting tomorrow

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