ADDX Go Market Morning Wrap - 24 Oct

Market Key Focus

US Market

- Markets

Affected by the weakness of Apple and Nvidia's share prices, investors sold off technology stocks, chip stocks, and AI concept stocks, dragging down the Nasdaq, which once fell nearly 2.3% during the session, leading the decline.

The Dow Jones Industrial Average fell by about 1% and fell for three consecutive days. The Dow fell 400 points, the biggest drop since early September.

Most sectors fell, with the discretionary consumption sector and the technology sector leading the decline. Only the real estate and utilities sectors with "safe-haven attributes" rose. McDonald's closed down 5.12% due to a serious E. coli infection incident, dragging the Dow Jones Industrial Average down nearly 632 points during the session.

- Stocks

Nvidia once fell more than 4%. Apple once fell 3.4% due to unfavorable news about Vision Pro and iPhone 16, but then narrowed its decline driven by news about new AI products. Tesla's financial report was strong, and it rose more than 10% after the market closed.

- Treasury

U.S. Treasury yields rose across the board, with the 10-year Treasury yield rising above 4.26% to a three-month high

- FX

The U.S. dollar index DXY rose more than 0.3% to a three-month high, and closed up 0.32% at 104.407 points.

Asian Market

- Markets

Asia-Pacific stock markets were mixed, with South Korea's Kospi index closing up 1.1%; the Nikkei 225 index closed down 0.8%.

Goldman Sachs warned that Indian stock market valuations are at historical peak levels, and overvaluation remains the most common concern of investors.

- Stocks

Tokyo Metro rose more than 40% on its first day of listing, making it the largest IPO in Japanese stocks in six years.

Morgan Stanley raised Pop Mart's target price for the sixth time this year, up more than 18%

FX

The Japanese yen fell more than 1% and fell below 153 for the first time in three months.

The offshore RMB fell below 7.14 yuan again before recovering its losses.

European Market

- Markets

The European STOXX 600 index closed down 0.30% at 518.84 points. The Eurozone STOXX 50 index closed down 0.34%, and the FTSE Euro Stoxx 300 index closed down 0.21%.

Most sectors fell. A large number of companies announced earnings on Wednesday, and Deutsche Bank's Q3 quarterly profit recovery exceeded expectations.

Germany's DAX 30 index closed down 0.23%, France's CAC 40 index closed down 0.50%, the Netherlands' AEX index closed down 0.82%, Italy's FTSE MIB index closed down 0.10%, and the UK's FTSE 100 index closed down 0.58%.

- Treasury

British bond yields generally rose by more than 2 basis points, and the two-year German bond yield rose by more than 7 basis points

- FX

The euro fell 0.14% against the dollar to 1.0784; the pound fell 0.45% against the dollar

Cryptocurrency Market

Bitcoin, the largest cryptocurrency by market value, fell 1.29% to $66,620.00 in late trading, while Ethereum, the second largest cryptocurrency, fell 4.78% to $2,511.00.

Macro

1. Although the Federal Reserve's "Beige Book" on economic conditions showed a slightly dovish tone during the trading session, indicating that the U.S. economy was still slowing down and inflation levels remained mild, causing U.S. stocks to rebound slightly, it was difficult to save the U.S. stock market from its downward trend. The Nasdaq once fell by more than 2%, leading the decline.
2. Bank of England Governor Bailey said that due to the faster-than-expected decline in inflation, the Bank of England may cut interest rates again in November and may also cut interest rates in December. If inflation continues to improve, the rate cut will be "more aggressive."
3. The Bank of Canada cut interest rates by 50 basis points as expected. ECB policymakers are divided on whether to cut interest rates sharply in December. President Lagarde calls for caution

Earnings For Today

Market Events

Stocks to Focus

1. IBM's third-quarter revenue of $14.97 billion fell short of analysts' expectations and fell more than 7.6% after the market close
2. Arm's threat to revoke Qualcomm's license could affect the entire AI computer and mobile phone industry.
3. Spirit Airlines, a US low-cost airline that resumed merger negotiations with Frontier, rose nearly 47%.
4. Apple reportedly cuts Vision Pro production, well-known analyst says iPhone 16 orders are down
5. Trump concept stocks rose, Phunware once rose by more than 25.4%, and Trump Media Technology Group once rose by more than 6.9%