ADDX Go Market Morning Wrap - 3rd Feb
Stock Market
Trump's tariffs hit the market. On Friday, the S&P 500 turned down during the session, the China Concept Index fell more than 3%, the US dollar rose, Bitcoin plunged, and gold fell to a new high.
The Nasdaq rose more than 1% in the morning and then turned down, but it still rose for three consecutive months. The Dow Jones Industrial Average closed down more than 300 points, but it rose for three consecutive weeks. $AAPL rose 4% at the beginning of the session and then turned down. $TSLA rose 4% in the two days after the earnings report.
In the earning week, $MSFT fell 6.5%, $META rose more than 6%, and closed at a new high in seven days. DeepSeek rose. $NVDA fell nearly 16% throughout the week, and $BABA rose nearly 11%.
The pan-European stock index set a record high for four consecutive days, rising for six consecutive weeks, the longest weekly consecutive rise in ten months. $ASML rose nearly 12% in the three days after the earnings report.
Key Events
- In the early hours of Monday morning, Bitcoin fell below $97,000. U.S. stock futures fell sharply in early Asian trading, with Nasdaq futures down 2.7%, S&P 500 futures down 1.8%, and Dow futures down 1.1%. The U.S. dollar index rose by about 0.9%. The offshore renminbi fell about 400 points against the U.S. dollar to 7.3616 yuan, and fell below 7.37 earlier. WTI crude oil futures rose nearly 3%, and spot gold rose slightly
- The US announced a 10% tariff on Chinese goods; China will retaliate, and the Ministry of Commerce responded. The US announced a 25% tariff on Canada and Mexico; Canada will impose a 25% tariff on 155 billion Canadian dollars of US goods, and the Mexican president announced that it will impose tariffs on the US. Trump also announced that new import tariffs will be implemented on multiple industries, including computer chips, pharmaceuticals, steel, aluminum, copper, oil and natural gas, as early as mid-February
- Altman admitted his mistake, saying that considering OpenAI's open source, his leading advantage is not as good as before. OpenAI launched the inference model o3-mini on Friday, opening inference to free users for the first time.
Macro
- The PCE price index in the United States rose 2.6% year-on-year in December, the same as expected, and the previous value in November was 2.4%. The PCE price index in December rose 0.3% month-on-month, the same as expected, and the previous value in November was 0.1%.
- The U.S. PCE price index, the December data was in line with expectations, continuing to maintain relatively moderate growth. In addition, real income was weak, which may provide support for further interest rate cuts by the Federal Reserve in the future.
Forex
The US dollar index is now up about 0.9%; the euro/dollar fell nearly 1%.
Cryptocurrency
In the early hours of Monday morning, $BTC fell below $97,000 during intraday trading, but it still rose by more than 7% in the past month.
Market Events and Most Anticipated Earnings Releases
