Before the heavyweight CPI announcement, SPDR S&P 500 rebounded, NVIDIA hit a three-day record high, and SPDR S&P 500 is expected to be listed. Bitcoin surged thousands of dollars during the trading session.

The market is waiting for the release of the heavyweight US inflation data and any new clues about when the Federal Reserve may start cutting interest rates. On Wednesday, there was a slight fluctuation in the US bond and foreign exchange markets.

The yield on the benchmark 10-year US Treasury bond continued to hover around 4.0% during the day, and eventually rose slightly above 4.0%. However, it has not approached the three-week high reached after the release of the better-than-expected US non-farm payroll data last Friday. The Invesco DB US DLR Index TR Bullish Fund also fell slightly and did not continue to approach the three-week high set last Friday. Some major US stock indices that fell on Tuesday rebounded.

Investors continue to focus on the ongoing "Spring Festival" CES in the electronics and technology industry, and continue to pay attention to the performance of chip companies. Taiwan Semiconductor's fourth-quarter revenue was higher than expected, reflecting the demand in the field of artificial intelligence (AI) helped offset the sluggish sales of smartphones and computer chips. The fourth-quarter revenue was flat compared to the same period last year, halting the downward trend. However, the revenue in December decreased by more than 8% compared to the same period last year, and continued to decline by double digits compared to the previous month. The full-year revenue in 2023 is expected to decline by 4.5%. The overall index of the US chip industry fell, while the AI benchmark NVIDIA continued its momentum of reaching new historical highs.

At the end of the US stock market, the third-in-command of the Federal Reserve and the President of the New York Fed, Williams, said that he did not feel that it was close to slowing down the pace of balance sheet reduction and that restrictive interest rates should be maintained for a period of time. Commentators said that his remarks poured cold water on expectations that the Fed would end quantitative tightening (QT) ahead of schedule. After his speech, major US stock indices gave back some of their gains, but the overall upward trend remained. After the US Securities and Exchange Commission (SEC) approved the amendment to the rules related to Bitcoin spot ETFs, they also recovered some of their gains.

Some commentators believe that the December US CPI, which will be released before the US stock market opens on Thursday, may give a sense of the downward trend in inflation. By the end of 2024, inflation is expected to fall back to the Fed's target of around 2%. The gradual slowdown in inflation, the end of rate hikes by the Fed, and the reacceleration of economic growth in the second half of 2024 seem to be a reasonable path.

In the foreign exchange market, while the Invesco DB US DLR Index TR Bullish Fund fell, various non-US currencies rebounded, while the renminbi fell during the day and the yen continued to decline. Commentators said that the probability of the Bank of Japan raising interest rates this month has decreased due to the slowdown in the December Tokyo core CPI announced on Tuesday and the unexpected slowdown in the growth rate of Japanese labor cash income in November, with real wages declining for 20 consecutive months.

Cryptocurrencies are more volatile than fiat currencies. After the US SEC clarified that it has not approved a Bitcoin spot ETF and that the approval was a hacker attack on its account, Bitcoin continued to decline, falling below $45,000 at one point, a drop of more than $3,000 from the 21-month high reached after the SEC approved the ETF on Tuesday. During the midday trading session of the US stock market, the SEC approved rule amendments for 11 Bitcoin spot ETFs, allowing them to be listed and traded on exchanges. To clear the obstacles for ETF listing, Bitcoin briefly rose above $46,700, rebounding more than $2,000 from the daily low.

In the commodity market, international crude oil failed to continue its rebound from Tuesday. The US Energy Information Administration (EIA) reported that US crude oil inventories unexpectedly increased by millions of barrels last week, while gasoline inventories increased by over 8 million barrels, nearly four times the expected amount, raising concerns about demand prospects. After the release of the EIA data, crude oil continued to fall and turned lower during the session. The Deputy Governor of the European Central Bank's expectation of a weak eurozone economy also weighed on the rise in oil prices.

S&P hits a two-year high, Nasdaq rises for the fourth consecutive day, chip stocks retreat, but NVIDIA rises more than 2% intraday, Chinese concept stocks fall for the fifth consecutive day

All three major US stock indices opened higher. The Dow Jones Industrial Average and the S&P 500 maintained their gains throughout the day, with the former briefly approaching a complete reversal of its gains in early trading. The Nasdaq Composite Index briefly turned lower in early trading but then rebounded, and all three indices expanded their gains in the afternoon. At the midday high, the Dow rose more than 210 points, nearly 0.6%, the S&P rose more than 0.7%, and the Nasdaq rose more than 0.9%.

In the end, all three indices closed higher for the second day of the week, with the Dow and S&P rebounding after two consecutive days of gains. The Nasdaq rose for the fourth consecutive trading day, up 0.75% to 14,969.65 points, reaching a high since December 29. The S&P rose 0.57% to 4,783.45 points, reaching a closing high since January 4, 2022, approaching the closing high set on January 3, 2022. The Dow rose 170.57 points, or 0.45%, to 37,695.73 points, reaching a high since January 2.

The small-cap Russell 2000, which is dominated by value stocks, initially fell nearly 0.8% but closed up 0.11%, rebounding after Tuesday's decline and failing to approach the closing low since December 13. The tech-heavy Nasdaq 100 rose 0.69%, reaching a closing high for the fourth consecutive day since December 29; the Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology stocks in the Nasdaq 100, rose 1.07%, reaching a new all-time high, both rising for four consecutive days.

Major US stock indices closed higher on Wednesday, partially giving back gains after speeches by three top officials of the Federal Reserve during the session.

Most leading tech stocks rose. Tesla, which performed the worst on Tuesday with a decline of over 2%, initially fell over 1% in early trading and closed down 0.4%, marking a two-day decline and reaching a closing low since November 13. Among the six major FAANMG tech stocks, Meta, the parent company of Facebook, rose nearly 3.7%, rebounding to a closing high since September 2021 after a three-day consecutive rise on Tuesday. Microsoft rose nearly 1.9%, up for the third consecutive day, hitting a new closing high; Amazon, which laid off hundreds of employees in its media and game streaming departments, rose nearly 1.6%, up for the fourth consecutive day, hitting a high since December 21; Alphabet, the parent company of Google, rose 0.9%, up for the third consecutive day, hitting a high since February 2022; Apple turned up at midday, rising nearly 0.6%, ending a two-day decline; while Netflix fell more than 1% in early trading, closing down nearly 0.8%, falling for two consecutive days.

After a three-day overall rise, chip stocks fell back. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX opened slightly higher but quickly turned down, falling more than 1% in early trading, and closing down about 0.4% and 0.3% respectively, falling from the closing high since December 29 for two consecutive days. Among individual stocks, NVIDIA opened high and continued to rise, with the stock price rising to $546 in early trading, up more than 2.7% during the day, and finally closing up nearly 2.3% at $543.5, hitting new intraday and closing highs for five consecutive days and three consecutive days. Intel, Taiwan Semiconductor, and Arm all turned down after the opening and closed down more than 1%, and Micron Technology also closed down more than 1%.

Microsoft, NVIDIA, and other seven major technology stocks continued to rise on Wednesday, erasing the decline since early 2024.

AI concept stocks rebounded overall. At the close, C3.ai (AI) rose nearly 0.9%, BigBear.ai (BBAI) rose nearly 1%, Palantir (PLTR) rose more than 2%, SoundHound.ai (SOUN) rose nearly 0.3%, and Adobe (ADBE) rose 0.8%.

Popular Chinese concept stocks continued to decline overall. The Nasdaq Golden Dragon China Index (HXC) fell 0.7%, down for five consecutive days. The Chinese concept ETFs KWEB and CQQQ fell more than 0.4% and nearly 0.5% respectively. The three new forces in the car manufacturing industry also continued to fall, with Ideal Motors falling more than 2%, NIO falling 2%, and XPeng falling more than 1%. Among other individual stocks, Dada fell more than 5% at the close, plummeting nearly 46% after announcing on Monday that its 2023 advertising revenue may have been overstated, and falling more than 50% in the first three days of this week. Dada's parent company JD.com fell nearly 0.2%, Kingsoft Cloud and Douyu fell more than 3%, Tencent Music fell more than 1%, Alibaba and Pinduoduo fell nearly 0.9%, Bilibili fell nearly 0.7%, NetEase fell 0.5%, Baidu fell nearly 0.4%, while New Oriental rose more than 0.4%.

Among the stocks with larger fluctuations, after the SEC clarified that it had not approved a Bitcoin spot ETF after the US stock market closed on Tuesday, Coinbase, the largest cryptocurrency exchange in the United States, fell 5.8% in early trading, and narrowed most of its losses after the ETF-related rules were approved at midday, closing down nearly 0.5%; after announcing that the median sales guidance for its multiple sclerosis therapy Briumvi in 2024 was lower than analysts' expectations, biopharmaceutical company TG Therapeutics (TGTX) The market fell by 15.4%.

After completing the merger with Dish Network and announcing a corporate restructuring, including retaining the position of Houlihan Lokey as a financial advisor to help evaluate strategic alternatives, satellite TV service provider EchoStar (SATS) rose by 31.5%. Medical and health company GoodRx (GDRX) rose by 13.3% after announcing an upward revision of its fourth-quarter revenue guidance, which exceeded analysts' expectations. Lubricant manufacturer WD-40 (WDFC) rose by 15.2% after announcing a sharp increase of 13% in first-quarter revenue compared to the same period last year, and reaffirming its previously released revenue and EPS guidance for the fiscal year. Robot surgical equipment manufacturer Intuitive Surgical (ISRG) rose by nearly 10.3% after announcing preliminary fourth-quarter revenue that exceeded market expectations.

In European stocks, the pan-European stock index fell for two consecutive days. The STOXX 600 index approached the closing low since December 13th, which was set last Wednesday. The performance of major European stock indices varied, with the German and French stock indices slightly rising and falling respectively, roughly flat. The Spanish and Italian stock indices rebounded slightly, while the British stock index fell for two consecutive days.

In various sectors, basic resources stocks in the mining sector fell by nearly 1.1%, continuing to lead the decline for three consecutive days, with declines of over 1% in the past two days. Tourism stocks fell by about 1%, and oil and gas stocks affected by the decline in crude oil fell by about 0.9%. However, healthcare stocks continued to rise against the market, with a gain of nearly 0.3%.

The Invesco DB US DLR Index TR Bullish Fund, which tracks the exchange rate of the US dollar against six major currencies including the euro, rose above 102.640 before the European stock market opened, with a daily increase of less than 0.1%. It turned downward at the beginning of the European session and maintained a downward trend. It briefly rebounded during the early trading session of the US stock market, but fell below 102.40 during the midday trading session, with a daily decline of over 0.2%, deviating from the intraday high of 103.10 touched last Friday since December 13th.

By the close of the US stock market on Wednesday, the Invesco DB US DLR Index TR Bullish Fund was below 102.40, with a daily decline of nearly 0.2%, giving back most of the gains from Tuesday's rebound. The Bloomberg Dollar Spot Index, which tracks the US dollar against ten other currencies, was slightly lower and roughly flat compared to the same period on Tuesday, stabilizing at the high level reached during the rebound on December 20th.

Invesco DB US DLR Index TR Bullish Fund experienced narrow fluctuations on Wednesday.

In non-US currencies, the euro against the US dollar rose above 1.0970 during the midday trading session in the US stock market, up nearly 0.4% for the day, breaking away from the three-week low reached last Friday when it fell below 1.0880. The British pound against the US dollar also rose above 1.2740 during the early trading session in the US stock market, up nearly 0.3% for the day, approaching the one-week high reached last Friday when it rose above 1.2770. On the other hand, the Japanese yen continued to decline for the second consecutive day, with the US dollar against the Japanese yen rising above 145.80 during the early trading session in the US stock market, up more than 0.9% for the day, approaching the three-week high reached last Friday when it approached 146.00.

Offshore renminbi (CNH) against the US dollar rose to a daily high of 7.1776 during the early trading session in the European stock market, but then continued to fall. It fell to 7.1897 during the early trading session in the US stock market, approaching 7.19 for the first time since December 13, and refreshing the low reached since December 13 after breaking below 7.18 last Friday, a decrease of 121 points from the daily high. At 5:59 am Beijing time on January 11th, the offshore renminbi against the US dollar was reported at 7.1831 yuan, up 11 points from the New York closing on Tuesday, rebounding slightly after falling more than 200 points on Tuesday, and closing higher for the first time this week.

After the US stock market closed on Tuesday, the SEC clarified that it had not approved a Bitcoin spot ETF, and Bitcoin (BTC) continued to decline. It fell below $45,000 during the pre-market trading session on Wednesday, with some platform trading prices falling below $44,300, a decrease of nearly $3,600 or more than 7% from the 21-month high of $47,900 reached after the news of SEC approval was announced during the last trading session on Tuesday. After the US stock market opened, Bitcoin continued to rebound, with the price rising above $46,000 during the midday trading session, and briefly surpassing $46,700, an increase of nearly $2,500 or more than 5% from the daily low. However, it fell back below $46,000 at the close of the US stock market, with a slight increase of less than 0.5% in the past 24 hours.

After the SEC approved the Bitcoin spot ETF, the first and second largest cryptocurrencies, Bitcoin and Ethereum, both rose during the trading session, with Ethereum outperforming Bitcoin in the past three days.

The yield on 10-year US Treasury bonds rose slightly and returned above 4.0%.

Speeches by ECB officials did not reveal any signals of interest rate cuts in the near future, and European government bond prices continued to decline overall, with yields continuing to rise. At the end of the bond market, the yield on the 10-year benchmark UK government bond was reported at 3.82%, up about 4 basis points for the day; the yield on the 2-year UK bond was reported at 4.21%, up about 2 basis points for the day; the yield on the 10-year benchmark German government bond was reported at 2.21%, up about 2 basis points for the day; the yield on the 2-year German bond was reported at 2.64%, up about 5 basis points for the day.

The yield on 10-year benchmark US Treasury bonds fell below 3.98% during the early trading session in the European stock market, hitting a daily low, and fell nearly 4 basis points for the day, but then rebounded overall. After the US stock market opened, it returned above 4.0%, and during the trading session, it rose above 4.04% to hit a daily high, up nearly 3 basis points for the day. However, it is still far from the three-week high reached after the non-farm payroll report last Friday, when it approached 4.10% during the trading session. At the end of the bond market, the yield on the 10-year US Treasury bond was about 4.03%, an increase of about 2 basis points during the day, rebounding after two consecutive days of decline.

The yield on the 10-year US Treasury bond fell below 4.0% during the day, and rose above 4.0% after the opening of the US stock market.

The 2-year US Treasury bond yield, which is more sensitive to interest rate prospects, fell below 4.33% before the US stock market opened, hitting a new daily low, and fell by about 4 basis points during the day. It gradually rebounded, and the US stock market rose above 4.37% at noon, hitting a new daily high, with an increase of about 1 basis point during the day. At the end of the bond market, it was about 4.36%, roughly the same as the level during the same period on Tuesday, stopping the two-day downward trend.

Crude oil erases more than 1% gain and turns negative, US natural gas ends six-day winning streak

International crude oil futures fell during the session, and when the US stock market opened at a new high, US WTI crude oil approached $73.60, up nearly 1.9% during the day, and Brent crude oil rose above $78.70, up nearly 1.5% during the day. After the EIA data was released, it continued to decline, and the US stock market turned negative after the opening, and when the noon market hit a new low, US oil fell below $71.00, down 1.7% during the day, and Brent oil fell below $76.40, down nearly 1.6% during the day.

In the end, crude oil gave back about half of Tuesday's rebound, closing lower for the second day of the week, and is expected to decline for the whole week due to the sharp drop on Monday. WTI February crude oil futures, which fell nearly 4.12% on Monday, the largest closing decline since November 16, fell 1.20% to $71.37 per barrel. Brent March crude oil futures, which fell 3.35% on Monday, the largest decline since December 12, fell 1.02% to $76.80 per barrel.

US WTI crude oil rose nearly 2% during the session and then turned negative, closing down more than 1%.

US gasoline and natural gas futures both fell. NYMEX February gasoline futures fell 0.46% to $2.0673 per gallon. After three consecutive declines on Tuesday, it began to fall towards the low set on December 13, which was refreshed on Monday; NYMEX February natural gas futures, which rose for six consecutive trading days, fell 4.73% to $3.0390 per million British thermal units, deviating from the closing high since November 15 due to a surge of more than 7% on Tuesday, and is still expected to rise for the week.

London copper ends eight-day decline, gold falls for three consecutive days, hitting a four-week low

Most London base metal futures rose on Wednesday. London copper closed slightly higher, barely stopping the eight consecutive trading days of decline, still close to the low set in the past four weeks on Tuesday. London tin rebounded after five consecutive declines, bidding farewell to the low of nearly five weeks. London lead and London nickel rebounded after two consecutive declines, but did not approach the three-week low set last Thursday and the low since April 2021. London aluminum gave back Tuesday's rebound and fell to a near four-week low, while London zinc fell for the third consecutive day, hitting a four-week low.

New York gold futures hit a daily high of $2046.2 in early European trading, rising more than 0.6% intraday, but then continued to fall as U.S. stocks turned lower in early trading. It hit a daily low of $2025.9 at noon, down more than 0.3% intraday.

In the end, COMEX February gold futures closed down 0.26% at $2027.8 per ounce, marking a three-day consecutive low since December 13th. After roughly flatlining last Friday, it has fallen for three consecutive days.

Spot gold rose to above $2040.10 in early European stock trading, up nearly 0.5% intraday, but fell as U.S. stocks turned lower before the market opened. It hit a daily low of $2020.60 below the $2020 level during the afternoon session, down nearly 0.5% intraday.

Spot gold fell to the key support level of $2020.