The US non-farm payroll data boosts expectations of interest rate cuts, with the Nasdaq leading the gains. The "Seven Sisters" surged, but NVIDIA fell by 2%, while XPeng Motors dropped by more than 10% at one point
Nasdaq rose, S&P 500 turned higher, Dow Jones first fell and then rose; most of the "Seven Sisters" in the US stock market rose, NVIDIA fell by 2% at one point, Tesla opened higher but then fell by over 1%, and then rose again; chip stocks and AI concept stocks fluctuated differently; Chinese new energy vehicle startups plummeted, with XPeng once falling by over 10.6% and Nio by over 9.3%
On Friday, July 5th, the positive June non-farm payrolls data in the United States lowered expectations for interest rate cuts, leading to a rise in the Nasdaq, with the S&P 500 and Dow Jones following suit.
The tech-heavy Nasdaq, after setting new closing highs for three consecutive days, continued to rise, with an intraday increase of 110.8 points or 0.6%; the S&P 500 initially opened higher but turned lower, with the decline expanding to nearly 0.1% before slightly rebounding; the Dow Jones, dominated by blue-chip stocks, also turned higher, with the intraday decline deepening to 139 points or over 0.35% before rebounding.
Most star tech stocks rose. Major tech stocks surged, with "metaverse" Meta up by 3.7%, Google A up by 2.2%, Netflix up by over 1.8%, Apple up by over 1.7%, Microsoft up by over 1.3%, and Amazon up to 1.5%; however, Tesla, after seven consecutive days of gains, opened lower and saw a decline of 1.6% within 20 minutes, before rebounding and rising by over 2.4%.
Chip stocks had mixed performances. The Philadelphia Semiconductor Index and the industry ETF SOXX turned lower in early trading, with declines expanding to 0.46% and 0.38% respectively within the first 20 minutes of trading. NVIDIA plunged at the opening, with a decline of over 2%, and the NVIDIA double long ETF dropped by over 4% at one point. Arm Holdings surged by over 8%, AMD rose by nearly 4%, while Micron Technology fell by over 4%.
On the news front, some analysts believe that today's employment report has "contradictions." On one hand, the non-farm data boosted expectations of a rate cut in September, leading to a rise in the U.S. stock market. However, the data also showed signs of a softening U.S. economy, causing market concerns.
AI concept stocks had mixed performances. Palantir rose by over 5.3%, while Dell Technologies fell by over 2.8%.
Popular Chinese concept stocks underperformed the U.S. market. The ETF KWEB saw its decline expand by over 3%, CQQQ fell by over 3.5%, and the Nasdaq Golden Dragon China Index (HXC) dropped by over 2.7%.
Popular individual stocks generally fell, with new energy vehicle companies plummeting, as XPeng fell by over 10.6%, ZEEKR by over 8%, Nio by over 9.3%, and Li Auto by over 3.2%; in addition, JD.com fell by over 2.7%, Pinduoduo by over 3%, Baidu by over 2.4%, and Tencent Holdings (ADR) by 1.5%.
Retail investors remained enthusiastic about certain stocks. Gaussin Electronics saw its increase exceed 74%.
The following is the update before 21:50 Beijing time
June U.S. non-farm payrolls increased by 206,000, significantly exceeding the expected 190,000, but still a significant decrease from the previous 272,000; The total number of new jobs added in April and May decreased by 111,000 compared to the previous revision; the unemployment rate hit the highest level in two and a half years, indicating a cooling labor market, boosting expectations of interest rate cuts.
At the opening of the US stock market, the three major indexes showed mixed performance, with the Nasdaq rising by 0.07%, the S&P 500 rising by 0.04%, and the Dow Jones falling by 0.04%.
At the time of writing, all three indexes are rising collectively.
In the tech sector, Tesla turned lower, dropping by over 1%, initially rising nearly 2%; TSMC rose by over 0.49%, while NVIDIA fell by over 1%.
Most popular Chinese concept stocks fell, with XPeng dropping by over 8%, Li Auto and NetEase falling by over 2%, Nio falling by over 7%, and Huya falling by over 3%.
US Treasury Yields Decline Across the Board
The 10-year US Treasury yield fell by 4.6 basis points to 4.298%.
US Dollar Continues to Decline
The US dollar fell by 0.18% intraday to 104.94.
Gold, Silver, and Copper Rise Together
Spot gold continues to trade above $2370 per ounce, rising nearly 1% intraday; spot silver rose by over 1%, maintaining yesterday's high levels.
London copper futures are at $9969 per ton, previously breaking through the $10,000 mark.
Bitcoin's Decline Narrows
Bitcoin's decline narrowed to 2%, currently trading at $55,718 per coin, previously breaking below the $54,000 mark, falling to the lowest level in two months
