US Stock Market Pre-Market | PDD Soars Nearly 15%! "Wood Sister" Cathy Wood Reduces Holding of NVIDIA, Economist Claims AI Bubble Exists

US Stock News

1. BIDU-SW CEO Robin Li announced at the 2023 Zhongguancun Forum that BIDU-SW will soon officially launch version 3.5 of the Wenxin large model.

2. US officials: Biden and McCarthy are about to reach an agreement to raise the debt ceiling for two years.

3. Minister of Commerce Wang Wentao met with US Secretary of Commerce Raimondo in Washington. The two sides had frank, professional, and constructive exchanges on China-US economic and trade relations and economic and trade issues of common concern. The two sides agreed to establish communication channels and maintain and strengthen exchanges on specific economic and trade concerns and cooperation matters. (Ministry of Commerce website)

4. Musk's brain-machine interface company Neuralink announced that it has obtained approval from the US Food and Drug Administration (FDA) for the first human clinical trial.

5. In the first quarter, Meyer Technology's revenue was US$1.32 billion, and the net loss was US$169 million.

6. In the first quarter, PDD's revenue was 37.64 billion yuan, market expectations were 31.981 billion yuan, and the same period last year was 23.794 billion yuan. Net profit was 8.101 billion yuan, 2.599 billion yuan in the same period last year, and market expectations were 3.065 billion yuan.

Pre-market Movement

In pre-market trading, Dow futures rose 0.23%, Nasdaq futures rose 0.39%, and S&P 500 futures rose 0.23%.

PDD rose nearly 15%, with performance greatly exceeding expectations.

Meyer Technology rose more than 18%, and the company's Q2 revenue guidance for fiscal year 2024 was better than expected.

Alibaba, JD, and BILIBILI-W rose about 2%, Beike, NIO-SW rose 1.6%, BIDU-SW rose 2.5%, and XPENG-W and Li Auto rose about 1%.

Institutional Views

1. Bank of America: Capital flows have remained almost flat so far this year, and US stocks may come under pressure in the future

According to a report by Bank of America, the phenomenon of investors investing cash in the stock market for three consecutive years may disappear. Data cited by strategist Hartnett on Friday showed that investors are withdrawing funds from the stock market and investing them in money market funds and bonds. So far this year, about US$756 billion has flowed into cash funds, the largest increase since 2020. As the impact of the Fed's interest rate hike further spreads to the market and financial conditions tighten, it is expected that a round of risk aversion will occur again at the end of June.

US Stock Strategy

1. Preview of next week | US May non-farm employment report, BILIBILI-W, Broadcom earnings report

2. NIO-SW ES6 price reduction and increased configuration, can it reverse the sales decline?

3. Overview of US Tech Stocks: 105x in 10 Years, Nvidia Leads the Way!

4. US Stock Options | Bullish Bets on Nvidia Rising to $400! TSMC Options Trading Volume Surges Sixfold

5. Big Bank Quick Look | Can Meituan Still Rise by 75%? CLOUD MUSIC, CLOUD MUSIC Post-Earnings Outlook Positive!

6. Tesla's FSD, Nvidia's AI, Who is Overdrawing the Future?

7. Earnings Report is Here | PDD Soars Over 13% in Pre-Market Trading! All Indicators Significantly Exceed Market Expectations

8. "Final Deadline" Approaches, How Will the US Debt Ceiling Crisis End? Goldman Sachs Gives Predictions