Breakfast | Multiple funds increase their positions to replenish Hong Kong stocks in the new energy vehicle sector, Rivian Automotive and Tesla ignite the US new energy vehicle sector.
US stocks closed early, with the Dow Jones Industrial Average rising for three consecutive days. Chinese concept stocks performed strongly, with Rivian and Tesla leading the new energy vehicle sector. Rivian's second-quarter deliveries exceeded expectations and entered the German market for the first time, making inroads into Europe. Meta launched a new social app called Threads, which has a booking function to compete against Twitter. Apple has appealed to the US Supreme Court as it faces another legal battle with Epic over the 30% commission. Several funds have switched sectors and increased their holdings in Hong Kong-listed new energy stocks.
Good morning! A wonderful day starts with making money.
Today, the US stock market will be closed due to Independence Day in the United States.
Market Overview
US stock index futures open lower, Nasdaq futures down 0.14%
The US June non-farm payroll data will be the focus. Analysts believe that while the pace of hiring has slowed down, strong job growth will fuel expectations of another interest rate hike by the Federal Reserve.
The three major stock indices closed slightly higher, with the Dow Jones up 0.03%, the S&P 500 up 0.12%, and the Nasdaq up 0.21%.
Most technology stocks declined, with Apple down 0.78%, Amazon down 0.11%, Netflix up 0.22%, Google up 0.17%, Facebook down 0.33%, and Microsoft down 0.75%. Tesla rose 6.9%, and Rivian rose 17.41%.
Popular Chinese stocks generally rose, with SMIC up 13.38%, Bit Digital up 13.05%, Yatsen up 11.58%, TuSimple up 10.84%, EHang up 7.98%, Gan & Lee up 7.51%, Zhihu up 5.31%, Dada Group up 5.27%, Baidu up 4.69%. NIO rose 3.46%, XPeng rose 4.17%, and Li Auto rose 3.42%.
Top Stocks
Meta Platforms' Threads app is now available on Apple's App Store with a reservation feature. This could become a strong competitor to Twitter.
BlackRock resubmits Bitcoin ETF application
BlackRock has resubmitted its proposal to establish an ETF for direct investment in Bitcoin to US regulators through Nasdaq, adding new details. Last week, other companies also made more specific modifications to their applications. Fidelity, Invesco, VanEck, 21Shares, and WisdomTree have all made changes to their applications.
Industry insiders expect Apple's first autonomous car to be unveiled
Wedbush analyst Daniel Ives said that Apple's first autonomous car, Apple Car, is expected to be launched in 2026.
Apple appeals to the US Supreme Court for a retrial with Epic over the 30% commission
Apple Inc. will request a hearing at the US Supreme Court to decide on the revocation of District Judge Yvonne Gonzalez Rogers' antitrust order against the App Store in the lawsuit with game developer Epic Games.
Amazon introduces Rivian trucks in Europe for the first time in Germany
Amazon announced that it will deploy the first batch of Rivian electric trucks in Germany in the coming weeks. 300 electric trucks will be on the road in Munich, Berlin, and Dusseldorf.
Rivian's Q2 deliveries exceed expectations, stock price surges over 17%
Rivian, the US electric vehicle manufacturer supported by Amazon, delivered 12,640 vehicles in the second quarter, a 59% increase compared to the previous quarter, surpassing the market's expectation of 11,000 vehicles. The company's stock price opened high and rose by 17.41% on the same day.
Macro and Strategy
Nasdaq surges over 30% in the first half of the year, can the US stock market continue its "miracle"?
The stock market is diverging from the deteriorating economic fundamentals, as profit warnings from companies and the Federal Reserve's continued interest rate hikes are undermining expectations of a soft landing. Investors are concerned that the AI bubble has made the high valuations of growth stocks unsustainable, with nearly $44 billion withdrawn from US growth stock funds in the first half of the year.
Co-Chief Investment Officer of Bridgewater Associates: Market too optimistic, poor prospects for stock and bond markets
Greg Jensen of Bridgewater Associates stated that the market's judgment is incorrect, and investors are overly optimistic about the prospects of US economic growth and the Federal Reserve's ability to sustainably suppress inflation and bring it back to the 2% target.
Dividend stocks in the US stock market suffer the "worst half-year" since 2009, suppressed by AI
In the bear market of 2022, dividend stocks were once one of the most popular sectors in the US stock market. However, by 2023, with the continuous decline in oil prices and the outbreak of the European and American banking crisis, dividend stocks were sold off. The subsequent AI boom pushed the overall US stock market into a bull market, and many investors chose to abandon dividend stocks and chase after AI.
Fund Managers Betting Big on Hong Kong Electric Vehicles
In the Hong Kong stock market, fund managers are heavily betting on electric vehicles. Some non-Hong Kong thematic funds have made Hong Kong electric vehicles their core holdings, highlighting the logic of "the bigger the storm, the higher the price" in fund investment in this industry chain.
Atlanta Fed Model Predicts US Q2 GDP at 1.9%
The Atlanta Fed GDPNow model predicts a growth rate of 1.9%, lower than the growth rate of 2.2% estimated on June 30.
Bankruptcy Filings in the US Increased by 68% in the First Half of 2023
Global Battle Against the Heat
Under the influence of the greenhouse effect, humanity has just experienced the warmest eight years on record. The World Meteorological Organization (WMO) and other authoritative institutions have issued warnings about El Niño, predicting that global warming may reach new peaks. As heatwaves strike, the commodity market and offline household appliance market are also experiencing a "heatwave."
Chilean Government Plans to Submit Lithium Bill by the End of 2023
The Chilean Minister stated that the lithium bill in Chile will establish a national lithium company.
China Implements Export Controls on Gallium and Germanium
The Ministry of Commerce and the General Administration of Customs of China announced that, in order to safeguard national security and interests, they have decided to implement export controls on gallium and germanium-related items, which will officially take effect from August 1, 2023. Gallium and germanium are both important rare metals widely used in semiconductor materials, new energy, and other fields. Among them, gallium is known as the "new staple food of the semiconductor industry."US Stocks Soared in the First Half of the Year, Making Global Billionaires Crazy Rich
In the past six months, every billionaire on the Bloomberg Billionaires Index has made an average of $14 million per day. It's the best half-year performance since the second half of 2020. The stock market rebound is the main driver of wealth growth, with the S&P 500 rising 16% and the Nasdaq 100 surging 39%, making it the best first half of the year on record.
