[U.S. Stock Indices]
On July 10 (Wednesday) Eastern Time, all three major U.S. stock indices rose by more than 1%. The S&P 500 index increased by 1.02%, closing at 5633.91 points; the Dow Jones index rose by 1.09%, closing at 39721.36 points; and the Nasdaq index climbed by 1.18%, closing at 18647.45 points.
[U.S. Treasury Bonds]
On July 10, the yield on the benchmark 10-year U.S. Treasury bond was 4.28%, and the yield on the 2-year U.S. Treasury bond, which is most sensitive to Federal Reserve policy rates, was 4.62%.
[Popular U.S. Stocks]
Among popular U.S. stocks, Apple rose by 1.88%, Microsoft increased by 1.46%, Nvidia climbed by 2.69%, Google C increased by 1.17%, Google A rose by 1.16%, Amazon increased by 0.23%, Meta rose by 0.88%, TSMC climbed by 3.54%, Tesla increased by 0.35%, AMD rose by 3.87%, and Intel increased by 0.81%.
[Global Indices]
The French CAC40 index rose by 0.86% to 7573.55 points, the FTSE 100 index increased by 0.66% to 8193.51 points, the German DAX index climbed by 0.94% to 18407.22 points, the FTSE MIB index rose by 1.31% to 34306.40 points, and the Russian RTS index fell by 2.40% to 1067.01 points.
[Forex and Commodities]
For forex, USD/CNY was at 7.27, down 56 basis points; USD/CNY (offshore) was at 7.29, down 68 basis points; USD/EUR was at 0.92, down 5.3 basis points; and USD/JPY was at 161.73, up 480 basis points.
For commodity futures, COMEX silver fell by 1.19% to $30.77 per ounce, COMEX gold rose by 0.71% to $2377.00 per ounce, WTI crude oil increased by 0.76% to $82.44 per barrel, Brent crude oil climbed by 0.48% to $85.45 per barrel, and LME copper rose by 0.34% to $9743.59 per ton.
[Global News]
Apple China Launches Limited-Time Educational Discount Event: Buy a Computer and Get Free Headphones, Buy a Tablet and Get a Free Stylus
On July 11, Apple China announced the launch of the 2024 college discount event, which will run from now until September 30. Eligible buyers who purchase a qualifying Mac with AirPods or a qualifying iPad with an Apple Pencil can enjoy promotional discounts. When purchasing specific products, Lightning charging case versions of AirPods 3, AirPods 2, and both versions of the Apple Pencil can be fully offset, equivalent to buying a computer and getting free headphones or buying a tablet and getting a free stylus.
IDC: Apple's Vision Pro Sales Expected to Be Less Than 500,000 Units This Year
According to IDC, since its launch in the U.S. in February this year, the Vision Pro mixed reality headset, priced at $3500, has sold fewer than 100,000 units per quarter, and its domestic sales in the current quarter have dropped by 75%. IDC suggests that a more affordable version (estimated to be about half the current price) should reignite interest in 2025, but significant sales growth is unlikely over the next year.
Guotai Junan's He Haifeng: At Least One Rate Cut by the Federal Reserve Expected This Year
According to an interview with He Haifeng, Chief Economist of Guotai Junan Securities, it is expected that the Federal Reserve will make at least one rate cut this year. If the cut happens in September, it could leave room for another rate cut within the year. Domestically, four factors support a positive economic start, with the annual growth rate potentially reaching 5.2% to 5.4%.
Rumors of Jack Ma Returning to Alibaba Headquarters After Last Appearance Led to Significant Changes
It is rumored that on July 6, Jack Ma returned to Hangzhou and appeared at Alibaba's headquarters. The last time Jack Ma was seen in public was on March 27. The next day, Alibaba announced its most significant restructuring in 24 years, redefining and restructuring the governance of Alibaba Group and its businesses, initiating the '1+6+N' organizational structure adjustment, with Zhang Yong stepping down and Joseph Tsai and Wu Yongming, from the '18 Arhats', taking over as Chairman of the Board and CEO, respectively.
Federal Reserve Governor Cook: Base Expectation is for Continued Inflation Decline, Unemployment Rate Not Expected to Rise Significantly
Federal Reserve Governor Cook stated that the base expectation is for continued inflation decline without a significant rise in the unemployment rate. If inflation is near the target at the start of easing and economic growth remains strong, the likelihood of a soft landing increases.
Elon Musk's Brain-Computer Interface Startup to Conduct Implant Surgery on Second Human Patient
According to Bloomberg, Neuralink Corp., the brain-computer interface startup founded by Elon Musk, plans to implant its device in a second human patient within about a week, with hopes to implant its device in a 'high single-digit' number of patients by the end of the year. It is currently unclear where and when these surgeries will take place.
Continue to 'Front-Run' Federal Reserve Rate Cut Expectations, Industry Insiders Suggest Gold Price Adjustment May Be a Good Buying Window
At the Federal Reserve's December 2023 meeting, Chairman Powell stated that monetary policy would be marginally eased in 2024, prompting further market trading on rate cut expectations. Meanwhile, prices of precious metals, including international gold, have been rising steadily. Industry insiders suggest that the current rise in international gold prices is mainly driven by Federal Reserve monetary policy expectations. Although rate cut expectations have been repeatedly postponed, the direction towards rate cuts is certain, and the market will continue to 'front-run' these expectations. Considering the upcoming elections, the U.S. government is expected to increase capital expenditure to maintain high economic growth, and historical data shows a good correlation between gold prices and the U.S. fiscal deficit, suggesting that gold prices may have further room to rise.
Citigroup to Pay $61 Million Fine to the Federal Reserve for Data Quality and Risk Controls
Citigroup will pay a $61 million fine to the Federal Reserve due to issues related to data quality management and risk controls. The Federal Reserve stated that this fine is related to a 2020 enforcement action. Citigroup will also pay approximately $75 million to the Office of the Comptroller of the Currency.
Boeing CEO Calhoun Apologizes to the National Transportation Safety Board
The Chairman of the National Transportation Safety Board stated that Boeing CEO Calhoun has apologized to the National Transportation Safety Board for violating the rules of the 737 MAX investigation.