On June 21st, Cailian News Agency (Editor Shi Zhengcheng): With the S&P 500 index experiencing 5 consecutive weeks of gains and the Nasdaq rising for 8 consecutive weeks, the US stock market also showed a state of adjustment this week, with all three major indices closing down on Tuesday.Of course, there is another reason for Tuesday's adjustment
On June 21st, Cailian News Agency (Editor Shi Zhengcheng): With the S&P 500 index experiencing 5 consecutive weeks of gains and the Nasdaq rising for 8 consecutive weeks, the US stock market also showed a state of adjustment this week, with all three major indices closing down on Tuesday.
Of course, there is another reason for Tuesday's adjustment. The key figure in the US stock market, Federal Reserve Chairman Powell, will attend a congressional hearing on Wednesday, and the description of the interest rate hike path will become a key factor affecting stock market volatility. The stronger than expected US real estate data on Tuesday also fueled expectations for the Federal Reserve to strengthen its tightening policies.
Also stimulated by real estate data, the US dollar strengthened on Tuesday, pushing gold to a nearly three-month low, and international oil prices continued to fluctuate weakly. It is worth mentioning that, driven by the official launch of EDX Cryptocurrency exchange, backed by Credit Suisse, Fidelity Investments Investment and Citadel Investment, Bitcoin rose by more than 5%, almost returning to its position in early May.
Market news
Biden's son's criminal case was easily resolved and publicly criticized by Trump
On Tuesday, US local time, Delaware federal prosecutor David Weiss submitted a document to the court saying that he had reached a plea deal with the defendant Hunter Biden on two charges of tax evasion and illegal possession of firearms. According to media reports, if the judge approves this series of transactions, Hunter Biden does not need to serve his sentence in prison.
In this regard, Trump, who is facing a number of criminal charges, criticized on his own social media that "the corrupt Justice Department only issued a 'traffic violation ticket' to Hunter Biden, who should have been in prison, and the American system broke down!"
Bipartisan proposal to establish a National AI Committee in the United States Congress
According to the website of the United States House of Representatives, the Democratic Rep. Ted Liu, Anna Ashu and the Republican Rep. Ken Buck jointly submitted the National Artificial Intelligence Committee Bill. The bill proposes that the committee consists of a total of 20 members, with 10 members nominated by each party in the United States. Its main responsibility is to provide insights and suggestions on the AI industry and legislation to Congress and the President.
Musk Meets with Indian Prime Minister Modi
According to media reports, Tesla CEO Musk met with Indian Prime Minister Modi in New York on Tuesday, who was embarking on a visit to the United States. According to media reports, after the meeting, Musk stated that the two had a "very good" conversation and emphasized that Tesla "will definitely enter the Indian market". Musk also revealed that he plans to visit India next year.
Tesla's "arch rival" announces joining its charging network
American electric pickup truck manufacturer Rivian, once known as Tesla's "arch rival," announced on Tuesday that it will adopt Tesla's charging standards. Rivian owners in North America can use Tesla's supercharging station through an adapter as early as spring 2024. Starting from 2025, Tesla style charging ports will become the standard configuration for Rivian vehicles. Previously, Ford and General Motors announced that they would use Tesla's charging standards. Affected by this news, Tesla closed up 5.34% on Tuesday.
The wave of Middle Eastern capital acquisitions has stirred up global markets
On Tuesday local time, a series of mergers and acquisitions related to Middle Eastern capital flooded into the capital market. According to insiders, Abu Dhabi National Oil Company (ADNOC) offered a 40% premium purchase offer to Covestro, a German chemical enterprise; Saudi sovereign wealth fund PIF also took the lead in the competition to acquire shares in Vale's metal business. In addition, Chinese Alternative fuel vehicle enterprise Weilai announced on Tuesday that CYVN Holdings, an investment institution controlled by the Abu Dhabi government, will invest nearly 1.1 billion dollars in total through private placement and acquisition of existing shares.
As of Tuesday's closing of the US stock market, Covex's revenue rose 9.4%; Although NIO fell 0.53%, it still outperformed most Chinese concept stocks; Vale fell 2.7%.
Alibaba Announces Change of Hands
On the afternoon of June 20th, Zhang Yong, Chairman and CEO of Alibaba Holdings Group, announced through a letter from all members that he would step down from his position as Chairman and CEO of Alibaba Holdings Group on September 10th of this year. Zhang Yong will then serve as the chairman and CEO of Alibaba Cloud Intelligent Group full-time. Joseph Tsai, Executive Vice Chairman of the Group, will serve as Chairman of the Board of Directors of Alibaba Holding Group; Wu Yongming served as the CEO of Alibaba Holdings Group and continued to serve as the Chairman of Taotian Group.
In the internal letter, Zhang Yong revealed the reasons for his resignation. On the one hand, the complete spin off of Alibaba Cloud Smart Group has started, and it is in the most critical period of upward development, so we must devote ourselves wholeheartedly; On the other hand, in order to adapt to future development norms and requirements, it is not suitable for him to hold the positions of chairman and CEO of both companies at the same time.
Intel's huge investment plan triggers split expectations
After Monday's official announcement to invest $33 billion in the construction of two chip factories in Germany, coupled with investment plans disclosed by the Polish and Israeli governments, Intel was linked to projects worth up to $60 billion in just four days.
UBS analyst Timothy Arcuri stated in Tuesday's research report that if Intel is planning to vigorously develop its foundry business, it is likely to need to be split from its existing product business. No customer promises a large number of orders to their OEM factories while competing with Intel. Intel fell 3.77% on Tuesday, leading the decline among semiconductor concept stocks.
This article originates from Shi Zhengcheng of Cailian Society
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