Just this past night, the technology giants suffered a "bloodbath", the NASDAQ also fell sharply, and the Dow achieved a reversal, pulling up 650 points in the intraday to turn red. Bridgewater founder Dalio also suddenly spoke out on Tuesday, singing short stock market!
There was also heartbreaking news that on Tuesday, the deadliest shooting in an elementary school school in the United States in a decade suddenly occurred.
Social giants plummeted 43 percent, with similar stocks plunging nearly $900 billion
Technology stocks were also brought crashing, with the six major technology stocks falling 1.6 trillion
On Tuesday, social media giant Snap, which issued a performance warning, plunged 43 percent, the biggest intraday drop in history, while its stock price also fell below the price of its 2017 initial public offering. On that day, its market value evaporated by $15.8 billion, or about 105.1 billion yuan.
On Monday, EST, Speigel warned that the company would not be able to meet its revenue and adjusted earnings targets in the second quarter, and that the company would also slow down hiring by the end of the year as it hoped to manage expenses.
Snap's plunge comes as a wave of sell-offs in big tech stocks has also returned. Peer companies that are also in the social media space or rely mainly on revenue have all fallen a lot, including Meta 7.62%, Google A down 4.95%, Twitter down 5.49%, and Pinterest shares down 23.64%.
Snap, Meta, Google A, Twitter, and pinterest lost $15.8 billion, $40.5 billion, $72.9 billion, $1.6 billion, and $3.5 billion, respectively, totaling $134.3 billion, or about 896.3 billion yuan.
In addition, Apple fell 1.92%, Tesla fell 6.93%, Amazon fell 3.21%, Netflix fell 3.79%, and Microsoft fell 0.40%.
On that day, the market value of Apple, Tesla, Amazon, Microsoft, Google A, and Meta evaporated by $44.4 billion, $48.3 billion, $35.1 billion, $8.8 billion, $72.9 billion, and $40.5 billion, respectively, and the six major technology stocks evaporated a total of $249.2 billion, or about 1.66 trillion yuan.
Nasdaq plunges 2.35%
The Dow pulled up nearly 650 points, reversing the red
Dragged down by technology giants, the three major U.S. stock indexes were originally in decline. The Dow once fell to 31365.59 points intraday, but the tail end of the session rose to turn red, once rose to 32014.86 points, and the intraday pulled up 649.27 points, and finally achieved a closing red.
As of the close, the S&P 500 was down 0.81 percent at 3,941.48 points; the Nasdaq was down 2.35 percent at 11,264.45 points; and the Dow Jones was up 0.15 percent at 31,928.62.
Economic data plummeted
On Tuesday, before the US stock market, the US Richmond Fed Manufacturing Index was released in May, and this data suddenly plummeted! The indicator had a value of -9 in May, compared to the market expectation of 10 and the previous value of 14.
On the same day, the US May PMI data was also released, and Markit's manufacturing, service and comprehensive PMI were less than expected, and they also fell month-on-month compared with the April value.
The US Markit manufacturing PMI for May was 57.5, the market expected 57.5, and the previous value was 59.2. The US Markit services PMI for May was 53.5 at the beginning, the market expected 55.2, and the previous value was 55.6. The US Markit Composite PMI for May was 53.8, expected to be 55.7, and the previous value was 56.
The above data confirms the market's concerns about the impact of interest rate hikes on economic growth.
Williamson, S&P's global chief business economist, commented on the U.S. PMI data for May, saying that the May data showed that the recent economic growth momentum in the United States has weakened further. Since peaking in March, U.S. economic growth has slowed, especially in the service sector, as pent-up demand showed signs of weakening in the wake of the Opmikron outbreak. Companies report that demand is under pressure due to concerns about rising costs of living, Fed rate hikes and a slowdown in the overall economy. Manufacturers also singled out that capacity continues to be constrained by supply shortages, although these bottlenecks show encouraging signs of easing.
Williamson also noted that manufacturing cost pressures have risen to new highs, coupled with encouraging output and employment data, which will further spark speculation about whether further sharp rate hikes are necessary in the near future.
The economic recovery data in Europe also showed a downward trend, which further exacerbated people's concerns about the economic recovery in Europe and the United States. On the same day, the Eurozone Manufacturing PMI for May was also released, and the data initially recorded 54.4, a new low since November 2020. In response, Williamson commented that it remains to be seen how long the rebound in the services sector can last, especially given the rising cost of living, the weakness of the manufacturing sector remains worrisome as the slump in factories has shown signs of spreading to certain sectors of the services economy.
Two Fed officials spoke up
Economic data slipped, while the voices of two Fed officials on Tuesday remained supportive of policy adjustments in response to inflation, adding to market concerns.
The Fed's Bostic claims that monetary policymakers must be wary of uncertainty and be careful when tightening policy; that rebalancing the job market is critical to lowering inflation; that the Fed will raise interest rates "quickly" to neutrality; and that curbing inflation is the Fed's top concern.
The Fed's George has declared that action must be taken against excessive inflation and excessive inflationary volatility, and expects the Fed to raise major interest rates to around 2% by August (i.e., 50 basis points each in June and July); hopefully, it will be difficult for politicians to accept the cost of raising interest rates in a convincing way; it is important to think about the sustainability of the federal debt.
The concept of recovery is being dragged down
Aviation stocks and bank stocks fell
Market concerns about economic growth also have an impact on the trend of the concept of economic restart.
In terms of aviation stocks, American Airlines fell 7.46%, United Airlines fell 7.13% and Boeing fell 3.76%.
In cruise stocks, Royal Caribbean Cruises fell 10.20% and Norwegian Cruises fell 11.99%.
In bank stocks, Goldman Sachs fell 0.73%, Citi fell 0.23%, Morgan Stanley fell 0.51%, Bank of America fell 0.67%, Wells Fargo fell 1.14%, and JPMorgan Chase rose 1.41%.
Another retail giant's performance exploded
Shares plunged 28%
On Tuesday, apparel retailer Abercrombie &;; Fitch announced an unexpected loss in the company's fiscal first quarter due to rising freight and production costs. In addition, the company also lowered its sales guidance for 2022.
According to its earnings report, the company lost $0.27 per diluted share in the fiscal first quarter, compared to a gain of $0.67 in the same period last year, and analysts expect earnings per share to be $0.08. In addition, net sales for the quarter ended April 30 were $812.8 million, up from $781.4 million in the year-ago quarter, and analysts expect $799.3 million.
Looking ahead, in the fiscal second quarter, the company expects net sales to fall into single digits, below analysts' expectations of $888.4 million.
Abercrombie&;;Fitch also said it currently expects full-year sales to be flat to 2 percent growth in fiscal 2022, down from the previous forecast of 2 percent to 4 percent.
On the same day, the company's stock price plunged more than 28%.
Dario sang out: Cash is garbage
But the stock market is more junk and it is recommended to invest in real estate
On Tuesday, Eastern Time, Bridgewater Fund founder Dalio made a blockbuster statement in the latest interview.
He still holds the view that cash is garbage, he said, "Of course cash is still garbage, do you know how quickly cash loses its purchasing power?" ”
But he also noted that "stocks are more junk." He argues that in the context of inflation that heavily affects real returns, investors are better off investing in "physical" assets such as real estate. Previously, Scott Minerd, chief investment officer at the Guggenheim, had also predicted that real estate and art would outperform the stock market over the next five years.
On the same day, he also declared, "I think this state is the problem: everyone is long stocks, everyone wants everything to go up." Too many investors are pouring into the stock market. While the market over the past few months has been characterized by relentless sell-offs, there are still plenty of bubbles that need to be cleared from the market before it can reach equilibrium. ”
Dalio also said, "Everything doesn't go up all the time, the system doesn't work that way." ”
Dalio also bluntly said that many investors have not yet fully included inflation-hedged assets in their portfolios.
The deadliest shooting at a primary school in the United States in a decade
15 people were killed! WHITE HOUSE: Biden will speak!
According to the Global Network Beijing time reported this morning, on May 24, Eastern Time, a shooting incident occurred at Rob Elementary School in Uvald, Texas, USA! According to the latest news from a number of US media, Texas Governor Abbott announced that the incident killed 14 children and a teacher. The gunman, an 18-year-old, had also died.
The Associated Press said it was the deadliest attack on an American elementary school in the past decade since the Dec. 14, 2012 shooting at Sandy Hook Elementary School in Newtown, Connecticut.
According to CNN's latest news, Abbott said that as far as he knew, the suspect was named Salvador Ramos and was a resident of a community 85 miles west of San Antonio. He carried a pistol and possibly a rifle into the elementary school where the incident occurred. The report said that the official has not yet revealed his motive for the crime.
According to the latest CNN news, White House spokesman Price said biden has received briefings about the horrific incident of the Texas elementary school shooting, "he prays for the victim's family and will speak about the incident tonight." ACCORDING TO NPR news, Biden spoke at 8:15 p.m. Eastern Time, and he had ordered the White House to lower its flags to half-mast.
Just this month, on the 14th of this month, a supermarket shooting in Buffalo, New York, united States, killed at least 10 people. The sought-after was an 18-year-old white youth. That night, the White House issued a statement saying that US President Joe Biden issued a statement on the mass shooting. In his statement, Biden said, "We must do everything we can to end hatred-fueled domestic terrorism." ”
White House: Flags will be lowered at half-mast for all public facilities in the United States
Condolences were expressed for those killed in the Texas elementary school shooting
According to CCTV, on the 24th local time, according to the US White House, US President Biden said that in order to express condolences for the victims of the rob primary school shooting in Uwald, Texas, the White House and all public buildings, military bases and ships, overseas territories and embassies and consulates will lower the flag at half-mast before sunset on May 28.
There have been more than 30 school shootings in the United States this year
According to the CCTV news client, according to CNN statistics, the Texas primary school shooting that occurred on the 24th local time was at least the 30th kindergarten and primary and secondary school school shootings in the United States in 2022.
If you count college campus shootings, this is at least the 39th, after which at least 10 people were killed and 51 injured.
Latest briefing by Shanghai and Beijing
On May 24 (0-24:00), There were 44 new locally confirmed cases, 343 asymptomatic infected people, and 4,865 cases discharged from the cabin in Shanghai
Shanghai Municipal Health Commission this morning (25th) informed: At 0-24:00 on May 24, 2022, 44 new local confirmed cases of new coronary pneumonia and 343 cases of asymptomatic infection were added in Shanghai, of which 32 confirmed cases were the return of previous asymptomatic infected people, and 12 confirmed cases and 342 asymptomatic infected people were found in isolation and control. There were 3 new cases of imported asymptomatic infection from abroad, all of which were found in closed-loop control.
The information of the residence of the positive infected person is counted according to the district division, you can pay attention to the official WeChat of the district, the first time to understand the residence information of the positive infected person in the district, and later Xiaobu will also summarize the information of each district.
Indigenous case situation
At 0-24:00 on May 24, 2022, there were 44 new local confirmed cases of covid-19, including 32 cases that were converted from previous asymptomatic infected people to confirmed cases. 268 new cured and discharged cases were added.
Case 1-Case 4, residing in Pudong New Area,
Case 5, residing in Xuhui District,
Case 6– Case 9, residing in Jing'an District,
Case 10, residing in Putuo District,
Cases 11 and 12, residing in Baoshan District,
All of them are closed-loop isolation and control personnel in this city, during which the nucleic acid test results of the new crown virus are abnormal, and the results are positive after the CDC review. After consultation with municipal experts, comprehensive epidemiological history, clinical symptoms, laboratory tests and imaging test results, the diagnosis was confirmed as a confirmed case.
Case 13 – Case 24, residing in Huangpu District,
Case 25 – Case 27, residing in Hongkou District,
Case 28 – Case 40, residing in Yangpu District,
Cases 41 and 42, residing in Minhang District,
Case 43, residing in Baoshan District,
Case 44, residing in Jiading District,
For previously reported indigenous asymptomatic infected people. After consultation with municipal experts, comprehensive epidemiological history, clinical symptoms, laboratory tests and imaging test results, the diagnosis was confirmed as a confirmed case.
Situation of asymptomatic infected people in the home
At 0-24:00 on May 24, 2022, there were 343 new cases of indigenous asymptomatic infection.
Asymptomatic infected person 1 - asymptomatic infected person 43, living in Pudong New Area,
Asymptomatic infected people 44 - asymptomatic infected people 64, living in Huangpu District,
Asymptomatic infected people 65 - asymptomatic infected people 85, living in Xuhui District,
Asymptomatic infected person 86 - asymptomatic infected person 111, living in Changning District,
Asymptomatic infected person 112 - asymptomatic infected person 147, living in Jing'an District,
Asymptomatic infected person 148 - asymptomatic infected person 155, living in Putuo District,
Asymptomatic infected person 156 - asymptomatic infected person 206, living in Hongkou District,
Asymptomatic infected person 207 - asymptomatic infected person 296, living in Yangpu District,
Asymptomatic infected person 297 - asymptomatic infected person 318, living in Minhang District,
Asymptomatic infected person 319 - asymptomatic infected person 336, living in Baoshan District,
Asymptomatic infected person 337, living in Jiading District,
Asymptomatic infected person 338, living in Songjiang District,
Asymptomatic infected person 339 - asymptomatic infected person 342, living in Qingpu District,
All of them are closed-loop isolation and control personnel in the city, during which the nucleic acid test results of the new crown virus are abnormal, and the results of the CDC review are positive, and the diagnosis is asymptomatic infection.
Asymptomatic infected person 343, living in Jiading District,
If the nucleic acid test results of the new crown virus are found to be abnormal in the screening of the risky population, they are isolated and controlled. After a positive cd-off review by the CDC, the diagnosis was an asymptomatic infected person.
Imported cases from abroad
From 0-24:00 on May 24, 2022, there will be no new confirmed cases of imported COVID-19 from abroad.
Situation of imported asymptomatic infected persons abroad
At 0-24:00 on May 24, 2022, there were 3 new cases of imported asymptomatic infection from abroad.
Asymptomatic infected person 1 is a Chinese national, studying in the United States, departing from the United States, arriving at Shanghai Pudong International Airport on May 16, 2022, and was placed under centralized isolation and observation after entering customs, during which he routinely performed abnormal nucleic acid testing. After investigation, the nucleic acid test result of the new coronavirus at the District CDC was positive. Asymptomatic infected persons are diagnosed by combining epidemiological history, clinical symptoms, laboratory tests, and imaging findings.
Asymptomatic infected person 2 is a Chinese national, working in Equatorial Guinea, departing from Equatorial Guinea, transiting through France, arriving at Shanghai Pudong International Airport on May 20, 2022, and was placed under centralized isolation and observation after entering customs, during which he routinely performed abnormal nucleic acid testing. After investigation, the nucleic acid test result of the new coronavirus at the District CDC was positive. Asymptomatic infected persons are diagnosed by combining epidemiological history, clinical symptoms, laboratory tests, and imaging findings.
Asymptomatic infected person 3 is a Chinese national, studying in the United States, departing from the United States, arriving at Shanghai Pudong International Airport on May 21, 2022, and was placed under centralized isolation and observation after entering customs, during which he routinely tested abnormal nucleic acid. After investigation, the nucleic acid test result of the new coronavirus at the District CDC was positive. Asymptomatic infected persons are diagnosed by combining epidemiological history, clinical symptoms, laboratory tests, and imaging findings.
Three cases of imported asymptomatic infection from abroad have been transferred to designated medical institutions for medical observation, and 24 close contacts of the same flight have been traced, and all of them have been implemented for centralized isolation and observation.
At 0-24:00 on May 24, 2022, 4,599 cases of asymptomatic infection were lifted from medical observation, including 4,597 cases of local asymptomatic infection and 2 cases of imported asymptomatic infection abroad.
From 0:00 on February 26, 2022 to 24:00 on May 24, 2022, a total of 57,819 cases were confirmed locally, 55,043 cases were cured and discharged from hospital, and 2,190 cases were treated in hospital (including 134 severe cases and 34 critical cases). There are currently 0 suspected cases to be investigated.
From 0:00 on February 26, 2022 to 24:00 on May 24, 2022, there were 586 cumulative deaths.
On May 24, Beijing added 41 new locally confirmed cases and 6 local asymptomatic infected people, and 32 cases were cured and discharged from hospital
From 0:00 to 24:00 on May 24, There were 41 new locally confirmed cases (including 4 asymptomatic infected people transferred to confirmed cases) and 6 asymptomatic infected people in Beijing, with no new suspected cases; no new imported confirmed cases, suspected cases and asymptomatic infected people. 32 cases were cured and discharged from hospital.
Home-grown confirmed cases
Confirmed case 1: Currently residing in No. 11 Hospital of Dongsi Er Tiao, Dongcheng District. The confirmed case was diagnosed on 24 May.
Confirmed case 2: Currently residing in the new community of the Research Institute in Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed cases 3, 4 and 18: Currently residing in Friendship Community, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed cases 5 and 6: Tong Jia Tomb, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed case 7: Currently residing in Lianhua Community, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed case 8: Currently residing in No. 32 Fuxing Road, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed case 9: Currently residing in Puhui Nanli, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed cases 10, 11, 21: Currently residing in Minyue Jiayuan Community, Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed cases 12 and 31: Currently residing in Yueyuan Community, Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed case 13: Currently residing in Gezhouba, Fengtai District, China Province. The confirmed case was diagnosed on 24 May.
Confirmed case 14: Currently residing in Lehu Youpeng Apartment, Xinlitun Village, Changping District. The confirmed case was diagnosed on 24 May.
Confirmed case 15: Currently residing in Yuxinzhuang Village, Changping District. The confirmed case was diagnosed on 24 May.
Confirmed case 16: Currently residing in Building 6, Xuanwumen West Street, Xicheng District. The confirmed case was diagnosed on 24 May.
Confirmed case 17: Currently residing in Tongcheng Apartment, Chaoyang District. The confirmed case was diagnosed on 24 May.
Confirmed cases 19 and 20: currently residing in Everbright Garden Community, Haidian District. The confirmed case was diagnosed on 24 May.
Confirmed cases 22 to 27: Currently residing in Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed cases 28, 29: Currently residing in Rainbow Home North District, Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed case 30: currently residing in Chengzhuang Beili, Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed case 32: Currently residing in the insulation section of Fengtai District. The confirmed case was diagnosed on 24 May.
Confirmed cases 33 to 37: Fangshan Branch of Beijing Institute of Technology, Current Housing Mountain District. The confirmed case was diagnosed on 24 May.
Indigenous asymptomatic infected people
Asymptomatic infected person 1: currently living in No. 113 Gulou West Street, Xicheng District. Asymptomatic infected person was diagnosed on 24 May.
Asymptomatic infected people 2 and 6: currently living in Chongxingyuan Community in Shijingshan District. Asymptomatic infected person was diagnosed on 24 May.
Asymptomatic infected person 3: currently living in Guangda Garden Community, Haidian District. Asymptomatic infected person was diagnosed on 24 May.
Asymptomatic infected person 4: Currently living in Fengtai District. Asymptomatic infected person was diagnosed on 24 May.
Asymptomatic infected person 5: currently living in Rongjingcheng Community, Shijingshan District. Asymptomatic infected person was diagnosed on 24 May.
The above-mentioned cases have been transferred to designated hospitals, epidemiological investigations have been carried out, and control measures have been implemented as required.
Strictly implement various epidemic prevention measures in the sealing and control areas and control areas, and ensure that the centralized isolation and home isolation personnel do not leave their homes. Express logistics, security and cleaning, property housekeeping and other units, departments, industries should continue to tighten the compaction of the "four-party responsibility", further reduce the flow of personnel, and refine epidemic prevention management measures. Units implementing closed-loop management should strictly implement the "point-to-point" management requirements and do a good job of nucleic acid testing, health monitoring and other epidemic prevention measures in accordance with regulations. Strictly manage community (village) personnel, implement measures such as scanning code registration, code verification and temperature measurement, and checking negative nucleic acid test certificates within 48 hours. Frontline prevention and control personnel such as medical personnel, reconnaissance personnel, testing personnel, community workers, public security cadres, and volunteers should strictly do a good job of personal protection to prevent occupational exposure risks.
This article originated from China Fund News