China Fund News reporter Ivan
On Monday, June 5, Eastern time, the three major indexes of the United States closed down collectively due to Apple's turn down and the poor release of intraday economic data.
"Apple Spring Festival Gala" WWDC (Worldwide Developers Conference) is coming! Apple's stock price rose 2% at the beginning of the session to reach a record high, but after the release of the headset device, it turned lower and finally closed down.
Apple turned to self-developed chips, and the giant Intel was hit hard and its stock price plunged, falling 4.63%. Shares of Unity, a software company that says it is working with Apple to develop headsets, jumped more than 17 percent.
The former "richest Chinese man" Zhao Changpeng is in trouble again! Binance and its individuals were sued by the US SEC, Bitcoin plummeted by more than 5%, and nearly 120,000 people blew up their positions!
The three major U.S. indexes closed down collectively
On Monday, June 5, Eastern time, the three major indexes of the United States rose after the flat opening in Apple, and the S&P 500 index once touched a nine-month high at the beginning of the session, but the intraday release of the ISM service index in May unexpectedly fell and growth basically stagnated, the Dow took the lead in turning down, and then the S&P 500 index also turned down and touched the daily low, the Nasdaq rose significantly, but at midday the S&P and the Nasdaq joined hands to hit another daily high, helpless to fall at the end of the day.
By the close, the three major U.S. indexes fell together. The Dow closed down 199.90 points, or 0.59%, at 33,562.86. The S&P 500 closed down 8.58 points, or 0.20%, at 4,273.79. The Nasdaq closed down 11.34 points, or 0.09%, at 13,229.43.
According to Hong Kong's Wonder News Agency, Morgan Stanley expects a sudden pullback in corporate earnings to put the brakes on a rally in U.S. stocks, a forecast that is at odds with the consensus expectations on Wall Street. Morgan Stanley strategists, led by Andrew Sheets, expect earnings per share for S&P 500 constituents to fall 16 percent this year. That's one of Wall Street's most pessimistic forecasts, in stark contrast to the optimistic forecasts of investment banks like Goldman Sachs, which expect modest growth in corporate earnings.
Goldman Sachs strategists said that U.S. stocks and U.S. bonds are facing the test of persistently high inflation, and the credit crunch has put pressure on commercial real estate. The U.S. Treasury will issue a large number of bonds, which could lead to a drying up of liquidity, sending shockwaves to the market.
"Apple Spring Festival Gala" WWDC heavyweight: announced the first headset device, turned to self-developed chips...
On Monday (June 5), local time, Apple's 2023 Worldwide Developers Conference (WWDC23) was held in San Francisco, USA, and the slogan of this WWDC is "Code new worlds". With over 2 hours, it was arguably one of the most informative WWDC conferences ever.
The conference released the much-anticipated headset Vision Pro, the 15-inch version of MacBook Air, etc., and also upgraded various operating systems.
Highlight 1: Released the first new product type since 2014, the mixed reality headset Vision Pro
Apple "finale" at the 2023 WWDC opening ceremony, Apple Vision Pro, the first MR headset device, priced at $3499, will go on sale in early 2024.
This is Apple's first new product type since 2014 and Apple's first 3D camera product.
(Source: Apple official website video)
Apple CEO Tim Cook said when he released the product, "This marks the beginning of a journey." Cook said the product is revolutionary. He also said that AR is a far-reaching technology that will change the way people communicate, collaborate, work and play.
It is reported that Apple spent seven years developing the Vision Pro, and has repeatedly delayed its release. According to the promotional video, Vison Pro is equipped with both M2 and the new R1 chip, which is Apple's chip specially developed for this product, mainly responsible for data transmission. The device can be used all day when charging and 2 hours when not charged and using an external battery connected through the headphone jack.
Vision Pro also has its own operating system, called vision OS. According to reports, users can control the Vision Pro through their hands, eyes and voice to experience movies, TV shows and games in a more immersive way.
(Source: Apple official website video)
(Source: Apple official website video)
In addition, the product is partnered with Disney+ on content, and Disney will provide streaming services for it.
After the announcement of the product, as the price far exceeded market expectations, Apple turned down, closing down 0.76% and missing the highest in history, at $179.58 per share, with a total market value of $2.82 trillion.
Disney closed up 0.25%, and the stock price rose significantly after the announcement of Apple's headset.
Unity, a software company that says it is working with Apple to develop headsets, jumped more than 17 percent.
Highlight 2: Launch of the 15-inch MacBook Air
The first to announce at this WWDC conference is the 15-inch MacBook Air, which is the largest MacBook Air in Apple's history, equipped with an M2 chip, with a battery life of up to 18 hours and a starting price of $1299.
(Source: Apple official website video)
The 15-inch MacBook Air starts at 10,499 yuan, will be available for orders at 9 a.m. on June 7, and will go on sale on June 13. In addition, Apple cut the price of the 13-inch MacBook released last year by $100 to $1,099.
Apple also launched a new version of the Mac Pro equipped with M2 Ultra chips, starting at $6999, which means that all products in Apple's Mac series have completed the transformation to their own chips.
(Source: Apple official website video)
Apple turned to self-developed chips, and the giant Intel was hit hard and its stock price plunged, falling 4.63%. The market capitalization fell to $124.546 billion.
Former Intel executive Gregory Bryant said at Evercore in 2021 that Apple's silicon chips are "a different kind of competition." "It's not really about the chip itself, it's more about the developer ecosystem and unifying and bringing the developers and apps they have on the iPhone and iPad to the Mac." I think it's inevitable. ”
Highlight 3: The operating system has been upgraded again
At this conference, Apple also upgraded various operating systems again.
For example, in the new iOS 17 system, the phone, FaceTime and messaging functions have been updated. Apple has introduced a new feature called Near Drop, which will allow contacts to be exchanged by touching the phone.
Apple introduced the new macOS Sonoma system, adding game modes to improve the gaming experience.
(Source: Apple official website video)
Changpeng Zhao and Binance sued by the US SEC! Bitcoin plummeted, with nearly 120,000 people blowing up
On Monday, June 5, Eastern time, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in a federal court in Washington, D.C., listing 13 charges against Binance, Changpeng Zhao and the company's supposedly independent U.S. trading operator.
The SEC's lawsuit against Binance and its CEO, Changpeng Zhao, for allegedly operating a "fraudulent network" has put further pressure on the world's largest cryptocurrency exchange and sent bitcoin to its lowest point in nearly three months.
At press time, bitcoin was down more than 5% at $25,733.8.
The SEC accused Binance of artificially inflating its trading volume, transferring client funds, failing to restrict U.S. customers' access to its platform, and misleading investors about its market surveillance. The SEC also noted that Binance and its billionaire founder, Changpeng Zhao, one of the cryptocurrency industry's best-known tycoons, secretly controlled clients' assets, mixing and transferring investor funds "as they please."
The committee said Binance established a separate U.S. entity "as part of a careful plan to circumvent U.S. federal securities laws." The SEC mentioned some of Binance's practices. Reuters first reported on the practices in a series of surveys of the exchange published in 2022 and this year.
The SEC also alleges that from about three years ago until June 2022, Sigma Chain, a trading firm owned and controlled by Changpeng Zhao, engaged in so-called laundered transactions that artificially inflated the trading volume of crypto-asset securities on the Binance US (Binance.US) platform.
SEC Chairman Gary Gensler said in a statement: "We accuse Changpeng Zhao and the Binance entity of engaging in an extensive network of fraud, conflicts of interest, lack of disclosure, and careful evasion of the law. ”
"We intend to vigorously defend our platform," Binance said in a blog post, adding that "because Binance is not a U.S. exchange, the reach of the SEC's action is limited." "All user assets on Binance and Binance-affiliated platforms, including Binance US, are safe and secure," the blog post said. ”
Binance US, which is controlled by Changpeng Zhao, said in a tweet that the legal action is "unreasonable in terms of facts, law, and the commission's own precedent."
Market participants said that the SEC's allegations could hinder Binance's development, and the lawsuit could also have a ripple effect in the crypto industry. Binance dominates cryptocurrency trading, processing about $65 billion worth of transactions per day last year, capturing up to 70% of the market.
Ed Moya, senior market analyst at forex broker Oanda, told Reuters: "I think there's a lot of risk about this, which could have a serious impact on Binance." ”
According to cryptocurrency monitoring website CoinGlass, nearly 120,000 people around the world have blown out their positions in the past 24 hours, with a total of $320 million.
Editor: Joey
Review: Xu Wen