On March 22, the financial community reported that the market continued to apple's U.S. inflation situation and the prospect of the Federal Reserve's interest rate cuts, and the U.S. stocks collectively closed up to a record high, with the Dow rising more than 260 points, the S&P up 0.29%, and the Nasdaq rising more than 30 points; 1 drug network fell more than 20% after the performance, Baozun e-commerce fell more than 16%, Lexin fell more than 10%, and Bilibili fell more than 8%.
At the close, the Dow Jones rose 269.24 points, or 0.68%, to 39,781.37, the S&P 500 added 15.26 points, or 0.29%, to 5,239.88, and the Nasdaq Composite added 32.43 points, or 0.20%, to 16,401.84.
Spot gold retreated, down 0.2%, after hitting an all-time high of $2,222.39. The U.S. gold futures market showed the opposite, rising 1.1% to $2,184.40 an ounce. The price of a silver ounce fell as much as 3.7% to $24.66 an ounce, platinum edged down 0.1% to $906.15 an ounce and palladium fell 2.5% to $996.00 an ounce.
West Texas Intermediate (WTI) crude futures for May delivery on the New York Mercantile Exchange closed down $0.20, or more than 0.24%, at $81.07 a barrel. April gasoline futures closed at $2.7271 and NYMEX April heating oil futures closed at $2.6688 a gallon. Brent crude fell 17 cents, or about 0.2%, to settle at $85.79 a barrel.
Popular Chinese concept stocks fell, and the Nasdaq China Golden Dragon Index fell 1.60%. Lufax Holdings rose more than 45%, Ruitu Ecology rose more than 35%, Mobei rose more than 33%, Baijiayun rose more than 12%, Ridayzhu rose more than 9%, Zhenkun Xing rose more than 6%, Jiayin Technology, Ninth City, Quantum Song rose more than 4%, Genetron Health, OneConnect, Uxin, 51Talk rose more than 3%, GDS, Amalfen Sports, 36 Krypton, Quhuo rose more than 2%, Maverick Electric, Happy Auto, Secoo, Pinti, Auto Mount, Noah Fortune, Burning Rock Medicine, Xinye Technology rose more than 1% , MINISO, Youpin, Xiaoying Technology, Good Future, Weimei Holographic, Ctrip, New Oriental, and Zai Lab rose slightly.
Lixiang Education fell more than 85%, 1 drug network fell more than 20%, Bimai Pharmaceutical, Baozun E-commerce fell more than 16%, Luobei Electric Vehicle fell more than 13%, Yidianxing fell more than 12%, Lexin fell more than 10%, Bilibili fell more than 8%, Huya, Li Auto, Pinduoduo fell more than 7%, uCloudlink, Cheetah Mobile, Fang Duoduo, Tiger Securities fell more than 6%, Monster Charging, Huazhu, Yunmi Technology fell more than 5%, Jinko Solar, Kuke Music, Lotus, Suntech, Yunji, Huize, Zhongtong Express fell more than 4% , EHang, Futu, JD.com, Hongen, Weibo, BeiGene, Aurora, Gaotu, Xiaoi Robot fell more than 3%, Kingsoft Cloud, Dada Group, Xiaopeng Motors, Douyu, Boss Zhipin, VNET, Nenglian Zhidian, Poqi Pet, Tuanche, Tencent Music, Huanju Group, iQiyi, Zhiwen Group, Baidu, Xunlei fell more than 2% , Weilai, Youdao, Atour, Zhihu, All Things New, Dingdong Food, Shell, Mushroom Street, Qifu Technology, Oriental Culture, Wuxin Technology, Cangu, Zhongchao Medicine, Together Education fell more than 1%, Xinyang, Yatsen E-commerce, Yiren Jinke, Best Group, Agora Network, Full Bang, Tuya Smart, NetEase, Vipshop, Alibaba, Qudian, Tuniu, Hesai Technology fell slightly.
Former U.S. Treasury Secretary Summers criticized the Federal Reserve, saying that it could not hold back the mood to start cutting interest rates
Former U.S. Treasury Secretary Lawrence Summers criticized the Fed for signaling that it is ready to cut interest rates in the coming months despite a strong economy suggesting that inflation is still too high.
"My feeling is still that the Fed can't hold back and wants to start cutting rates, and I don't fully understand," Summers said, "and I don't see why we're in such a hurry to talk about switching to the throttle, given the performance of the economy and financial markets." ”
A key issue, Summers said, remains that the Fed is underestimating the neutral policy rate, which neither boosts nor drags down the economy. He said the distortion meant that policymakers perceived the current environment as more restrictive than it actually was.
The decline in initial jobless claims in the United States last week suggests that the labor market is resilient
U.S. initial jobless claims last week remained near record lows, highlighting the resilience of the labor market.
Initial jobless claims fell by 2,000 to 210,000 in the week ended March 16, according to data released by the Labor Department on Thursday. The median forecast of economists surveyed was 213,000. In the week ended March 9, continuing jobless claims were also broadly unchanged at 1.81 million.
Despite high interest rates and signs of a cooling labor market, jobless claims remained low last year. Revised data released last week showed that jobless claims were even lower than previously reported. For example, the number of continuing jobless claims has been hovering around 1.8 million this year and has not climbed to 1.9 million as previously thought.
The U.S. Department of Justice filed a lawsuit against Apple over iPhone monopolistic practices
The U.S. Department of Justice and 16 attorneys general are suing Apple, accusing the tech giant of violating antitrust laws by preventing competitors from using hardware and software features on the iPhone. The lawsuit marks the beginning of a five-year-long investigation.
The Justice Department has accused Apple of using its power to distribute iPhone apps to block technological innovations that could have made it easier for consumers to swap out iPhones. The company has refused to support cross-platform messaging apps, restricted third-party digital wallets and non-Apple smartwatches, and blocked mobile cloud streaming services.
"The purpose of this case is to free the smartphone market from Apple's anti-competitive and monopolistic behavior, reduce smartphone prices by restoring market competition, reduce the company's commissions on developers, and maintain the industry's future innovation," the complaint said.
It is reported that Apple and Google will be the first subjects of investigation under the EU Digital Markets Law
Apple Inc. and Alphabet Inc.'s Google are expected to face a full EU investigation into whether they complied with a new law that restricts the powers of big tech companies, which would pave the way for potentially hefty fines.
According to people familiar with the matter, the European Commission is preparing to announce an investigation into these companies under the European Union's Digital Markets Act in the coming days.
People familiar with the matter, who spoke on condition of anonymity, said that Apple and Google's new fees, terms and conditions for app store developers will be scrutinized by the European Union.
Bank of England Governor Andrew Bailey said he was winning the fight against inflation
Bank of England Governor Andrew Bailey said that the UK is winning the fight against inflation and that officials do not have to wait until underlying inflationary pressures have fully eased before cutting interest rates.
In an interview with the broadcaster, Bailey said there was "some way off" in easing underlying inflationary pressures, but that BoE rate-setters needed to "move ahead of schedule" on policy moves.
His remarks reflected a shift in tone from the Bank of England at recent meetings. This comes after the MPC pivoted more unanimously towards rate cuts at Thursday's meeting. This suggests that officials are more confident that inflation will fall back to the 2% target and may shift to accommodative policy.
Vanguard, a top US asset manager, believes that the Fed will not cut interest rates this year
According to CME's Fed Watch tool, traders are now pricing in a roughly 68% chance that the Fed will cut rates for the first time in June.
However, Vanguard, a top US asset manager, does not believe that the Fed will cut interest rates this year. The agency's base case is that the Fed will not cut interest rates in 2024. Shaan Raithatha, senior economist at Vanguard, said this could have an impact on central banks and markets around the world.
This article originates from the world of finance
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