Last week, the three major US stock indexes showed significant differentiation in their trends. The Nasdaq, which is mainly focused on technology growth, fell 5.52% throughout the week, while the S&P 500 index fell 3.05%. The Dow Jones Industrial Average performed better, with a slight increase of 0.01% throughout the week.
Recently, the technology sector in the US stock market has been under significant pressure, with Nvidia plummeting 10% on a single trading day last Friday. Looking ahead to this week, Tesla, Meta, Microsoft, and Google, among the seven tech giants in the US stock market, will each release their first financial reports for 2024. At the current point in time, if Microsoft, Google, and Meta deliver impressive performance reports, it may be an important signal for AI investors to reverse market sentiment.
In terms of cryptocurrency trends, the US Securities and Exchange Commission (SEC) recently adjusted its lawsuit against Sun Yuchen, the founder of Wave Field, claiming that he "frequently travels across the United States" and therefore granted him jurisdiction. Previously, in 2023, the US Securities and Exchange Commission announced a lawsuit against cryptocurrency entrepreneur Sun Yuchen and his three wholly-owned companies, accusing them of providing and selling cryptocurrency securities Tronix (TRX coin, Wave Field coin) and BitTorrent (BTT coin) without registration.
One week ahead: US tech giants welcome their first peak performance period
Looking ahead to this week, the US stock market earnings season will usher in its first peak. Tesla, Meta, Microsoft, and Google, among the seven tech giants in the US stock market, will each release their first financial reports for 2024.
Recently, the technology sector in the US stock market has been under significant pressure. Last Friday, after experiencing lower than expected financial reports from ASMC and TSMC, AMD announced in a brief press release that it will release its third quarter results on April 30th. However, the company broke the previous practice of providing preliminary performance, which caused investors to worry and aggressively reduce their holdings in the stock.
On the same day, chip stocks and AI concept stocks in the US stock market fell sharply, with ultramicro computers plummeting by more than 23%, NVIDIA plummeting by 10%, the largest one-day decline since the beginning of the COVID-19 in 2020, and Arm falling by nearly 17%. Therefore, at the current point in time, if Microsoft, Google, and Meta deliver impressive performance reports, it may be an important signal for AI investors to reverse market sentiment.
According to market consensus expectations, Tesla is expected to record revenue of $22.521 billion in the first quarter, a year-on-year decrease of 3.46%; Earnings per share were $0.44, a year-on-year decrease of 39.48%. The market generally expects Meta to achieve a revenue of 36.156 billion US dollars in the first quarter, a year-on-year increase of 26.22%; Earnings per share were $4.31, a year-on-year increase of 95.99%.
The Federal Reserve's favorite inflation indicator is about to be released
In terms of macro data, the most favored inflation indicator by the Federal Reserve on Friday, the March PCE Price Index, is about to be released. The market generally expects that with the increase in energy costs, the US PCE index in March will slightly accelerate to 2.6% year-on-year. After excluding energy and food, the core PCE is expected to remain at 0.3% month on month, consistent with the previous value, indicating that inflation is no longer cooling down.
Just the day before, the United States was also expected to release its initial report on real GDP for the first quarter. Previously, the Federal Reserve's "Brown Book" on economic conditions showed that US economic activity has "slightly expanded" in recent weeks. These two sets of data will become important reference materials for the Federal Reserve's monetary policy meeting, which will be held from April 30th to May 1st.
In addition to focusing on inflation indicators, the monetary policy trend of the Federal Reserve is also noteworthy. Federal Reserve Chairman Jerome Powell hinted in his speech last Tuesday that the central bank may maintain existing policies for a longer period than expected, putting significant pressure on the performance of US technology stocks last week.
SEC: Sun Yuchen's frequent business trips across the United States led to litigation
Recently, there have been new developments in the cryptocurrency industry. The Securities and Exchange Commission (SEC) has recently adjusted its lawsuit against Sun Yuchen, the founder of Wave Field, claiming that he "frequently travels across the United States" and therefore granted him jurisdiction.
In its amendment complaint filed with the Manhattan Federal Court on April 17th, the SEC stated that it has "personal jurisdiction" over Sun Yuchen, Bo Chang, and the other two companies he controls because they "purposefully take action in the United States and point to the United States.".
The SEC claims that Sun Yuchen spent over 380 days on business trips in the United States from 2017 to 2019, including in New York City, Boston, Massachusetts, and San Francisco. The SEC believes that these business trips were conducted on behalf of the Wave Foundation, BitTorrent Foundation, and Rainberry, all of which were referred to as Sun Yuchen's "substitute companies" in the lawsuit.
The SEC reiterated its previous allegations, stating that Sun Yuchen and his company sold unregistered securities through Wave Field TRX tokens and BitTorrent (BTT) tokens, and that Sun Yuchen was involved in "manipulative brushing trading.".
The SEC specifically pointed out that TRX and BTT are promoted, offered, and sold to consumers and investors located in the United States. The SEC added, "Sun Yuchen frequently traveled to the United States during the promotion, offering, and sale of TRX and BTT." The SEC also claimed that Sun Yuchen's alleged TRX money laundering transaction occurred on the Bittrex cryptocurrency exchange in Seattle.
Previously, on March 22, 2023 local time, "cryptocurrency tycoon" Sun Yuchen was sued by the SEC. The SEC has announced a lawsuit against crypto asset entrepreneur Sun Yuchen and his three wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), accusing them of providing and selling crypto asset securities Tronix (TRX coin, Wave Field coin) and BitTorrent (BTT coin) without registration.
The SEC also accused Sun Yuchen and his company of fraudulently manipulating the secondary market of TRX coins through a large number of wash trades, which involved buying and selling securities simultaneously or almost simultaneously, making them appear to be trading actively without actual changes in beneficial ownership. In addition, 8 American celebrities have been accused by the SEC of illegally promoting TRX or BTT coins without disclosing the fact and amount of their compensation received.
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