On February 14th local time, the three major US stock indexes collectively closed higher, recovering some of the lost ground from the previous trading day. As of the close, the Dow Jones Industrial Average rose 0.40%, the S&P 500 Index rose 0.96%, and the Nasdaq rose 1.30%.
Most large technology stocks rose, with Netflix and AMD up over 4%, Facebook parent company Meta up nearly 3%, Tesla, Nvidia, and Intel up over 2%. Among them, Nvidia's total market value surpassed Google, becoming the third highest company in the United States by market value.
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index rising 3.45%. In terms of individual stocks, Shuhai Information surged by over 500%, with an intraday increase of over 1200%; Jianan Technology rose by over 30%; IQiyi rose by over 7%; Good Future and Gaotu rose by over 6%; Weibo, Tencent Music, NIO, and Xiaopeng Motors rose by over 5%; JD and Bilibili rose by over 4%.
Collective gains in US stocks
On February 14th local time, the three major US stock indexes collectively closed higher, recovering some of the losses from the previous trading day, and the S&P 500 index once again reached the 5000 point mark. As of the close, the Dow Jones Industrial Average was at 38424.27 points, up 0.40%; The S&P 500 index closed at 5000.62 points, up 0.96%; The Nasdaq closed at 15859.15 points, up 1.30%.
On February 13th local time, the January CPI data in the United States exceeded expectations, shattering market hopes that the Federal Reserve would soon turn to interest rate cuts. The three major US stock indices all fell by more than 1%.
However, Terry Sandven, Chief Equity Strategist at Bank of America's Wealth Management division, stated that although the January CPI report may delay the first rate cut by the Federal Reserve from investors initially expected in March to the second half of 2024, the upward trend in US stocks has not yet ended. He said, "This pullback provides an opportunity for investors guided by fair valuation to enter the market. As inflation, interest rates, and financial reports still support stock price increases, we do not believe this is the endpoint of the US stock market's rise. There will be no long-term downturn in the future."
On Wednesday local time, the Federal Reserve's Gullsby said that the market does not need to overreact to a month's inflation data. Even if inflation levels are slightly higher than expected in the coming months, the Federal Reserve can still successfully achieve its goal of reducing inflation to 2%. Decision makers should avoid waiting too long before interest rate cuts. We do not support reducing interest rates until the inflation rate reaches 2%. The Federal Reserve's inflation target is based on the Personal Consumption Expenditure Index (PCE), rather than CPI.
Federal Reserve Director Barr stated that the Fed's balance sheet reduction is running smoothly. The Federal Open Market Committee (FOMC) needs to see more good inflation data before lowering interest rates. CPI data suggests that the path towards the 2% inflation target in the United States may be bumpy. Fully support the normalization of FOMC monetary policy.
NVIDIA's market value surpasses Google's
In terms of sectors, the eleven major sectors of the S&P 500 index rose nine times and fell two times. The industrial sector and communication services sector led the gains with gains of 1.67% and 1.42% respectively, while the essential consumer goods sector and energy sector fell by 0.19% and 0.17% respectively.
Most large technology stocks rose, with Netflix and AMD up over 4%, Meta up nearly 3%, Tesla, Nvidia, and Intel up over 2%, Amazon up over 1%, Microsoft up nearly 1%, and Google A up slightly; Apple saw a slight decline.
Nvidia rose 2.46%, with a stock price of $739 per share and a total market value of $1.825 trillion, surpassing Google to become the third highest valued company in the United States.
Amazon rose 1.38%, with news showing that Amazon founder Jeff Bezos sold 24 million shares of Amazon stock within four trading days, cashing out $4 billion. According to regulatory filings, Bezos sold a total of 24 million Amazon shares worth $4 billion last Wednesday, Thursday, Friday, and Monday. It has been less than two weeks since Amazon disclosed on February 2nd that Bezos plans to sell 50 million shares of the company's stock within 12 months.
Uber surged 14.73% after the company announced that its board of directors had authorized the repurchase of up to $7 billion in common stock. The Chief Financial Officer of Uber stated that this is the first time the company has authorized the implementation of a stock repurchase plan, and stated that "this is a vote of confidence in the company's strong financial momentum.".
American ride hailing service provider Lyft rose 35.12% as the company's financial report experienced an upset, with an additional zero increase in a key profit margin indicator in the report. This mistake caused Lyft's post market stock price to skyrocket by over 65%. The financial report shows that Lyft's total order volume increased by 17% year-on-year in the fourth quarter of last year, to $3.7 billion; Revenue also increased by 4% to $1.2 billion, consistent with market expectations; The earnings per share for the quarter were $0.18, while Wall Street expects it to be $0.08.
Bitcoin once again broke through $50000 and briefly rose to $52000. Affected by this, blockchain concept stocks rose sharply, with Jianan Technology up over 30%, Marathon Digital and Riot Platforms up over 14%, MicroStrategy up over 12%, and Bitcoin up over 10%.
The Chinese concept stock index surged by over 3%
Chinese concept stocks continued the upward trend of Hong Kong stocks during the day on February 14th Beijing time, with the Nasdaq China Golden Dragon Index closing up 3.45%.
Popular Chinese concept stocks rose generally, with iQiyi up over 7%, TAL and Gaotu up over 6%, Weibo up nearly 6%, Tencent Music, NIO, and Xiaopeng Motors up over 5%, JD and Bilibili up over 4%, New Oriental up over 3%, NetEase, Shell, Baidu, Vipshop, Alibaba, Ctrip, and Pinduoduo up over 2%, and Ideal Auto up 1%.
Shuhai Information surged by over 500%, with an intraday increase of 1265.99%. According to its official website, Shuhai Information is a professional provider of digital intelligence technology and solution services, and is a national and Zhongguancun dual high-tech enterprise. We have multiple globally leading core technologies in three major fields: acoustic intelligence, multimodal communication, and artificial intelligence. We are committed to the construction of the three digital systems of acoustic intelligence, multimodal communication, and artificial intelligence, and use digital technology to build a better world.
According to the latest interim report of Shuhai Information, the total revenue of Shuhai Information for the half year ended December 31, 2023 was 18.2292 million US dollars, a year-on-year increase of 1046%; The net profit attributable to the parent company was a loss of $1.8551 million, compared to a loss of $2.6283 million in the same period last year.
