2024.07.24 (Wednesday) Macro Daily 📣
📈Market Performance
📘U.S. stocks generally fell:
- The Dow Jones Industrial Average fell 0.14%, the Nasdaq fell 0.06%, the S&P 500 fell 0.16%, and the Russell 2000 rose 1.02%.
- The 2-year U.S. Treasury yield rose 2.6 basis points to 4.500%, while the 10-year U.S. Treasury yield fell 0.2 basis points to 4.253%.
- The US dollar index rose 0.14% to 104.4379, and the VIX fell 1.27% to 14.72. Brent crude oil fell 1.00% to 81.58.
📘Chinese stocks fell across the board:
- USD/CNH fell 67 basis points to 7.2895.
- The Nasdaq China Golden Dragon Index fell 1.84%, Pinduoduo fell 0.86%, Alibaba fell 0.72%, JD.com fell 2.46%, NetEase fell 0.14%, Li Auto fell 3.47%, Xpeng Motors fell 6.67%, and NIO fell 4.37%.
📘A-shares and Hong Kong stocks fell across the board:
- The Shanghai Composite Index fell 1.65%, the CSI 300 fell 2.14%, and the ChiNext fell 3.04%.
- The Hang Seng Index fell 0.94% and the Hang Seng Tech Index fell 1.82%.
📘European stocks mixed:
- The UK’s FTSE 100 fell 0.38%, France’s CAC 40 fell 0.31%, and Germany’s DAX rose 0.82%.
- EUR/USD fell 0.34% to 1.0854.
📘Stock markets in Japan, South Korea and emerging markets fell across the board:
- Nikkei 225 fell 0.01%, South Korea's Composite Index rose 0.39%, India's SENSEX30 fell 0.09%, Indonesia's Composite Index fell 0.11%, Vietnam's Ho Chi Minh Index fell 1.82%, and Mexico's MXX fell 0.55%.
📍📍Focus on
📘Democratic House and Senate leaders Schumer and Jeffries support Harris. Senate Majority Leader Schumer and House Democratic Leader Jeffries support Vice President Harris for president, marking the Republican Party's rapid consolidation of support for Harris' nomination after President Biden ended his re-election campaign two days ago.
Harris said in a 17-minute speech on Tuesday that if elected, she would take action to expand abortion access, make it easier for workers to join unions and address gun violence.
The vice presidential candidates include Arizona Senator and former U.S. astronaut Mark Kelly and six governors: Andy Beshear of Kentucky, Gretchen Whitmer of Michigan, J.B. Pritzker of Illinois, Tim Walz of Minnesota, Josh Shapiro of Pennsylvania and Roy Cooper of North Carolina.
📘Trump denies nominating Jamie Dimon as Treasury Secretary. He also denies BlackRock's Larry Fink.
📘【Google】 released Q2 results, which were in line with expectations overall but not as explosive as Q1. YouTube revenue was lower than expected and slowed down. AI lost $2.3 billion in a single quarter. The market is demanding on the financial reports of large technology stocks. It fell 2% after the market closed. Revenue was $84.74 billion, up 14% year-on-year, higher than Bloomberg's previous forecast of $84.37 billion and a growth rate of 13%. GAAP net profit was $23.62 billion, up 28% year-on-year, exceeding Bloomberg's consensus forecast of $22.97 billion and 25%.
📘【Tesla】released Q2 results, profit was lower than expected, Robotaxi release was delayed, no more new stories, and fell 8% after the market. Revenue was $25.5 billion, up 2% year-on-year and 20% month-on-month, higher than Bloomberg's expectation of $24.6 billion. Adjusted net profit was $1.81 billion, down 42% year-on-year and up 18% month-on-month. EPS was $0.52, lower than Bloomberg's expectation of $0.6. Gross profit margin was 18.0%, and the gross profit margin of automobiles excluding points fell to 14.6%, continuing to decline.
📅Today's Key Events
- 4:00 p.m. Eurozone July preliminary PMI
- 9:45 PM: US July Markit PMI preliminary value
