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U.S. stocks fell for two consecutive days, and market pessimism intensified.
On Tuesday, the three major U.S. stock indexes fell collectively, with the Dow down 1.56 percent, the S&P 500 down 2.01 percent and the Nasdaq down 2.98 percent. Large technology stocks fell, and Qualcomm bucked the trend and rose 3.48%. International oil prices rose, and the energy sector continued its strong performance.
According to a report released by the U.S. Economic Consultative Council, the U.S. Consumer Confidence Index fell to 98.7 in June, the lowest level since February 2021. The analysis pointed out that in the next six months, US consumer spending and economic growth may continue to face resistance due to inflation and interest rate hikes.
On the same day, the US government officially announced a series of new sanctions against Russia, including a ban on new imports of Russian gold. In addition, Turkey withdrew its resolution denying Sweden and Finland's accession to NATO and agreed to their accession to NATO.
U.S. stocks fell sharply, with the Nasdaq down nearly 3 percent.
On June 28, local time, the three major U.S. stock indexes collectively opened high and went low, falling for the second consecutive day. Among them, the Dow fell 1.56% to 30947.99 points, rising more than 1.3% at the beginning of the session; The NASDAQ fell 2.98% to 11,179.78 points, up nearly 1% at one point; The S&P 500 fell 2.01 percent to 3,821.55 points, down more than 20 percent from its high at the beginning of the year, and fell into the "bear market" range again, rising more than 1.1 percent at the start of the session.
Large technology stocks fell in the front, Tesla, Nvidia, Amazon fell more than 5%, Tesla stock prices fell below $700, Microsoft, Google fell more than 3%, Apple fell 2.98%.
Cathie Wood, founder of the Ark Fund and "Wooden Sister," said the U.S. economy was in recession and admitted she had underestimated the severity and long-term nature of inflation. "The supply chain problem lasted for more than 2 years, and the situation in Russia and Ukraine was also something we did not expect." Catherine Wood, who loves tech stocks, said. The data shows that "Sister Wood's" flagship Ark Innovation ETF (code ARKK) has fallen by more than 55% this year, and is down more than 70% from its all-time high.
With technology stocks generally weakening, Qualcomm bucked the trend by 3.48%. Tianfeng International analyst Guo Mingji posted on social media that the iPhone released in 2023 will use Qualcomm instead of Apple's own modem chip. "The latest survey suggests that Apple's 5G chip development may have failed, and Qualcomm will remain the exclusive supplier of iPhone modem chips for 2023, with the company previously estimating the figure to be 20%." Guo Mingxi said.
Of the 11 sectors of the S&P 500, the energy sector recorded the only increase. Western oil rose 4.77%, ConocoPhillips and Norwegian oil rose more than 3%, ExxonMobil and Shell rose more than 2%, and Chevron and Total rose more than 1%. Recently, Buffett's Berkshire Hathaway has continued to increase its stake in Western Oil, increasing its shareholding to 16.4%.
On the same day, international oil prices rose across the board, with the U.S. oil Contract rising 2.07% at $111.84/ barrel. The Oil August contract rose 2.7 percent at $113.98 a barrel. U.S. API (American Petroleum Association) crude inventories fell by 3.799 million barrels for the week ended June 24.
Most of the popular Chinese stocks fell, with the NASDAQ China Golden Dragon index down 1.45%. Ideal Auto and Xiaopeng Auto fell more than 5%, Pinduoduo, NetEase, and Weilai fell more than 2%, and JD.com and Alibaba fell more than 1%; Travel concept stocks rose sharply, with Ctrip up 10.79 percent, Tuniu up more than 46 percent and at one point more than 70 percent. According to Ctrip's financial report, the company's net operating income in the first quarter of 2022 was 4.1 billion yuan, and adjusted EBITDA was 91 million yuan.
The US consumer confidence index fell again in June
According to a report released by The Conference Board, the U.S. consumer confidence index fell to 98.7 in June, the lowest level since February 2021 and down 4.5 from May. The consumer confidence expectations index fell from 73.7 in May to 66.4 in June, its lowest level since March 2013.
Franco, director of economic indicators at the Council for Economic Consultative Services, said rising natural gas and food prices and growing consumer concerns about inflation have led to a gloomy consumption outlook. Over the next six months, U.S. consumer spending and economic growth are likely to continue to face headwinds due to inflation and interest rate hikes.
"Investors wonder if a decline in consumer confidence will turn into a recession, and we haven't addressed the issue yet." Tom Hanlin, an investment strategist at Bank of America Wealth Management, believes that the current wave of second-quarter earnings disclosure has not yet arrived, "We cannot confirm whether the company has experienced a recession." ”
There are still a few weeks to go before the peak of financial disclosure in the second quarter, and Reuter data shows that 130 companies involved in the S&P 500 index have pre-disclosed relevant performance information. Among them, 45 are good and 77 are negative.
Nike executives said rising shipping and logistics costs continue to impact the company's short-term profitability in North America; Revenue is expected to achieve a low double-digit increase in the current fiscal year, partly due to changes in the foreign exchange market; Sales revenue is expected to be flat or slightly up-to-year in the first quarter of fiscal 2023, with gross margin declining by 100 basis points, primarily due to the adoption of more promotions in Greater China to reduce backlog inventory due to the pandemic and transportation delays. On the same day, Nike shares fell 6.99%, and the company's fourth-quarter revenue has declined.
While there is a possibility that the Fed will raise rates again by 75 basis points next month, Fed officials see the risk of the U.S. economy slipping into recession as unconcerned. New York Fed Chairman Williams and San Francisco Fed President Daly both argued on Tuesday that the hottest inflation in 40 years must be cooled, but both insisted that a soft landing was still promising.
"The Fed can solve inflation, at least partially. We're using the brakes to slow down to a more sustainable rate, rather than slamming the brakes and plunging headlong into recession," Daley said at an event hosted LinkedIn, adding that global economic growth will not accelerate because of The Russian-Ukrainian factor, and the U.S. economy has encountered headwinds. Unemployment will increase slightly, but it will have nothing to do with recession. "I wouldn't be surprised, in fact my prediction is that growth will slip below 2 percent, but it won't slip into negative growth for a long time."
Williams said in an interview that the Fed may need to raise interest rates from the current 1.5%-1.75% to 3%-3.5% this year. "Given the reduction in inflation, my baseline prediction is that in about a year we need to enter some kind of restrictive zone, and we are far from what we should be doing." Williams believes there are no signs of a "shrinking scare" at this time and the stock market is still performing well.
The United States announced a new round of sanctions against Russia to ban new imports of Russian gold
According to CCTV news, on June 28, local time, the US government officially announced a series of new sanctions against Russia, including banning new imports of Russian gold.
The U.S. Treasury Department issued a statement saying new sanctions would be imposed on 70 Russian entities and 29 individuals, and that all property and property interests owned or controlled in the United States or through the U.S. were frozen. The U.S. Treasury Department's Office of Foreign Assets Control has also banned the import of Russian gold into the United States.
At the same time, the US State Department announced on the 28th that sanctions were imposed on another 45 entities and 29 individuals in Russia. The U.S. State Department also imposed visa restrictions on more than 500 Russian military and Russian officials.
In addition, US Secretary of State Blinken issued a statement on the 28th that US President Biden announced tariffs on more than 570 Russian products worth about $2.3 billion.
U.S. First Lady Jill Biden and her daughter were put on Russia's sanctions list
On the 28th local time, Russia announced that it would include 25 US citizens in the sanctions list because of its anti-Russian route. The list includes U.S. First Lady Jill Biden and her daughter.
According to China News Network, the Russian Foreign Ministry said that this move is a response to the united States' continued expansion of sanctions against Russian political and public figures.
According to previous reports, on May 21, the Russian Foreign Ministry published a list of 963 U.S. citizens who were permanently barred from entering the country on its website, including U.S. President Joe Biden. On June 6, russia's Foreign Ministry announced an expansion of the list to include 61 people, including U.S. Energy Secretary Glenn Holm and Treasury Secretary Yellen.
Turkey agreed to Sweden and Finland joining NATO
On June 28, local time, after the heads of government of Turkey, Sweden and Finland negotiated with NATO Secretary-General Stoltenberg, Turkey withdrew the resolution denying Sweden and Finland to enter NATO, and agreed to join NATO.
According to a statement released by Finnish President Niinistö, the three governments have signed a trilateral agreement confirming that Turkey will support the invitation to Sweden and Finland to become NATO members. The agreement underlines the commitment of Sweden, Finland and Turkey to support each other in addressing threats to the security of States, including cooperation in countering terrorism.
In a statement, Finnish President Niinistö said that Turkey has recently expressed concern about terrorism, and Finland has always taken Turkey's concerns seriously and condemned all forms of terrorism. After becoming a member of NATO, Finland will be fully committed to NATO's strategy of combating terrorism, but Finland will still act in accordance with its national legislation when implementing the strategy.
NATO members will advance the process of Sweden and Finland joining NATO at the next two-day summit.
On June 28, local time, Klimov, chairman of the State Sovereignty Protection Committee of the Russian Federation Council, said that Finland and Sweden's accession to NATO is meaningless at the global political level. Klimov said the two countries joining NATO would not improve their relations with Russia. Conversely, the neutrality of the two countries can bring them more benefits.
The number of deaths of illegal immigrants in Texas rose to 51
BIDEN: The United States will continue to fight human smuggling and trafficking
According to CCTV News, the number of people killed in the death of illegal immigrants in San Antonio, Texas, rose to 51.
Alvarez, head of North America at mexico's Foreign Ministry, said via social media that 22 of the dead were from Mexico, 7 from Guatemala and 2 from Honduras, and the nationalities of the rest have yet to be confirmed.
Based on the current investigation, local police believe the truck carrying illegal immigrants came from the U.S. border city of Laredo, which borders Mexico. Police have arrested 3 people, including the truck driver. There are reports that the 18-wheeled large truck was found on the evening of the 27th when there were nearly 100 people crowded in the carriage. There was no water in the carriage, the air conditioner did not work, and the mechanical failure was docked at the scene of the incident, which eventually led to tragedy.
On June 28, local time, in response to the death of illegal immigrants in San Antonio, Texas, US President Biden said that preliminary reports showed that the tragedy was caused by smugglers or human traffickers. Biden said the U.S. government will continue to do its utmost to combat human smuggling and trafficking.
Editor: Wan Jianyi
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