Nvidia has fallen by more than 10% from its high, and its market value has evaporated by about 2.5 trillion yuan! Apple's tail diving, spot palladium once rose more than 10%, what happened?

National Business Daily

2024-06-22 07:12Published on the official account of Sichuan Daily Economic News

Edited by: Du Yu

The U.S. stock market once again ushered in a quarterly "three witch gathering day", coupled with the quarterly index adjustment caused by the ETF repositioning, on June 21, local time, the U.S. exchange ushered in 18 billion shares to change hands, a surge of 55% from the average of the past three months.

As of the close of local time on June 21, the Nasdaq fell 0.18%; The S&P 500 fell 0.16%; The Dow rose 0.04%.

Most of the big tech stocks rose, Google, Amazon, Intel, Netflix rose more than 1%, and Microsoft rose slightly; Apple and Meta fell slightly. Among them, Google and Microsoft hit a record closing high.

Nvidia fell 3.22%, Nvidia fell more than 10% from its high, and its total market value evaporated by about 340 billion US dollars (about 2.5 trillion yuan).

Apple's late-end trend has seen a significant dive.

When Apple's iOS 18 and macOS Sequoia go on sale at the end of this fall, EU users won't be able to enjoy Apple's three major AI features.

On June 21, Apple announced that it has decided not to roll out new AI technologies, including Apple Intelligence, iPhone mirroring, and SharePlay screen sharing, to hundreds of millions of users in the EU market for the time being, given that the EU's Digital Markets Act (DMA) will force Apple to reduce the security level of its products and services.

"We are concerned that the Digital Markets Act's interoperability requirements could compromise the integrity of the product and jeopardize the privacy and data security of users," Apple said in a statement. ”

Tesla rose 0.79% to $183.01, with a market capitalization of $583.65 billion. On Friday, June 21, some media checked the number of people on Tesla's "all-hands" email list and found that as of June 17, Tesla has laid off more than 14% of its employees this year.

A Tesla employee, who asked not to be named, revealed to the media that some factory workers are worried that there could be more layoffs in July if the second quarter results are poor.

In the face of the recession in the industry and the decline in stock prices, Musk tried to pull back a game. He has promised investors that the company will soon release his fourth "master plan" and that Tesla will unveil the design of a "dedicated robotaxis" on Aug. 8. Tesla is expected to release a second-quarter production and delivery report in the first week of July.

Popular Chinese concept stocks fell, and the Nasdaq China Golden Dragon Index fell 0.94%, down 2.38% this week. iQiyi and JD.com fell more than 2%, NetEase fell more than 1%, Weibo, Alibaba, Li Auto, Vipshop, Full Bang, Weilai, Tencent Music, Baidu, and Pinduoduo fell slightly. Bilibili rose more than 6%, Xpeng Motors rose more than 3%, and Futu Holdings rose more than 2%.

Oil prices rose and retreated on Friday, with U.S. oil closing at a seven-week high for three consecutive trading days. WTI August futures closed down $0.56, or nearly 0.69%, at $80.73 a barrel. Brent August futures closed down $0.47, or about 0.55%, at $85.24 a barrel.

Spot gold once rose 0.4% to $2,370, a two-week high, but the U.S. stock market turned sharply in the intraday, falling as deep as 1.8% and once fell below $2,320, falling sharply from a daily high of $52, making the full turnover and down about 0.6%.

Last night and this morning, spot palladium prices first came out of a strange surge of more than 10%, and then suddenly gave up most of the gains. The analysis pointed out that the wide intraday range may be related to the short covering behavior of traders.

According to the quote, spot palladium opened at $927.81 an ounce on Friday, and hit an intraday high of $1,029.46 an ounce, before falling back to around $950 an ounce. Just on Tuesday, palladium prices fell to a four-month low of $867 an ounce.

According to the analysis, the main reason is that automakers are actively replenishing exhaust gas suppression catalysts for diesel locomotives, which makes investors short-cover palladium. Bart Melek, head of global commodity strategy at TD Securities, said that as automakers are replenishing their catalyst inventories, some funds may be forced to liquidate, and the short-end demand in the market has increased. Tai Wong, an independent metals trader in New York, said:

"Recently, there has been a lot of buying in palladium ETFs, which has caused a short-term physical shortage and caused the forward market spot to go backwards. This has caused some confusion in the EFP (Futures vs. Physical Trading) market, which is already thin, resulting in a lot of volatility and short-covering. I expect this volatility to continue for a few more days. ”

According to the data, palladium is mainly used to reduce the exhaust emissions of gasoline vehicles. However, the palladium market has come under pressure this year as supply outstrips demand. Part of the decline in demand is due to the increasing share of electric vehicles (EVs) in the global automotive market, which do not require the use of catalytic converters to filter exhaust gases. As a result, hedge funds and money managers have been bearish on palladium so far this year, according to the U.S. Commodity Futures Trading Commission (CFTC). In the week ending June 11, net short positions in COMEX palladium futures hit an all-time high since December 2009.

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