2024-03-04 22:41:57
U.S. Stock Diary｜Bitcoin crosses 67,000, nearly a record high, and the Dow retreats and falls nearly 100 points (ANGELA WEISS via Getty Images)
U.S. stocks retreated, with all three major indexes falling slightly, and the Dow Jones Industrial Average falling nearly 100 points. Chip stock Nvidia continued to rise by 3.6% to close at a new high, with a market value of US$2.13 trillion, becoming the third largest company in the world by market value. Tesla fell 7% after announcing price cuts. Bitcoin rose to more than $67,000, setting a new high since November 21 and just one step away from the all-time high.
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Market conditions on March 4 (Monday)
l The Dow Jones index fell 97.55 points, or 0.25%, to 38,989.83 points.
l The S&P 500 index fell 6.13 points, or 0.12%, to 5,130.95 points.
l The Nasdaq index fell 67.43 points, or 0.41%, to 16,207.51 points.
l New York April oil futures closed at US$78.74 a barrel, down US$1.23 or 1.54%.
l New York April gold futures closed at US$2,126.30 an ounce, up 1.46% and hitting a record high.
l The U.S. 10-year Treasury bond yield closed at 4.219%, up 3.9 points.
NVIDIA, the core of artificial intelligence stock speculation, continued to rise, rising 3.6%, with a market value of US$2.13 trillion, surpassing Saudi Aramco and becoming the third largest company in the world by market value, currently second only to Apple and Microsoft. After announcing that AMD was joining the S&P 500, shares soared nearly 19%.
But other large technology stocks ultimately dragged the market down. Apple was hit with an antitrust fine of nearly US$2 billion by the European Union, and its stock price fell 2.5%. Tesla shares fell more than 7% after earlier announcing new price discounts and offers in China.
Outside of technology stocks, automaker Ford also gained more than 2% on the back of strong sales data. Macy’s shares soared more than 13% after Arkhouse Management and Brigade Capital Management raised the purchase price.
Bitcoin has risen to a maximum of $67,977.77, the highest level since November 2021 and close to historical highs. Ethereum gained 3.41% and was trading near its January 2022 high of $3,588.83. As cryptocurrencies approach new all-time highs in 2021, including Microstrategy and Coinbase, they have surged 23.6% and 11.4% respectively.
According to data from a fund website, less than two months after its launch, the total assets of the iShares Bitcoin Trust (IBIT) have soared to more than US$10 billion, making it the second largest Bitcoin fund, still lagging behind the Grayscale Bitcoin Trust. Fund (GBTC), the fund’s total assets are still approximately US$27 billion.
“Stocks continue to reach new highs and Bitcoin surges above $60,000, potentially signaling that market bubbles are building.” JPMorgan strategist Marko Kolanovic wrote in a note, “This could keep monetary policy on hold for longer. Higher levels, as cutting interest rates too early could push up asset prices further or cause inflation to rise again.”
David Kostin, chief U.S. equity strategist at Goldman Sachs, is more optimistic about the market outlook. “The recent surge in U.S. stocks has caused the proportion of high-priced stocks to the total market capitalization of U.S. stocks to continue to push up and reach a level similar to the market mania period in 2021. However, extreme valuations are high. The prevalence of stocks seems to be far less common than in 2021.” Stocks with a business valuation/sales ratio of more than 10 times currently account for 24% of the total market capitalization of the U.S. stock market, compared with 28% in 2021, during the technology stock bubble is 35%. However, the number of shares trading at the aforementioned multiples is well below the 2021 peak. “We believe that the current valuations of the seven technology giants are supported by fundamental factors.”
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