2024-02-28 21:45:48
U.S. Stock Diary｜The Dow Jones Industrial Average fell for three consecutive times and Bitcoin surged (Michael M. Santiago via Getty Images)
Wall Street stocks fell, with the Dow Jones falling for three consecutive days and the Nasdaq falling below the 16,000-point level. Technology stocks underperformed the market as the market awaited Thursday’s PCE inflation data. Bitcoin surged, rising nearly 7,000 US dollars or more than 10% in 10 hours, reaching a high of 63,700 US dollars, getting closer to the historical high at the end of 2021.
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Market conditions on February 27 (Tuesday)
l The Dow Jones index fell 23.39 points, or 0.06%, to 38,949.02 points.
l The S&P 500 index fell 8.42 points, or 0.17%, to 5,069.76 points.
l The Nasdaq index fell 87.56 points, or 0.55%, to 15,947.74 points.
l New York oil futures for April delivery closed at US$78.54 a barrel, down US$0.33 or 0.4%.
l New York April gold futures closed at $2,042.7 an ounce, down $2.6 or less than 0.1%.
l The U.S. 10-year Treasury bond yield closed at 4.274%, down 4.1 points.
Salesforce, an AI concept stock, announced its results following the market closed. Revenue was generally in line with expectations. The company added an additional $10 billion in stock repurchases. However, the company’s revenue guidance for this year was only the lower limit of market expectations. The stock price fell by up to 7% during the extended trading session.
Intel and Alphabet fell 1.5% and 2.1% respectively. After Apple announced that it would abandon the production of electric vehicles, Tesla performed well and closed up 1.2%. Beyond Meat, an alternative protein meat, once soared 42% and closed up 30%. UnitedHealth fell more than 3% and was the Dow’s biggest loser.
Some public stocks were supportive. American Tower’s revenue and operating earnings were both better than expected, and its stock price rose 3.8%. SBA Communications also performed well, rising more than 2%. Some analysts have speculated that during the recent consolidation of heavyweight stocks, small and medium-sized stocks have risen. This is the beginning of a new round of stock market rotation. If true, it may make the upward trend more stable.
Bitcoin has risen to a maximum of nearly $64,000, a new high since November 2021. Bitcoin’s rise drove record-breaking trading volume in Bitcoin ETFs. The iShares Bitcoin Trust (IBIT), widely seen as the biggest winner among new Bitcoin funds, has seen record trading volume on Wednesday.
New York Fed President John Williams said the Fed still has a “long road ahead” in its fight once morest inflation. However, he did not give any new clues regarding when he would start cutting interest rates. W
Williams cited January’s unexpectedly hot consumer price data as an example, saying there will be bumps in the road as the Fed tries to guide inflation back to its 2% target.
Goldman Sachs strategist Scott Rubner said it is impossible to predict the top of this current U.S. stock rally. Rubner said in the report that just as the “Goldilocks” scenario in which the economy is neither too hot nor too cold is good for the market, retail traders are attracted by this round of gains, prompting analysts to quickly raise their year-end target levels. He said that the market was “more full” in March and the rally had “tired”, but there was no trigger for selling.
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