BTC is currently in a three-day downward trend; it seemed like it was going to fall well, but upon closer inspection, it is still trapped. However, the trend is starting to favor the bears, and the moving averages have effectively broken below the 10-day moving average. If this were a battle, it would be equivalent to the bears defeating the bulls' vanguard. Now, we need to see if it can effectively break below the 20-day moving average, but at this position, it might hover a bit before breaking down. In any case, my short position remains open and unchanged. I can still collect a little bit of funding fees every 8 hours, which is better than paying fees.
The A-shares showed some improvement yesterday, but today, due to fluctuating U.S. tariff policies, the Trump administration appealed to restore increased tariffs. Today, the A-share market opened low and continued to decline, with all three major indices closing down. The Shanghai Composite Index reported 3347.49 points, down 0.47%, the Shenzhen Component Index reported 10040.63 points, down 0.85%, and the ChiNext Index reported 1993.19 points, down 0.96%, falling below the 2000-point mark. The market's trading volume decreased compared to the previous trading day, with a total turnover of 1.14 trillion yuan in the Shanghai and Shenzhen markets (about 46.2 billion yuan less than yesterday), indicating a decline in capital participation before the holiday. Individual stock performance was severely differentiated, with over 4000 stocks declining and only about 1100 rising, with profit-making effects concentrated in defensive sectors.
Leading sectors (defensive sectors favored) saw the banking sector rise by 1.1%. Hangzhou Bank and Chengdu Bank reached historical highs, with a net inflow of 756 million yuan, benefiting from high dividend attributes and capital safe-haven demand. The pharmaceutical and biotechnology sector (innovative drugs, traditional Chinese medicine) saw the National Medical Products Administration approve 11 innovative drugs for market, with the approaching ASCO conference acting as a catalyst, leading stocks like Zhizhi Pharmaceutical (20% limit up) and Warner Pharmaceuticals to outperform. The livestock industry (pork, chicken concepts) saw Superstar Agriculture and Animal Husbandry hit the limit up, driven by policy expectations (such as controlling the weight of live pigs for market release) prompting a rebound in the sector.
The leading sectors (growth stocks under pressure) saw the automotive industry chain affected by foreign capital adjustments and industry data, with the sector down 2.55%, and leading stocks like CATL and BYD experiencing corrections.
Technology growth (AI computing power, semiconductors), controlled nuclear fusion, and robotics concepts underwent significant adjustments, with Wangzi New Materials and Rongfa Nuclear Power hitting the limit down, indicating clear profit-taking by investors.
Consumer electronics were dragged down by Pinduoduo's financial report, with cross-border e-commerce stocks like Antarctic E-commerce also declining.
Northbound funds saw a net inflow of 3 billion yuan against the trend, increasing holdings in leading consumer and pharmaceutical stocks like Kweichow Moutai and Mindray Medical. This aligns with the aesthetic of northbound funds, which prefer to buy leading stocks.
Last night, the three major U.S. stock indices opened high but closed low, forming a false bearish line, with market sentiment mainly affected by expectations regarding Federal Reserve policy. The Dow Jones Industrial Average reported 42,215.73 points, up 0.28%, the S&P 500 reported 5,912.17 points, up 0.40%, and the Nasdaq Composite reported 19,175.87 points, up 0.39%. Market turnover increased compared to the previous trading day, with investors focusing on technology stock performance, especially the market reaction following Nvidia's earnings report.
Nvidia's earnings report exceeded expectations, driving a rebound in technology stocks. Nvidia announced its Q1 earnings after the market closed, with revenue of $44.1 billion (a 69% year-on-year increase) and a net profit of $18.78 billion (a 26% year-on-year increase), with data center business growth of 73% to $39.1 billion. As a result, Nvidia's stock price rose over 5% in after-hours trading, boosting the semiconductor sector (e.g., Broadcom, AMD).
During trading, Nvidia briefly became the king of stocks and is currently ranked second. Apple has been significantly affected by this wave of tariffs, dropping to third place. In A-shares, Moutai is the eternal king of stocks, and no one can surpass it. It's astonishing that the king of stocks comes from our country's poorest province, Guizhou!
The Federal Reserve's May meeting minutes show that Fed officials are cautious about inflation and employment market uncertainties, and the market expects no interest rate cuts in the short term.
The 10-year U.S. Treasury yield rose to 4.47%, reflecting the market's reassessment of interest rate policy.