has a US stock market with a history of more than a hundred years and has always been known as a mature global market. Over the years, the most profound impression of investors by the US stock market is the phenomenon of more rise and less fall in the stock market, and the bull market is long and short bear market. In a relatively mature and complete market environment, a group of world-renowned giant companies have also been created over the years, such as Microsoft , Apple , Amazon , etc.
In recent years, many Chinese stock companies listed in the listing of have gone overseas, while the US stock market is the main choice for Chinese stock companies listed in the listing of tide overseas. The reason is, on the one hand, that listing in the United States can increase the popularity and influence of the company; on the other hand, compared with the A-share market, the listing threshold of the US stock market is relatively loose. For some companies with VIE structure or in a loss-making state, listing in the United States is also the best choice.
However, with the active reform of the A-share market and the Hong Kong stock market, problems such as having different rights and listing of loss-making companies have also been solved one after another. However, overall, because the market development started late, the market value scale of the domestic stock market is still far lower than that of the US stock market. The stability of the market index has been inferior for many years, but it also reflects from the side that the development prospects of the domestic stock market are better, and there is still a lot of room for improvement in the future.
In recent times, it has been a sleepless day for global investors. As a very mature stock market in the world, the US stock market has also experienced a trend of big rises and falls, and the stock market volatility is not inferior to the A-share market in the second half of 2015. Among them, in the week from February 24 to February 28 this year, the U.S. stock Dow Jones Index fell 12.36%, and the single-week declines of Nasdaq and S&P 500 were both above 10%. Affected by this, both European and Asian stock markets have experienced a sharp decline, and the global market has fallen into a panic and worrying situation.
It is worth mentioning that according to statistics, since February 24 this year, the US stock market has experienced many trends of 1,000-point declines and 1,000-point rises. Among them, on February 24 and February 27, the US stock market showed a decline of more than 1,000 points per day. As for the US stock market on March 5, it fell by 969.58 points throughout the day, only one step away from the 1,000-point decline. In addition, on March 2 and March 4 this year, the US stock market Dow Jones showed a single-day upward trend of 1293 points and 1173 points respectively. Faced with the recent sharp rise and fall in the US stock market, no one seems to dare to imagine that the mature stock market in the past is also so irrational.
Although the US stock market has been developing for a long time and the corresponding market system has been in a perfect and mature state, the market is the market after all. Under the influence of the continued spread of the epidemic, the market panic has increased significantly, and the profit-making market that has accumulated for a long time has begun to be released quickly, which has intensified the irrational performance of the stock market.
In recent years, the US stock market has shown an accelerated upward trend, and the irrational rise of some technology stock leaders has driven the irrational acceleration of market indexes. Now, under the influence of the spread of the epidemic, as the market gradually becomes rational and realizes the market's own risks, the pressure of selling suddenly increases, and the original irrational rise has also instantly turned into an irrational decline.
Compared with the domestic market, the epidemic in overseas markets is still not particularly serious, and the market should have maintained a more rational attitude towards the spread of the epidemic. However, what the market fears most is unclear expectations. The current spread of the epidemic has exceeded the market's affordable range, and the results of the development of the epidemic are more unknown, and the impact of unknown expectations on the market is the most obvious.
In fact, the spread of the epidemic may become a catalyst for accelerated adjustment of the stock market. Behind the rapid decline of US stocks, it is actually inseparable from the risk factors that gradually release the pressure of the US stock market's own high valuation . So far, the valuation level of the US stock market has been in a medium-to-high state. At this stage, the valuation advantage of the A-share market is obviously better than that of the US stock market.
has experienced a bull market for ten years. The cumulative increase in the US stock market exceeded market expectations. Nasdaq Index soared from 1500 points in 2009 to the highest this year's 9838.37 points, with a cumulative increase of several times. But when the profitability of listed companies is difficult to support the continuous soaring price trend, the market's valuation bubble is still at risk of bursting. There is basically no stock market in the world that only rises but not falls, nor does it only falls but not rises. The current epidemic spread storm has become the fuse to accelerate the adjustment of US stocks.
Red Star News signed author Guo Shiliang
edited by Zhao Yu
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