Reporter Zhang Ying, Intern Reporter Chu Lijun On July 19, local time, the three major U.S. stock indexes opened high and closed high. As of the close, the three major U.S. stock indexes collectively rose by more than 2%, the Dow Jones Index rose by 2.43% to 31,827.05 points; the

Reporter Zhang Ying, Intern Reporter Chu Lijun

On July 19th local time, the three major U.S. stock indexes opened high and closed high. As of the close, the three major U.S. stock indexes collectively rose by more than 2%, the Dow Jones Index rose by 2.43% to 31,827.05 points; the S&P 500 Index rose by 2.76% to 3,936.69 points; the Nasdaq Index rose by 3.11% to 11,713.15 points; all three major indexes hit new closing highs since June 9.

stocks, U.S. technology stocks generally rose, Nvidia rose 5.53%, Google-C rose 4.29%, Amazon rose 3.91%, Intel rose 3.9%, Apple rose 2.67%, and Microsoft rose 2.08%; Chinese stocks rose and fell in a mixed manner, iQiyi rose 9.72%, Good Future rose 9.63%, Tuniu rose 8.62%, Xiaopeng Motors fell 3.76%, Ideal Auto fell 4.72%, and Daily Youxian fell 10.53%.

Regarding the market performance of the US stock market, Yin Xinxin, founder of Benniu Investment, who was interviewed by a reporter from Securities Daily, said that the second quarter report of the US stock market exceeded market expectations and stimulated the rebound of the US stock market overnight, especially the major technology stocks overnight, which have seen large gains in recent days. There are also news in the market that Buffett has further increased its holdings of oil stocks in recent times.

Regarding the US economy, Great Wall Securities stated that the US economy may continue to grow negatively in the second quarter. If it increases negatively for two consecutive quarters on a month-on-month basis, it can be judged that the US economy has entered a recession cycle, but inflation is still at a high level and it is difficult to fall back. The stagflation cycle has not yet ended. The decline in the US economic growth rate in the first half of the year was more caused by the reduction of government fiscal expenditure. Although the growth rate of commodity consumption has declined, economic indicators such as service consumption growth rate and unemployment rate are relatively strong. There is no policy that can maintain stable economic growth and drive inflation back to normal levels. The Federal Reserve, which takes "control of inflation" as its top priority, can only focus on price indicators. Expectations for the federal funds rate at the end of the year remain at 4.75%-5%. In the second half of the year, U.S. demand may fall rapidly, economic indicators begin to decline, and the United States enters a recession cycle.

For the future market, Hu Bo, manager of Rongzhi Investment Fund, said in an interview with a reporter from Securities Daily that US inflation is still at a high level, and the Federal Reserve continues to raise interest rates and tighten its balance sheet. At the same time, as expectations of a US economic recession continue to intensify, US stocks have experienced significant adjustments this year. As the adjustment continues to deepen, US stocks have seen increased volatility recently, accompanied by rebound and recurrence. After sufficient adjustments, US stocks may have bottomed out in advance, and the relative investment value has begun to highlight. In addition, this may also be a signal that US stocks have bottomed out before the economy. With the decline in inflation in the United States, especially during the economic recession, the extent of interest rate hikes in the later period may ease significantly. At present, the US stock market may have entered a time node for gradual layout on the left. It is recommended to choose individual stocks that have been fully adjusted and can be expected in the future performance.

"Although the expectation of the Federal Reserve's interest rate hike in the future market has not yet dissipated, the short-term bottom of the US stock market has been basically proven. In the medium and short term, we are optimistic about the overall rebound of the US stock market." Yin Xinxin said.

Tianfeng Securities pointed out in its research report that although it is difficult to talk about the specific time when the US stock market bottoms out in the short term, in the long run, after a sharp decline, technology growth stocks have fallen back to a relatively reasonable or even cheap range, and the valuation is fully elastic in the next cycle. In the US stock market, investors are advised to pay attention to cloud computing (Microsoft), the leader in parallel computing (Nvidia), Southeast Asian gaming and e-commerce (Sea), the next generation of basic software (Snowflake, etc.), and the beneficiary of video commercialization in the advertising industry (TradeDesk). For Chinese stocks listed in the US, with the arrival of the financial report season, the actual performance of quarterly reports and the audit progress of Chinese stocks listed in the US are worth paying attention to.

(Editor Bai Baoyu Planning Zhao Ziqiang)