On the evening of the 14th, the three major U.S. stock indexes fluctuated and differentiated, and the US chip stocks generally fell, and the Philadelphia Semiconductor Index fell by more than 1%. In addition, popular Chinese stocks collectively weakened, and the Nasdaq China Golden Dragon Index once fell by more than 2%.
Some analysts said that the latest July PPI data disclosed by the Bureau of Labor Statistics “exploded” has caused inflation concerns, adding variables to the prospect of the Federal Reserve’s interest rate cut. Among them, the US PPI rose by 0.9% month-on-month in July, significantly exceeding market expectations and the largest increase since June 2022. After the data was released, traders reduced their bets on the Fed’s interest rate cut in September and gave up on a 50 basis point cut.
Meanwhile, the latest speeches from Fed officials have also hit market expectations of interest rate cuts. Among them, San Francisco Fed Chairman Daley made it clear in an interview that he opposed the implementation of a 50 basis point sharp interest rate cut at the September interest rate meeting. St. Louis Fed Chairman Mousalem also said the 50 basis point rate cut does not conform to the current economic situation or data.
On the evening of August 14, Beijing time, the three major U.S. stock indexes opened lower collectively, and then the decline narrowed. The Nasdaq and S&P 500 index turned from decline to rise. As of 22:50, the Dow Jones Industrial Average fell 0.16%, the Nasdaq rose 0.1%, and the S&P 500 index fell slightly.
Among them, US chip stocks generally fell, the Philadelphia Semiconductor Index fell by more than 1%, Coherent plummeted by more than 20%, ON Semiconductor, Lattice Semiconductor, and Emmack Technology fell by more than 3%, NXP, Maywell Technology, Texas Instruments, AMD, and Asma ADR fell by more than 1%, and TSMC ADR fell by nearly 1%.
Popular Chinese stocks fell across the board, Nasdaq China Golden Dragon Index fell 1.9%, Xiaopeng Motors fell more than 5%, Ideal Auto, NIO, BOSS Direct Recruitment, Wenyuanzhixing fell more than 4%, Alibaba, Kingsoft Cloud, Miniso, and Bawang Tea Ji fell more than 3%, NetEase, Bilibili, Baidu, Good Future, Wanguo Data fell more than 2%.
On the news front, data released by the U.S. Bureau of Labor Statistics showed that the U.S. PPI rose 0.9% month-on-month in July, significantly higher than the expected 0.2%, and the previous value was 0%; PPI rose 3.3% year-on-year, also significantly higher than the expected 2.5%, and the previous value was 2.3%.
Excluding the volatile food and energy categories, the US core PPI rose 0.9% month-on-month in July, the largest increase since June 2022, higher than expected 0.2%, and the previous value was 0%; the core PPI rose sharply in July, 3.7% year-on-year, the highest level since February, higher than expected 2.9%, and the previous value was 2.6%.
