The risk of accelerating Inflation back to pressure, the market fears that the stock market is overvalued, global stocks fell on Monday, the U.S. stock market in the S&P fear of a fifth consecutive day of decline, the market price of high growth technology stocks were the hardest hit, the Nasdaq led the three major stock indexes down.
Bitcoin has fallen sharply after Musk, who has been actively “bringing the goods” this month, admitted that the price was high, falling nearly $10,000 during the day from its record high early Monday morning Beijing Time, the biggest intra-day drop in almost a year.
Commodities benefited as investor pricing began to reflect the prospect of rising inflation, with Crude Oil rallying strongly after Goldman Sachs got bullish and industrial metals such as copper rising further.
Sectoral trends diverged, with technology stocks leading declines and airlines, energy and industrials leading gains. Dow once close to turn up; component stocks, the resumption of industrial stocks led the rise, led by technology stocks, disney rose more than 3%, American Express, Chevron, Dow Chemical rose more than 2%, JP Morgan Chase, Caterpillar rose more than 1%; and Apple fell 3%, Microsoft, Salesforce fell more than 2%, Nike, Intel, Cisco fell more than 1%. U.S. stocks of new energy automotive stocks fell collectively, tesla, Azera fell more than 5%. Chip stocks fell collectively, AMD, Qualcomm, Micron fell more than 1%. Among Chinese stocks, Baidu rose 2%, hitting a record high in the session. Beeping fell more than 5%, Jingdong and Tencent ADR fell more than 4%.
Overnight Highlights
Morgan Stanley recently argued that the improvement of the new U.S. crown Epidemic, the implementation of U.S. fiscal policy, the global economic recovery or become the three major logics of the reflationary transactions in March this year to exceed expectations of the outbreak, if it becomes a reality, these three catalysts will have an important impact on the market in the future. Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch’s global research division, hinted last week that sooner or later this year the U.S. will have to explode with a real inflation, citing vaccine rollout and a general recovery in socioeconomic order, as well as monetary and fiscal stimulus. Canadian investment research firm BCA Research also expects that the U.S. inflation rate is bound to move sharply higher in the coming months.
Goldman Sachs’ latest research report expects Brent crude oil prices to reach $70 per barrel in the second quarter and $75 per barrel in the third quarter, a $10 increase from previous expectations. Goldman Sachs believes that oil’s performance this year will remain driven by fundamentals, with better-than-expected demand and still-low supply, in addition to a reflationary environment that will support oil prices.
Tesla CEO Musk tweeted over the weekend in response to cryptocurrency skeptic and Gold fan Peter Schiff that gold is better than bitcoin and fiat currency and that “fiat is just data, saving us from the inconvenience of barter, and that data, like all data, is subject to delays and errors,” “In that case, Bitcoin (BTC) and Ether (ETH) do seem high.”
The comments noted that bitcoin fell more than $8,000 within hours of Musk’s comments. Musk’s statements about cryptocurrencies had both sharply pushed up the price of the currency and caused huge shocks in the price of the currency after Tesla announced a $1.5 billion investment in bitcoin earlier this month.
In addition, during Monday’s session, U.S. Treasury Secretary Yellen said, “Bitcoin is often used for illegal financing and its application is inefficient; it is extremely speculative and people should be aware of that.”
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