To The Moon

Global markets closed higher on Friday, boosted by artificial intelligence counters

🇺🇸 S&P 500: 0.81% 📈

🇺🇸 Nasdaq: 1.14% 📈

🇪🇺 Stoxx 600: 0.61% 📈

🇯🇵 Nikkei 225: 1.90% 📈

🇭🇰Hang Seng: 0.47%📈

🇨🇳CSI 300: 0.62%📈

• The U.S. market generally rose on Friday, with the S&P 500 index and the Nasdaq Composite Index rising 0.8% and 1.1% respectively. This upward trend was mainly due to the rebound of technology stocks, and the popularity of the artificial intelligence field remained unabated. At the same time, the decline in Treasury yields also provided further support for the stock market. AI seems to do pretty well, supported by several strong earnings and forecasts from the AI related companies. For such, I think AI counters will continue to trend higher $NVIDIA Corp(NVDA)$  $Palantir Technologies Inc.(PLTR)$  $C3.ai, Inc.(AI)$  $Semiconductor Bull 3X Shares(SOXL)$  $Advanced Micro Devices(AMD)$ . 

From the technical chart below, most of the AI stocks are breaking new high, mainly NVIDIA and AMD. Counters like C3 and PLTR are having strong neckline breakout after releasing good earnings. The semiconductor index SOXL benefits from the AI rally and surge together. As we know, the higher goes higher, and most importantly the AI is still growing fast with sign of weakness currently! 

C3 daily chart

NVIDIA daily chart

PLTR daily chart

AMD daily chart

SOXL daily chart

• The U.S. manufacturing sector fell further to 47.8 in February, with factory employment indicators falling to a seven-month low due to layoffs, and the PMI remaining below 50 for the 16th consecutive month, indicating contraction in the manufacturing sector.

• Asia-Pacific stock markets generally closed higher, with Hong Kong's Hang Seng Index and China's CSI 300 Index rising 0.5% and 0.6% respectively, as investors bet that policymakers will take more stimulus measures to stimulate China's manufacturing industry after a continued slump last month economy.

• China's manufacturing activity shrank for a fifth consecutive month in February, falling to 49.1 from 49.2 in January, increasing pressure on Beijing to introduce more stimulus measures, especially as Congress is about to convene a crucial annual session.

💡 Things to know today: 💡

1. The Fed report highlighted several major vulnerabilities in financial markets due to high borrowing costs, but noted that the stresses that affected the banking sector a year ago have eased significantly.

2. Saudi Aramco completed the acquisition of 100% of Chilean Esmax Distribución on Friday.

3. Deutsche Bank is reportedly preparing to file liquidation proceedings in Hong Kong against Chinese developer Shimao Group. The action is unusual for a foreign entity amid rising credit defaults and an escalating crisis in China's real estate industry.

4. Fitch Ratings downgraded the credit ratings of New York Community Bank (NYCB.N) and its subsidiary Flagstar Bank to "BB+"/"B" from "BBB-"/"F3" due to the discovery The company had material deficiencies in its internal controls over internal loan reviews.

5. Information Technology Minister criticized Google's move to remove certain apps from its Indian app store. Against this backdrop, disagreements continue over the issue of service fees paid to U.S. companies.

✅ Key Points:

Investors find support in a strong economy. Investors are now looking to June as a potential opportunity for such a move, amid growing confidence that the central bank can effectively respond to a gradual slowdown in the economy.

@CaptainTiger  @MillionaireTiger  @Daily_Discussion  @TigerStars