To The Moon

* Wall Street fell on inflation worries despite gains in Nvidia shares; the Hang Seng Index fell as the Fed's hawkish stance weakened risk appetite.

🇺🇸 S&P 500: -0.73% 📉

🇺🇸 Nasdaq: -0.39% 📉

🇪🇺 Stoxx 600: 0.08% 📈

🇯🇵 Nikkei 225 Index: 1.26% 📈

🇭🇰 Hang Seng Index: -1.69% 📉

🇨🇳 CSI 300 Index: -1.16% 📉

* U.S. stocks on Thursday, with the S&P 500 and Nasdaq Composite falling -0.7% and -0.4% respectively, after economic data showed U.S. price pressures increased in May even as business activity accelerated while weekly jobless claims fell A sign that the labor market remains solid.

* The U.S. S&P Global Manufacturing PMI rose to 50.9 in May from 50.0 in April, indicating expansion, but manufacturers reported a surge in prices for a range of inputs, suggesting goods inflation may pick up in coming months, The S&P Global Services Purchasing Managers Index (PMI) rose from 51.3 to 54.8, indicating that economic performance improved in the middle of the second quarter.

* U.S. unemployment claims fell to a seasonally adjusted 215K in the week ended May 18 (forecast: 220K), reaffirming that layoffs are low and the economy is boosted by a strong labor market.

* In May 2024, the Japanese Manufacturing Purchasing Managers Index (PMI) released by Nihon Bank of Japan rose to 50.5 from 49.6 last month, exceeding the expected 49.7. This was due to continued employment growth, accelerated reduction of backlog projects, and procurement inventory again. rise.

* Asia-Pacific markets fell, with Hong Kong's Hang Seng and China's CSI 300 down -1.7% and -1.2% respectively, with tech leaders Alibaba and NetEase dragging down losses as investor sentiment weakened after hawkish comments from Federal Reserve officials and corporate profits The uneven recovery prompted some profit-taking.

 💡 Future events: 💡

* We end the week with the release of Japan's national core CPI year-on-year data and the US's revised University of Michigan Consumer Confidence Index on Friday.

💡Things you need to know today:💡

1. Alphabet $Alphabet(GOOG)$  and Meta Platforms $Meta Platforms, Inc.(META)$ and OpenAI are discussing content licensing issues with major Hollywood studios for artificial intelligence-driven video generation software. The software aims to develop technology to create realistic scenes based on text prompts without losing intellectual property rights and reduce costs.

OpenAI

2. Boeing $Boeing(BA)$  shares fell -5.1% after Chief Financial Officer Brian West said aircraft deliveries in the second quarter of 2024 would not be higher than in the first quarter and cash flow would be negatively affected by delays in deliveries to China, The company lost nearly $4 billion in cash in the first quarter of 2024.

Boeing CFO, Brian West

3. Alibaba $Alibaba(09988)$  plunged -5.2% after Bloomberg reported that Alibaba plans to issue $5 billion in convertible bonds to fund share buybacks and growth, which may dilute earnings as Alibaba's core commerce and cloud businesses Suffered significant market share losses due to regulatory crackdowns and internal challenges.

Alibaba

4. China's leading chip foundry SMIC  $SMIC(00981)$  became the world's third largest chip foundry in the first quarter of 2024, accounting for 6% of the global market share. This is due to strong domestic demand and a strategic shift to serving mainland customers, alleviating the the impact of U.S. sanctions.

SMIC

✅ KEY TAKEAWAYS:

Amid uncertainty about future inflation and interest rate trends, U.S. businesses remain cautious about the economic outlook and express concerns about geopolitical instability and the presidential election.

@Daily_Discussion  @TigerStars  @Tiger_comments  @CaptainTiger  @TigerGPT  @MillionaireTiger