10 Aug 2022

The three major U.S. stock indexes closed down in shock last night. As of the close, the Dow rose 0.18%, the Nasdaq fell 1.19%, and the S&P fell 0.42%. The yield on the 10-year U.S. Treasury bond rose 0.8% to close at 2.781%, a difference of about -49 basis points compared with the yield on the two-year Treasury bond. The fear index VIX closed up 2.25%. Brent crude closed up 0.06%. Spot gold closed up 0.29% at $1,794.4 an ounce. The dollar index remained high, closing at 106.3.

The three major stock indexes collectively opened lower. Rosneft said in a statement that since August 4, Ukrtransnafta, the Ukrainian pipeline operator, has suspended transit services for Russian gas. The statement said that Russia is still sending natural gas to Poland and Germany through the northern branch of the Friendship pipeline, and the southern branch that sends natural gas to Hungary, the Czech Republic and Slovakia through Ukraine has suspended gas supply.

EU member states reached an agreement last month to cut gas use, which came into force on the 9th, in preparation for a possible disruption to Russian gas supplies. Under the agreement reached on July 26, EU member states agreed to reduce gas demand by 15% from the average consumption of the past five years between August 1, 2022 and March 31, 2023, according to measures of their choice. %. Britain could face a power shortfall of one-sixth of peak demand, even after emergency coal-fired power plants start up, according to the government's latest "worst-case scenario" forecast for potential power curbs planned for industry and households in January. is also like this. EIA slightly lowered its forecast for US oil prices this year, raised its forecast for Brent oil prices, and lowered its forecasts for US and Brent oil prices next year.

Just when the market believes that the conflict between Russia and Ukraine has become normal, the top think tank RAND Corporation released a heavy report, indicating that Russia may go to war with NATO, and elaborated four potential paths of conflict escalation. The report was co-authored by seven senior political scientists and defense analysts from the RAND Corporation. As the world's top think tank, RAND often provides research and intelligence analysis services to the U.S. military, which has become one of the decision-making bases of the U.S. government. The three major stock indexes fell in shock.

After the bell, Fed Bullard said it was too early to say that inflation had peaked. If inflation continues to beat expectations, the Fed will be ready to keep rates "higher for longer."

Apple rose 0.03%, and the supply chain of the iPhone 14 model was not affected.

Microsoft rose 0.71% as it tries to reduce business expenses by limiting travel and team spending.

Google fell 0.54% as the U.S. Justice Department prepares to file a lawsuit against Google over advertising marketing as early as September.

Amazon fell 1.13% on news that Amazon is in talks to buy a controlling stake in Indian logistics company Ecom.

Tesla fell 2.44%. The production line of Tesla's Shanghai factory was upgraded and upgraded, and production in July fell by two-thirds month-on-month.

Micron fell 3.74%. It expects adjusted revenue of $6.8-7.6 billion at the low end of the fourth quarter, compared with a market estimate of $7.26 billion, and said it will invest $40 billion in manufacturing cutting-edge memory in the United States within a decade. At the same time, US President Biden signed the "2022 Chip and Technology Act".

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Sources from: Investing.com; Reuters.com

Louis Yap

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