Daily Market Comments(20210713)-Upheaval
- China related shares rose.
- Inflation rose to 0.9%(MOM), the highest since 2008, and 5.4%(YOY), much higher than economists expectations. Bond yield rose but stocks not crashed too much.
- JP Morgan and Morgan Stanley kicked off profit releasing, with much higher numbers than expected.
Winners and Losers (in my watching list): DIDI+11.29%, BILI+3.18%, BABA+1.96%, UVXY+1.71%; YOU-8.03%, CLOV-7.95%, SPCE-7.20%, GME-4.86%.
Bond Market: 10Y climbed to 1.424, and 30Y to 2.048.
Equity Market: NASDAQ closing at 14677.65, -0.38%%; DJI 34888.79, -0.31%; S&P500 4369.21, -0.35%.
Econ Calendar: PPI tomorrow. CPI much higher than expected.
Big News: Cuba was experiencing a protest across the country due to the worst economic crisis in 30 years. Trump organization’s CFO were removed from some positions at subsidiaries but remained in the organization.
Guess On Next Move: Inflation has been gradually added to the expectation, so the market may not necessarily crash with that.