Global news： Apple Head Show has been sent to the distribution warehouse in the United States？＂Electronic Spring Festival Evening＂ CES is about to open.

　　On January 8th, last week was the first trading week in 2024, but judging from the performance of risky assets, the start of the new year was not ideal.

　　In the first week of the year, the major stock indexes of US stocks fell across the board, and the S&P 500 index fell by 1.52%, which was the first decline in the past 10 weeks, ending the longest consecutive gains in the past 20 years. Both US Treasury bonds and corporate bonds recorded their biggest weekly declines since October. According to the statistics of Zerohedge, in terms of evaporated market value, in 2024, the global bond and stock markets lost more than $3 trillion for the worst start in history.

　　The market value of the seven major technology stocks including Apple, Microsoft, Alphabet, Meta, Amazon, NVIDIA and Tesla evaporated by more than 400 billion US dollars last week, and their share prices almost retreated all the gains in December.

　　All this is mainly due to the callback of the Fed’s interest rate cut transaction. Last week, both ADP employment data and non-farm employment data exceeded expectations, indicating that the US job market is still full of resilience, which suppressed the market’s expectation of the Fed’s interest rate cut in March.

　　Guotai Junan, the first window of the interest rate cut transaction began to show fatigue after two months. The rush of the market is the most fundamental reason: interest rate cuts would have brought loose liquidity, but the congestion of "interest rate reduction transactions" has brought new problems. For fear of missing trading opportunities, the accumulation of a large number of positions on the one hand makes the negative spread of long-term debt trading more significant, on the other hand, it also leads to the increasingly tight liquidity in the market.

　　It is worth noting that Apple’s performance was the most "bleak" last week. Apple’s share price fell for the fifth consecutive day last Friday, with a drop of 5.9% in 2024. Due to concerns about the future prospects of the iPhone, it was downgraded by two investment banks within a week. To make matters worse, the US Department of Justice is close to filing an antitrust lawsuit against Apple, and it is possible to file a lawsuit in the first half of this year at the earliest.

　　According to the report, the US Department of Justice is focusing on the entire Apple ecosystem: how Apple uses its control over hardware and software to make it more difficult for consumers to give up the company’s equipment and make it more difficult for competitors to compete. Investigators’ concerns include the closed iMessage service and payment system, which performs better when Apple Watch is paired with iPhone.

　　At present, the market value difference between Apple and Microsoft is only 3%. If there is any mistake in the consumer electronics leader, the position of the "stock king" of the US stock market may be handed over to the AI trendsetter Microsoft.

　　Looking at this week, the most global concern is the 2024 International Consumer Electronics Show (CES), which is known as the "Electronic Spring Festival Evening". On January 9th, it will be opened in Las Vegas, USA, when all kinds of new consumer technology products around the world will be exhibited. The industry expects more AI products to be unveiled this year.

　　The giants of this year’s CES show are gathered, and it is estimated that more than 130,000 industry participants and more than 4,000 companies will participate. Major technology companies such as AMD, Hisense, Lenovo, LG, Nvidia, Panasonic, Qualcomm and Samsung are expected to make major announcements and product releases at CES 2024. This year’s CES keynote speech focused on artificial intelligence and technology for good. As the upsurge of generative artificial intelligence continues to spread, CES 2024 is expected to create a new wave of artificial intelligence innovation.

　　In addition, this week will focus on the inflation data of China and the United States, and many senior officials of the Federal Reserve and the European Central Bank will deliver speeches; OpenAI will go online to customize GPT store; Bank of America shares started the Q4 earnings season.

　　[Market Review]

　　Last week, the Nasdaq Composite Index fell 3.25%, the S&P 500 Index fell 1.52% and the Dow Jones Industrial Average fell 0.59%. The three major indexes of U.S. stocks ended the record of rising for nine consecutive weeks.

　　[One-week preview]

　　[Weekend Highlights]

　　In the first week of 2024, the global stock and bond market value evaporated by more than $3 trillion.

　　In the first week of 2024, the major stock indexes of US stocks fell across the board, and the S&P 500 index fell by 1.52%, which was the first decline in the past 10 weeks, ending the longest consecutive gains in the past 20 years. Both US Treasury bonds and corporate bonds recorded their biggest weekly declines since October. According to the statistics of Zerohedge, in the first week of this year, the value of global stock and bond markets wiped out a staggering $3.18 trillion.

　　NVIDIA’s share price hasn’t peaked yet. Can it rise by 42% this year?

　　According to the latest report released by Bank of Nvidia, as continues to make use of its success in developing and selling artificial intelligence chips, the sharp rise in its share price last year may continue into 2024.

　　The bank said that NVIDIA’s fast-growing income and profits will enable it to generate 100 billion dollars of free cash flow in the next two years. By contrast, NVIDIA’s free cash flow in the past two years was less than $30 billion. Arya, an analyst at Bank of America, reiterated his "Buy" rating on NVIDIA and his target price of $700, which means that the company’s share price has a 42% upward potential compared with the current level.

　　"Electronic Spring Festival Evening" CES 2024 will open AI "Singing Drama"

　　On January 9th, the 2024 "Electronic Spring Festival Evening" International Consumer Electronics Show (CES) will be held in Las Vegas, USA. At that time, various new consumer technology products around the world will be exhibited, and the industry expects more AI products to appear this year.

　　Apple Head Display Vision Pro has been sent to the US distribution warehouse or the release date will be announced next week.

　　According to Mark Gurman, a well-known science and technology reporter, Apple’s retail department and supply chain are fully preparing for the launch of the head-mounted Vision Pro. This headset has been shipped to the distribution warehouse in the United States, and it seems that it can provide sufficient inventory for Apple retail stores for sale in February. He predicted that Apple would soon release an official statement about the release date of Vision Pro, probably next week, so as not to be upstaged by the new product information from CES Electronics Show. Some retail employees are already in the process of going to Apple Park to receive Vision Pro sales training.

　　Apple may release a generative AI tool in June.

　　Mark Gurman revealed in the latest issue of "Power On" that Apple plans to launch a series of tools based on generative artificial intelligence at the World Developers Conference (WWDC) in June. Gourmain said that these new tools will appear as part of iOS 18, including an improved version of Siri. The new version of Siri is said to have more natural conversation ability and provide a more personalized user experience.

　　The initial US$ 1.66 trillion budget agreement between the two parties in the United States is expected to prevent the government from shutting down.

　　The leaders of the US Congress reached a $1.66 trillion agreement on Sunday local time to provide funds for the federal government in 2024, which will reserve funds for key domestic and social safety net projects in the event that the Republican Party demands to cut the government budget. At present, parliamentarians are faced with a severe deadline to pass legislation, compile agreements and avoid a partial government shutdown. About 20% of government funds, including some necessary projects, will be exhausted on January 19th, and the rest will be exhausted on February 2nd.

　　[financial calendar]