Popular Chinese concept stocks generally rose, iQiyi rose more than 6%, Vipshop, Xiaopeng Motors rose more than 5%, Tencent Music, JD.com, Weibo, Baidu, Futu Holdings rose more than 2%, Alibaba, Manbang Up more than 1%, Ideal Auto, NetEase, Pinduoduo, Weilai rose slightly; Bilibili fell more than 3%.
global news
U.S. non-farm payrolls increased by 339,000 in May, much higher than market expectations
The number of non-agricultural employment in the United States increased by 339,000 in May, the largest increase since January 2023. It is estimated to be 195,000, and the previous value was revised to 294,000 from 253,000. The U.S. unemployment rate was 3.7% in May, the highest since October 2022. It is estimated to be 3.5% and the previous value was 3.4%. The yield on the 2-year U.S. Treasury note rose to 4.418%, and the yield on the 5-year Treasury note rose to 3.760%. Fed swaps added to market expectations for a rate hike by July, with a rate hike priced in at 22 basis points.
The National Standing Committee studies policies and measures to promote the high-quality development of the new energy automobile industry
Li Qiang presided over the executive meeting of the State Council to study policies and measures to promote the high-quality development of the new energy automobile industry. The meeting pointed out that new energy vehicles are the main direction of the transformation and upgrading of the automobile industry, and the development space is very broad. It is necessary to consolidate and expand the development advantages of new energy vehicles, further optimize the industrial layout, strengthen key core technology research in key areas such as power battery systems, new chassis architectures, and intelligent driving systems, coordinate the development and utilization of domestic and international resources, and improve the power battery recycling system. The integrated development of the industrial ecology of “vehicle energy road cloud” improves the independent controllability of the entire industrial chain and the level of green development. It is necessary to continue and optimize the vehicle purchase tax reduction and exemption policy for new energy vehicles, build a high-quality charging infrastructure system, further stabilize market expectations, optimize the consumption environment, and release the consumption potential of new energy vehicles to a greater extent.
The US Congress adjusts the debt ceiling for the 103rd time! Biden will speak on the bipartisan budget! Is the US crisis over?
According to a Xinhua News Agency report on June 2, the U.S. Senate passed a bill on the federal government’s debt ceiling and budget on the evening of June 1 local time. This is the 103rd time since the end of World War II that the U.S. Congress has adjusted the debt ceiling. According to the legislative procedure, the bill will take effect after President Biden signs it. In addition, U.S. President Joe Biden will deliver a speech on the bipartisan budget agreement at 7:00 pm Eastern Time (7:00 am Beijing time tomorrow). According to CCTV news reports, on May 31 local time, the US House of Representatives voted to pass the debt ceiling bill. The bill, brokered by President Joe Biden and House Speaker McCarthy, aims to raise the U.S. $31.4 trillion debt ceiling and cut federal spending. The House of Representatives Rules Committee approved the bill to enter the full house debate by a vote of 7 to 6 on the evening of the 30th.
The call for the Fed to suspend interest rate hikes in June has resumed. The suspension of interest rate hikes may not mean that the current round of interest rate hikes has reached the end
As the Federal Reserve’s June monetary policy meeting is approaching, “whether to raise interest rates” continues to attract the attention of the market. U.S. job openings rose to 10.1 million in April from an upwardly revised 9.75 million in March, according to data from the Labor Department on Wednesday, as demand for workers from U.S. businesses remains strong despite challenges facing the economy. After the data was released, the “FedWatch Tool” showed that the probability of a rate hike in June jumped to 70%. Some analysts pointed out that this strong labor market data gave the Fed reason to consider continuing to raise interest rates in June.
More than 100 billion U.S. debt will be issued next week!Morgan Stanley warns of liquidity risk as U.S. debt crisis emerges
The U.S. debt ceiling bill passed Congress and is awaiting the president’s signature into law. The U.S. Treasury Department is also expected to sell a new batch of bills next Monday as planned. On Thursday, the U.S. Treasury Department announced that it plans to sell $65 billion in three-month Treasury bonds and $58 billion in six-month notes next Monday. As the debt agreement has not yet been finalized at the time of the announcement, this issuance plan is still defined as a “tentative” plan. For the US Treasury Department, next Monday’s bond issuance plan is undoubtedly very important. Treasury Secretary Yellen has repeatedly warned that the Treasury will run out of money as early as June 5. As of Tuesday, only about $37 billion was left in total cash in Treasury accounts, the lowest level since September 2017.
AI should not be outside the law! FTC Chairman: Law Enforcement Officers ‘Need Early Alert’
Federal Trade Commission (FTC) Chairman Lina Khan said on Thursday that as artificial intelligence develops, U.S. federal and state law enforcement officials “need to be vigilant early on” to ensure that companies comply with existing laws and that industry leaders do not take advantage of artificial intelligence. Their dominance stifles promising innovations. She said the U.S. and other regulators erred as the internet developed in the early 2000s and failed to intervene to prevent digital “new generations” from growing into the internet controllers they are today. The U.S. Federal Trade Commission is an independent government agency established in 1914 whose main mission is to promote consumer protection and eliminate anticompetitive business practices such as coercive monopolies.
OPEC+ may “stand still” this week, crude oil bears rest easy?
From the 3rd to the 4th local time, the Organization of Oil Producers (OPEC+), led by Saudi Arabia and Russia, will hold its 35th ministerial meeting in Vienna, Austria, to discuss the latest production policy. As the meeting draws closer, various member states have given different signals on whether a new production reduction agreement needs to be reached, which has drawn special attention to this meeting. Although international oil prices have recently fallen below the $70 mark, foreign media quoted sources as saying that it is unlikely that OPEC will increase production cuts at its meeting on Sunday. Jeff Curie, head of global commodity research at Goldman Sachs, told China Business News: “We expect the nine major oil-producing countries that announced voluntary production cuts in April to keep production unchanged, but will use the opportunity to partially offset the hawkish rhetoric.”
company news
Is Apple going to make a big move?Multiple hints that MR is coming soon
Recently, the popularity of the XR (extended reality, VR/AR/MR) track has increased significantly. Apple’s high-profile spoiler revealed that its developer conference will release the first MR (mixed reality) device, and Meta then brought the latest MR product Quest 3 to “steal the spotlight”. From the perspective of the industry, as the vane of consumer electronics, Apple’s MR product release, which has been brewing for 7 years, is of great significance. Especially with Apple’s rich content ecology, the XR track is expected to welcome the “iPhone moment”, and the industry chain is also expected to benefit. Some organizations believe that it is necessary to focus on the combination of generative AI+XR hardware, which may reshape the development of the XR industry.
One step ahead of Apple! Meta launches new headset: starting at $499 in the fall
Quest 3, Meta’s next-generation virtual reality (VR) headset, will be available in fall 2023. On June 1, local time, according to news released on the official website of Facebook’s parent company Meta (Nasdaq: META), Meta Quest 3 will be released in the fall of 2023, and the price of 128GB is $499.99. Meta official information shows that Quest 3 will have higher resolution, stronger performance, breakthrough Meta Reality technology (note: full-color perspective technology of virtual and real fusion), and a slimmer and more comfortable shape.
“AI Dongfeng” will blow up Tesla?Morgan Stanley poured cold water: it is just a car stock
Riding the winds of artificial intelligence (AI), many tech companies have seen huge gains in share prices. Investors in Tesla originally hoped that the company could take advantage of the momentum of AI to catch fire again, and the stock price would go up again. Earlier, Wedbush analyst Dan Ives, an American investment bank, wrote in a report, “Overall, Tesla is in a good position to benefit greatly from the application of generative artificial intelligence to its product suite and business model. , and earnings growth accelerated further.” However, a longtime Wall Street bull on the stock has poured cold water on those hopes. Morgan Stanley analyst Adam Jonas wrote in a note Thursday that while “Tesla’s AI prowess looks enticing,” the stock’s trajectory will still be dominated by the supply and demand of electric vehicles over the next 12 months .
The sales performance of the two major new energy car companies has exploded!
On June 1, many new energy car companies disclosed their “record” in May as scheduled. Ideal and BYD both “hurricane”. In the camp of new forces, the deliveries of Ideal, Nezha, and Leapao each exceeded 10,000 vehicles. Among them, Ideal Yiqijuechen delivered nearly 30,000 vehicles, reaching a new high and steadily winning the top sales. Xiaopeng and Weilai still missed the first echelon, but their delivery volumes were better than last month, achieving steady upward growth. BYD’s performance has exploded, with monthly sales “hurricane” exceeding 240,000 vehicles, and cumulative sales this year have exceeded one million vehicles.
GPT-4 getting stupid? OpenAI response: Insufficient stability but external data does not pollute the model
A few days ago, with the increasing application of GPT-4, a large number of users have reported that the quality of answers from large models has declined recently, especially in terms of program generation. The code currently generated by GPT-4 often has errors. In this regard, Logan Kilpatrick, the OpenAI developer promotion ambassador, responded to the question a few days ago. He said that since the release of GPT-4 on March 14, the ontology of the large model has been static, and there is no large amount of external data polluting the model. At the same time, he also admitted that due to the instability of the large model itself, there are inconsistencies in the large model’s answers to similar prompt words.