Sudden! US SEC sues Coin Security, Bitcoin plummets! At one point, Tesla's market value approached 5 trillion yuan. What is the situation?

On June 5th local time, the three major stock indices of the US stock market opened high and closed low, with all closing slightly lower in the end of the day. The S&P 500 index hit its highest level in 9 months during the session, up 20% from its low in October last year, but then fell back. As of the close, the Dow fell 0.59%, the S&P 500 index fell 0.2%, and the Nasdaq fell 0.09%.

In terms of macroeconomics, the final PMI of the Markit service industry in the United States in May was 54.9, with an expected value of 55.1 and a previous value of 55.1; The final value of Markit's comprehensive PMI in May was 54.3, expected to be 54.5, and the previous value was 54.5. The ISM non manufacturing PMI for May was 50.3, with an expected 52.3, compared to the previous value of 51.9.

Apple rose by over 2% on Monday, setting a historic high. The company held the 2023 World Developers Conference (WWDC23) and released its first hybrid reality (MR) head display device, VisionPro, priced at $3499 (approximately RMB 24909), far exceeding market expectations.

US stocks closed slightly lower with multiple economic data released

On June 5th local time, the three major stock indices of the US stock market opened high and closed low, with all closing slightly lower in the end of the day. The S&P 500 index hit its highest level in 9 months during the session, up 20% from its low in October last year, but then fell back. As of the close, the Dow fell 0.59%, the S&P 500 index fell 0.2%, and the Nasdaq fell 0.09%.

In terms of macroeconomics, the final PMI of the Markit service industry in the United States in May was 54.9, with an expected value of 55.1 and a previous value of 55.1; The final value of Markit's comprehensive PMI in May was 54.3, expected to be 54.5, and the previous value was 54.5.

Chris Williamson, chief business economist of S&P Global Market Intelligence, said: In May, the US economy continued to show dual speed growth, with a sharp contrast between the sluggish manufacturing industry and the recovery of the service industry. As consumption shifted from goods to services, enterprises in industries such as tourism, entertainment, and leisure are enjoying a small boom after the epidemic. Survey data shows that the annual growth rate of the country's gross domestic product is slightly higher than 2%, while the rise in business expectations indicates that as the summer enters, economic growth will remain strong. However Just as demand has shifted from goods to services, so has inflationary pressure. Although commodity price inflation decreased significantly in May, with only a slight increase, service prices are still rising significantly. This is driven by the combination of soaring demand and insufficient operational capacity, which is to some extent caused by labor shortages. However, although revitalized service providers will make a big profit in the summer, the weakness of the manufacturing industry has raised concerns about economic resilience later this year, when the headwind of rising interest rates and rising costs of living may have a greater impact on spending

The US ISM non manufacturing PMI fell from 51.9 in April to 50.3 in May, setting a new low in 2023. The ISM non manufacturing price index in May was 56.2, with a previous value of 59.6. The ISM non manufacturing new order index for May was 52.9, with a previous value of 56.1. The ISM non manufacturing employment index in May was 49.2, with a previous value of 50.8. The ISM non manufacturing supplier delivery index in May was 47.7, with a previous value of 48.6.

The Chairman of the Service Industry Business Survey Committee of the Institute of Supply Management stated, "The growth rate of the service industry has declined. This is mainly due to a decrease in employment and continuous improvement in delivery times (leading to a decrease in supplier delivery index). In many ways, this is a product of weak demand. The majority of respondents stated that the current business situation is stable; however, there are also concerns about the economic slowdown

The monthly rate of factory orders in the United States in April was 0.4%, with an expected 0.8%. The previous value of 0.9% was revised to 0.4%. The revised monthly rate of durable goods orders in April was 1.1%, expected to be 1.1%, and the previous value was 1.1%. The monthly rate of factory orders excluding transportation in April was -0.2%, expected to be 0.2%, and the previous value was -0.7%. The monthly rate of factory orders excluding national defense in April was -0.4%, compared to the previous value of 1%.

In May, the employment trend index of the Advisory Chamber of Commerce was 116.15, with the previous value of 116.18 revised to 116.79. Selcuk Eren, Senior Economist at the United States Conference Board, stated: The index has declined, but it is still quite high. Employment growth may continue in the coming months, but at a slower pace. The main focus of unemployment is in several industries, and the entire economy continues to work hard to create job opportunities in industries that are facing labor shortages. Wage growth is slowing down, but still higher than pre pandemic levels. We expect the Federal Reserve to raise interest rates by at least 25 basis points to slow down wage growth and alleviate inflationary pressures

Apple's stock price hit a historic high

Apple rose by over 2% on Monday, setting a new historical high; The stock price plummeted during the trading session, dropping by over 1% at one point and ultimately closing down 0.76%.

On that day, Apple's 2023 World Developers Conference (WWDC23) was held in San Francisco, USA. The slogan of this WWDC was "Codenworld.

As expected, Apple has released its first hybrid reality (MR) head display device, VisionPro, and a new 15 inch MacBookAir.

In addition to newly launched hardware products, devices such as iPhone, iPad, Mac, and AppleWatch have also received operating system updates as usual.

VisionPro came to an end, marking the end of over seven years of research and development. The headset is priced at $3499 and is scheduled to be launched in early 2024. Apple CEO Tim Cook said, "This marks the beginning of a journey

According to Apple, users can control VisionPro through their hands, eyes, and sound, which will enable users to experience movies, TV shows, and games in a more immersive way.

The stock price of software company Unity surged by more than 17%, and Apple said it is collaborating with the company to develop head display devices.

Apple and Disney are building a partnership on the content of the headphone device AppleVisionPro. Disney's stock price rebounded.

Large tech stocks fluctuate, Tesla's total market value once stood at $700 billion

In terms of sectors, the 11 major sectors of the S&P 500 index fell seven times and rose four times. Among them, the industrial sector and energy sector led the decline with declines of 0.71% and 0.58%, respectively, while the communication services sector and utility sector led the rise with gains of 0.58% and 0.45%, respectively.

Large technology stocks have mixed gains and losses. Tesla rose 1.7% to a total market value of $689.7 billion; The stock rose by over 3% in the early trading session, with its total market value returning above $700 billion (approximately RMB 4983.2 billion). The China Association of Automobile Manufacturers has released an estimated sales volume of new energy vehicles, with Tesla's Shanghai Super Factory delivering 77695 vehicles in May, a year-on-year increase of 142%.

Google A rose 1.07%, Amazon and Microsoft rose slightly, while Apple, Nvidia, and Facebook's parent company Meta fell slightly.

Energy stocks mostly fell, with Marathon Oil falling more than 1%, while Shell, BP, Chevron, and ExxonMobil slightly declined. International oil prices rose slightly on the 5th. As of the close of the day, the price of light crude oil futures for July delivery on the New York Mercantile Exchange rose by 0.41 US dollars to close at 72.15 US dollars per barrel, an increase of 0.57%; The London Brent crude oil futures for August delivery rose by $0.58 to close at $76.71 per barrel, an increase of 0.76%.

On the news, from June 3rd to 4th local time, OPEC and non OPEC oil producing countries held a meeting in Vienna. After difficult negotiations, major oil producing countries reached a production reduction agreement. The statement released after the meeting stated that the production reduction agreement reached between OPEC and non OPEC oil producing countries in 2023 will continue until the end of the year. The countries agreed to adjust the daily crude oil production of OPEC and non OPEC oil producing countries to 40.463 million barrels per day from January 1, 2024 to December 31, 2024. Compared to the current production, the daily crude oil production in 2024 has been reduced by about 1.4 million barrels.

Most of the popular Chinese concept stocks fell, with Kingsoft Cloud and Bitcom dropping more than 9%, Dingdong Buycai dropping more than 3%, New Oriental, TAL, Bilibili, and Pinduoduo dropping more than 2%, Weibo, Ctrip, and Shell dropping more than 1%, and Baidu slightly falling; JD and Ideal Motors rose by over 2%, while NIO rose by over 1%.

US SEC sues Coin An and its CEO Zhao Changpeng

On Monday, the US Securities and Exchange Commission (SEC) sued the cryptocurrency trading platform Binance and its CEO Zhao Changpeng. After the announcement, Bitcoin plummeted by over $1000 in the short term, breaking the $26000 mark; Ethereum fell below $1800 per coin, and the intraday decline of Coin An Coin expanded to over 10%.

The SEC accuses the company of violating investor protection rules, improperly handling customer funds, misleading investors, operating unregistered securities, and other violations. In a statement, SEC Chairman Gensler stated that through 13 charges, they accused Zhao Changpeng and Coin Security entities of participating in a wide range of fraudulent, conflicting interests, lack of disclosure, and deliberate evasion of laws, allowing Americans to improperly open accounts and trade, and called for "the public to be careful not to invest their hard-earned money in these illegal platforms. The SEC has filed a lawsuit in a federal court in Washington, D.C.

The SEC requires the court to freeze the assets of Coin An and appoint a receiver. This requirement is typically used in situations where the SEC is concerned that company assets may be lost or hidden.

Coin An stated that the SEC's allegations are "baseless" and that Coin An intends to actively defend itself. In the past two and a half years, Coin An has been sincerely cooperating with the SEC in various ways and has had extensive goodwill discussions with the SEC to reach an agreement and resolve their investigation.

Zhao Changpeng stated on Twitter that Coin An's team is always ready to ensure system stability, including withdrawals and deposits. Once a complaint is received, Coin An will respond, but currently there have been no complaints received.

Affected by this news, Bitcoin plummeted by over 5% to $25703, its lowest level since March 17th. Coin An coin also plummeted by over 10%.

Editor in Chief: Zhu Yumeng

Checked by: Su Huanwen

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