* Nasdaq Hits New High for Five Consecutive Days

* Musk Boldly Predicts: Tesla's Market Value to Exceed $30 Trillion

* Intensive Statements from Federal Reserve Officials

Consumer confidence has dipped, leading to a mixed performance in the U.S. stock market. As of the closing bell, the Dow Jones Industrial Average fell by 57.94 points, a decrease of 0.15%, to 38,589.16; the S&P 500 index slightly declined by 2.14 points or 0.04%, to 5,431.60; the Nasdaq Composite continued its record streak for five trading days, rising by 21.32 points, a gain of 0.12%, to 17,688.88.

Summing up the week, signs of easing inflationary pressures have boosted market sentiment, while investors also digest the latest interest rate decision from the Federal Reserve. The S&P 500 index rose by 1.6% over the week, and the Nasdaq Composite surged by 3.2%, with the Dow Jones Industrial Average remaining almost flat during the same period. The information technology sector led the market, increasing by over 6% this week. Among them, chip stock Broadcom stood out, benefiting from favorable earnings reports, and rose by 23.4% for the week, marking the best single-week performance in the company's history.

Advertisement

Adam Crisafulli, founder of market information company Vital Knowledge, stated that global pressures are causing investors to worry, including the political situation in France and the Bank of Japan's slowdown in quantitative easing. He said that global monetary policy is easing, but the process will not be fast enough to offset the headwinds to corporate earnings from the deceleration of nominal growth.

Musk Boldly Predicts: Tesla's Market Value to Exceed $30 Trillion

In terms of individual stocks, Tesla closed down by 2.4%, with a market value approaching $570 billion. The company's CEO, Musk, claimed at the shareholder meeting on Thursday that the humanoid robot business alone could push the company's market value to $2.5 trillion, and the value of autonomous driving is between $5 to $7 trillion. The combined value would exceed half of the current total market value of the S&P 500 index constituents, according to financial data company FactSet, which estimates the current total market value of S&P 500 companies at $45.5 trillion.

Musk's top fan, Cathie Wood, also known as the "wooden sister," recently stated that Musk is committed to the development of autonomous driving and the application of artificial intelligence technology. By 2029, Tesla's stock price could climb to $2,600. Wood's Ark Investment, which she leads, holds approximately $730 million worth of Tesla shares.

Intensive Statements from Federal Reserve OfficialsOn the economic data front, the University of Michigan Consumer Sentiment Index for June was released, reporting at 65.6, which is lower than the market expectation of 71.5, with the previous value being 69.1. The survey results indicate a slight increase in consumers' concerns about high prices and declining incomes, with a deterioration in personal financial conditions. The expected inflation rate for the next year remains unchanged at 3.3%, higher than the 2.3% to 3.0% range in the two years prior to the pandemic, and the long-term inflation rate expectation has slightly increased from 3.0% last month to 3.1% this month.

On Friday, several Federal Reserve officials, including Federal Reserve Governor Lisa Cook, Chicago Fed President Austan Goolsbee, and Cleveland Fed President Loretta Mester, delivered speeches expressing a positive view on the May Consumer Price Index (CPI).

Mester stated that the latest round of inflation data is good news for both the economy and the central bank. "It's great to see inflation falling back again; we just need to see this situation continue for a longer period." Goolsbee also frankly said that the latest CPI data is a sigh of relief, but more progress is still needed.

In a report sent to the First Financial Daily reporter, Aberdeen's Deputy Chief Economist James Cann commented that despite the weak May CPI report, the Fed still unexpectedly showed a hawkish stance, indicating that the threshold for loose policy is higher than the market had previously anticipated. "It may require evidence of sustained weak inflation for the Fed to make a change towards easing, and there seems to be little room for maneuver in this regard."

Aberdeen expects economic activity to continue to slow down, but there are almost no signs of significant weakening. Given this, it is anticipated that the Fed may not cut interest rates until December, and due to the approaching U.S. elections, November is also unlikely to be a time for easing. "With the Fed leading with data and maintaining an open stance, interest rates may continue to fluctuate in the coming months," wrote Cann.

Oil prices break the three-week losing streak on the weekly chart.

In terms of commodities, international oil prices were under pressure on Friday, with WTI crude oil futures falling by 17 cents, a decrease of 0.22%, to $78.45 per barrel, and Brent crude oil futures falling by 13 cents or 0.16%, closing at $82.62 per barrel. However, analysts expect the crude oil market to tighten in the third quarter, with U.S. oil breaking the downward trend of three consecutive weeks, rising by more than 4% for the week.

Anticipating a rate cut by the Fed later this year and the uncertainty in European politics triggering safe-haven sentiment, gold prices rose, with the price of gold increasing by 1.31% to $2348.40 per ounce as of the reporter's deadline.