For the week of June 17,the Nasdaq fell 4.78%, the 10th weekly decline in the past 11 weeks; the Dow fell 4.79%, the 11th weekly decline in 12 weeks; the S&P 500 fell 5.79%, the biggest weekly drop since March 2020. Heavyweight technology stocks rose collectively, Amazon rose more than 2%, Apple, Netflix, Google, Meta, and Microsoft all rose more than 1%. Most of the bank stocks fell, Goldman Sachs, Morgan Stanley fell more than 1%, Wells Fargo rose more than 2%. International oil prices fell sharply, and energy stocks fell across the board. ConocoPhillips fell more than 8%, Exxon Mobil fell more than 5%, and Schlumberger fell more than 4%. Most popular Chinese concept stocks were higher, with the Nasdaq China Golden Dragon Index closing up 3.19%. Xiaopeng Motors, Dingdong Maicai, and Hutchison Pharmaceuticals rose more than 9%, Weilai rose more than 8%, JD.com, Futu Holdings, and Mavericks Electric rose more than 5%, Li Auto rose more than 4%, iQiyi, Weiyi Pinhui, Ctrip and Tencent Music rose more than 2%, Baidu, Bilibili and Sohu rose more than 1%, Alibaba rose 0.78%, and Pinduoduo rose 0.41%. Zhonggai Education stocks strengthened collectively last week, New Oriental fell 2.04%, and the weekly cumulative rose 33.07%; Youdao rose 7.83%, and the weekly cumulative rose 27.58%; Gaotu rose 3%, and the weekly cumulative rose 15.08%.
Central banks were at the center of this week's trading action, and judging by the stock market's weakness, the central banks were anything but supportive. On the contrary, the stock market broke down because faith in the Federal Reserve -- and other central banks -- in being able to skirt a recession also broke down. It also had to do with liquidity concerns that rocked the cryptocurrency market, earnings concerns that gripped the entire stock market, growth concerns that undercut many commodity prices and drove junk bond spreads to their widest since November 2000, and excessive volatility in the Treasury market that rattled investor confidence. Relative to April, Headline and Core CPI rose 1% and 0.6%, respectively. Prices continue to increase across all segments but energy remains the biggest pain point; supply constraints and bans on Russian oil have pushed energy prices higher, with crude oil prices rising above $120/barrel last week.
In terms of A shares, the Shanghai Composite Index closed positive for three consecutive weeks and closed up 0.97% last week. Market risk appetite continued to pick up, and the market's average daily turnover further rose to 1.13 trillion yuan. After a clear net outflow on Monday, northbound funds turned into a continuous net inflow, with a weekly net inflow of 17.4 billion yuan. In terms of style, the previous relatively strong Kechuang 50 Index performed poorly last week, with a weekly decline of 0.98%; the ChiNext Index increased by 3.94%; In terms of industries, consumer-oriented beauty care, agriculture, home appliances, etc. led the market; some companies such as power equipment, automobiles, and non-ferrous metals related to the new energy and new energy vehicle industry chain still performed well; strong cyclical coal, oil Petrochemical, steel, etc. performed poorly. In terms of Hong Kong stocks, the Hang Seng Technology Index fell 3.6% last week, while the Hang Seng Index, Hang Seng State-owned Enterprises and MSCI China fell 3.4%, 3.2% and 2.8% respectively. Last week, the net inflow of southbound funds was 16.785 billion yuan, and the southbound funds mainly flowed into the information technology industry, discretionary consumption, energy industry, and flowed out of the health care industry. In terms of sectors, the energy, media and entertainment and utilities sectors fell the most, down 7.8%, 7.1%, and 4.0%, respectively, while the insurance and diversified financial sectors rose 3.5% and 1.4%, respectively.
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