Morning Market News And Comments 早盘市场新闻及评论

Pacific Time 7:48 AM : Dow -321，  S&P 500 -32.82， Nasdaq-104， Russell 2000 -22, WTI crude oil-5.32%，Gold+0.72%， US dollar index+0.08%.

Oversea markets: Shanghai-1.36%, Japan-0.62%, Hong Kong -1.58%, Germany-1.78%, UK-1.62%%, France-1.91%.

Weak sectors: OIH, SMH, SOCL, IGV, IYT, FDN, XLF, IYM  Strong sectors:GDX, GDXJ, TLT, SLV, GLD

Worsening US-China trade war and lower than expected May PMI are driving US stock market down sharply this morning. There are only 2 stocks up out of 30 in the Dow Jones Industrial Average. The Dow's 200 day moving average support 25433 has broken and semiconductor ETF SMH is also below its 200 day moving average and the very weak oil stocks (OIH), all could accelerate the stock market down turn.  Very weak oversea markets may deter any market bounce attempt. Stock market's next support will be the 200 day moving averages of S&P 500 and Nasdaq Composite and they are 2777 and 7532.

。May U.S. PMI Composite Flash: 50.8 vs. 52.4 consensus 52.8 prior. Manufacturing PMI 50.6 vs. 52.3 consensus, 52.4 prior. Services PMI 50.9 vs. 52.8 consensus, 52.9 prior. ---Seeking Alpha

。The breakdown in Sino-U.S. talks and the latest targeting of Chinese companies by the White House has economists at investment banks increasingly pessimistic about the long-term outlook. Goldman Sachs Group Inc., Nomura Holdings Inc. and JPMorgan Chase and Co. are among those pricing-in a greater chance of a protracted trade war. One China analyst sees both sides stuck in a cycle of “fighting and talking” until 2035. Meanwhile, the fallout is hitting emerging-market investors’ favorite tech companies, with the three biggest losing $170 billion in value so far this month. ---Bloomberg

。The United States needs to correct its wrong actions if it wants to continue negotiations with China to end a damaging tariff war, China’s Commerce Ministry said on Thursday, adding that talks should be based on mutual respect. The United States has escalated trade frictions greatly, and increased chances of a global economic recession, spokesman Gao Feng said at a weekly briefing, adding that Beijing will take necessary steps to safeguard Chinese firms’ interests.---Reuters

。The International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker shows Huawei shipped 206 million smartphones, 105 million in mainland China, accounting for 26.4% of the domestic market last year. Apple placed fifth in the country with 9.1%. By 1Q19, that fell to 7% compared to a 3% share gain for Huawei, according to Counterpoint. "Chinese consumers' love for Huawei can only increase because of the ban," said Kiranjeet Kaur, senior research manager at IDC Asia Pacific. "Unless of course hardware supply chain constraints affect the roll-out of its phones locally." ---Zero Hedge

。Hedge funds reveal their holdings four time a year in regulatory filings with the Securities and Exchange Commission, and the information is released to the public 45 days after each quarter ends. Steadfast Capital piled into General Electric （GE）, adding more than $153 million worth of shares by the end of the first quarter. The fund also added new bets on PG&E（PCG）, Burlington Stores（BURL） and Facebook （FB）. Steadfast has $10.6 billion in asset under management and the fund’s stock picks have returned 23.4% year to date, beating the S&P 500′s 14% gain, according to Symmetric. RA Capital Management and Boxer Capital are focused on health care and biotech companies. RA picked up Sage Therapeutics （SAGE） and Axsome Therapeutics （AXSM）, which are both pharmaceutical companies developing drugs for central nervous system disorders. ---CNBC

。Slowing iPhone demand, trade war headwinds and possible ripple effects from a Huawei battle don’t bode well for Apple (AAPL), according to UBS, which cut its 12-month price target on the iPhone maker to $225 (from $235). UBS still has a Buy rating on the stock, but cited evidence from a survey of 8,000 people across six countries that suggests consumers are in no rush to upgrade their phones, and for iPhones specifically, "purchase intention" looks to be stabilizing at a low level in all regions except China. ---Seeking Alpha

。Mizuho cuts Qualcomm (QCOM) to Neutral and drops the price target from $90 to the Street-low $65. Analyst Vijay Rakesh cites uncertainty after the antitrust court ruling, which creates significant overhang and could pose a 50% downside risk to EPS. ---Seeking Alpha






太平洋时间上午7:48：道琼斯-321，标准普尔500 -32.82，纳斯达克104，罗素2000 -22，WTI原油-5.32％，黄金+ 0.72％，美元指数+ 0.08％。

海外市场：上海 -  1.36％，日本 -  0.62％，香港 -  1.58％，德国 -  1.78％，英国 -  1.62 %%，法国 -  1.91％。

弱势行业：OIH，SMH，SOCL，IGV，IYT，FDN，XLF，IYM  强势行业：GDX，GDXJ，TLT，SLV，GLD

美中贸易战的恶化以及低于预期的5月采购经理人指数正在推动美国股市今早大幅下挫。 道琼斯工业平均指数30只股票中只有3只股票在上涨。 道琼斯指数200日移动平均线支撑位25433已经被击穿，半导体ETF SMH也低于200日移动均线及能源股（OIH）的弱势，这些都可能加速股市的下行。 海外市场非常疲软也会阻止任何市场反弹的尝试。 股市的下一个支撑位将是标准普尔500指数和纳斯达克综合指数的200天移动平均线，它们分别为2777和7532。

。5月美国采购经理人指数综合指数为50.8，之前为52.8，市场预期为52.8。制造业采购经理人指数为50.6，而52.3为共识，之前为52.4。 服务业采购经理人指数50.9对52.8的共识，52.9先前。 ---Seeking Alpha

。中美谈判破裂以及白宫最近针对中国公司的目标是投资银行的经济学家对长期前景越来越悲观的原因。高盛集团（Goldman Sachs Group Inc.），野村控股（Nomura Holdings Inc.）和摩根大通（JPMorgan Chase and Co。）等公司认为长期贸易战有可能发生。一位中国分析师认为，双方在2035年之前一直处于“战斗和谈话”的循环中。与此同时，这一影响力正在打击新兴市场投资者最喜欢的科技公司，本月迄今为止最大的三家公司的亏损额达到了1700亿美元。 ---彭博

。中国商务部周四表示，如果美国希望继续与中国谈判以结束破坏性的关税战争，美国需要纠正错误的行动，并补充说，谈判应该建立在相互尊重的基础上。发言人高峰在每周一次的通报会上表示，美国已大大加剧了贸易摩擦，增加了全球经济衰退的可能性，并表示北京将采取必要措施保护中国企业的利益.---路透社

。国际数据公司（IDC）全球季度手机追踪显示，华为在中国大陆出货了2.06亿部智能手机，1.05亿部在中国，占去年国内市场的26.4％。苹果在全国排名第五，占9.1％。根据Counterpoint的数据，截至1Q19，这一数字下降至7％，相比华为的上涨3％。 IDC亚太区高级研究经理Kiranjeet Kaur说：“中国消费者对华为的热爱只会因禁令而增加。” “当然，除非硬件供应链的限制影响到本地电话的推出。” --- Zero Hedge

。对冲基金每年四次向美国证券交易委员会提交监管文件，并在每个季度结束后45天向公众发布信息。 Steadfast Capital涌入通用电气（GE），在第一季度末增加了超过1.53亿美元的股票。该基金还在PG＆E （PCG），Burlington Stores （BURL）和Facebook（FB）上添加了新的赌注。 Symmetric表示，Steadfast管理的资产为106亿美元，该基金的股票选择今年迄今已回报23.4％，超过标准普尔500指数14％的涨幅。 RA Capital Management和Boxer Capital专注于医疗保健和生物技术公司。 RA选择了Sage Therapeutics （SAGE）和Axsome Therapeutics（AXSM），它们都是开发中枢神经系统疾病药物的制药公司。 --- CNBC

。根据瑞银（UBS）的说法，iPhone的需求放缓，贸易战的逆风和华为之争可能产生的连锁效应对于苹果公司（AAPL）来说并不是好兆头。瑞银表示将iPhone制造商的12个月目标价格降至225美元（从235美元）。 瑞银仍然对该股票有买入评级，但引用来自六个国家的8,000人调查的证据表明消费者并不急于升级他们的手机，而对于iPhone而言，“购买意向”看起来除在中国以外的所有地区稳定在低位 的水平。 ---Seeking Alpha

。瑞穗将高通（QCOM）的评级下调至中立，并将价格目标从90美元下调至街头低点65美元。 分析师Vijay Rakesh在反托拉斯法院裁决后引用了不确定性，这导致了重大的担忧，并可能给EPS带来50％的下行风险。 ---Seeking Alpha