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

Pacific Time 7:56AM : Dow +18.50，  S&P 500+0.37， Nasdaq+11.96， Russell 2000-4 WTI crude oil+0.17%，Gold-0.55%， US dollar index+0.21%, 10 Year Treasury yield 2.292 -0.032

Oversea markets: Shanghai+0.61%, Japan+0.37%, Hong Kong +0.38%, Germany-0.07%, UK+0.23%, France-0.12%.

Weak sectors: SLV, OIH, SMH, GDX, GLD, IBB   Strong sectors:FXI, IGV, FDN, EEM, XRT

US stock market opened higher with Dow up 132 points, it has now back down to only up 24 points.
There is no influential news to drive the market either way, the market will likely go with the original trend which is down. Major market indexes having drop below their 50 day moving averages, they are now testing their 200 day moving averages. They are Dow 25434, S&P 500 2776 and Nasdaq Composite 7529.

。Global Times reports that a new cybersecurity rule indicates possible retaliation against the US as it could set the stage for Chinese regulators to take necessary action against US technology companies if their products and services are found to pose a threat to China's national security, the Global Times reported overnight. ---Zero Hedge

。An intensifying dispute between Italy and the European Union hit financial markets on Tuesday, with investors bracing for another budget showdown between Rome and Brussels. European stocks and the euro were both trading lower during afternoon deals, following reports the euro zone’s third-largest economy could soon face disciplinary steps from the EU’s guardian of healthy public finances.
Italy’s Deputy Prime Minister Matteo Salvini said Tuesday that Rome could be hit with a fine of 3 billion euros ($3.4 billion) for accumulating debt and deficits that break EU rules. ---CNBC

。To perhaps most succinctly summarize the state of markets:
Support of equities and remaining in control so far: The Fed, buybacks and political jawboning. Going against equities: Macro reality. Upside triggers this year: Potential miracle saves in form of a China deal and somehow a Brexit deal by the end of October perhaps with new political leadership. Potential downside triggers this year: The weight of the emerging macro picture wrestling control away from the forces of intervention.  ---Sven Hendrick via Northmantrader.com

。The cryptocurrency market cap surged above $260 billion in early Asian trading tonight as the entire space legs to a new cycle high, led by Litecoin with Bitcoin hitting 12-month highs. Bitcoin broke out of its recent tight range around $8000, surging up to $8800. (GBTC) ---Zero Hedge

。Goldman Sachs downgrade Gilead (GILD) to Sell with a $60 price target (from $70) at . Analyst Terence Flynn cites the looming loss of patent exclusivity for Truvada and Atripla. He also mentions that Biktarvy can only protect about half of the company's $16B HIV franchise from generic competition. Goldman had been Neutral on the company since 2012. ---Seeking Alpha

。Instead of focusing on near-term noise, investors should focus on the compounding of EBITDA dollars that is about to occur, says Guggenheim on Square (SQ). The team there sees nearly $3B in EBITDA and $4 in EPS in 2024 vs. $418M and $0.78 this year. The stock is worth $195 per share vs. Friday's close of $64.66, says Guggenheim. ---Seeking Alpha

。Chinese online retail darling Alibaba （BABA） is considering raising another $20 billion by also listing its shares on the Hong Kong stock exchange, according to Reuters. The deal would be the biggest follow-up share sale over the last seven years globally and would give the company a supposed "war chest" to continue investing in technology. The final size of Alibaba’s listing has yet to be confirmed, with some sources claiming it will net the company between $10 billion and $15 billion, instead of $20 billion. ---Zero Hedge

。AMD (AMD +5.3%) announces its 7nm product roadmap at Computex, which includes several products across all markets set to launch in the next six months. Cowen analyst Matthew Ramsey weighs in on what the roadmap means for AMD and competitor Intel (INTC -0.9%): "With 7nm Ryzen 3 PC and Rome server CPUs launching in mid-2019, Intel will no longer be able to rely on its n-node silicon advantage, and will instead lean on its incumbency and breadth of silicon as its 10nm chips are not expected out until late 2019 in PCs and 2020 in servers." ---Seeking Alpha

。Beyond Meat （BYND） — J.P. Morgan Securities initiated coverage of the plant-based burger company with an “overweight” rating and a $97 per share price target, noting an “extraordinary” growth opportunity in a market it thinks will expand by 100 times from current levels over the next 15 years. ---CNBC




太平洋时间上午7:56：道琼斯指数+18.50，标准普尔500指数+ 0.37，纳斯达克指数+ 11.96，罗素2000-4 WTI原油+ 0.17％，黄金0.55％，美元指数+ 0.21％，10年期国债收益率2.292 -0.032

海外市场：上海+ 0.61％，日本+ 0.37％，香港+ 0.38％，德国-0.07％，英国+ 0.23％，法国-0.12％。

弱势行业：SLV，OIH，SMH，GDX，GLD，IBB  强势行业：FXI，IGV，FDN，EEM，XRT

美国股市开盘走高，道指曾上涨132点，现在已回落至仅上涨18.5点。在没有任何有影响力的消息可以推动市场的情况下，市场将保持一贯趋势---下跌。 主要市场指数已跌破50日均线，目前正在测试200日均线。 它们是道琼斯25434，标准普尔500 2776和纳斯达克综合指数7529。


。环球时报报道称，一项新的网络安全规则显示可能会对美国进行报复，因为如果发现其产品和服务对中国的国家安全构成威胁，它可能为中国监管机构对美国科技公司采取必要行动。 --- Zero Hedge

。意大利和欧盟之间日益激烈的争端在周二触及金融市场，投资者预期罗马和布鲁塞尔之间的另一次预算摊牌。欧洲股市和欧元在午后交易中走低，此前有报道称欧元区第三大经济体很快将面临欧盟健康公共财政监护人的纪律处分。意大利副总理马泰奥·萨尔维尼周二表示，由于累积违反欧盟规定的债务和赤字罗马可能被罚款30亿欧元（34亿美元）。 --- CNBC

。或许最简洁地总结一下市场状况：
到目前为止对股票利好的因素：美联储，回购和政治言论。对股票不利的因素：宏观现实。今年的上涨触发因素：潜在的中美贸易协议奇迹，新的政治领导导致10月底以某种方式英国脱欧达成协议。今年潜在的下行触发因素：新兴宏观图景的严重性导致介入势力失控。 --- Sven Hendrick通过Northmantrader.com

。由Litecoin带动加密货币市值飙升至2600亿美元以上，整个板块都进入了一个新的周期高点，比特币升至12个月高点。比特币突破了近期8000美元的窄幅区间，飙升至8800美元. (GBTC)--- Zero Hedge

。高盛（Goldman Sachs）将Gilead（GILD）评级下调至卖出，目标价为60美元（从70美元起）。分析师特伦斯·弗林（Terence Flynn）引用了特鲁瓦达（Truvada）和阿特里普拉（Atripla）即将失去的专利权为理由。他还提到，Biktarvy只能通过仿制药竞争保护公司16亿美元的艾滋病专营权的一半。自2012年以来，高盛一直对该公司持中立态度.---Seeking Alpha

。Guggenheim 对Square（SQ）的评价：投资者不应关注近期噪音，而应关注2024年将发生的接近$ 30亿美元EBITDA及4美元的盈利。而今年的收入为4.18亿美元和0.78美元。古根海姆表示，该股价格为每股195美元，周五收盘价为64.66美元。---Seeking Alpha

。据路透社报道，中国网上零售业宝宝阿里巴巴(BABA)正考虑通过在香港证券交易所上市其股票再筹集200亿美元资金。这笔交易将是全球过去七年来最大的后续股票出售，并将给公司跟多资金以继续投资技术。阿里巴巴上市的最终规模尚未得到确认，一些消息人士称其将使公司净值在100亿至150亿美元之间，而不是200亿美元。 --- Zero Hedge

。AMD（AMD ）宣布其Computex的7nm产品路线图，其中包括将在未来六个月内推出的所有市场的几款产品。 Cowen分析师Matthew Ramsey重点介绍了AMD和竞争对手英特尔（INTC -0.9％）的路线图：“随着7nm Ryzen 3 PC和罗马服务器CPU在2019年中期推出，英特尔将不再能够依赖其  - 节点硅的优势，并将依赖于其在线和宽广的硅片，因为它的10nm芯片预计要到2019年底在PC和2020年的服务器中出现。---Seeking Alpha

。Beyond Meat（BYND） - 摩根大通证券开始对这家以工厂为基础的汉堡公司进行报道，其评级为“增持”，每股价格为97美元，并认为未来15年市场中的“特殊”增长机会将从当前水平扩大100倍。 --- CNBC