Pre-market trading in US stocks | FFIE, CRKN, GWAV surge, leading the way for Meme stocks! FangDD once surged over 500%

U.S. Stock Market News

1. Major policies in the Chinese real estate industry have been released!

The People's Bank of China has decided to reduce the personal housing provident fund loan interest rate by 0.25 percentage points starting from May 18, 2024.

The minimum down payment ratio for the first and second commercial personal housing loans at the national level has been removed.

For the first commercial personal housing loan, the minimum down payment ratio is not less than 15%, and for the second not less than 25%.

A 300 billion yuan guarantee housing refinancing fund will be established with an interest rate of 1.75%, supporting local state-owned enterprises to acquire completed but unsold commercial housing at a reasonable price.

1. XPeng Motors announced that the G6 electric SUV and X9 seven-seater will both be launched in Hong Kong, China in the second half of this year. The starting price for the G6's "one-for-one" intention is HKD 299,900. The vehicles will be equipped with a new generation voice control system that can recognize Cantonese.

2. XPeng Motors has officially entered the French market. The 2024 XPeng G9 is priced between 59,990 and 73,990 euros in France, equivalent to approximately 470,000 to 580,000 yuan. Deliveries are scheduled to begin in July this year.

3. Tesla China announced the launch of a 0 down payment/0 interest promotion for the Model 3 and Model Y, with customers able to choose between the two options.

4. Tencent Hyperform released a 256k long text model, which is open to enterprises and individual developers via Tencent Cloud.

Pre-market Movement

In pre-market trading, the three major stock index futures in the U.S. generally fell, while the fear index rose.

Bitcoin is currently trading at $66,209, slightly down in the past 24 hours; Ethereum is trading at $3,018, slightly up in the past 24 hours.

Cryptocurrency-related stocks rose in pre-market trading, with technology stocks and Chinese concept stocks showing mixed movements.

Alibaba and Bilibili rose by over 1%, while JD.com, Pinduoduo, Nio, and Baidu rose. NetEase saw a slight decline, XPeng dropped by over 1%, and Li Auto fell by nearly 3%.

AMD rose by over 1%, while NVIDIA, Meta, and Apple fell. Tesla, Microsoft, and Amazon rose.

Microstrategy rose by over 3%, while Coinbase and Marathon Digital rose by over 2%.

Meme stocks continued to be hot, with GameStop (GME) rising by over 15% at one point, currently up by 7%; AMC Theatres rose by over 9% at one point, currently up by over 4%; Faraday Future rose by over 86% at one point, currently up by 72%; CRKN nearly doubled at one point, currently up by 77%; GWAV rose by 80% at one point, currently up by 56%.

In individual stocks, Fangdd Network rose by over 500% at one point, currently up by around 440%. Beike rose by over 8%.

Reddit surged by 14% and established a partnership with OpenAI NovaBay surged over 43% at one point, currently up 31.5%, launching Avenova product kit to alleviate symptoms of multifactorial dry eye.

Nenglian Smart Electric surged 63% at one point, currently up 4%, with Q1 revenue increasing by 166% year-on-year.

Take-Two dropped over 3% at one point, with the new game's launch delayed beyond expectations, leading to a downward revision of the 2025 fiscal year booking guidance.

Strategy Review

1. The most "peculiar" index in the U.S. stock market has just broken through the historical milestone of 40,000 points

The Dow is usually considered an "outdated" index. If the S&P 500 represents the "new economy" of the United States, then the Dow represents the "old economy."

So why this rebound? Firstly, long-term underperformance implies "relatively cheapness"; secondly, the Dow's lack of being "up-to-date" is a disadvantage, but it may also become an advantage during market turning points, serving as a safe haven for investors to avoid valuation bubbles.

2. Opening a new era of AI hardware? Next week, it's Microsoft's turn to unveil its AI strategy!

Build 2024 will be a significant review of Microsoft's artificial intelligence technology strength, with the potential release of AI PCs for consumers, a new Windows system, and more powerful Copilots.

3. A landmark shift? Major hedge funds reduce holdings in U.S. tech giants, increase holdings in Chinese concept stocks like Alibaba

In the first quarter, hedge fund guru David Tepper significantly increased holdings in Alibaba, Pinduoduo, and Baidu, with Chinese concept stocks and China ETF positions reaching 24%