The market is waiting for the Fed to raise interest rates this week. U.S. stock index futures fell before the market, popular Chinese concept stocks fell, Alibaba fell more than 1%, and blockchain concept stocks fell across the board.
Individual stocks
Popular Chinese concept stocks generally fell, Bilibili and New Oriental fell by nearly 2%, Weilai, Pinduoduo, NetEase, and Alibaba fell by more than 1%, and Shell and JD.com fell by nearly 1%.
U.S. stock blockchain concept stocks generally fell, Marathon Digital (MARA) fell more than 7%, Riot Blockchain (RIOT), Coinbase (COIN) fell more than 5%, MicroStrategy (MSTR) fell nearly 4%.
U.S. technology stocks fell slightly, Nvidia fell more than 1%, and Apple and Amazon fell nearly 1%.
Tesla fell by more than 1%. The production line optimization project of the second phase of the Tesla Shanghai Gigafactory (Phase I) was completed and commissioned on September 1. The expected acceptance period is from September 1 to November 30. The production line optimization project this time is Tesla’s expansion in the existing factory, mainly by increasing the production cycle to expand production capacity.
Ed Yardeni, president and chief investment strategist at investment consulting firm Yardeni Research, a Wall Street bull, said a few days ago that the Federal Reserve may ignore market expectations at its next policy meeting and raise its benchmark interest rate by 100 basis points.
Billionaire investor and Bridgewater hedge fund founder Ray Dalio also recently reiterated his pessimistic forecast for the U.S. stock market and economy. He warned that U.S. stocks would plummet nearly 20 percent as long as interest rates rise to around 4.5 percent.