Sino-Singapore Jingwei Client, September 4, US stocks suffered another "Waterloo" overnight. Affected by this, the three major A-share stock indexes collectively opened sharply lower. The Shanghai Composite Index opened 1.43% lower, the Shenzhen Component Index opened 1.96% lower, and the ChiNext Index lowered Open 2.06%, food and beverage, environmental protection engineering, military industry, consumer electronics, etc. fell among the top.

　　Source: Wind

External market shock

　　The three major U.S. stock indexes all closed down sharply overnight. Affected by the general correction of technology stocks, U.S. stocks fell from historical highs that day and suffered the biggest decline in months.

The Dow once fell more than 1,000 points.

As of the close, the Dow fell 807.77 points, a drop of 2.78%; the Nasdaq fell 598.34 points, a drop of 4.96%; the S&P 500 index fell 125.78 points, a drop of 3.51%.

The Panic Index (VIX) rose 26.46% to 33.6, a new high in the past three months.

　　European stocks also closed lower across the board. The German DAX index fell 1.4% to 13057.77 points, the French CAC40 index fell 0.44% to 5009.52 points, and the UK FTSE 100 index fell 1.52% to 5,850.86 points.

　　The Japanese and South Korean stock markets also opened sharply lower. The Nikkei 225 Index fell 1.43% to 23130.32 points, and the Korea Composite Index fell 2.09% to 2345.88 points.

As of press time, the Nikkei 225 Index fell 1.15%, and the Korea Composite Index fell 1.22%.

　　In the A-share market, the Shanghai Stock Exchange Index fell 1.43% and the ChiNext Index fell 2.06%.

On the disk, food, brokerage, and auto stocks led the decline.

In terms of individual stocks, 14 stocks, including Yishite, Haite High-tech, and ST Kangmei, rose more than 5%.

3409 stocks fell, of which 71 stocks such as ST Haoyuan, Qicai Chemical, Huawu shares fell more than 5%.

Why did the U.S. stock market plummet again?

　　The U.S. stock market's plunge again caused widespread concern and concern in the market. After all, the market shock in March is still vivid.

　　Frank Cappelleri, executive director of Instinet, said that although we do not want the US stock market crash to happen again, we do not need to have new highs every day to maintain the upward trend.

The S&P 500 index has risen for nearly two weeks and has just recorded its biggest gain in two months, so it must have a period of time for a callback to digest.

　　Since late March, the S&P 500 index has risen more than 55%, and the Nasdaq index has risen nearly 70%.

The Dow Jones Index has risen by more than 50% during this time.

　　Is the US stock market a correction or a precursor to a crash?

When the hedge fund giant Bill Ackman was asked whether the U.S. stock market crash was the beginning of the stock market's darkness, he said that this is certainly not the beginning of the end, but it is currently one of the most uncertain periods in U.S. history and the market does not like uncertainty.

　　Mohamed El-Erian, Allianz's chief economic adviser, believes that investor attitudes are changing, that is, people "begin to consider fundamentals", which is the main factor leading to the correction of US stocks.

He also predicted that US stocks will easily fall another 10%.

How does the A-share market go?

　　If overseas assets continue to fluctuate, will there be more funds to hedge in the Chinese market? What about the A-share market outlook?

　　Northeast Securities believes that the overnight fall in U.S. stocks has sounded the alarm of the myth of high valuations for market investors, that is, market valuations are always on the horizon, which may have an impact on the leading consumer groups of institutions.

The market is still turbulent and tidy. In the short term, we should continue to control the position. It should not be too hasty. Waiting for the opportunity in mid-September, the market is expected to be more clear at that time and the winning rate will be greater.

Pay attention to the impact of the short-term dollar index trend on nonferrous metals and other commodities and the persistence of the decline in US stocks.

　　Guosheng Securities said that under the influence of many factors such as the changing external environment, the sharp drop in US stocks overnight, the rapid pace of market IPOs, the continuous growth of the lifting of the ban and the continuous growth of holdings, and the technical 3450 first-line resistance level, the market is expected to be volatile in the short term. Upside still needs strong driving factors or quantity energy to cooperate.

　　CITIC Securities predicts that A-shares will start a mid-term rise driven by incremental funds in September. Incremental funds provide upward momentum; the dissipation of disturbance factors opens up upward space; and the outstanding performance of fundamentals raises the bottom line of the market.

In terms of configuration, it is necessary to dilute the style switching thinking and strengthen the configuration of pro-cyclical and highly flexible varieties.

(Zhongxin Jingwei APP)

(The opinions in the article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)