The US stock market hit a new high for the 35th time this year! Multiple investment banks poured cold water: the correction may be just around the corner.

Several Wall Street institutions including Morgan Stanley, Goldman Sachs, and Citigroup have recently poured cold water on the market and predict a possible correction in the US stock market in the near future. The chief strategist for US stocks at Morgan Stanley believes that there is only a 20%-25% chance that the S&P 500 index will be higher by the end of this year compared to its current level.

cls.cn10:59

Express News | Multiple QDII funds announce purchase restrictions.

Breakings09:17

Tonight, Powell will once again face Congress.

As the U.S. stock market hits a new high, Powell will testify on Capitol Hill and face a "double squeeze" from both Democrats and Republicans. Democrats criticize the Fed for not lowering interest rates, while Republicans are dissatisfied with the new bank regulations that raise capital requirements. In addition, Powell's interpretation of the June non-farm and employment markets will also be a major focus.

wallstreetcn09:15

"Smart Money" accelerates the change of direction: Hedge funds are selling technology stocks and rushing into the energy and materials sectors at the fastest pace in five months.

However, materials and energy are still the least desirable industries for hedge funds to buy. Their long/short ratio is at or near its lowest level in five years.

wallstreetcn08:49

Futu Morning News | Hold Your Breath! Powell's Congressional Testimony Strikes Tonight; S&P Refreshes Highs for the 35th Time This Year, With Apple's Market Cap Back to the Top

The US Federal Reserve: Short-term inflation expectations of American consumers have fallen for two consecutive months, and expectations for house price increases have cooled. Biden issued an open letter emphasizing his firm candidacy and calling for party unity to defeat Trump. Key indicators warning of scarcity in the US financing market point to a recurrence of the 2019 cash shortage.

Futu News08:15

U.S. stocks closed with the S&P hitting a new high, Apple's market cap surpassing Microsoft, and Tesla having nine consecutive gains.

Taiwan Semiconductor and Arm both hit new highs, Nvidia rose nearly 2%, Intel and Super Micro Computer rose more than 6%.

wallstreetcn07:12