Tech giants continued to suppress, the Nasdaq fell three times in a row, the S&P rebounded thrillingly, and Nvidia once rose 9% after the earnings report

Nvidia, which Goldman Sachs hailed as "the most important stock on the planet," released its earnings report after the U.S. stock market on Wednesday. Ahead of the release of this blockbuster earnings report, which tested the market's confidence in the AI boom, Nvidia's stock price continued to retreat, leading blue-chip technology stocks to drag down the broader market.

The minutes of the Federal Reserve's end-January meeting, released at midday, showed that Fed officials were worried about cutting interest rates too quickly and worried that inflation would stall. Nick Timiraos, a journalist known as the "New Fed News Agency", later wrote that the minutes showed that most Fed officials were worried about premature rate cuts and entrenched price pressures, rather than keeping interest rates high for too long, and only two pointed to the risk of long-term high interest rates.

On Wednesday, the market expected a 50% probability of three or four Fed rate cuts this year, close to the low level since the release of US CPI last Tuesday

After the release of the minutes, the major U.S. stock indexes extended their losses, refreshing their daily lows, but the decline did not last, and since then they have narrowed their losses and even turned higher, although the Nasdaq fell to a close low in nearly three weeks, but the S&P and the Dow rebounded in a thrilling way with the late session. There are comments that the late rebound in U.S. stocks stemmed from the fear of missing out (FOMO) psychology triggered buying orders, and the funds of zero date option (0DTE) also contributed to the rally. After hours, Nvidia's revenue for the last fiscal quarter and guidance for this fiscal quarter were higher than expected, and Nvidia stopped falling and rose after hours, and its stock price rose, driving chip stocks and AI concept stocks to rise after hours.

The late rally in U.S. stocks was partly due to zero-date options trading

The U.S. Treasury Department's 20-year Treasury bond auction on Wednesday was extremely weak, reflecting the "tail" of demand, that is, the difference between the bid rate and the pre-issuance rate, which was the largest since the 20-year U.S. bond auction was recorded, and the allocation ratio of overseas investors hit a new low in nearly three years. After the announcement of the auction results, the decline in US Treasury prices widened, yields recovered further, and the yield on the benchmark 10-year US Treasury note regained 4.30%, and after the release of the Fed minutes, yields continued to rise, once approaching the high set last week in more than two months.

The Nasdaq closed at a new low in nearly three weeks, and the S&P Dow turned up in late trading Nvidia's earnings report drove chip stocks and AI concept stocks to rise after hours

The three major U.S. stock indexes opened lower for two consecutive days and have since maintained their downward trend. The Dow Jones Industrial Average fell more than 170 points, or more than 0.4%, at the start of the session, narrowed its decline to less than 14 points at the end of the morning, and extended its decline to more than 100 points at midday. After the release of the Fed minutes at midday, the Nasdaq Composite Index fell more than 1.1%, the Dow fell more than 220 points, and the S&P 500 Index both fell nearly 0.6%, rebounding from their lows, and the Nasdaq narrowed its losses in late trading, and the S&P and Dow Jones turned higher.

In the end, among the three major indexes, only the Nasdaq closed down, down 0.23% to 15,580.87 points, falling for three consecutive trading days and refreshing the low closing level since February 1. The S&P closed up 0.13% at 4,981.8 points, not continuing to approach the low since February 5 after the release of the US CPI last Tuesday. The Dow closed up 48.44 points, or 0.13%, at 38,612.24, and the S&P both ended a two-day losing streak.

The tech-heavy Nasdaq 100 index closed down 0.38%, falling for three consecutive days and two days to refresh its closing low since February 1. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 index, fell more than 1% intraday to close down 0.9%, falling for four consecutive days to close at its lowest level since Feb. 1. The Russell 2000, a small-cap index dominated by value stocks, closed down 0.47%, updating its lowest closing level since Tuesday, Feb. 13.

Major U.S. stock indexes refreshed their daily lows after the release of the Fed minutes at midday and continued to rise about half an hour later, with the S&P and Dow Jones turning higher in late trading

Including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, Tesla, seven major technology stocks were mixed. Tesla, which rose more than 2.9% in early trading, turned slightly lower at midday and closed up 0.5%, after two consecutive days of decline, did not continue to fall from the closing high since January 24 set new last Thursday.

Among the six major technology stocks of FAANMG, Microsoft, Facebook's parent company Meta, and Netflix all fell more than 1% in early trading, closing down nearly 0.2%, 0.7% and 0.3% respectively, Microsoft fell for four consecutive days, and refreshed the low since January 31 for two days, Meta and Netflix fell for three consecutive days to a one-week low, and Apple, which fell for six consecutive years to close at a low level since January 5, turned down at midday, closing up 0.4%, and fell more than 1% in early trading; Amazon, which announced after market hours on Tuesday that it will be included in the Dow on Feb. 26, rose more than 1% in early trading to close up 0.9%, while Google's parent company Alphabet closed up nearly 1.2%, continuing to move away from the low level since January 8, which was refreshed last Friday.

Chip stocks fell for four consecutive days, and the decline narrowed at the end of the session. The Philadelphia Semiconductor Index and Semiconductor Industry ETF SOXX fell more than 1% in early trading and closed down more than 0.2%, updating their closing lows since Feb. 7. Among the individual stocks, Nvidia, which announced its earnings after hours on Wednesday, fell 4.6% at midday and closed down nearly 2.9%, falling for four consecutive trading days after hitting a record high last Wednesday, refreshing the closing low since February 2, after the announcement of the earnings report, the stock price jumped, and the after-hours increase reached 9%; Intel, which closed down more than 2%, rose less than 1% after hours, AMD, which closed down 0.8%, rose more than 4% after hours, and Arm, which fell more than 4% at the beginning of the session, turned up in early trading, closed up more than 1%, and rose about 6% after hours.

Nvidia jumped after the earnings report, and rose 9% after hours

AI concept stocks continued to fall sharply overall, but turned up after hours. Since the beginning of this year, the "demon stock" SMCI (SMCI), which has risen by more than 150%, fell by 10% at noon, closed down nearly 6.8%, rose more than 10% after hours, closed more than 3% of the C3.ai (AI) rose more than 5% after hours, SoundHound.ai (SOUN), which closed down 5.5%, rose more than 8% after hours, BigBear.ai (BBAI), which closed down more than 9%, rose nearly 9% after hours, and Palantir (PLTR), which closed down nearly 3%, rose more than 5% after hours Adobe (ADBE), which closed down 0.6%, rose about 0.5% in after-hours trading.

Popular Chinese concept stocks rebounded overall. The Nasdaq Golden Dragon China Index (HXC) rose more than 2.2% at the start of the session and closed up nearly 1% before resuming gains after halting a three-day winning streak on Tuesday. Chinese ETFs KWEB and CQQQ both closed up more than 1%. Among the individual stocks, at the close, Li Auto rose more than 4%, Alibaba rose more than 3%, JD.com, Tencent rose more than 2%, Baidu, Xiaopeng Motors, Station B rose more than 1%, Weilai Automobile rose nearly 0.2%, and Pinduoduo, which turned down in early trading, fell more than 1%, NetEase fell 0.7%, New Oriental fell more than 2%, and Bitcoin mining giant Canaan Technology fell more than 12%.

Among the stocks that reported their earnings reports, cybersecurity company Palo Alto Networks (PANW), which lowered its full-year revenue and billing guidance, closed down 28.4%, while healthcare company Teladoc (TDOC) and photovoltaic stock Solaredge Technologies (SEDG), which missed expectations in terms of fourth-quarter revenue and first-quarter guidance, closed down 23.7% and 12.2%, respectively. Fourth-quarter revenue was higher than expected, but still the fourth consecutive quarter of decline, restaurant chain Wingstop (WING) closed down 4.4%, while fourth-quarter revenue and earnings were higher than expected website building platform Wix.Com (WIX) closed up nearly 6%, and luxury home builder Toll Brothers (TOL), which earned higher than expected quarterly earnings, closed up nearly 4%.

European stocks slowed, and the pan-European stock index fell for two consecutive days after four consecutive gains. The Euro Stoxx 600 index continues to fall from its closing highs since January 5, 2022, which were refreshed on Monday. Stock indexes of major European countries mostly rose, French stocks hit record closing highs for five consecutive trading days, German stocks that fell from their closing record highs for two consecutive days rebounded, Spanish and Italian Spanish stock indexes rose three times and two times in a row, respectively, while British stocks fell for two days in a row after four consecutive gains.

Among the sectors, banks closed down nearly 1.1% as shares of HSBC, the UK's largest bank, plunged 8.4% after reporting a fourth-quarter loss of $150 million and a $3 billion write-down related to its holdings in the bank, while the underlying resources sector of mining stocks led losses on Monday and Tuesday fell 0.8%, Rio Tinto, which was affected by a decline in annual profits, fell 1.5%, and Glencore, which had dismal earnings and cut its dividend sharply, fell 1.1% The healthcare sector fell more than 0.7%, falling to a ten-month high, and Europe's most valuable pharmaceutical company, Novo Nordisk, closed down nearly 1.5%, continuing to fall from the record closing high set for five consecutive days as of Monday.

After the Fed minutes, the yield on the 10-year Treasury note was close to a more than two-month high

The yield on the U.S. 10-year benchmark Treasury bond fell below 4.25% in the European stock market to refresh the daily low, down nearly 3 basis points in the day, and the U.S. stock market flattened the decline in early trading, and quickly rose above 4.30% after the announcement of the 20-year U.S. bond auction results at midday, and after the release of the Federal Reserve minutes, it was close to 4.33%, approaching the high since December 1, 2023, which rose to 4.33% last Tuesday, and rose about 5 basis points in the day, and was about 4.32% by the end of the bond market , which rose more than 4 basis points on the day, returned to the rebound momentum of last Friday after closing roughly flat on Tuesday.

The 2-year U.S. Treasury yield, which is more sensitive to the outlook for interest rates, has fallen below 4.58% in European stocks to refresh the daily low, U.S. stocks turned up in early trading, and the 20-year U.S. Treasury bond bid was completed at noon, rising above 4.65%, after the release of the Federal Reserve minutes, it maintained an upward trend, and the end of the session had been tested at 4.67%, which was not close to the high since the first day of the Federal Reserve's interest rate meeting on December 13 last year, which was close to 4.72% on Friday, and was about 4.67% at the end of the bond market, up about 6 basis points in the day, and rebounded after falling back on Tuesday.

Treasury yields of all maturities recovered on Wednesday, and the 20-year Treasury bond bid was sold and the Federal Reserve meeting minutes were released, and the gains were extended

After the Fed minutes, the U.S. dollar index turned up in the short term, and the offshore yuan rose above 7.19 intraday, once falling back more than 200 points

The ICE U.S. Dollar Index (DXY), which tracks a basket of six major currencies including the U.S. dollar against the euro, fell below 104.00 in early Asian trading to refresh the daily low, and fell close to the intraday low since February 9 when it fell below 103.80 on Tuesday, falling more than 0.1% in the day, and European stocks rose above 104.20 to refresh the daily high after turning up before the market, rising more than 0.1% in the day, and then turned down several times, and after the release of the Fed minutes at noon, it turned up in the short term, and then quickly returned to the downtrend, falling below 104.00 in late trading.

By the close of trading on Wednesday, the U.S. dollar index was just below 104.00, down less than 0.1% on the day, continuing to refresh its low level since February 7, while the Bloomberg dollar spot index, which tracks the greenback against 10 other currencies, fell slightly for three consecutive days.

The U.S. dollar index traded in a narrow range on Wednesday before closing in the red

Among non-US currencies, the euro rose above 1.0820 against the dollar after the release of the Federal Reserve minutes, close to the high since February 2 that approached 1.0840 on Tuesday, up 0.2% during the day; the pound rose above 1.2640 after the release of the Fed minutes, close to the one-week high refreshed on Tuesday; the yen that rebounded for two consecutive days retreated, and the dollar against the yen was tested at 150.40 at midday to refresh the daily high, and the Fed minutes were released after the rise expanded. Near daily highs, U.S. stocks closed above 150.20.

The offshore renminbi (CNH) against the US dollar refreshed the daily low of 7.2070 in early Asian trading, and then quickly turned higher, and the Asian market rose to 7.1811 intraday, refreshing the intraday high since January 31, up 259 points from the daily low, and then continued to give up gains, and the US stock fell to 7.2020 at midday, down more than 200 points from the daily high. At 5:59 on February 22, Beijing time, the offshore yuan was quoted at 7.1994 yuan against the US dollar, up 23 points from the end of New York on Tuesday and rising for six consecutive trading days.

Bitcoin (BTC) rose above $52,400 in early Asian trading to refresh the daily high, and then fell overall, European stocks had tested $50,600 to refresh the daily low, down more than $1,000 from the daily high, down more than 3%, and the U.S. stock closed above $51,000, down nearly 2% in the last 24 hours, falling from the high since December 2021 when the $53,000 mark hit on Tuesday.

Crude oil rebounded near a three-month high

International crude oil futures rose intraday. When European stocks refreshed their daily lows before the market, U.S. WTI crude oil fell to $76.32, down more than 0.9% during the day, Brent crude oil fell to $81.66, down more than 0.8% during the day, U.S. stocks maintained their gains after turning higher before the day, and when U.S. stocks refreshed their daily highs at midday, U.S. oil rose to $78.08, up more than 1.3% during the day, and Brent oil rose to $83.17, up 1% on the day.

Eventually, crude oil rebounded after retreating on Tuesday. WTI crude oil futures for April delivery, which halted a two-day winning streak on Tuesday, closed up .13% at $77.91 a barrel, close to Friday's closing high since Nov. 6, 2023, and Brent crude futures for April delivery closed up 0.84% at $83.03 a barrel, approaching the highest since Nov. 6, 2023, which rose for three consecutive days on Monday and refreshed for two consecutive trading days.

U.S. West Texas Intermediate (WTI) crude rebounded on Wednesday to stand above $78

London copper rose twice to a three-week high, gold fell to a more than one-week high, and the Federal Reserve narrowed losses after the minutes

Base metals futures in London rose mostly on Wednesday. London copper and London lead rose for two consecutive days, London copper closed above $8,500, a new high since the end of January, and London lead hit a two-week high. London aluminum, which has fallen for four consecutive years, and London nickel, which has fallen twice, have rebounded, and London aluminum has come out of the low level since late January, and London nickel has hit a new high since the end of December. Nickel, which retreated on Tuesday, approached a more than one-week high set on Monday. Lunxi fell for six consecutive trading days, hitting a new low in nearly two weeks.

New York gold futures in the Asian market refreshed the daily high of $2043.5, up nearly 0.2% during the day, after many times turned down, the U.S. stock market in early trading after the failure to turn up, U.S. stocks at noon after the release of the U.S. meeting minutes, first tested $2030.90 to refresh the daily low, down more than 0.4% in the day, and then narrowed the decline, was close to $2038, down less than 0.1% in the day.

By the end of the day, COMEX April gold futures, which had closed higher for three consecutive sessions, closed down 0.27% at $2,034.3 an ounce, down from Tuesday's closing high since Feb. 8.

Spot gold rose above $2,032.30 before the European stock market, refreshing the intraday high since Tuesday, February 13 for two consecutive days, and the Federal Reserve minutes were released to refresh the daily low approaching $2020, and then gradually erasing the intraday decline.

Spot gold first refreshed its daily low after the release of the Federal Reserve minutes, and then erased the intraday decline