The data "exploded", and the US stock market closed higher! Gold broke out, refreshing a new record high

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On April 5, local time, the three major U.S. stock indexes collectively closed higher, as of the close, the Dow rose 0.80%, the S&P 500 rose 1.11%, and the Nasdaq rose 1.24%. All three major stock indexes recorded losses this week, with the Dow falling 2.27%, its worst weekly performance since 2024.

The U.S. Bureau of Labor Statistics released the latest non-farm payrolls report on Friday, showing that the number of non-farm payrolls in the United States increased by 303,000 in March, the largest increase since May last year, exceeding market expectations of 200,000, and the unemployment rate in March was 3.8%, in line with expectations.

The international gold price broke out, refreshing a record high. Among them, spot gold in London rose 1.77% to $2,329.57 per ounce, and COMEX gold rose 1.76% to $2,349.1 per ounce.

Non-farm payrolls data "burst"

The U.S. Bureau of Labor Statistics released the latest non-farm payrolls report on Friday, showing that the number of non-farm payrolls in the United States increased by 303,000 in March, the largest increase since May last year, exceeding market expectations of 200,000, and the previous increase of 275,000 was revised to 270,000.

The unemployment rate was 3.8% in March, in line with expectations and down from 3.9% in the previous month. However, the labor force participation rate rose to 62.7%, up 0.2 percentage points from February. Among the key average salary indicators, wages for the month increased by 0.3% year-on-year and 4.1% year-on-year, both in line with Wall Street's expectations.

In terms of sectors, job growth was mainly driven by healthcare, leisure and hospitality, and construction. Healthcare led the increase with 72,000 new jobs, followed by government (71,000), leisure and hospitality (49,000) and construction (39,000). In addition, retail trade contributed 18,000 people, while the "other services" category increased by 16,000.

In addition, the number of new non-farm jobs in January was revised upward to 256,000 from 229,000, and the number of new non-farm jobs in February was revised down to 270,000 from 275,000. As a result of these revisions, the number of new jobs added in January and February combined increased by 22,000 compared to the pre-revision period.

After the release of the non-farm payrolls report, the swap market sharply lowered the Fed's interest rate cut expectations for 2024, postponing the Fed's first rate cut from July to September this year. The Fed will have more time to put interest rate cuts on hold.

The U.S. dollar index continued to rise, soaring more than 50 points at one point, reaching as high as 104.69, and then narrowed its gains, closing at 104.298 at the end of the foreign exchange market. The sell-off intensified, with the 10-year yield rising 8.3 basis points to 4.399%, the 2-year yield rising 9.2 basis points to 4.750% and the 30-year yield rising 7.4 basis points to 4.553%.

U.S. President Joe Biden said in a statement from the White House that the March nonfarm payrolls report was "a milestone in the U.S. recovery."

"Three years ago, I inherited an economy that was on the verge of collapse," Biden said. Today's report shows that 303,000 jobs were added in March, marking a milestone where we have surpassed the 15 million jobs we have added since I took office. This means that an additional 15 million people have gained the dignity and respect that comes with work. ”

Brainard, director of the White House Economic Council, also said that this is a very encouraging report that shows that the US economy can continue to expand.

U.S. stocks collectively closed higher

On April 5, local time, the three major U.S. stock indexes collectively closed higher, as of the close, the Dow rose 307.06 points from the previous trading day to 38904.04 points, an increase of 0.80%, the S&P 500 index rose 57.13 points to 5204.34 points, an increase of 1.11%, and the Nasdaq rose 199.44 points to 16248.52 points, an increase of 1.24%.

All three major stock indexes posted losses this week, with the Dow down 2.27%, its worst weekly performance since 2024, the S&P 500 down 0.95%, and the Nasdaq down 0.8%.

Terry Sandven, chief equity strategist at BofA Wealth Management, said: "After a decent return in the first quarter, there could be some consolidation in equities in the near term. In an uptrend in the market, a moderate pullback will be the normal volatility. ”

In terms of sectors, the 11 major sectors of the S&P 500 rose across the board. The Communication Services and Industrials sectors led the gains with gains of 1.61% and 1.43%, respectively, while the Consumer Staples sector saw the smallest gains of 0.22%.

Large technology stocks rose, Facebook's parent company Meta and Netflix rose more than 3%, Amazon rose nearly 3%, Nvidia rose more than 2%, Microsoft rose nearly 2%, Google A and Broadcom rose more than 1%, Apple rose slightly, Tesla fell more than 3%, and Intel fell more than 2%.

Apple edged up 0.45%. On the news, as part of the decision to terminate its car and smartwatch display projects, Apple will lay off 614 employees in Silicon Valley. A few weeks ago, the company halted its self-driving electric vehicle project. According to a notice filed with the state of California, 614 employees were laid off on March 28 and effective May 27.

Nvidia rose 2.45% as the company continues its foray into Southeast Asia. On Thursday, local time, Indonesian officials revealed that Nvidia plans to cooperate with Indonesian telecommunications giant Indosat Ooredoo Hutchison to spend $200 million to build an artificial intelligence center in Indonesia.

Meta rose 3.21%. On the news, Meta Platforms will do more to label AI-generated content rather than delete it, and the new policy will be implemented in May.

Tesla closed down 3.63%, falling more than 6% at one point during the session. Musk has denied canceling a long-promised low-cost car program. Previously, three so-called people familiar with the matter told the media that Tesla had canceled its long-promised low-cost cars.

Energy stocks rose, Occidental Petroleum rose more than 2%, Shell, ExxonMobil, and ConocoPhillips rose more than 1%.

Popular Chinese concept stocks were mixed, iQiyi rose more than 4%, Tencent Music rose nearly 4%, Futu Holdings rose more than 1%, NetEase, Li Auto, Pinduoduo, and Ctrip rose slightly, Weibo and Weilai fell more than 2%, Baidu and Bilibili fell more than 1.5%, and Alibaba, Xiaopeng Motors, and JD.com fell slightly.

Gold prices hit new all-time highs

International gold prices rose sharply, with London gold and New York gold rising by more than $40 in a day, both of which refreshed record highs. Among them, spot gold in London rose 1.77% to $2,329.57 per ounce, and COMEX gold rose 1.76% to $2,349.1 per ounce.

Affected by this, gold stocks rose sharply, Jintian rose more than 4%, and Harmony Gold and Barrick Gold rose more than 2.5%.

On the news, institutional traders said that CME Group raised the margin for gold futures by 6.8% and silver futures by 11.8%.

In addition, spot silver also followed the rise, up more than 2%; COMEX silver rose more than 1%, and SHEE silver rose nearly 5%.

Johan Palmberg, senior quantitative analyst at the World Gold Council, said the gold OTC and futures markets have been active, with volume estimated to have increased by 40%. "The gold options market is exceptionally active compared to equities and bonds, which means there is a particular interest in gold at the moment. He said.

There are also many analysts who expect gold prices to hit new highs once the Fed starts cutting its benchmark interest rate, which stimulates demand from investors who are still on the sidelines, such as physical-backed gold ETFs.

It is worth mentioning that billionaire investor David Einhorn, head of the US hedge fund Greenlight Capital, is increasing his bets on gold, arguing that the Fed will not be able to control inflation and will be forced to maintain its restrictive monetary policy for longer than expected. It is understood that Greenlight Capital has been actively buying the world's largest gold exchange-traded fund - SPRDGoldShares (GLD).

Einhorn said: "We hold much more gold than just our position in GLD. We also hold physical gold bars, which is one of the most important investments. There are problems with overall monetary and fiscal policy in the United States, and if both policies are too accommodative, I think the deficit will eventually become a real problem. Investing in gold is a way for us to hedge against possible adverse situations in the future. ”

The U.S. "99 Cent Store" will close all 371 chains

According to CCTV news, on April 4, local time, the famous American discount retailer "99 Cent Store", which has a history of more than 40 years, announced that it would close all 371 chain stores and gradually stop business operations.

Founded in Los Angeles, California in 1982, "99 Cents Store" is one of the most representative chain brands in the American discount retail industry, with business mainly covering California, Arizona, Nevada and Texas, with more than 10,000 employees.

"99 Cent Store" said in a statement on the 4th that it had reached an agreement with the relevant financial services company to liquidate all goods owned by the brand and dispose of the in-store equipment. In addition, real estate owned or leased by the "99 Cent Store" will also be disposed of. The agreement will be implemented gradually from the 5th.

The "99 Cent Store" was popular with customers, especially low- and middle-income earners, for offering a wide variety of inexpensive and high-quality goods, and was once known for selling most items for 99 cents or less. However, in recent years, due to the pressure brought by inflation and other factors, the prices of some goods in the store have increased significantly.

Mike Simoncic, interim CEO of 99 Cent Stores, said that the retail industry has faced significant and ongoing challenges in the past few years, with the impact of the new crown epidemic, changes in consumer demand, persistent inflationary pressures and other factors seriously affecting the company's ability to operate.

Source: Securities Times

Disclaimer: All information content of Databao does not constitute investment advice, the stock market is risky, and investment needs to be cautious.

Editor-in-charge: Lin Lifeng

Proofreading: Su Huanwen

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