In the first two days of this week, a number of technology giants who supported the rise of U.S. stocks fell, and Nvidia, which led the rise of the technology giant "Seven Sisters" for several days, opened high and went low, and at noon it dived nearly 6% from the high at the beginning of the session, and Meta, which will release its earnings after trading on Tuesday, also turned down intraday. The three major stock indexes all turned lower intraday, and the high-profile blue-chip earnings reports failed to support the broader market rally.
The performance of the leading stocks that announced their earnings was mixed: the auto transportation giant Old Dominion Freight Line, which had lower-than-expected first-quarter revenue and was under pressure from a weak economy, fell by double digits, led by the S&P Industrial sector, and Tesla opened more than 10% higher after Musk hinted that it would start producing more affordable models a year earlier than originally planned, and Tesla opened more than 10% higher to record its best one-day performance in more than two years, and first-quarter results were better than expected but second-quarter revenue guidance was lower than expected. Meta plunged after hours because AI investment spending will increase by as much as $10 billion this year; although Nvidia turned down, the chip stock index maintained its gains, and Texas Instruments' second-quarter revenue guidance led by Texas Instruments was stronger than expected, and some analysts said that its guidance marked an inflection point in demand recovery for industrial chips; Boeing, whose year-on-year revenue decline and loss were lower than expected, rose 5% at the beginning of the day and then turned down, and after being downgraded by Moody's credit rating to only one level higher than junk, the decline extended to more than 3%.
In the foreign exchange market, the yen hit a new low against the dollar this week since 1990, and fell below 155.00 on Wednesday, which the Bank of America sees as a threshold that will trigger Japanese government intervention. Boosted by a weaker yen, the dollar index, which had fallen to a nearly two-week low during the session, turned higher. The U.S. dollar rally as Bitcoin accelerated its downward trend, falling below $64,000 intraday and more than $3,000 from its daily high, away from a more than one-week high after rising above $67,000 on Tuesday.
However, Japan may not act in the near future. Takao Ochi, an official of Japan's ruling Liberal Democratic Party, said on Tuesday that there is no consensus on what level of the exchange rate is a warning line, and a fall towards 160 or 170 could prompt the government to act. Some strategists say that the yen was successfully intervened in 2022 because Japan was able to strike when US Treasury yields peaked, and this time, before next Friday's US non-farm payrolls report and the subsequent CPI release, Japan is not so confident, and the Bank of Japan, which announced its monetary policy decision on Friday, has not yet appeared, and now the key level has become 160.
In the bond market, the U.S. Treasury Department on Wednesday conducted a $70 billion auction of five-year Treasury bonds with the highest record size of the term, compared with the $69 billion two-year U.S. Treasury bond completed on Tuesday The demand for two-year Treasury bonds is solid, the indicators of the five-year Treasury show weak demand, the bid multiple is lower than the average of the last six times, and the winning interest rate is higher than the pre-issuance rate. U.S. Treasury prices in the secondary market came under pressure and mostly retreated, with the rally following Tuesday's PMI release lasting only one day, and the yield on the benchmark 10-year Treasury note starting to approach its five-month high set last week.
Among the commodities, the industrial metals that fell sharply on Tuesday subsided, London copper and London zinc rebounded, and London continued to fall but the decline was far less than that of more than 7% on Tuesday; gold continued to fall this week, and New York gold futures fell to a closing low in nearly three weeks, but the intraday fluctuations of spot gold were not as good as Tuesday, and the intraday rise and fall were less than 1%. International crude oil fell due to the easing of risks in the Middle East, the poor preliminary value of the US April PMI on Tuesday, and the rebound of the US dollar, but the US Department of Energy announced last week that the US crude oil inventories fell for the first time in five weeks last week, and fell by nearly 6.4 million barrels, a decline far greater than expected, and crude oil had turned up in the short term. Oil prices were also hit by EIA data showing that U.S. gasoline supply fell to its lowest level since mid-February last week, reflecting weak demand, according to commentary.
The Dow stopped four consecutive days, Tesla recorded the biggest increase in two years, Nvidia closed down, the chip stock index still rose three times in a row, and the Chinese concept stock index outperformed the market on three days
The three major U.S. stock indexes collectively opened higher for three consecutive days, falling together at the end of early trading. The Dow Jones Industrial Average, which opened nearly 50 points higher, quickly turned lower at the beginning of the session, falling more than 190 points, or 0.5%, at the end of the morning, and turned slightly higher at midday, and turned up in the short term at the end of the session. The S&P 500, which rose nearly 0.4% in early trading, and the Nasdaq Composite, which rose about 0.9% in early trading, turned down successively, fell nearly 0.5% and 0.4% respectively at midday, and then turned up and down, and then turned up again.
In the end, among the three major indexes, only the Dow closed down, down 42.77 points and 0.11% to 38,460.92 points, stopping a four-day winning streak and falling to the closing high since April 9, which was refreshed on Tuesday. The S&P and Nasdaq rose for three consecutive days. The S&P closed up 0.02% at 5,071.63, the second consecutive day of closing highs since April 12. The Nasdaq closed up 0.1% at 15,712.75, still failing to erase last week's more than 5% decline and closing below Tuesday's level.
The Russell 2000, a small-cap index dominated by value stocks, closed down 0.36%, underperforming the broader market, retreating after three straight gains to its highest level since April 12. The tech-heavy Nasdaq 100 closed up 0.32%, rebounding three days after falling to its lowest level since Jan. 18 on Friday. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100, closed up 0.09%, continuing to move from its lowest level since Feb. 21 on Friday.
Among the Dow constituents, Home Depot (HD) closed down nearly 1.8% to lead the decline, followed by Amazon's decline, Boeing, which announced its earnings before the market, rose 5% at the beginning of the session, and turned lower in early trading, after Moody's downgraded its rating from Baa2 to Baa3 and the outlook was listed as negative, it fell more than 3% in midday trading and closed down 2.9%, while Visa, which had higher earnings and revenues than expected in the first quarter, rose more than 3% at the beginning of the session and closed up 0.3%.
Among the major S&P 500 sectors, only four closed lower on Wednesday, led by industrials down nearly 0.8%, led by auto carrier leader Old Dominion Freight Line (ODFL), which closed down 11%, and military company General Dynamics (GD), which earned less than expected first-quarter earnings, closed down 4%, financials and healthcare fell between 0.1% and 0.3%, and communication services fell less than 0.1%. Among the seven sectors that closed higher, consumer staples rose more than 0.9%, and the IT sector, where chip stocks such as Nvidia are located, rose slightly.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants "Seven Sisters" mostly fell at the end of early trading, and closed mixed, with Tesla performing the best. After announcing a 9% drop in first-quarter revenue, the largest decline in more than a decade, but Musk said that more affordable cars would start production early next year, Tesla opened up about 12.6%, rose about 16.1% in early trading, and narrowed to less than 10% at midday, closing up nearly 12.1%, the largest closing increase since January 3, 2022, and rising for two consecutive days to the highest closing level since April 12.
Among the six major technology stocks of FAANMG, Meta, which will announce its earnings after trading on Wednesday, rose 2.8% at the beginning of the session, fell more than 1% after turning lower in early trading, and closed down 0.5%, failing to continue to break away from the closing low since February 21 refreshed on Friday, and the decline quickly expanded to more than 10% after the announcement of the earnings report after the market, with a decline of 18%; Netflix, which rebounded more than 4% on Tuesday, opened lower and closed down 3.9%, approaching the closing low since February 13 refreshed on Monday; Amazon turned down at the beginning of the session, closing down 1.6% , began to approach the closing low since March 18, which was refreshed last Friday, while Apple, which quickly turned higher at the beginning of the session, closed up nearly 1.3%, rebounding three days after falling for five consecutive days last Friday to the closing low since April 26, 2023; Alphabet closed up more than 0.7% after turning higher at midday, rising for three consecutive days, refreshing the closing record high set on April 11, and rose more than 1% at the beginning of the day; Microsoft, which had turned slightly lower at the end of the morning, closed up nearly 0.4%, rising for three consecutive days to a one-week high.
Chip stocks generally continued to rise, with the Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX rising more than 3% at the beginning of the session and less than 0.5% at midday, closing up about 1.1% and 1.3%, respectively, rebounding for the third consecutive day after falling for three consecutive days to close lows since February 1.
Among the chip stocks, Nvidia rose about 2% at the beginning of the session, turned down in early trading, fell nearly 4% at noon, fell more than 5.8% from the high at the beginning of the session, and finally closed down 3.3%, and began to fall after rebounding for two consecutive days to the lowest closing level since February 21 when it plunged 10% on Friday; AMD, which had risen more than 3% at the beginning of the session, turned down at the end of the morning session and closed down nearly 0.4%; Micron Technology, which turned down at the beginning of the session, fell more than 2% in early trading and closed down 0.6%; TSMC U.S. stocks, which had risen more than 2% at the beginning of the session, fell more than 1% in early trading and closed down 0.3% Texas Instruments (TXN), which reported first-quarter revenue and second-quarter guidance higher than expected after trading on Tuesday, rose nearly 8.5% at the beginning of the session and closed up 5.6%, Intel, which rose more than 2% in early trading, closed up 0.6%, Broadcom, which rose nearly 3% at the beginning of the session, turned down in the short term at midday and closed up 0.6%, and Seagate Technology (STX), which had higher-than-expected earnings in the fiscal third quarter but revenue was lower than expected, turned up nearly 0.7% in late trading.
AI概念股总体涨势熄火。 到收盘，午盘转跌的SoundHound.ai（SOUN）跌3.8%，早盘转跌的BigBear.ai（BBAI）跌超1%，被称为“小英伟达”、出售数据中心互连芯片的Astera Labs（ALAB）早盘转跌后收跌1%，早盘转跌的超微电脑（SMCI）跌0.9%，早盘尾声时转跌的Palantir（PLTR）跌0.2%，而Adobe（ADBE）涨约0.9%，午盘曾跌超1%的甲骨文（ORCL）涨0.2%，盘中不止一次转跌的C3.ai（AI）收涨不足0.1%。
Popular Chinese concept stocks generally continued to rise. The Nasdaq Golden Dragon China Index (HXC) closed up nearly 1.1%, outperforming the market for three consecutive days and rising for three consecutive days to close at its highest level since April 11. Chinese ETFs KWEB and CQQQ closed up about 2.3% and 2.9%, respectively. The new car-making forces still failed to rise together, and at the close, NIO and Xiaomi Fan rose more than 3%, while Xpeng Motors fell more than 1%, and Li Auto fell 3.8%. Among other stocks, at the close, Station B rose about 11%, Tencent Fan Orders rose more than 3%, Alibaba rose nearly 3%, JD.com rose more than 2%, Baidu and NetEase rose about 1%, and Pinduoduo fell nearly 0.4%.
Among the stocks that reported their earnings reports, toy giant Hasbro (HAS), which had higher-than-expected earnings and revenues in the first quarter, narrowed 11.9%, its first-quarter losses narrowed more than expected, and its peer Mattel (MAT), which narrowed its first-quarter losses more than expected, closed up 2.4%, Biotech company Biogen (BIIB), whose first-quarter earnings and Alzheimer's drug Leqembi both beat expectations, closed up nearly 4.6%, and Hilton Worldwide (HLT), which reported higher-than-expected first-quarter earnings and raised its full-year guidance, closed up 3.9%. Photovoltaic stocks Enphase (ENPH), which had lower first-quarter revenue and second-quarter guidance, closed down nearly 5.6%, orthodontic technology company Align Technology (ALGN), which reported higher-than-expected first-quarter earnings and higher-than-expected revenues, rose nearly 4% in after-hours trading, Ford Motor (F), which reported higher-than-expected first-quarter earnings and raised its free cash flow guidance for this year, rose more than 3% in after-hours trading, and IBM, which reported lower-than-expected first-quarter revenue, fell more than 8% in after-hours trading.
In terms of European stocks, the pan-European stock index, which rose sharply on Tuesday, stopped two consecutive gains. The Euro Stoxx 600 index closed down 0.43% at 505.61 points, down from its highest closing point since April 8, which rose nearly 1.1% on Tuesday, and could still accumulate this week as Tuesday closed up 1.09% to record the biggest closing gain since January 26. Stock indexes of major European countries all fell, with British stocks that had risen for five consecutive days to close at record highs for two consecutive days, and German, French and Spanish stocks that had risen for two consecutive days and Italian stock indexes that rebounded on Tuesday all retreated.
Among sectors, financial services closed down more than 1.9%, led by an 11% drop in Dutch-listed fund distribution company Allfunds after media reports of abandoning talks over a possible sale, while UBS fell 2.9% after executives expressed concerns about the Swiss government's plans for tougher capital requirements, while the banking sector closed down nearly 1.1%, with Swedish commercial bank Handelsbanken, whose first-quarter net profit fell short of expectations SEB, another Swedish bank with lower-than-expected interest income in the first quarter, fell 3.7%, while the technology sector closed up more than 1.3%, as Dutch-listed wafer processing equipment supplier ASM International (ASMI), which raised its second-quarter revenue guidance, surged 11%.
The U.S. dollar index turned up after hitting a new low in nearly two weeks, the yen fell below 155, hitting a new low since 1990 for three consecutive days, and Bitcoin fell below $64,000 at one point
The ICE U.S. Dollar Index (DXY), which tracks a basket of six major currencies against the euro, fell below 105.60 in early Asian trading, refreshing the low since April 12 for two consecutive days, falling less than 0.1% in the day.
By Wednesday's close, the dollar index was above 105.80, up more than 0.1% on the day, while the Bloomberg dollar spot index, which tracks the greenback against 10 other currencies, rose more than 0.1% on the day before rebounding back to its lowest level since April 12 on Tuesday, and giving back some of its gains after rising more than 0.2% in early trading.
Among the non-U.S. currencies, the yen hit a new low since 1990 on Wednesday, and the dollar rose above 155.00 against the yen for the first time since June 1990 in European stocks, and then rose further, and the U.S. stock market was close to 155.40 at midday, refreshing the high since 1990 for the third consecutive day, up more than 0.3% in the day , U.S. stocks closed above 153.30; the euro rose above 1.0710 against the dollar in early Asian trading, two days to refresh the high since April 12, European stocks turned down before the market, European stocks fell below 1.0680 intraday low, U.S. stocks closed slightly below 1.0700, roughly unchanged from Tuesday's level; the pound turned higher against the dollar in the U.S. stocks, at midday it had tested 1.2470 to refresh the daily high, and U.S. stocks closed hovering at 1.2460, up 0.1% during the day , continuing to stay away from the November 2023 lows refreshed by Monday's fall below 1.2300.
The offshore yuan (CNH) against the US dollar in the Asian market refreshed the daily high to 7.2552, European stocks turned down before the market to maintain a downward trend, U.S. stocks fell to 7.2738 at midday, refreshing the low since Tuesday, April 16, lost 7.27 for the first time since last Tuesday, down 186 points from the daily high, Beijing time at 4:59 on April 25, offshore yuan against the US dollar reported 7.2731 yuan, down 126 points from the end of New York on Tuesday, and fell for two consecutive days after stopping two consecutive declines on Monday.
Bitcoin (BTC) in the European stock market before the short-term turn up and re-on $67,000 to refresh the daily high, since the U.S. stock market accelerated downward, the U.S. stock market fell below $65,000 in early trading, the U.S. stock market fell below $64,000 at the end of the day, and the trading price of some platforms fell below $63,900, down more than $3,000 from the daily high, down about 5%, away from Tuesday's rise above $67,200 refreshed since April 13, the U.S. stock closed above $64,000, down more than 3% in the last 24 hours.
The five-year Treasury bond bid demand was poor, and the yield on the 10-year Treasury note rose for the first time this week
The U.S. 10-year benchmark Treasury yield fell below 4.60% in early Asian trading, refreshing the daily low to 4.5963%, and then continued to rise, U.S. stocks were close to 4.67% in early trading, and began to approach the high since November 13, 2023, which was refreshed by 4.70% last Tuesday, after the yield rose narrowed, after the five-year U.S. bond auction was completed, the yield of U.S. stocks regained 4.66% at midday, and was about 4.64% at the end of the bond market, up 4 basis points in the day, and rebounded after falling for three consecutive days.
The 2-year U.S. Treasury yield, which is more sensitive to the outlook for interest rates, fell below 4.91% in early Asian trading, refreshing the daily low by more than 2 basis points in the day, and European stocks flattened the decline after the opening and turned up, and European stocks rose 4.95% to refresh the daily high, rising about 2 basis points in the day, and the U.S. stock market fell intraday, failing to approach the high since November 14, 2023, which was refreshed after rising above 5.0% on Monday, and was about 4.93% at the end of the bond market, unchanged at the same time on Tuesday, stopping the two-day decline.
Crude oil retreated The US EIA crude oil inventory turned higher in the short term after the release
International crude oil futures turned lower intraday. When European stocks refreshed their daily highs before the market, U.S. WTI crude oil rose above $83.70, up more than 0.4% during the day, Brent crude oil was close to $88.80, up nearly 0.4% during the day, European stocks basically maintained a downward trend after the early trading of the United States EIA crude oil inventories were announced, and when the day was refreshed at noon, U.S. oil fell below $82.50, down 1.1% during the day, and cloth oil fell below $86.70, down nearly 2% during the day.
Eventually, crude oil, which had rebounded on Tuesday, retreated. WTI crude oil futures for June delivery closed down $0.55, or 0.66%, at $82.81 a barrel, while Brent crude futures for June delivery closed down $0.40, or 0.45%, at $88.02 a barrel, failing to continue to shake off Monday's lows since March 27.
U.S. gasoline and natural gas futures were mixed. NYMEX May gasoline futures closed up about 0.3% at $2.7343 a gallon, up for two straight days, continuing to walk out of Monday's four-day losing streak since March 27, while NYMEX May natural gas futures closed down 8.77% at $1.6530/MMBtu, down Tuesday's high since April 10. The "shoulder season" weather is mixed after winter and before summer, with the gas market expected to remain oversupplied, with recent weather data suggesting less demand for natural gas, the commentary said.
London copper stopped two consecutive declines, London Xi hit a new one-week low, gold fell three times in a row, and gold futures hit a new low in the past three weeks
Base metals futures in London rose mostly on Wednesday. London copper and London zinc, which have fallen for two consecutive days, rebounded, and did not continue to fall from the highs since April 2022 and April last year set by them on Friday, and London aluminum, which stopped rising for seven consecutive days on Tuesday, rebounded slightly, because it fell more than 3% on Tuesday, failing to approach the high since June 2022 set on Monday.
London nickel, which fell more than 7% on Tuesday, continued to fall, hitting a new one-week low, but the decline slowed down, closing down about 0.3%;
New York gold futures intraday many short-term turn up, European stocks in early trading had refreshed the daily low of $2324.8, down more than 0.7% in the day, and Tuesday fell below $2305 to refresh the intraday low since April 5 is still far away, U.S. stocks in early trading after the refresh of the daily high to $2350.9, up nearly 0.4% in the day, still far from the intraday record high of nearly $2450 on April 12.
COMEX June gold futures closed down 0.16% at $2,338.4 an ounce, the lowest level since April 4.
Spot gold in early European stocks fell below $2,312 to refresh the daily low, down more than 0.4% during the day, not close to Tuesday fell below $2,292 to refresh the low since April 5, U.S. stocks rose to $2,337 in early trading to refresh the daily high, up more than 0.6% in the day, gradually gave up gains at midday, still far from the intraday historical high set by last Friday's rise below $2,430.
At the close of U.S. stocks, spot gold was just below $2,320, down more than 0.1% on the day, and the decline on Tuesday and Wednesday was significantly more moderate than Monday's more than 2%.
New York silver futures that turned higher on Tuesday retreated slightly, and COMEX May silver futures closed down 0.06% at $27.346 an ounce, failing to continue to get out of Monday's plunge of more than 5% to set a closing low since April 3.
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