The New York Fed's April consumer expectations for inflation and home prices both accelerated in April, and there was bad news that rising inflation weighed on the prospect of interest rate cuts. After hovering around 3% in the previous four months, inflation was expected to rise to a five-month high of 3.3% in April, while home prices were also expected to rise by 3.3%, the biggest increase since July 2022.
The agency expects that the April U.S. CPI released on Wednesday will show that upward pressure on inflation will ease, and Morgan Stanley believes that the CPI growth rate will be significantly lower than expected. JPMorgan's trading arm said investors were preparing for a big swing in the S&P 500 index after the CPI release. The daily breakeven in the options market shows traders betting that the S&P will rise or fall 1% after the CPI is released.
U.S. stocks limited their gains on Monday ahead of the release of the blockbuster CPI on Wednesday. All three major stock indexes fell intraday, and the Dow threatened to end a more than week-long winning streak. The tech giants were mixed. The media said that Meta researched and developed AI headsets, and Meta, which had risen for more than a week, still fell; Tesla, which has been falling for four consecutive days, rebounded; OpenAI launched its new flagship AI model GPT-4o the day before Google's developer conference, but did not release the highly anticipated AI search engine, and Google's parent company turned up after falling nearly 3% at the beginning of the session. After the media said that Arm would produce AI chips, most chip stocks such as Arm continued to rise.
What excites U.S. stock investors more than blue-chip technology stocks is that Keith Gill, who became famous in 2021 for calling on short-term traders to squeeze short on U.S. stock post bars, has returned to social media X after three years. Three years ago, the core stock game station of the short squeeze war soared nearly 120% intraday on Monday, and many other retail stocks, Reddit, the forum where the U.S. stock post bar is located, and Robinhood, a popular online celebrity brokerage for retail investors, also rose. Chinese concept stocks also outperformed the market, including Zeekr, which rose more than 30% in its debut last Friday, and some Chinese concept stocks rose more than 10% intraday, and Alibaba followed Hong Kong stocks before Tuesday's earnings report.
After the release of the New York Fed's consumer inflation expectations, U.S. Treasury prices narrowed their intraday gains, yields gradually erased most of the day's declines, and the U.S. dollar index narrowed more than half of its intraday declines, still failing to maintain the momentum of last Friday's rally. The U.S. dollar's decline narrowed as the yen extended its intraday losses against the dollar, falling below 156.00 for the first time since May 1, and the offshore yuan falling below 7.24 for the first time in more than a week.
Among commodities, London's base metals rose, and London copper, which re-entered the $10,000 mark on Friday, rose further, hitting a two-year high after two weeks, but some analysts warned that copper prices have entered the overbought flagship, CFTC data shows that the speculative net long position of copper is approaching the highest level in history; Gold futures in New York, which stood at a three-week closing high last week, retreated, marking the biggest daily drop this month, commenting that some investors chose to take profits ahead of the blockbuster CPI release.
International crude oil rebounded on Friday, which turned lower in intraday trading, in part on expectations of strong demand for U.S. driving gasoline. The American Automobile Association predicts that this year's travel activity during the Memorial Day holiday in the United States will reach its highest level since 2005, and road travel will drop to a new high since 2000. In addition, China's CPI rose for three consecutive months, reflecting the recovery of household consumption demand, and the issuance of ultra-long-term special treasury bonds with a total scale of 1 trillion yuan began on Friday, which also boosted the sentiment of the oil market.
The S&P Dow temporarily bid farewell to its six-week high, the Nasdaq rebounded, Tesla stopped falling for four consecutive years, and the game station closed up more than 74%, and the Chinese concept stock index rebounded to an eight-month high
The three major U.S. stock indexes collectively opened higher, all falling in early trading. The Dow Jones Industrial Average rose more than 130 points, or more than 0.3%, in early trading, turned lower at the end of the morning session, and fell nearly 110 points at midday to refresh its daily low. The S&P 500 index rose nearly 0.3% at the beginning of the session, turned lower at the end of the morning, fell less than 0.1%, turned up before midday, and fell more than 0.2% when it refreshed the daily low after turning down again at midday, and turned up in the short term at the end of the session. The Nasdaq Composite Index rose 0.4% before turning slightly lower in the short term.
In the end, only the Nasdaq closed higher, up 0.29%, at 16,388.24 points, after retreating on Friday, refreshing the closing high set last week since April 11. The Dow closed down 81.33 points, or 0.21%, to end its longest winning streak since December 19, 2023, at 39,431.51 points, after eight consecutive trading days. The S&P, which has risen for two consecutive days, closed down 0.02% at 5,221.42, and the Dow both temporarily said goodbye to the Dow's closing highs since April 1.
The tech-heavy Nasdaq 100 index closed up 0.21%, rising for three consecutive days and updating its highest level since April 11. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 index, closed up 0.31%, rising for two consecutive days to its highest level since April 11. The Russell 2000, a small-cap index dominated by value stocks, closed up 0.11%, failing to move from its highest level since April 9 after Thursday's rally.
Among the Dow constituent stocks, McDonald's, which closed up 2.6% on Friday, fell more than 1.3%, Home Depot and American Express also fell more than 1%, Intel rose more than 2%, leading the gains, followed by Nike, which rose nearly 2%, and Apple ranked third. Among the major sectors of the S&P 500, only IT and real estate, which rose nearly 0.5% in chip stocks, closed up on Monday, while the nine sectors that closed down fell less, with the largest decliner in industrials falling less than 0.5% and utilities falling slightly.
The tech-heavy Nasdaq 100 index closed up 0.21%, rising for three consecutive days and refreshing its closing high since April 11. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 index, closed up 0.31%, rising for two consecutive days and updating its highest level since April 11, which was set last week. The Russell 2000, a small-cap index dominated by value stocks, closed up 0.11%, failing to move from its highest level since April 9 after Thursday's rally.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, among the "seven sisters" of technology giants, only Tesla and Apple have not fallen intraday. Among them, the best performer, Tesla, rose 4.1% in early trading and closed up 2%, rebounding after falling for four consecutive days to close lows since April 26.
Among the six major technology stocks of FAANMG, Microsoft, which rose for three consecutive days last Friday to the highest closing high since April 12, fell more than 0.9% after turning lower at the beginning of the session, closing down nearly 0.3%; Meta closed down 1.7%, falling to its highest level since April 24, which rose for eight consecutive days; Amazon turned lower at the beginning of the session, closing down nearly 0.5%, continuing to fall from last Thursday's rebound to a record closing high; After the media said that Apple was preparing to sell the Vision Pro for the first time outside the United States, Apple closed up nearly 1.8%, rebounding to the highest closing level since February 12; Before Google held the Google O/I developer conference on Tuesday, Alphabet fell nearly 2.7% at the beginning of the session, erased losses at midday, closed up nearly 0.4%, and rebounded after retreating on Friday; Netflix, which turned lower at the beginning of the session, turned higher at the end of the morning session, closing up more than 0.9%, rebounding to its highest level since April 16 after retreating on Friday.
Chip stocks rose overall, with the Philadelphia Semiconductor Index and the semiconductor industry ETF SOXX rising 0.8% in early trading, closing up 0.3% and 0.2%, respectively, rising for two consecutive days and refreshing the high set last week since April 11. Among chip stocks, Nvidia fell 1.5% after turning down at the beginning of the session, and turned up slightly in early trading, closing up nearly 0.6%, continuing to break away from the low level since May 2, which fell for three consecutive days last Thursday; Arm closed up 7.7%; At the close, Intel rose more than 2%, Micron Technology rose more than 1%, and Broadcom rose nearly 0.4%, while TSMC, which closed up more than 4% on Friday, fell 1.9%, and AMD, which turned lower at midday, fell 0.9%.
AI概念股多数上涨。 SoundHound.ai（SOUN）涨超8%，BigBear.ai（BBAI）涨5.8%，C3.ai（AI）涨超4%， Palantir（PLTR）涨超1%，被称为“小英伟达”、出售数据中心互连芯片的Astera Labs（ALAB）涨近0.3%，Adobe（ADBE）涨近0.2%，而超微电脑（SMCI）跌近2%，甲骨文（ORCL）跌近0.3%。
Among the retail group stocks, the game station (GME) rose to nearly 119% in early trading, and at least four times during the day triggered a suspension of trading due to excessive volatility, and then narrowed some of the gains, closing up 74.4%, S3 Partners data shows that short sellers of the stock have lost a total of $1 billion due to Monday's intraday rally; At the close, AMC Cinemas (AMC) was up 78.4%, Koss (KOSS) was up 36.7%, BlackBerry (BB) was up 6.9%, while Express, which was up 18.2% in early trade, fell 4.2%. Reddit (RDDT), a forum where the U.S. stock Tieba is located, which benefited from the sharp rise in retail stocks, rose more than 10% intraday and closed up 8.7%, and Robinhood rose more than 5% intraday and closed up nearly 4.1%.
Popular Chinese concept stocks rebounded and outperformed the market overall. The Nasdaq Golden Dragon China Index (HXC) rose as much as 4.3% in early trading to close more than 3.7% before rebounding to its highest closing level since September 2023 after retreating on Friday. Among the new car-making forces, Zeekr, which rose nearly 35% in its debut last Friday, rose more than 14% in early trading and closed up nearly 2.8%, Weilai Automobile, which rose nearly 12% in early trading, closed up 6.7%, Xiaopeng Motors, which rose more than 9% in early trading, closed up 4.7%, Li Auto, which rose nearly 4% in early trading, closed up 1.2%, and Xiaomi powder also closed up more than 1%. Among other stocks, at the close, Station B rose more than 12%, Daqo New Energy rose about 5%, JinkoSolar rose more than 4%, Alibaba, which will release its financial report on Tuesday, rose 5.7%, Tencent Pink Sheet rose nearly 3.5%, JD.com rose nearly 5%, Pinduoduo rose more than 3%, Baidu rose nearly 2.9%, and NetEase rose nearly 1%. At present, institutions generally expect that Alibaba and Tencent's revenue in the first quarter will increase by more than 5% year-on-year, and Orient Securities expects Taotian Group's GMV growth rate to accelerate in the first quarter, and CMR is expected to exceed expectations.
The bank stock index retreated after a three-day winning streak. The overall banking sector indicator, the KBW Bank Index (BKX), closed down 0.4%, falling from its three-day high since March 2023. The KBW Nasdaq Regional Banking Index (KRX), a regional banking index that refreshed its highest level since March 28 for three consecutive days, closed down nearly 0.5%, and the regional bank stock ETF SPDR and the S&P Regional Banking ETF (KRE) closed down 0.1%.
In terms of European stocks, the pan-European stock index closed slightly higher, barely rising for seven consecutive trading days. The Euro Stoxx 600 index hit a record closing record high for the fifth consecutive day. Stock indexes in major European countries were mixed on Monday. German, French and British stocks, which have risen for six consecutive days, have fallen, British stocks and German stocks have fallen to their closing all-time highs for six consecutive days and three consecutive days respectively, and French stocks have also bid farewell to the closing historical highs refreshed last Friday, while Italian stocks and Western stocks have risen for three days and two days respectively.
Among all sectors, automobiles closed up nearly 1.4%, halting a four-day losing streak; The medical sector rose nearly 0.7% as the country's most-capitalized drug maker Novo Nordisk, Europe's most valuable drug, Wegovy, closed up 3% after the Danish Medicines Agency said the country would face a shortage of supply from Novo Nordisk's weight loss miracle drug Wegovy in the coming months. Among other stocks, Danish-listed shipping giant Maersk surged 7.7% as freight rates rose, leading the gains among Stoke's constituents.
U.S. Treasury yields narrowed most of the declines after U.S. consumer inflation expectations
The yield on the U.S. 10-year benchmark Treasury bond was close to 4.50% at the beginning of the European market to refresh the daily high, and the U.S. stock market fell below 4.46% before the market, still close to the low since April 10 last Tuesday, which was 4.42% lower than the refreshed level, and the U.S. stock market narrowed the decline after the announcement of the U.S. consumer inflation expectations, which was close to the daily high, and was forced to 4.49% at the end of the bond market, falling less than 1 basis point in the day, and the yields on other maturities of U.S. bonds fell slightly after rebounding on Friday.
The 2-year U.S. Treasury yield, which is more sensitive to the outlook for interest rates, fell below 4.83% in the pre-market of U.S. stocks to refresh the daily low, and the recovery accelerated after the announcement of consumer inflation expectations, and the U.S. stock market regained 4.86% at midday trading and was about 4.86% at the end of the bond market, falling less than 1 basis point in the day, close to the intraday high since May 3, which rose above 4.87% last Friday.
The U.S. dollar index narrowed its losses by more than half after U.S. consumer inflation expectations, and the yen hit a new low in more than a week
The ICE U.S. Dollar Index (DXY), which tracks a basket of six major currencies such as the U.S. dollar against the euro, rose above 105.30 in early Asian trading to refresh the daily high, up less than 0.1% in the day, and European stocks maintained a downward trend after turning down before the market, and the U.S. stock market fell below 105.10 to refresh the daily low at the beginning of the day, down more than 0.2% during the day, and the decline narrowed rapidly after the announcement of the New York Fed's inflation expectations in early trading, regaining 105.20, down less than 0.1% in the day, It continues to fall from the high since May 2, which rose above 105.70 last Thursday.
By the close of U.S. stocks on Monday, the dollar index was above 105.20, down less than 0.1% on the day, retreating after rebounding on Friday, and falling for the second day in the last six trading days; The Bloomberg Dollar Spot Index, which tracks the greenback against 10 other currencies, closed broadly flat, with Friday's rally waning.
Among non-U.S. currencies, the yen fell for two consecutive days, and the dollar rose above 156.20 against the yen at midday in U.S. stocks, refreshing the high set last Thursday since May 1, up 0.3% on the day; The euro rose above 1.0800 against the dollar at the beginning of the European session, approaching the highest level since April 10 set last Friday, rising nearly 0.4% during the day, and then giving back some of its gains, with U.S. stocks closing up nearly 0.2%; GBP/USD traded near 1.2570 in early U.S. trading, updating its highest level since last Monday, rising nearly 0.4% on the day.
The offshore yuan (CNH) against the US dollar in the Asian market in the morning refresh of the daily high of 7.2326, the Asian market turned down after the early fall to maintain a downward trend, the European market at the beginning of the fell to 7.2434, since May 2 to 7.2451 for the first time lost to 7.24, down 108 points from the daily high, Beijing time on May 14 at 4:59, the offshore yuan against the US dollar reported 7.2397 yuan, down 56 points from the end of last Friday in New York, in last Thursday to stop three consecutive losses after falling for two consecutive days.
Bitcoin (BTC), which was above $63,000 before the fall on Friday, rose above $63,400 in the U.S. stock market and $63,500 on some platforms, rising more than $2,600 or more than 4% from the intraday low of $60,800 in the Asian market, and out of the low since May 3, which fell below $60,300 last Friday, the U.S. stock closed above $63,000, up nearly 3% in the last 24 hours.
Crude oil rebounded, up more than 1% intraday, and cloth oil bid farewell to more than seven-week lows
International crude oil futures rose intraday. When the Asian market refreshed its daily low in early trading, U.S. WTI crude oil fell below $77.80, down 0.6% on the day, and Brent crude fell below $82.30, down more than 0.6% on the day. When U.S. stocks refreshed their daily highs in early trading, U.S. oil approached $79.50, up nearly 1.6% during the day, and cloth oil rose above $83.80, up nearly 1.3% on the day, all of which did not touch the intraday high since May 1, which was refreshed before the intraday turn lower last Friday.
In the end, crude oil, which had halted two consecutive gains on Friday, rebounded. WTI June crude oil futures, which refreshed their closing low since May 3 on Friday, closed up $0.86, or 1.10%, at $79.12 a barrel, starting to approach the high since April 30 refreshed last Thursday; Brent crude oil futures for July delivery closed up $0.57, or 0.69%, at $82.79 a barrel, bidding farewell to the low level since March 12 set on Friday.
U.S. gasoline and natural gas futures rebounded. NYMEX June gasoline futures closed up about 0.4% at $2.5105 a gallon, off the low since Feb. 21 set on Friday; NYMEX June natural gas futures closed up 5.71% at $2.381/MMBtu, the highest closing since late January last Thursday.
London copper hit a two-year high, and gold fell to a three-week closing high, the biggest drop in the month
Base metals futures in London rose on Monday. Lunxi, which led the rally, rose nearly 2.6% to close close to the $33,000 mark, a new high since late April, and London nickel, London lead, and London aluminum all rebounded after falling back on Friday. London nickel and London lead rose more than 1%, London nickel approached the one-week high set last Tuesday, and London lead refreshed the high since November last year set last Tuesday. London copper rose more than 1%, rising for two consecutive days, closing above the $10,000 mark and rising above $10,100, refreshing the highest since April 2022 set two weeks ago. London zinc rose nearly 2.3%, rising for three consecutive days, closing close near the $3,000 mark for the first time since March last year.
Gold generally maintained its decline on Monday, with gold futures falling to $2,337.6 in New York, down nearly 1.6% on the day when U.S. stocks refreshed their daily lows in early trading, and spot gold fell below $2,333, down nearly 1.2% on the day.
By the close of U.S. stock midday trading, COMEX June gold futures closed down 1.35%, the biggest daily decline since April 30, at $2,343 an ounce, falling to the closing high since April 19 at $2,375 on Friday.
At the close of U.S. stocks, spot gold was below $2,340, down about 1% during the day, down from its intraday high since April 21, when it rose above $2,378 on Friday.
This article is from Wall Street News, welcome to download the APP to see more