U.S. stocks rose and fell, the Dow Jones fell after breaking the 40,000-point mark for the first time, the game station fell by double digits for several days, Ali rose 7% against the market, and JD.com and Baidu closed up in shocks

Wall Street Sights

2024-05-17 05:57Posted on the official account of Shanghai Wall Street News

Data released on Thursday showed that US economic growth is stabilizing or gradually cooling: industrial output grew at zero month-on-month in April and was revised down to 0.1% in March; The number of first-time jobless claims fell by 10,000 month-on-month to 222,000 last week, still higher than economists' expectations of 220,000, and the four-week average of applications hit a new high since November last year; the annualized number of new housing starts in April increased by 5.7% month-on-month to 1.36 million, still below the expected 1.42 million, and the number of households in March was revised down to 1.29 million, and the number of households with construction permits, the leading indicator of housing starts, fell 3% month-on-month to 1.44 million in April, hitting a new low since the end of 2022, lower than the expected 1.48 million. The number of households in March was revised upward to nearly 1.49 million.

There were comments that Thursday's data was in line with the overall theme of the week, without drama, suggesting that the economy had stabilized to cool and did not push the Fed back to an overly hawkish stance. After the release of unemployment and other data, the price of U.S. Treasury bonds, which jumped after the announcement of the cooling of CPI inflation in April, generally fell, and the yield accelerated to rise, and the yield on the benchmark 10-year Treasury bond, which was refreshed at the lowest level since early April, earlier in the day, turned up; The U.S. dollar index accelerated its rebound, moving away from a more than one-month low since the March CPI was released earlier in the day.

The day after the CPI was announced, the rally in the U.S. stock market faded, and the three major stock indexes turned slightly lower intraday, and the Dow, which rose above the 40,000-point mark for the first time in history, failed to join the S&P and Nasdaq to continue to close at new highs. There are comments that after hitting a new all-time high this week, US stock indices may need a short "respite" before rising further.

The S&P 500's Relative Strength Index (RSI) is close to the overbought level

Meta, which was investigated by the European Union under the Digital Services Act, was the largest loser among tech giants; Chip stocks retreated, and Nvidia closed down for the first time this week; Retail stocks led by Game Station fell by double digits for the second consecutive day and continued to give up the gains that soared in the first two days of the week. After announcing that high-income customer consumption and U.S. e-commerce business boosted first-quarter revenue growth of 6%, Walmart rose more than 7% intraday, leading the Dow Jones to rise.

Chinese concept stocks went against the market, and after being optimistic that the former "Air Force" pioneer Citron would rise by more than 20%, Alibaba rose more than 7% intraday, erasing the decline that fell after Tuesday's earnings report, and the performance of Chinese concept stocks that announced their earnings on Thursday were different: Michael Burry's fund, the prototype of the protagonist of the movie "Big Short", disclosed that after its substantial increase of 80% in the first quarter, JD.com, whose net profit increased by 14% year-on-year in the first quarter, rose nearly 3% at the beginning of the session, and then turned down more than once; Baidu, whose net profit in the first quarter increased by 22% more than expected, and iQiyi, whose revenue in the first quarter was higher than expected and still fell by 4.8% year-on-year, opened low and went high, smoothing out the decline of more than 5% and about 10% at the beginning of the day.

In the foreign exchange market, the U.S. dollar index rebounded, while non-U.S. currencies retreated, with the Japanese yen and offshore yuan, which hit new highs for more than a week, both turning lower intraday. Bitcoin, which rose above the $66,000 mark for the first time in three weeks, also turned down, falling back more than $2,000 at one point.

Among commodities, under the pressure of the rebound of the US dollar, gold, which rose sharply on the day of the CPI announcement, fell back, bidding farewell to the closing high in more than three weeks; Most London base metals continued to rise, London copper continued to hit a two-year high, while New York copper futures failed to withstand the pressure of the dollar and turned down, and the momentum of continuing to close to a two-year high this week came to a halt. The US CPI released on Wednesday strengthened the expectation of interest rate cuts, and the EIA crude oil inventories released last week on the same day fell more than expected, releasing a good supply side, and the unemployment data on Thursday showed that the labor market stabilized, and the international crude oil with a V-shaped reversal on Wednesday continued to rebound, breaking away from the nine-week closing trough, and the US oil closed at a high level in the previous week.

The three major U.S. stock indexes all closed down after hitting a record intraday high, the chip stock index stopped rising for four consecutive days, Walmart rose sharply after the earnings report, and the Chinese concept stock index hit an eight-month high

The three major U.S. stock indexes opened mixed, hitting record intraday highs for the second consecutive day after a volatile turn higher in early trading, and all turned lower at midday. The Dow Jones Industrial Average, which opened slightly higher, fell more than 28 points after turning down at the beginning of the session, turned up less than half an hour after opening, rose more than 140 points and nearly 0.4% after standing above 40,000 points in early trading, and turned down more than once at midday, falling more than 30 points at the end of the session. The S&P 500 index, which opened higher, turned lower in the early morning and rose more than 0.3% before turning lower at midday and falling more than 0.2% in late trading. The Nasdaq Composite Index, which opened slightly lower, fell less than 0.1% at the beginning of the session and then quickly turned higher, rising more than 0.3% in early trading and falling about 0.3% in late trading.

In the end, the three major stock indexes that collectively closed up for three consecutive days closed down. The S&P closed down 0.21% at 5,297.1. The Nasdaq closed down 0.26% at 16,698.31. The Dow closed down 38.62 points, or about 0.1%, at 39,869.38.

The Dow rose above the 40,000-point mark for the first time in intraday trading on Thursday and turned lower at midday

The tech-heavy Nasdaq 100 turned lower at midday, closing down 0.21%, falling to a record closing high set on Wednesday. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of the technology constituents in the Nasdaq 100 index, also turned lower at midday, closing down 0.21%, hitting a new closing high for two consecutive days before retreating, and the Nasdaq and Nasdaq 100 both stopped a four-day winning streak. The Russell 2000, a small-cap index dominated by value stocks, closed down 0.63%, underperforming the broader market and retreating after rising for three consecutive days to its highest since March 28.

Among the Dow constituents, Walmart, which announced its earnings report, rose more than 7.3% in early trading and closed up 7%, and Boeing and 3M rose more than 3% at the close, while Cisco, whose earnings and revenue in the third quarter were higher than expected, still fell 2.7% to lead the decline, and Caterpillar fell 2.6%. Among the major sectors of the S&P 500, by the close, only Walmart's consumer staples rose nearly 1.5% to close higher, Amazon's consumer discretionary fell nearly 0.8% to lead the decline, materials fell more than 0.7%, and Google's communication services fell slightly.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the "Seven Sisters" of technology giants rose and fell differently, only Alphabet did not fall throughout the day, and Meta fell the most. Tesla, which closed down 2% on Wednesday, fell nearly 1.5% at the beginning of the session, turned higher in early trading, closing up 0.5%, and did not continue to fall from the closing high set on Tuesday since May 6.

Among the six major technology stocks of FAANMG, Alphabet rose 1.4% in early trading and closed up 0.9%, rising for four consecutive days and two days to refresh the closing record high; Apple rose more than 0.7% in early trading, and turned down in the short term at the end of the day, closing up less than 0.1%, rising for four consecutive days and two days to refresh the closing high since January 29; Microsoft, which has risen for two consecutive days to a high level since April 11, turned up at the beginning of the day and then fell at noon, closing down 0.5%; Amazon also turned lower at midday, closing down 1.3%, falling for two consecutive days to close at its lowest level since May 1; Meta, which rose for two consecutive days to close at its highest level since April 24, closed down 1.7%; Netflix turned lower at the end of early trading, closing down 0.5% and continuing to move off Monday's rally to its highest level since April 16.

Chip stocks turned lower or gave back some of their gains at midday. The Philadelphia Semiconductor Index and the semiconductor industry ETF SOXX closed down nearly 0.6% and about 0.5%, respectively, falling from the closing highs since March 7, which rose for four consecutive days. Among chip stocks, Nvidia rose nearly 1.3% at the beginning of the session and closed down 0.3%, stopping four consecutive gains, failing to continue to refresh the closing high since March 25; At the close, TSMC U.S. stocks and Western Digital fell more than 2%, Broadcom fell nearly 1.7%, Applied Materials fell 1.5%, while Intel rose nearly 2.5% and AMD rose nearly 1.9%.

Retail stocks, which rose sharply on Monday and Tuesday this week, fell sharply for two consecutive days. Game Station (GME), which closed down nearly 20% on Wednesday, closed down 30%; AMC Cinemas (AMC), which closed down 20.2% on Wednesday, closed down 15.3%; Koss (KOSS), which closed down 19.2% on Wednesday, fell 13.1% in early trading and closed down 4.6%; BlackBerry (BB), which closed down 6.4% on Wednesday, closed down 6.2%; Reddit (RDDT), a forum where U.S. stocks are located, which benefited from the sharp rise in retail stocks, closed down nearly 5.5% after closing down more than 4% on Wednesday; SunPower (SPWR), which closed down 29.2% on Wednesday, turned up 9% in early trading and closed up 5%.

After a sharp rally on Monday and Tuesday, a basket of retail huddle stocks tracked by Goldman Sachs fell sharply on Wednesday and Thursday

AI概念股多数回落，收盘时，BigBear.ai（BBAI）跌7.1%，被称为“小英伟达”、出售数据中心互连芯片的Astera Labs（ALAB）跌5.7%，周三涨15.8%的超微电脑（SMCI）跌5%，SoundHound.ai（SOUN）跌近4%，周三涨11.2%的戴尔（DELL）跌近2%，C3.ai（AI）跌1.5%，Adobe（ADBE）跌0.5%，Palantir（PLTR）跌不足0.1%，而甲骨文（ORCL）涨0.4%。

Popular Chinese concept stocks generally continued to rise and outperformed the market. The Nasdaq Golden Dragon China Index (HXC), which closed slightly higher on Wednesday, maintained its gains after turning lower in the short term at the beginning of the session, closing up about 2.5%, following a 3.7% rebound on Monday, and closed at its highest level since September 2023 for the second time this week. Chinese ETFs KWEB and CQQQ closed up nearly 2.7% and 1.3%, respectively. After the announcement of the financial report, JD.com quickly turned down after rising nearly 2.7 at the beginning of the session and fell nearly 4.6%, and finally closed up 1.9%, Baidu fell 5.5% at the beginning of the session, iQiyi fell 10% at the beginning of the session, and turned up at midday, closing up about 1.7% and 12.2% respectively. Among the new car-making forces, Li Auto, which faced consumer accusations of exaggerating the market demand for MEGA, caused the stock price to plummet, fell more than 3.7% at the beginning of the session and closed down 2.7%, NIO closed down 1.1% after turning down at the beginning of the session, and ZEEKR, which had fallen more than 4% at the beginning of the session, closed down 0.5%, while Xiaopeng Motors, which turned up in early trading, closed up 3.5%, and Xiaomi Powder, which fell nearly 2% at the beginning of the session, closed up nearly 0.8%. Among other stocks, at the close, Alibaba, which had risen 7.5% at midday, rose slightly more than 7%, NetEase rose 5.5%, Station B rose nearly 2.8%, Pinduoduo rose nearly 1.5%, and Tencent's pink sheet, which fell more than 1% at the beginning of the session, closed up 0.1%.

The bank stock index, which rose for two consecutive days, retreated. The overall banking index, the KBW Bank Index (BKX), which has refreshed its highest level since March 2023 for several days, closed down more than 0.6%; The KBW Nasdaq Regional Banking Index (KRX) closed down nearly 0.6%, and the regional bank stock ETF SPDR and the S&P Regional Banking ETF (KRE) closed down more than 0.4%, both retreating after updating their highs since January 30.

Among the volatile stocks, Warren Buffett's Berkshire Hathaway exposed a secret position for three quarters, disclosed that it bought nearly 26 million shares in the first quarter, and held it as the ninth largest position in the quarter, property and casualty insurance company Chubb (CB) rose 6.8% at the beginning of the session and closed up more than 4.7%; Satellite communications service provider AST SpaceMobile (ASTS) closed up 68.6% after it announced a lower-than-expected loss in the first quarter and announced an agreement with AT&T to connect its space-based cellular broadband network to mobile phones. Chemical product maker Hawkins (HWKN), which earned weaker-than-expected earnings but higher-than-expected revenues, closed up 9.3%; Faraday Future (FFIE) closed up 134%, up 3463.7% on Thursday.

In European stocks, the pan-European stock index, which had risen for nine consecutive trading days, retreated. The Euro Stoxx 600 fell to a seven-day streak of all-time closing highs. Stock indexes of major European countries mostly fell, with German, French and British stocks falling to their respective all-time highs on Wednesday, and Western stocks retreating for four consecutive days, while Italian stocks rose for six consecutive days.

Among all sectors, automobiles closed down more than 1.2%, with BMW and Daimler Trucks falling 6.3% and 5.1%, respectively, due to ex-dividend transactions. The industrial sector fell nearly 1.1%, affected by the announcement of a 2% weaker-than-expected decline in industrial profits in the second quarter and a downward revision of guidance for its main business digital industry, Germany-listed Siemens closed down nearly 6.8%, the biggest daily decline in more than two years, and auto stocks dragged the German stock index to lead the decline among countries; The oil and gas sector fell about 1%, and among the constituents, British oil giant BP fell 1.5% in ex-dividend trading, and Milan-listed Eni fell 2.2% after the Italian Ministry sold its 2.8% stake; The insurance sector rose more than 1.6%, with Swiss Re rising 3.8% after better-than-expected first-quarter results and news of plans to exit the digital white label business. Among other stocks, French-listed gaming giant Ubisoft, which lacked a net booking guidance for the first fiscal quarter, fell 13.5%, leading the decline in the STOXX 600 constituents.

The yield on the 10-year Treasury note, which hit a new six-week low in the session, rose after the economic data

The yield on the U.S. 10-year benchmark Treasury bond fell below 4.31% in the Asian market, hitting a new low since April 10 on Wednesday, and then refreshed the low level of nearly six weeks since April 5, after the release of U.S. economic data such as pre-market unemployment, it quickly rose above 4.35%, and the U.S. stock rose above 4.38% to refresh the daily high, and was about 4.37% at the end of the bond market, up about 3 basis points in the day, and the yields on other maturities of U.S. bonds rebounded after falling for three consecutive days.

The yield on the 10-year Treasury note fell below 4.31% on Thursday, hitting its lowest level since April 5, before recovering to around 4.37%.

The 2-year U.S. Treasury yield, which is more sensitive to the outlook for interest rates, was forced to fall to 4.70% in early Asian trading, refreshing the low since April 5 for two consecutive days, and the European stock market has turned up before the opening, and the U.S. stock market accelerated after the release of pre-market economic data, and the U.S. stock market had risen to 4.80% to refresh the daily high, up nearly 10 basis points from the daily low, and about 4.80% at the end of the bond market, up nearly 8 basis points in the day.

The U.S. dollar index turned up after hitting a five-week low intraday Bitcoin rose above the 66,000 mark intraday and then fell back to more than $2,000

The ICE U.S. Dollar Index (DXY), which tracks a basket of six major currencies such as the U.S. dollar against the euro, fell below 104.10 in early Asian trading, refreshing the low since the U.S. March CPI was announced on April 10 for two consecutive days, falling nearly 0.3% during the day, and the European market maintained its rally after the initial rally, and the U.S. economic data accelerated after the release of U.S. economic data, and U.S. stocks rose above 104.60 in early trading to refresh the daily high of 104.626, up nearly 0.3% in the day.

By the close of the U.S. stock market on Thursday, the U.S. dollar index was above 104.50, up nearly 0.2% during the day, ending a three-day losing streak; The Bloomberg Dollar Spot Index, which tracks the greenback against 10 other currencies, rose less than 0.1% during the day before rebounding after falling for two consecutive days to its lowest level since April 9.

Among the non-US currencies, the yen that rebounded 1% on Wednesday turned down intraday, falling for the fourth day in the last five trading days, and the dollar fell to 153.60 against the yen in early Asian trading, refreshing the low since May 6 in two days, and the US stock market rose above 155.50 to 155.53 in early trading after the pre-market rally, up 0.4% in the day; The euro against the dollar in the Asian market in the early Asian market had approached 1.0900, a new high since March 21, the pound against the dollar in the Asian market in the morning of the Asian market had a test of 1.2700, two days to refresh the high since April 10, both in the European stock market before the turn down after the decline to maintain a downward trend, the US stock market in the morning to refresh the daily low, the euro fell below 1.0860, the pound fell below 1.2650.

The offshore yuan (CNH) rose to 7.2042 against the US dollar in early Asian trading, refreshing the high since May 6 for two consecutive days, and European stocks basically maintained a downward trend after turning down before trading, and U.S. stocks fell to 7.2273 in early trading, down 231 points from the daily high. At 4:59 on May 17, Beijing time, the offshore yuan was quoted at 7.2227 yuan against the US dollar, down 48 points from the end of New York on Wednesday, and fell back after stopping three consecutive losses on Wednesday.

Bitcoin (BTC) rose above $66,700 in the pre-market of U.S. stocks, hitting a new intraday high since April 24 for two consecutive days, and continued to fall after the release of U.S. economic data, U.S. stocks fell below $64,800 at midday, and some platforms fell below $64,700, down more than $2,000 from the daily high, down more than 3%, and U.S. stocks closed above $65,200, down more than 1% in the last 24 hours.

Bitcoin briefly fell below $65,000 after rising above $66,000 intraday on Thursday

Crude oil rose twice in a row, and U.S. oil closed at a new one-week high

International crude oil futures mostly maintained gains on Thursday, and when European stocks turned lower in early trading and refreshed their daily lows, U.S. WTI crude oil fell to $78.20, and Brent crude oil approached $82.30, down more than 0.5% on the day. When U.S. stocks refreshed their daily highs in early trading after European stocks turned up in intraday trading, U.S. oil rose above $79.80, up nearly 1.6% during the day, and cloth oil was close to $83.80, up more than 1.2% in the day.

In the end, crude oil closed higher for two consecutive days. WTI June crude oil futures, which closed at a new low since March 12 on Tuesday, closed up $0.60, or 0.76%, at $79.23 a barrel, refreshing the closing high since May 9; Brent crude oil futures for July delivery closed up $0.52, or 0.63%, at $83.27 a barrel, continuing to move off Tuesday's low since March 12.

U.S. West Texas Intermediate (WTI) crude oil rose more than 1% on Thursday, approaching the $80 mark

U.S. gasoline and natural gas futures both rose for the second time in a row. NYMEX June gasoline futures closed up 1.64% at $2.5378 a gallon, the highest since May 9; NYMEX June natural gas futures closed up 3.27% at $2.495/MMBtu, updating a nearly four-month high for the second day in a row.

London copper hit a two-year high in a row, New Zealand copper rose nearly 2% intraday before falling to a two-year high, and gold bid farewell to more than three weeks high

London base metals futures were mostly higher on Thursday. London copper, which led the rise, closed up about 2%, closing above $10,400 for the first time in two years, hitting a new high since April 2022 for two consecutive days and the third day of this week, and London nickel, which rose more than 1%, rose for two consecutive days, and London nickel continued to refresh its high level since late April. Lunxi and Lun lead rose for four consecutive days, hitting new highs since late April and November last year, respectively. The London zinc fell for two consecutive days from the high level since March last year, and the high level of London aluminum fell from three consecutive days to three weeks.

New York copper futures that rose for five consecutive days turned down intraday, COMEX July copper rose to $5.02 in the Asian market, up more than 1.9% in the day, and U.S. stocks maintained their decline after turning down before the market, and U.S. stocks refreshed their daily low of $4.8415 in early trading, down nearly 1.7% during the day, and closed down 0.96% at $4.877 per pound, falling to a two-year closing high set for three consecutive days, and failed to continue to approach the all-time high set on March 4, 2022.

Gold turned lower intraday on Thursday. In early Asian trading, New York gold futures rose above $2,400 to $2,402.7, the second consecutive day to refresh the high since April 22, up more than 0.3% in the day, spot gold rose above $2,397, refreshing the high since April 20, up nearly 0.5% in the day, and then turned down many times, European stocks turned down before the day to maintain a downward trend, when the U.S. stock market refreshed the daily low, gold futures fell to $2375.2, down more than 0.8% in the day, spot gold approached $2371, down more than 0.6% in the day.

By the close of U.S. stock midday trading, COMEX June gold futures, which had risen for two consecutive days, closed down 0.39% at $2,385.5 an ounce, falling from the closing high since April 19, which was refreshed on Wednesday. At the close of U.S. stocks, spot gold was above $2,378, down more than 0.3% on the day.

Spot gold fell after hitting a new high since late April in the Asian market

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