U.S. stocks close: Nasdaq rebounded, Nvidia rose 2.5%, and Li Auto fell nearly 13% after results

Wall Street Sights

2024-05-21 07:07Posted on the official account of Shanghai Wall Street News

Fed officials reiterate wait-and-see stance on interest rate decisions: Fed Vice Chair Jefferson called the April CPI data encouraging, but believes it is too early to tell whether the recent inflation slowdown will be sustained in the long term; Atlanta Fed President Bostic, who has the right to vote at the FOMC meeting of the Federal Reserve's monetary policy committee this year, believes that the new interest rate is "stable" or higher than the level of the past decade, and it is expected that interest rates may be cut only once this year, and inflation will continue to fall this year and next, but the rate of decline will be slower than many expected.

The market's expectation of interest rate cuts this year and next year has continued to fall, giving up the rise since the release of US CPI last Wednesday

After Bostic's hawkish speech, U.S. Treasury bond prices accelerated downward, falling for three consecutive days, and yields rose for three consecutive days, continuing to break away from the low level since early April after the announcement of the cooling of CPI growth in April last week; The U.S. dollar index accelerated its intraday rally, bidding farewell to the lows in more than a month set the day after the CPI announcement. Major U.S. stock indexes were mixed. Chip stocks supported the Nasdaq rally, while the Dow, which hit a record high for days, retreated.

The Dow, which closed above 40,000 points for the first time on Friday, fell below that mark on Monday

Before the earnings report was announced after trading on Wednesday, Nvidia was raised by a number of institutions, of which Stifel and Barclays' new target prices are expected to rise by nearly 30% and about 20% respectively from last Friday's close, and Nvidia rose nearly 3% in intraday trading on Monday; Micron Technology rose more than 4% in intraday trading after Morgan Stanley, which is bullish on the prospect of high-bandwidth memory (HBM), upgraded its rating from low to standard and raised its price target by 32.6%, and Microsoft, which launched a blockbuster AI PC before the developer conference on Tuesday, rebounded to a high in more than a month; And after CEO Dimon said that he would not buy back many shares at the current price, JPMorgan Chase fell more than 4%, leading the decline in the Dow constituents.

Li Auto's stock index fell to an eight-month high, after reporting a 36% increase in first-quarter revenue but a slowdown to less than 10% in the second quarter. Retail investors who fell by double digits in the intraday for three consecutive days continued to shake dramatically, falling more than 10% in the intraday session and then rising in late trading, not continuing to fall away from the "retail leading brother" Roaring Kitty returned to social media more than a week ago, hinting at the surge after the force to create a high in more than two years; After launching weight loss drugs that were more than 80% cheaper than Novo Nordisk and Eli Lilly, affordable healthcare company Hims & Hers Health rose more than 30% intraday.

Among commodities, precious metals and industrial metals continued last week's rally, and London base metals rose across the board, continuing to be supported by China's policies to promote the property market, and London copper rose above $11,000 for the first time in intraday trading. New York gold futures and New York copper futures both hit new all-time closing highs, and silver futures continued to hit new highs since 2013. Financial market investors have flocked to the copper market in anticipation of worsening supply shortages, and BHP's recent interest in acquiring rival Anglo American was largely due to the latter's copper mines.

International crude oil failed to maintain its gains, bidding farewell to the closing high this month, and fell at least 1% intraday. Commentators believe that interest rate cuts are good for the economy and may help stimulate oil market demand, while recent cautious comments from Fed officials that they will wait for more signs of downward inflation before starting to cut interest rates have hit oil prices. On the geopolitical front, the oil market has not been greatly affected by the tragic death of the Iranian president in a helicopter accident and the postponement of a visit to Japan by the Saudi crown prince due to the health of King Salman. Some analysts have pointed out that Iran's oil policy is expected to continue to be stable, because the final decision-making power on major national affairs is in the hands of Iran's Supreme Leader Ayatollah Ali Khamenei; In Saudi Arabia, the market is accustomed to Crown Prince Salman's leadership of energy affairs

The Nasdaq closed at a record high, the chip stock index rose more than 2%, Microsoft rebounded, Google hit a new high, retail stocks rebounded, and the Chinese concept stock index fell

The three major U.S. stock indexes were mixed at the open. The Dow Jones Industrial Average, which opened nearly 14 points lower, turned slightly higher more than half an hour after opening, rising more than 50 points and more than 0.1%, and then turned down at the beginning of midday, and fell more than 210 points at the end of the day. The S&P 500 and Nasdaq Composite, which opened slightly higher, maintained gains throughout the day, with the S&P up more than 0.4% at the end of morning trading and the Nasdaq up more than 0.8% at midday.

In the end, among the three major indexes, only the Dow closed down, down 196.82 points, or 0.49%, at 39,806.77 points, falling to a record closing high of 40,000 points for the first time after Friday's rebound. The Nasdaq, which fell for two consecutive days, closed up 0.65% at 16,794.88 points, refreshing the all-time closing high set last Wednesday. The S&P closed up 0.09% at 5,308.13, up for the second straight day, continuing to approach the all-time high set last Wednesday. S&P and Dow related ETFs SPDR S&p 500 ETF (SPY) and SPDR Dow Jones Industrial Average ETF (DIA) closed up 0.12% and down 0.46%, respectively.

The Russell 2000 ETF (IWM) closed up 0.22% after two consecutive days of declines, starting to approach its highest level since March 28 last Wednesday. The tech-heavy Nasdaq 100 index closed up 0.69%, and the related ETF Invesco QQQ Trust Series 1 (QQQ) closed up 0.7%; The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 index, closed up 1.21%, both updating the all-time closing highs set last Wednesday.

The three major U.S. stock indexes had mixed performances on Monday, with the Dow closing lower, the S&P closing slightly higher, and the Nasdaq rebounding

Among the components of the Dow Jones, JPMorgan Chase closed down 4.5%, much more than other constituent stocks, Cisco fell more than 2%, Caterpillar rose more than 1.8%, and Microsoft, which rose more than 1%, led the gains.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the "Seven Sisters" of technology giants were mixed, with Tesla, which had risen for two consecutive days, performing the worst, closing down 1.4%, failing to continue to approach the closing high since May 6 set last Tuesday.

Among the six major technology stocks of FAANMG, Microsoft, which fell for two consecutive days, closed up 1.2%, refreshing its highest level since April 11; Apple rose more than 1% and closed up more than 0.6% after the initial rally, rising for six consecutive days and four days to refresh the closing high since January 29; Alphabet rose 1.5% in early trading and closed up nearly 0.5%, rising for six consecutive days and four days to refresh the closing record high; Netflix closed up nearly 3.2%, rising for two consecutive days to its highest level since November 2021; Amazon, which rose more than 1% at the beginning of the session, turned down at midday, closing down more than 0.6%, falling for three consecutive days, and refreshing the low closing level since May 1 for two days; rose more than 1% in early trading; Meta closed down nearly 0.7%, falling for three consecutive days to a one-week low.

Chip stocks generally rebounded after retreating for several days. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX closed up about 2.2%, outperforming the broader market, updating their closing highs since March 7 after falling for two consecutive days. Among chip stocks, Nvidia rose more than 2.9% in early trading and closed up about 2.5%, refreshing the closing high since March 25 set last Wednesday after falling for two consecutive days; By the close, Micron Technology, which had risen nearly 4.6% in early trading, rose about 3%, Qualcomm rose 2%, AMD and Broadcom rose more than 1%, and Intel rose nearly 0.9%.

Popular Chinese concept stocks generally retreated. The Nasdaq Golden Dragon China Index (HXC), which rose for three days and two days on Friday, to hit its highest level since September 2023, closed down nearly 1.7%, while the related ETF Invesco Golden Dragon China ETF (PGJ) closed down 1.5%. Chinese ETFs KWEB and CQQQ closed down nearly 1.2% and 0.6%, respectively.

Among the new car-making forces, Li Auto, which announced its earnings report before the market, opened down 8.7%, and then the decline expanded to more than 10%, falling 16.5% in early trading, the largest intraday decline since October 2022, closing down 12.8%, NIO closed down 1.1%, while Xpeng Motors closed up 0.6%, and Zeekr, which had risen nearly 6% in early trading, closed up 4.3%. Among other stocks, at the close, Haidilao U.S. stock (HDL), which closed up 14% on the first day of listing on Friday, fell more than 6%, Baidu, Dong, and Tencent fell more than 1%, and Alibaba, which fell nearly 1.8% at the beginning of the session, fell 0.3%, NetEase fell 0.2%, and Pinduoduo rose 0.4%.

Retail stocks rebounded, and Game Station (GME) fell more than 10% in early trading, and fell more than 14.7% in midday trading, falling by double digits for four consecutive days, almost erasing all the gains made by Roaring Kitty since last Monday and Tuesday in a social media post more than a week ago, and closed up nearly 4.1% after turning up at the end of the session; BlackBerry (BB) also turned up at the end of the session, closing up 2%, not falling for four consecutive days; AMC Cinemas (AMC), which fell for three consecutive days, closed up 9.8%; Koss (KOSS) is up nearly 8% in early trade.

AI概念股总体上涨。 AI和机器人类股ETF Glb X Robotics & Afl Intelligence ETF（BOTZ）收涨1%。 收盘时，SoundHound.ai（SOUN）涨8.5%，BigBear.ai（BBAI）涨近6%，超微电脑（SMCI）涨1.8%，C3.ai（AI）涨近0.5%。

Among the volatile stocks, healthcare company Hims & Hers Health Inc. (HIMS) rose more than 30% in early trading after the launch of affordable weight loss drugs, closing up 27.6%, and rival Eli Lilly (LLY) closed up 1.7%; Faraday Future (FFIE), which rose more than 2,100% last week, rose 118% at the beginning of the session and closed up 74.8%; Web developer Wix.com (WIX), which reported better-than-expected first-quarter results and raised its full-year free cash flow guidance, closed up 23.8%; U.S. energy company NextDecade (NEXT) closed up 14.8% after the UAE's state-owned oil company said it had acquired an 11.7% stake in its North American river Rio Grande liquefied natural gas (LNG) export project; Norwegian Cruise Line (NCL), which raised its full-year profit guidance for the second time in three weeks due to strong demand, closed up 7.7%; Semiconductor test equipment maker Teradyne (TER) closed up 5.8% after Goldman Sachs upgraded its rating to buy for its on-chip (SoC) system design and test business.

U.S. Treasury yields rose for three consecutive days

The U.S. Treasury ETF ISHARES US Treasury Bond ETF (GOVT) closed down 0.1%. U.S. Treasury yields rose for three straight sessions. The U.S. 10-year benchmark Treasury yield fell below 4.10% in early Asian trading, and European stocks rose from below 4.41% to an intraday high of 4.4531% above 4.45%, continuing to break from the low since April 5 that broke below 4.31% before turning lower on Thursday, and was about 4.44% at the end of the bond market, up about one basis point during the day.

The yield on the 2-year Treasury note, which is more sensitive to the outlook for interest rates, has also accelerated since the intraday of European stocks, rising to 4.9457% at the end of the session, and the US stock market rose above 4.85% after the close, rising more than 4 basis points from the intraday low below 4.81%, continuing to stay away from the low since April 5, which was 4.70% last Thursday, and about 4.85% at the end of the bond market, up nearly 3 basis points in the day.

U.S. Treasury yields of all maturities rose for the third consecutive trading day on Monday, and the rally was relatively moderate

The U.S. dollar index rebounded, Bitcoin rose more than $4,000 intraday, breaking through the 70,000 mark, and Ethereum rose nearly 20% intraday

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 104.40 when it refreshed its daily low in the Asian market, falling slightly during the day, and it has gotten rid of the decline before the opening of European stocks.

By the end of Monday's foreign exchange market, the dollar index was above 104.60, up nearly 0.2% during the day; The Bloomberg Dollar Spot Index, which tracks the greenback against 10 other currencies, rose more than 0.1% during the day, not staying close to the same period low set last Wednesday since April 9, before rebounding on Friday.

U.S. WTI crude oil turned up several times during the session, and U.S. stocks fell more than 1% after turning down again at midday

Among non-U.S. currencies, the yen fell for three consecutive days, and the U.S. dollar rose to 156.30 against the yen after the U.S. stock market closed, up more than 0.4% during the day. The euro turned lower against the dollar intraday, and European stocks fell below 1.0840 intraday to refresh the daily low, failing to continue to approach the high since March 21 near 1.0900 on Thursday, and the pound turned higher against the dollar intraday, and U.S. stocks rose above 1.2720 at midday, updating the high since April 9 set last Friday.

The offshore yuan (CNH) refreshed its daily high against the US dollar in early Asian trading to 7.2316, and soon turned lower and maintained its downward trend, while U.S. stocks refreshed their daily low of 7.2470 in early trading, continuing to fall from the high since May 6 that rose below 7.21 before turning lower last Thursday, falling 133 points in the day. At 4:59 on May 21, Beijing time, the offshore yuan was quoted at 7.2469 yuan against the US dollar, down 132 points from the end of New York last Friday, falling for three consecutive trading days.

Bitcoin (BTC) continued to rise on Monday, with U.S. stocks rising above the $70,000 mark at the end of the day, up more than $4,000 or more than 6% from the intraday low in early Asian trading, and U.S. stocks closed above $70,000, rising more than 6% in the last 24 hours, and rose above $70,200 after the close, refreshing the intraday high since April 12.

Bitcoin's U.S. stock rose above the $70,000 mark in late trading

This week, the SEC is expected to announce whether to approve the listing of the spot ETF of the second largest cryptocurrency, Ethereum (ETH), the market expects the ETF to be approved, and the trading price of Ethereum (ETH) has risen since midday, and the US stock market has risen above $3,600 after the close, refreshing the intraday high since April 11, up nearly 18% in the day.

Ethereum U.S. stocks rose at midday, breaking through the $3,200, $3,300 and $3,400 mark

Crude oil ended its three-day winning streak and bid farewell to its highs this month

International crude oil futures turned up several times during the session, but eventually closed down. U.S. WTI crude oil rose to $80.6 in early trading when the U.S. stock market refreshed the daily high, up nearly 0.7% on the day, Brent crude oil approached $84.50 before the European stock market refreshed the daily high, up 0.6% on the day, U.S. stocks turned down in early trading and refreshed the daily low at midday, U.S. oil fell below $79.20, down 1.1% on the day, and cloth oil approached $83.10, down slightly more than 1% on the day.

In the end, crude oil, which had closed up for three consecutive days, retreated. WTI June crude oil futures, which closed above $80 for the first time since April 30 on Friday, closed down $0.26, or 0.32%, at $79.80 a barrel; Brent crude oil futures for July delivery closed down $0.27, or 0.32%, at $83.71 a barrel, as well as U.S. oil said goodbye to Friday's closing high since April 30.

U.S. WTI crude oil turned up several times during the session, and U.S. stocks fell more than 1% after turning down again at midday

美油ETF United States Oil Fund LP（USO）收跌0.31%，布油 ETF United Sttes Brent Oil Fund LP (BNO)收跌0.16%，也均在三连涨后回落。

New York gold and copper futures hit a record high for two consecutive days, and silver futures hit an 11-year high on the fourth day

London base metals futures closed higher across the board on Monday, led by London zinc, which rose more than 2.7%. London copper, London nickel, and London lead all closed up more than 2%, and the London copper market rose above $11,000 intraday, breaking through this threshold for the first time in history, closing below $10,900, still refreshing the closing record high set in March 2022.

Before the European stock market, New York gold futures had risen above $2450 to $2454.2, a record high in the session, up more than 1.5% in the day, spot gold had slightly exceeded $2450, refreshing the intraday record high set on Friday, up nearly 1.5% in the day, European stocks had turned down intraday, refreshed the daily low, gold futures approached $2411, spot gold fell below $2408, down nearly 0.3% during the day, the U.S. stock market got rid of the decline at the beginning of the day, after the Fed official Bostic spoke, the gains expanded, At midday, U.S. stocks rose above $2,440, and spot gold was close to $2,340.

By the close of midday gold futures in U.S. stocks, COMEX June gold futures closed up 0.87%, rising for two consecutive days at $2,438.5 an ounce, refreshing the all-time high set last Friday. SPDR Gold Trust (GLD) closed up 0.4%. At the close of the U.S. stock market, spot gold was above $2,420, up more than 0.4% on the day.

Spot gold refreshed its all-time intraday high set on Friday

New York silver futures rose for five consecutive days, and COMEX July silver futures closed up more than 3.7% at $32.426 an ounce, hitting a new closing high since 2013 for four consecutive trading days, and rose to $32.75 during the session, up nearly 4.8% during the day. ISHARES Silver Trust SLV closed up nearly 0.7%.

Spot silver rose above $32 intraday for the first time since 2013

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