U. S. stocks will usher in the big volatility test of option expiration. A total of 95.5 million stock, index and ETF options contracts expire on Friday, with the media saying they could go down in history and be the second largest in recent years. Technology stocks were the main drivers of volatility in U. S. stocks on Thursday.

The S & P and Nasdaq rose intraday as the sector of technology stocks rebounded. Nvidia, which has higher-than-expected revenue for six consecutive quarters and raised its guidance for the fourth quarter, rose nearly 12%, with its share price at an all-time high. Most blue-chip technology stocks, such as Apple Inc, who announced plans to launch fully self-driving cars in 2025, continued to rise. Cisco Systems, who had lower-than-expected income in the third quarter and lower-than-expected earnings guidance in the fourth quarter, once fell 10%, leading the Dow down. Tesla, Inc. 's arch-rival Rivian fell more than 10% for the second day in a row. Sweetgreen, a healthy fast-food chain, got off to a good start on its first day of trading in the US, up more than 90 per cent in intraday trading. The two big retailers performed well, with Macy's and Kohl's, which had better-than-expected earnings and revenue in the third quarter and raised its full-year guidance, up more than 20 per cent and 10 per cent respectively.

Most popular US-listed stocks fell. BABA, who had lower-than-expected revenue and profit in the third quarter and lowered his revenue guidance for fiscal year 2022, fell more than 10 per cent in intraday trading. Bilibili Inc., who planned to issue $1.4 billion in convertible bond financing after announcing a higher-than-expected loss in the third quarter, fell nearly 20 per cent. JD.com, whose revenue and profit in the third quarter were higher than expected and whose sales growth on Singles' Day exceeded BABA, rose more than 6 per cent in intraday trading.

European stocks failed to salvage the decline by technology stocks, as the pan-European stock index ended its six-day run of record highs as oil and gas and mining stocks led the decline due to Lund copper, which hit an one-month low on Wednesday and international crude oil that fell to a trough since early October. But the German industrial giant ThyssenKrupp, which is expected to more than double its profits next year and could list its hydrogen business, soared. Daimler, which was initially covered by Berenberg and rated as a buy for a return on the spin-off of its truck business, also rose, supporting auto stocks to close higher against the market.

Traders are betting that the ECB will remain loose for nearly two years as money markets delay expectations of the ECB's first rate hike until February 2023. European government bond prices rose and yields fell; the euro rebounded against the dollar after hitting a 16-month low on Wednesday, and the dollar index fell from a 16-month high and bid farewell to 96.00 on Thursday. The benchmark 10-year Treasury note, whose yield fell to 1.60% on Wednesday, rose back to 1.60% in the short term, but quickly fell back.

In commodities, although there was news that the United States called on other countries to release strategic oil reserves to jointly suppress oil prices, and the White House press secretary also confirmed that he had discussed working with other countries to meet the demand of the supply oil market, the international crude oil rebounded to get rid of the trough since early October created on Wednesday, commenting that this is selling news and buying facts, and crude oil should benefit from tight inventories and increased demand. Natural gas in the United States and Britain rebounded, while gas in continental Europe continued to fall, but the decline moderated; most base metals rose, Lunxi rebounded and Lunxi hit an all-time high, but lead fell for five days in a row; precious metals fell and gold fell to a five-month high. There are comments that gold rose for seven days before the end of two consecutive overcast on Wednesday, traders naturally hope to arbitrage.

• The S & P reaches a new high Cisco Systems drags the Dow to a three-week low BABA and Bilibili Inc. falls again the pan-European stock index ends six days with a new high in a row

The performance of the three major US stock indexes varies. Both the s & p 500 and the Nasdaq composite index opened higher, fell less than an hour later, rose at the end of the morning and kept rising, rising more than 0.4% and nearly 0.6%, respectively, at midday highs. The Dow Jones Industrial average opened less than 20:00 lower. In early trading, the S & P and Nasdaq were down nearly 280 points, or 0.8%, when they refreshed their session lows. They narrowed their losses at midday and had risen in the short term.

In the end, the three major indexes closed down only the Dow, down 60.10 points, or 0.17%, at 35870.95, a two-day decline, the lowest since Oct. 29. S & P closed up 0.34% at 4704.54, while the Nasdaq closed up 0.45% at 15993.71, both erasing Wednesday's losses to a record high.

Small-cap stocks continued to outperform the market, while the Russell 2000, a small-cap index dominated by value stocks, closed down 0.56 per cent. The technology-heavy Nasdaq 100 index closed up 1.07%, once again outperforming the market.

The S & P 500 closed up only 4 per cent on Thursday, with Tesla, Inc. 's consumer discretionary sector up nearly 1.5 per cent, Apple Inc's information technology sector up about 1 per cent, and health and real estate up less than 0.1 per cent. Of the seven sectors that fell, energy and utilities, which fell the most, fell more than 0.5 per cent, while communications services, which declined the least, fell more than 0.2 per cent.

Most leading technology stocks closed higher, while Tesla, Inc. closed up about 0.7% for three days in a row, further breaking away from Monday's trough since October 22nd. Of the FAANMG's six largest technology stocks, Amazon.Com Inc led the rise, Apple Inc closed up more than 2.8 per cent, Alphabet Inc-CL C's parent company Alphabet rose more than 1 per cent, Microsoft Corp rose more than 0.6 per cent, while Netflix Inc fell more than 1 per cent, and Meta, formerly known as Facebook Inc, fell about 0.6 per cent.

Among the stocks that reported results, NVIDIA Corp closed up more than 8%, a record high; Macy's Department Store (M) closed up more than 21%; KSS (KSS) rose more than 10%; BJ's Wholesale (BJ), whose revenue and profit beat expectations in the third quarter, rose nearly 20%; Bath and Body Works (BBWI), whose revenue was higher than expected in the third quarter, rose more than 5%; and quarterly operating profit, which was higher than expected, rose 14.8%. Cisco Systems closed down 5.5%, leading the Dow down; although quarterly earnings were higher than expected, Petco (WOOF), where gross profit fell year-on-year, fell more than 13%.

Among the other volatile stocks, Tesla, Inc. 's arch-rival Rivian (RIVN) closed down more than 15%, and fell more than 10% for two consecutive days. Sweet green (SG) closed up nearly 77% on its first day of trading, but the closing price was lower than the opening price; CVS, a chain of drugstores that closed stores focused on digital growth and changed their store purpose to health care in three years, closed up 2.8%; and Oatly (OTLY), which was reiterated by Morgan Stanley, rose more than 4%.

Most popular US-listed stocks continued to fall, with ETF KWEB and CQQQ both closing down more than 3 per cent. Zhangmen Education closed down nearly 25%, Vipshop Holdings Limited fell about 18%, Bilibili Inc. closed down more than 17%, BABA fell more than 11%, RLX Technology Inc. fell more than 9%, Zhihu Inc. fell more than 8%, Pinduoduo, New Oriental Education & Technology, HUYA Inc. fell more than 5%, Baidu fell more than 4%, NIO Inc Automobile, Li Auto, TAL Education, Weibo fell more than 3%, Tencent ADR, XPeng and iQIYI fell more than 2%, while JD.com closed up about 6%, KE Holdings Inc rose more than 2%.

In terms of European stocks, the pan-European stock index ended six consecutive gains, and the European Stoxx 600 index fell to its closing high for six consecutive days as of Wednesday. Major European stock indexes fell across the board for the first time since October 27, with German and French stocks rising for six days and falling to closing highs. Italian stocks gave up all their gains on Wednesday, while British and western stocks fell for three days in a row. Among the sectors, only three sectors rose nearly 0.7 per cent, cars and parts up more than 0.2 per cent and retail sales rose slightly on Thursday, while underlying resources in the sectors where oil and gas and mining stocks fell by about 1.7 per cent led the decline. Among stocks, ThyssenKrupp rose 6.3% and Daimler rose 1.7%.

• After the inner market moving coal rose more than 2% during the day, crude oil closed down at night and Anglo-American natural gas rebounded and American oil failed to recover $80.

Domestic black commodities fell generally at night, led by 3.27% in hot rolls that closed down more than 3% during the day, 1.72% in iron ore, which fell more than 5% in the day, and 1.43% in threads that rose nearly 0.2% during the day. Among the three coal brothers, coke, which rose nearly 0.9% during the day, closed down 2.78%, coking coal, which fell by more than 2%, and thermal coal, which rose more than 2% during the day.

Natural gas in Europe varies from rise to fall. On Thursday, ICE UK natural gas futures closed up 0.33% at 239.80 pence per kcal, erasing most of Wednesday's losses. TTF benchmark Dutch natural gas futures fell 1.33% late in the day to 92.750 euros per megawatt hour, down for two consecutive days.

Us gasoline and natural gas futures rebounded just after two consecutive days on Wednesday. NYMEX December gasoline futures closed up 0.6% at $2.294 per gallon, while NYMEX December natural gas futures closed up 1.8% at $4.902 per million British thermal units.

International crude oil futures rebounded, but US oil failed to recover the $80 mark. Us WTI crude oil futures closed 0.83 per cent higher at $79.01a barrel, ending a two-day losing streak, emerging from a monthly contract closing low since Oct. 7 on Wednesday, closing below $80 for the first time since Nov. 4, while Brent January crude futures closed 1.18 per cent higher at $81.24bbl, closing down 2.6 per cent on Wednesday and closing at the lowest level since Oct. 1.

• The 10-year Treasury yield failed to recover 1.60% from a three-week high.

European government bond prices rose across the board on Thursday. By late European trading, the yield on UK 10-year benchmark government bonds fell 3.8 basis points to 0.925% for two consecutive days, while German bond yields fell 2.9 basis points to-0.275% for three consecutive days. Italian bond yields fell 5.5 basis points over the same period, leading the decline among countries.

The yield on the benchmark US 10-year Treasury note fell below 1.58 per cent before European trading, refreshing its last three-day intraday low, away from the intraday high since October 26, which was close to 1.65 per cent on Wednesday, fell more than 1 basis point in the day, and then narrowed down. Us stocks rose 1.60 per cent in early trading, breaking the 1.61 per cent record high at one point, but quickly returned below 1.60 per cent to close at about 1.58 per cent. It fell by about 1 basis point in a day.

• The dollar index fell off 96 from a 16-month high

The ICE dollar index (DXY), which tracks a basket of the dollar's six major currencies, rose only short-term before European trading and fell the rest of the time. Us stocks widened their losses at midday, breaking through 95.60, giving up all Wednesday's gains and returning to Tuesday's intraday levels, down more than 0.3% on the day, falling below Wednesday's intraday high since July last year, and failed to test the 96.00 mark throughout the day on Thursday.

By Thursday's close, the dollar index was below 95.60, down more than 0.3% during the day, while the Bloomberg dollar spot index fell 0.1% and remained below 1180 points throughout the day, breaking away from Wednesday's high close to 1181 since late September.

• Lunxi historical new Gauren copper broke out of the recent six-week trough, Lunxian lead hit an one-month low and gold fell off a five-month high.

London base metal futures have been up and down for three consecutive days. Lunxi rose for two days, closing above $38000 at $38453 a tonne for the first time since Oct. 20, setting a new all-time high set on Oct. 20. Lun Copper and Lunni ended their three-day decline, coming out of nearly six weeks and nearly two weeks' lows, respectively. Lun Aluminum closed on Wednesday, just out of its one-week low. Lead and zinc fell for five and two days in a row, hitting an one-month low for four days and two days in a row, respectively.

Gold and silver futures in New York, which just ended two days of losses, fell back. COMEX December gold futures closed 0.5% lower at $1861.40 an ounce, off Wednesday's high for major contracts since June 11. Silver futures closed down 1.1%. Platinum closed down 1.2% for three days in a row. Palladium said goodbye to a six-day rise, closing down 2.2%, falling to its highest level since September 8 set on Wednesday.