Us stocks reversed again on Thursday after Wednesday, as the prospect of a blockbuster antitrust bill hit the tech giants. Tech stocks that had risen more than 2 per cent and 1 per cent respectively in early trading were both down near the end of the day for the Nasdaq and Nasdaq 100 indices. Since then, the S & P and the Dow also fell, and the major US stock indexes ended lower.

At midday on US stocks, the US Senate Judiciary Committee voted to promote the American Innovation and Choice online Act. It is at the heart of a batch of antitrust bills passed by the House of Representatives last year. It has a particular impact on Amazon.Com Inc, Apple Inc and Alphabet Inc-CL C, as well as big platforms such as Facebook Inc and TikTok. After the announcement of the voting results, Alphabet Inc-CL C's parent company Alphabet, Apple Inc and Facebook Inc's Meta, which had risen 1.7 per cent, 2 per cent and 2.6 per cent respectively in early trading, turned down respectively, while Amazon.Com Inc's decline widened to about 3 per cent. With the exception of defensive sector utilities, other U. S. stock sectors fell.

Netflix Inc, the technology giant who took the lead in publishing the four Seasons report, reported higher-than-expected earnings and revenue in the fourth quarter, but the expected number of households paid by net streaming media in the first quarter was lower than market expectations. Netflix Inc's share price plunged after the trading, falling by about 20% at one point. However, several of the Nasdaq's 100-member Chinese stocks-- JD.com, Baidu, Inc. and Pinduoduo-- kept the rally. Following the rapid rally of Hong Kong technology stocks, the overall performance of popular US-listed Chinese stocks far outperformed the broader market, with the Nasdaq Golden Dragon China Index (HXC) rising more than 6 per cent in early trading.

Us bond yields have temporarily halted the momentum of reversing recent highs. The plunge in US stocks came as US bond prices expanded and yields fell further. The yield on benchmark 10-year Treasuries remained down throughout the day on Thursday, down more than 9 basis points from the nearly three-year high set by breaking 1.90% on Wednesday, but still above 1.80%. The yield on interest-sensitive two-year Treasuries temporarily stayed above 1% from nearly two-year highs. The dollar index also rose at midday and rose to its highest level since Tuesday on the second day of the week.

In the European market, Germany's PPI growth hit a record high in December, but ECB President Christine Lagarde said inflation in the eurozone would slow this year as high energy prices, the main driver of inflation, and supply bottlenecks are expected to ease. European bond yields also fell collectively, with benchmark 10-year German bond yields returning to negative levels after rising again above zero, near the three-year high set on Wednesday. European stocks outperformed US stocks, with Ryanair, Europe's largest low-cost airline, showing confidence in a recovery in airline travel this year, with the tourism sector leading the way and the pan-European stock index continuing to rebound.

Among commodities, most industrial metals futures such as nickel continued to rise after the people's Bank of China cut interest rates, with Shanghai Nickel and Shanghai Tin hitting record highs, Lunxi Nickel hitting more than a decade high, and Lunxi hitting a record high for the third day in a row, commenting that tensions between Russia and Ukraine have raised concerns about disruptions to Russian supply in big nickel exporters, which is another driver of the nickel rally. According to the US Department of Energy, US EIA crude oil stocks rose unexpectedly last week, while international crude oil fell in intraday trading, but Russia's geopolitical risks contained the decline in crude oil.

The Nasdaq hit a seven-month low and the six major technology stocks all fell Apple Inc, Alphabet Inc-CL C, Meta turned down in intraday trading, and JD.com probably kept the rising trend.

The three major US stock indexes collectively opened higher, and when the S & P 500 and NASDAQ rose about 1.5% and 2.1% respectively at the end of the morning session, the Dow Jones Industrial average rose more than 460 points, or more than 1.3%. After the Senate Judiciary Committee voted to promote the American Innovation and Choice online Act in the afternoon, the Nasdaq took the lead in falling, and the Dow and S & P also fell in late trading. When the session was low, the Nasdaq fell nearly 1.4%, the S & P fell more than 1.2%, and the Dow fell nearly 360 points, or slightly more than 1%.

In the end, the three major indexes closed down for the third day in a row. The Nasdaq, which led the decline, closed down 1.3% at 14154.02 points, the lowest since June 21 last year, the S & P closed down 1.1%, the lowest since October 15 last year, and the Dow fell 313.26 points, or 0.89%, to 34715.39 points for five consecutive days, the lowest since December 3 last year.

Russell 2000, a small-cap stock index dominated by value stocks, also fell at midday, closing down 1.88%, falling for three consecutive days and losing the market for three days. The Nasdaq 100 index, which is dominated by technology stocks, closed 1.34% lower than the market, and after the Nasdaq also fell into a pullback range, closing down for three consecutive days and turning lower in intraday trading for two consecutive days. among constituent stocks, Peloton (PTON), which announced that it would suspend production of fitness bikes and treadmills due to falling demand, closed down nearly 24%, but several Chinese stocks JD.com, Baidu, Inc. and Pinduoduo all closed higher.

Judging from the cumulative decline since the beginning of this year, both Nasdaq and Russell 2000 had the worst start to the new year since 2009.

Of the major S & P 500 sectors, only utilities that rose more than 0.1 per cent rose on Thursday, while consumer discretionary goods that fell more than 1.9 per cent led the decline, materials, industry, IT and communications services all fell more than 1 per cent, health care, which had the smallest decline, fell nearly 0.6 per cent, and finance fell more than 0.6 per cent.

Among the leading technology stocks, only Tesla, Inc., who rose less than 0.1 per cent, closed higher. Of the six major technology stocks in the former FAANMG and now GANMMA, Amazon.Com Inc closed down nearly 3%, Alphabet Inc-CL C's parent company Alphabet fell more than 1.3%, Meta, formerly known as Facebook Inc, fell more than 0.9%, Apple Inc fell about 1%, and Microsoft Corp fell nearly 0.6%. After the announcement of the financial results, Netflix Inc's share price, which closed down nearly 1.5%, fell by about 20% at one point after the day.

Among the other stocks that reported results, AA, which predicted rising demand and warned that any conflict between Russia and Ukraine could exacerbate current supply constraints, closed up 2.9 per cent; Travelers Companies (TRV), an insurance company with better-than-expected fourth-quarter earnings and BKR, an oil service company, closed up 3.1 per cent and 1.6 per cent, respectively; and Mint Bank (MTB) and Regions Financial (RF), whose quarterly earnings were lower than expected, both fell more than 5 per cent.

Among the more volatile stocks, Casper Sleep (CSPR), which announced that the board of directors approved the private equity firm Durational Capital Managemen's bid, closed up more than 10 per cent; MAR, a hotel giant that reported progress in its development process last year, said that the hotel giant MAR, which added more than 86000 rooms, closed up 1.6 per cent; and MA, which launched a virtual card solution to enable business-to-business timely payment, closed up about 0.9 per cent.

Most popular US-listed stocks rose, with ETF KWEB and CQQQ up about 4.3 per cent and 2.7 per cent respectively, while the Nasdaq Golden Dragon China Index (HXC) closed up nearly 2.2 per cent. JD.com, Baidu, Inc. and Pinduoduo, the three constituent stocks of the Nasdaq 100, closed up 6.5 per cent, nearly 4.9 per cent and more than 2.7 per cent respectively. In addition, Tencent's ADR rose by about 5%, Bilibili Inc. by more than 4%, Weibo Corp and Zhihu Inc. by more than 3%, Alibaba by more than 2%, XPeng and NIO Inc. by more than 1%, Luckin Coffee powder by more than 6%, NetEase youdao by more than 5%, New Oriental Education & Technology by nearly 0.9% and Li Auto by more than 0.3%.

In terms of European stocks, the pan-European stock index closed higher for the second day in a row, and the European Stoxx 600 index was further off Tuesday's closing low since Monday. Stock indexes of most major European countries rose. Among stocks, Ryanair rose 4.2%, supporting the tourism and leisure sector up nearly 2.9%, leading the sector higher. After Unilever said it would not raise its £50 billion bid for GlaxoSmithKline PLC's consumer health care business, Unilever fell 0.5 per cent and GlaxoSmithKline PLC fell 1.8 per cent, dragging down British stocks only in European stock indices.

At one point, 10-year Treasury yields were down 9 basis points from more than two-year highs. German bond yields failed to stay positive and bid farewell to three-year highs.

European government bonds whose prices fell collectively for four consecutive days rebounded and yields fell. German bunds rose to positive values for two days in a row, but failed to keep the rally turning lower in intraday trading. By late European trading, the yield on UK 10-year benchmark government bonds fell 3.1 basis points to 1.225 per cent, while German bunds fell 1.3 basis points to-0.024 per cent. The European market rose to 0.006 per cent at the start of the day and rose to 0.022 per cent on Wednesday, breaking the zero-digit psychological barrier for the first time since May 7, 2019.

The yield on the benchmark US 10-year Treasury note fell throughout the day, closing at about 1.82 per cent, down about 4 basis points during the day and falling below 1.81 per cent after the close, down more than 9 basis points from the intraday high set by Wednesday's rise above 1.90 per cent since December 2019.

The yield on two-year US bonds was measured at 1.07% when European stocks were at a pre-session high, erasing almost all the declines during the day, but stock markets in Europe and the United States kept falling back during the trading session, with US stocks falling below 1.04% before trading and then refreshing their daily lows below 1.03%. Break from the high since February 28, 2020, which rose above 1.73% on Wednesday.

The dollar index rose to a new high in more than a week.

The ICE dollar index (DXY), which tracks a basket of the dollar's six major currencies, fell below 95.42 to refresh its session low at midday and fell less than 0.1 per cent during the day. Since then, it has continued to rebound, with US stocks approaching 95.90 at one point in late trading, refreshing the intraday high set on Tuesday since Tuesday, up nearly 0.4 per cent.

By Thursday's close, the dollar index was above 95.80, up more than 0.3% on the day, while the Bloomberg dollar spot index was up 0.2%.

The offshore renminbi (CNH) continued to rebound against the dollar, trading at 6.3470 yuan at 05:59 Beijing time on the 21st, up 41 points from late Wednesday in New York, recovering the 6.35th mark, but not as close as it was when it hit its highest level since December 31 on Tuesday.

Lunni has hit a new high in the past 11 years. Lunxi rose three times in a row and hit an all-time high. Gold fell slightly back from its two-month high.

Most of London's base metal futures continued to rise on Thursday, except for the fall of Lun lead, which has been at its highest level for more than a month. Lunxi, which rose above $42000 for the first time on Tuesday, closed above $43000 for the first time in history, rising for four consecutive days and closing at an all-time high for three days in a row. Len Nickel and Len Zinc rose for three days in a row. Lunni reached its highest level since August 2011 for two consecutive days, breaking the $24000 mark for the first time in more than a decade. Len Zinc hit a three-month high. Lun Copper rose for two days to close near the $10, 000 mark, breaking the highest level since $10, 000 last Wednesday and approaching the highest level set last Wednesday since late October. Lun aluminum rose for five days in a row, hitting a three-month high for four consecutive days.

New York gold futures fell as soon as they reversed three consecutive losses on Wednesday. COMEX February gold futures closed down less than 0.1% at $1842.60 an ounce, leaving Wednesday's closing high for major contracts since November 19 last year. Silver, platinum and palladium futures in New York rose for three consecutive days, closing up 2%, 2.2% and nearly 3.3%, respectively.

Crude oil fell off its seven-year high in intraday trading, and natural gas in the United States fell more than 5% in successive days.

Natural gas in Europe has fallen differently. On Thursday, ICE UK natural gas futures closed down 0.55% at 179.13 pence per kcal, down for two days in a row. Dutch natural gas futures, the benchmark for TTF, which fell more than 8 per cent on Wednesday, rebounded, with the European market up 5.59 per cent at 77.450 euros per megawatt-hour.

Us gasoline and natural gas futures continue to rise and fall. NYMEX February gasoline futures closed up 0.2% at $2.462 a gallon for four consecutive days, while NYMEX February natural gas futures closed down 5.68% at $3.8020 per million British thermal units, down more than 5% for two days and 5.9% on Wednesday.

International crude oil futures rose in intraday trading, but finally closed down, failing to continue the rising momentum in recent days. When u.s. stocks hit new highs in early trading, u.s. WTI crude rose above $87.80 and rose about 1% during the day, while Brent crude rose to $89.50, up nearly 1.2% during the day, and u.s. stocks fell at midday.

In the end, WTI February crude oil futures closed down 0.07% at $86.90 a barrel, closing higher for three consecutive trading days on Wednesday and hitting a two-day high since October 2014. Brent March crude oil futures closed down 0.07% at $88.38 a barrel, closing higher for the fourth consecutive day on Wednesday and closing at the highest level since October 2014 for three consecutive days.