The Nasdaq, which rose nearly 2 per cent in early trading, closed down more than 2 per cent on the fifth day of the month and hit a five-week low for the second time this week. The energy sector fell more than 3 per cent, while Tesla, Inc., who had risen nearly 12 per cent in early trading, closed up more than 3 per cent, while blue-chip technology stocks rose alone. Meta and Netflix Inc fell more than 6 per cent and 3 per cent respectively; Pinduoduo fell nearly 7 per cent and bat fell at least more than 3 per cent. The pan-European stock index hit a new high in more than two weeks, with French stocks taking the lead, while the mining sector continued to lead the decline against the market, with Anglo American down nearly 9%.
At one point, the yield on 10-year US Treasuries rose more than 10 basis points, and the market's ten-year US inflation expectations hit an all-time high. The yen fell for 15 days in a row, nearing a 20-year low, while the dollar index broke below 100 to an one-week low before rising in intraday trading and a seven-month low for the offshore renminbi. Crude oil rose more than 1%, cloth oil broke out of an one-week low, and natural gas in Europe rose more than 6%, the biggest increase in three weeks. Gold fell for three times in a row, hitting a new low for more than a week. Ren Zinc rebounded close to a more than 15-year high.
Hawkish statements by senior Fed officials further heightened expectations of a radical rate hike, once again crushing US stocks, and even Tesla, Inc., a blue-chip technology stock with better-than-expected strong results in the first quarter, failed to recover from the decline.
Federal Reserve Chairman Powell said Thursday that the next Fed meeting will discuss raising interest rates by 50 basis points. Daley, chairman of the San Francisco Fed, who was originally a dove, even said that the Fed may raise interest rates by 50 basis points in each of the next two monetary policy meetings. The three major US stock indexes collectively opened high and left low. The Nasdaq, which had risen more than 1.9% at the beginning of the day, turned down at the end of the morning and fell more than 4% at midday from its intraday high. S & P, which was up more than 1% at the beginning of the day, and the Dow, which rose more than 300 points at the beginning of the day, turned down at midday. Meta, the parent company of social media giant Facebook Inc, which fell 35 per cent on Wednesday after reporting the loss of paid users for the first time in more than a decade, continued to tumble, down more than 5 per cent and 7 per cent respectively in intraday trading, sparking concerns about the growth of social media giant Netflix Inc and Netflix Inc. Tesla, Inc., one of the best blue-chip technology stocks, rose about 11.6% in early trading and later gave up most of his gains in the day.
Most European stocks continued to rise, with opinion polls showing that Macron's hopes of defeating the far-right candidate Le Pen for re-election increased, with the French stock index leading the world, while Anglo American, a mining giant whose output fell 10% in the first quarter from a year earlier and cut its full-year forecast, fell sharply, dragging down basic resources in the mining sector.
Commentators said Powell hinted that the Fed may raise interest rates by 50 basis points more than once this year, the sell-off of US debt resumed and yields on plunging Treasuries rebounded on Wednesday. Benchmark 10-year Treasury yields rose in intraday trading, expanding to more than 10 basis points at one point, which is expected to wipe out Wednesday's decline. An indicator of market expectations for US inflation over the next decade, the 10-year TIPS flat inflation rate, also known as break-even inflation, broke through 3.03%, an all-time high.
Yields on European government bonds have also generally rebounded due to statements by senior central bank officials. De Guindos, vice president of the European Central Bank, supports ending bond purchases in July and believes that interest rates could be raised as soon as July. Benchmark 10-year German bond yields hit more than six-year highs on the second day of the week, while the yield on the more interest-sensitive 2-year German bond hit an eight-year high, rising more than 10 basis points in the day.
Stimulated by hawkish ECB officials, the euro hit a new intraday high against the dollar in more than a week, pushing the dollar index below the 100.00 mark for the first time in a week. The yen, which has been down for more than 10 days, rose against the dollar in intraday trading, but continued to set a record for the longest straight decline as the dollar rebounded and finally turned lower. The offshore renminbi weakened further against the dollar, falling below 6.48 for the first time since September.
Among commodities, international crude oil rose generally, and the falling cloth oil rebounded and broke out of the trough of the week. The media said that the European Union was close to reaching a ban on the import of Russian oil, but analysts believe that the European Union is likely to gradually cancel the import of Russian oil. There has been a continuous exchange of fire between Russia and Ukraine, and European natural gas futures have accelerated, rising more than 6% a day for the first time since the end of March. Gold fell further, hit by a rise in US bond yields and a rebound in the dollar, with New York futures closing below $1950 for the first time in more than a week.
On the fifth day of this month, the Nasdaq closed down more than 2%. The energy sector led the decline of S & P blue chip technology stocks. Tesla, Inc. rose alone and the mining sector continued to lead European stocks lower against the market.
The three major US stock indexes collectively opened high. at the start of the session, the NASDAQ rose more than 1.9%, the S & P 500 rose 1.2%, and the Dow Jones Industrial average rose more than 330 points, up more than 0.9%. The Nasdaq was the first to turn lower at the end of the morning, and the S & P and the Dow fell at midday. When the day low was refreshed in late trading, the Nasdaq fell more than 2.3% on the day, down more than 4.1% from the day's high, the S & P fell nearly 1.7% on the day, and the Dow fell nearly 440 points, or more than 1.2%.
In the end, the three major indexes closed down collectively. The Nasdaq closed down 2.07%, falling more than 2% on the fifth day of the month to 13174.65 points, refreshing Monday's closing low since March 15, while the S & P closed down 1.48% at 4393.66 points, close to Monday's low since March 16, and the Nasdaq closed down for two consecutive days. The Dow closed down 368.03 points, or 1.05%, ending two days of gains and falling off Wednesday's March 30 closing high.
Russell 2000, a small-cap stock index dominated by value stocks, closed down 2.29%, bidding farewell to two days of gains and outperforming the market. The technology-heavy Nasdaq 100 index closed down 1.99% for two days in a row.
The S & P 500 closed lower across the board, led by energy that fell more than 3 per cent, while communications services in Meta and Netflix Inc's sector, which fell more than 4 per cent on Wednesday, fell more than 2 per cent, with the exception of consumer necessities down more than 0.1 per cent and real estate down more than 0.6 per cent.
Most leading technology stocks continued to close lower, with Tesla, Inc., who closed up more than 3 per cent, outperforming the nearly 12 per cent gain seen in early trading. Among the six major technology stocks in the former FAANMG and now GANMMA, Netflix Inc, who closed down 35% on Wednesday, closed down more than 3.5%, the lowest since January 2018, and Meta, which fell nearly 8% on Wednesday, the biggest decline in 11 weeks. Meta closed down nearly 6.2%, the lowest since April last year. Amazon.Com Inc closed down 3.7%, Alphabet Inc-CL C's parent company Alphabet fell more than 2.5%, Microsoft Corp fell more than 1.9%, Apple Inc fell nearly 0.5%.
Chip stocks overall outperformed the market, with the Philadelphia semiconductor index and semiconductor industry ETF SOXX both closing down nearly 2.7 per cent. Among the IT stocks in the S & P 500, Yingweida fell more than 6%, Qualcomm Inc fell 3%, Lam Research Corp fell more than 2%, Intel Corp, Applied Materials Inc, Seagate Technology fell more than 1%, Broadcom Ltd fell more than 0.8%.
Other streaming stocks affected by Netflix Inc's sharp fall on Wednesday also continued to fall, with Roku (ROKU) closing down more than 9% on Wednesday, Warner and Discovery's combined Warner Bros. Discovery (WBD) closed down more than 6% for the second day in a row, and Walt Disney Company (DIS) and Paramount Global (PARA), which fell more than 5% and 8%, respectively, fell more than 2% on Wednesday.
Among the stocks that reported results, AT&T Inc (T), whose first-quarter earnings beat market expectations and whose core business revenue grew 2.5%, closed up 4%. DOW (Dow) and CSX (CSX), which earned and earned higher than expected in the first quarter, performed differently, with the former closing down more than 1% and the latter up more than 2.8%. Despite higher-than-expected earnings and revenue in the first quarter, Blackstone Group Inc (BX) opened low, closing down more than 6%. Xerox (XRX), whose first-quarter earnings fell far below expectations, closed down nearly 15.7 per cent; Carvana (CVNA), whose first-quarter losses exceeded expectations, closed down more than 10 per cent. In addition, due to strong booking growth, American Airlines (AAL), which forecast pre-tax profit in the second quarter and said March became the first month during the epidemic that its revenue exceeded the 2019 level before the outbreak, closed up 3.8 per cent, while UAL, which updated its performance guidance and expected to turn a profit for the first time since the outbreak of the new crown outbreak, closed up 9.3 per cent.
Most popular US-listed stocks continued to fall, with ETF KWEB and CQQQ closing down 5.2 per cent and 4.6 per cent, respectively. The Nasdaq Golden Dragon China Index (HXC) closed down nearly 5.2 per cent. Of the four constituent stocks on the Nasdaq, Pinduoduo, JD.com, Baidu, Inc. and NetEase, Inc closed down nearly 6.9%, 5.7%, 5.2% and 3.7%, respectively. Among the other stocks, iQIYI, Inc. closed down nearly 15%, NIO Inc, Weibo, Tencent and LUCKN COFFEE DRC fell about 5%, NetEase, Inc youdao fell nearly 5%, XPeng Inc., Li Auto, New Oriental Education & Technology fell more than 4%, Alibaba, China General e-cigarette first RLX Technology fell more than 3%, TAL Education and Dingdong fell more than 2%, while Zhihu Inc. closed up about 0.6%.
Russia's benchmark stock index, the MOEX index, fell as soon as it rebounded on Wednesday, closing down nearly 2.6%, refreshing Tuesday's lowest close since Feb. 24. Most of the energy, financial and aviation giants fell. Aeroflot, the Russian airline that rose more than 6 per cent on Wednesday, fell more than 4 per cent. Russia's Gazprom, which rose more than 1 per cent on Wednesday, closed down nearly 4 per cent.
Pan-European stock indexes rose for two days in a row. The European Stoxx 600 index closed at its highest level since April 5. Most of the stock indexes of major European countries continued to rise, with the French index, which hit a three-week high, up more than 1%, while German, French and Spanish stocks rose for two days in a row, while the British and Italian stock indexes fell. Only seven sectors failed to close higher on Thursday, while basic resources in the mining sector, where Anglo American's British shares closed down 8.8 per cent, fell more than 2.3 per cent and continued to lead the decline after falling 2.6 per cent on Wednesday. Among the 12 sectors that closed higher, industry and engineering, which rose more than 1.7%, led the way, while chemicals, retail and banks all rose more than 1%.
At one point, 10-year Treasury yields rose more than 10 basis points. Ten-year US inflation expectations hit an all-time high. Two-year German bond yields hit an eight-year high.
European government bond prices resumed their decline after rebounding on Wednesday, and yields rebounded. The yield on UK 10-year benchmark government bonds closed at 2.01% on Thursday, up 10 basis points on the day, breaking 2.0% for the first time since December 2015. The yield on 10-year German bunds closed at 0.94%, up 9 basis points on the day, and broke through 0.97% in intraday trading. refresh Tuesday's high since July 2015 The two-year German bond yield broke through 0.20% in intraday trading, the highest level since 2013, with an intraday rise of 15 basis points and the biggest daily rise since 2011.
After plunging 10 basis points a day on Wednesday, the yield on the 10-year benchmark Treasury note rose significantly from just over 2.90 per cent to above 2.95 per cent on Thursday, up nearly 12 basis points on the day, approaching the high since December 2018 set by 2.98 per cent in early trading on Wednesday, and closing at about 2.90 per cent and up about 7 basis points on the day.
The yield on the more interest-sensitive two-year us bond approached 2.73 per cent after Mr Powell spoke, its highest intraday high since December 2018 and rose 10.2bp to 2.678 per cent in late trading in new York.
Among the indicators of market inflation expectations, the flat inflation rate of US inflation protected bonds (TIPS) rose above 3.03 per cent at midday to 3.0393 per cent in late trading in New York, breaking the all-time high of 3.0274 per cent set on March 24, up 9.04bp on the day.
The yen fell close to a 20-year low on the 15th, after the dollar index broke through 100 to a week's low, the euro rose in intraday trading and fell after hitting a new high in more than a week.
The yen broke through a fresh session high of 127.80 against the dollar in early trading in Asia, and then quickly fell. After European stocks rose before trading, US stocks fell again at the beginning of the session. Us stocks fell below 128.70 when they refreshed their daily lows in early trading, and US stocks closed at close to 128.30, down more than 0.3% during the day. Although it did not fall below 129.00 as it did on Wednesday when it hit its lowest level since April 2002, it has fallen for 15 consecutive trading days. For the second day in a row, it broke the longest losing streak on record set on Tuesday.
EURUSD rose above 1.0930 in early trading, hitting its highest level since Monday, April 11. It rose nearly 0.8% on the day, and then continued to fall. Us stocks accelerated their decline after opening, and US stocks fell in early trading. Us stocks closed above 1.080 and fell less than 0.1 per cent on the day.
The ICE dollar index (DXY), which tracks a basket of the dollar's six major currencies, fell below 99.90 at the beginning of the day, fell below the 100.00 mark for the first time since Thursday, April 14, and fell nearly 0.6% during the day, before rebounding. European stocks rallied to 100 in intraday trading, while US stocks smoothed out all their losses and rose in early trading, rising below 100.60 at midday highs and up nearly 0.25 per cent during the day.
By Thursday's close, the dollar index was above 100.50, up nearly 0.2% on the day, while the Bloomberg dollar spot index rose 0.4%, erasing most of Wednesday's losses and close to Tuesday's high since June 2020.
The Russian rouble closed at 74.785 against the dollar, up more than 2.1% on the day, and rose for five consecutive days after falling for five consecutive days. It rose above 73.40 in intraday trading, approaching the highest level since November last year when it rose to 71 on April 8.
The offshore renminbi (CNH) fell against the dollar for three consecutive days, falling 359 points from late Wednesday in New York at 05:59 Beijing time, while US stocks fell as low as 6.4828 at midday, falling below the 6.4828 mark for the first time since Sept. 22 last year.
Crude oil rose more than 1%, cloth oil broke away from a week's trough, European natural gas rose more than 6%, the biggest increase in three weeks.
International crude oil futures. Us WTI June crude oil futures closed up 1.56% at $103.79 a barrel, rising for two days in a row, further breaking from Tuesday's trough since April 12. Brent June crude oil futures closed up 1.43% at $108.33 a barrel, ending two consecutive days of losses and closing at a two-day low on Wednesday.
European natural gas rose further. ICE UK gas futures closed up 6.18 per cent at 188.87 pence per kcal, while TTF benchmark Dutch gas futures closed up 6.19 per cent for two consecutive days, the biggest close since March 30th.
U. S. gasoline and natural gas futures rose. NYMEX May gasoline futures closed up 1.6 per cent at $3.339 a gallon for two consecutive days, while NYMEX May natural gas futures closed up 0.3 per cent at $6.957 per million British thermal units, saying goodbye to two days of losses, but apparently failed to offset the decline of more than 8 per cent in the previous two days, especially on Tuesday.
Near its 15-year high, gold has fallen three times in a row to hit a new low in more than a week.
London base metal futures mostly rose on Thursday, only Len lead and Lunxi fell, both falling for two days in a row, Len lead fell to an one-week low. Lun Aluminum rose for two days in a row, closing close at nearly $3300 for the first time since Friday, April 8. Lenny and Zinc, which fell back on Wednesday, rebounded, reaching a nearly one-month high, close to the highest level set on Tuesday since January 2006. Lun Copper ended two days of consecutive losses and emerged from its trough in more than a week.
New York gold futures fell for three days in a row, while COMEX June gold futures closed down 0.4% at $1948.20 an ounce, hitting a two-day low since Monday, April 11, and closing below $1950 for the first time since April 11.
Edit / somer