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收盘:标普反弹失利逼近熊市,中概股逆市走强

Closing: S&P's rebound and loss approached a bear market, and China Securities strengthened against the market

華爾街見聞 ·  May 20, 2022 07:09

The S & P Dow hit a 14-month low, with the Nasdaq rising more than 1 per cent to a new low in more than a week. Walmart Inc fell nearly 3 per cent and his sector fell nearly 2 per cent. S & P; Target Corp fell more than 5 per cent and Cisco Systems fell nearly 14 per cent; Pinduoduo rose 9 per cent and JD.com and Baidu, Inc. rose more than 5 per cent. The pan-European stock index hit an one-week low, Nestl é fell 5%, and the food sector fell nearly 4%. Personality Valneva rose 17%.

The 10-year u.s. yield fell below 2.8% to a three-week low, down more than 20 basis points from Wednesday's high. The dollar index posted its biggest intraday decline in more than a year and a two-week low, while the offshore renminbi reached a new high in more than a week. Us oil, which fell more than 4 per cent in intraday trading, closed up more than 2 per cent, shaking off the danger of falling to an one-week low. Shanghai Nickel Nickel rose more than 5% in night trading, while Lunni ended four consecutive declines, the biggest increase in nearly two months. Gold posted its biggest gain in more than five weeks and a new high in more than a week.

Last week, the number of people applying for unemployment benefits for the first time in the United States was higher than expected. In May, the Philadelphia Fed's manufacturing index was much lower than expected, and US stocks were still under downward pressure. Investors weighed high inflation eroding corporate profits and the prospects for economic growth under the Fed's tightening monetary environment. The Dow, which fell more than a thousand points on Wednesday and the S & P posted its biggest decline in nearly two years, further dipped into the trough in more than a year. Walmart Inc, a constituent stock, fell for the third day in a row after its performance thundered, hitting a new low for more than two years. Target Corp, another roaring retail giant, also continued to fall, although the decline was moderate from Wednesday's 25 per cent drop, the biggest drop since 1987, and still hit a two-year low.

Raw materials stocks, health stocks and some leading technology stocks rebounded, pushing the Nasdaq and the S & P, which wiped out $1.5 trillion of market capitalization on Wednesday, to rise in intraday trading, but closed down, with the S & P down nearly 19% from its high at the start of the year and close to a bear market. Amazon.Com Inc, which fell more than 7 per cent on Wednesday, rose 2.7 per cent in intraday trading, and its sector rose against the market after leading the decline on Wednesday. Cisco Systems, whose revenue was lower than expected in the first quarter and unexpectedly declined instead of increasing in the second quarter, fell sharply in double digits, second only to Walmart Inc's plate. A number of hot Chinese stocks rebounded strongly, with four Nasdaq 100 stocks led by Pinduoduo up at least 2 per cent.

European stocks also continued to fall. Affected by the thunderous performance of Walmart Inc and Target Corp, British fast consumer giant Unilever, British wine giant Diageo, and Swiss-listed food giant Nestl é fell at least nearly 4%, while food stocks led European stocks lower. Valneva, a French pharmaceutical company that has been accepted by EU regulators to authorize its COVID-19 vaccine, has risen by double digits.

Investors' concerns about the economic outlook continued to stimulate safe-haven demand, with European and American government bond prices rising further and yields continuing to fall. Benchmark 10-year US bond yields fell below 2.80 per cent for the first time since late April, down more than 20 basis points from Wednesday's one-week high, while German bond yields fell more than 8 basis points a day for the first time in a week. Most non-US currencies are more attractive to buyers, and the dollar index fell sharply, the biggest intraday decline in more than a year, falling below 103.00 for the first time in two weeks. The offshore renminbi rose in intraday trading, recovering the 6.72 mark at one point, reaching its highest level since Tuesday on the second day of the week.

Investors are concerned about the resumption of work and production in Shanghai and the strengthening of China's stable growth policy. Among commodities, London base metals rose across the board for the first time since late March, with leader Lunni rising more than $2000 a day for the first time since the Castle Peak Group suffered an "epic push" in late March. LME nickel stocks fell 1.1 per cent for the 10th consecutive day to a 29-month low, according to the latest data. International crude oil staged a V-shaped reversal in intraday trading, with US WTI crude, which once fell more than 4 per cent, closed up more than 2 per cent, avoiding the danger of falling to an one-week low. Gold also rebounded strongly, with its biggest one-day gain since early April, boosted by falling yields on the dollar and Treasuries.

The S & P Dow hit a 14-month low Walmart Inc's sector led the decline Pinduoduo rose 9 per cent food led European stocks lower

The three major US stock indexes collectively opened low, refreshing their daily lows less than half an hour later. The Dow Jones Industrial average fell more than 470 points, down 1.5%, the S & P 500 and the NASDAQ fell 1.2% and 0.9%, respectively. Since then, the Nasdaq took the lead in early trading and was up nearly 1.3% at the end of the morning. The S & P rose at the end of the morning and rose again in the short term at midday, but eventually fell, and the Dow kept falling throughout the day.

In the end, the three major indexes closed down for two days in a row, which was more moderate than on Wednesday. The Dow, which closed down nearly 1160 points or 3.6 per cent on Wednesday, closed down 236.94 points, or 0.75 per cent, at 31253.13, setting a two-day low since March 4 last year and a 14-month low on the seventh day of the last nine trading days. S & P, which closed down 4 per cent on Wednesday, closed 0.58 per cent lower at 3900.79, the lowest since March 24, the fourth day of the last seven days to close at a 14-month low, and on Wednesday refreshed the lowest level set on Wednesday and Thursday since March 25 last year. The Nasdaq, which closed 4.7 per cent lower on Wednesday, closed 0.26 per cent lower at 11388.5, the lowest close since Thursday, May 12.

The Russell 2000 small-cap stock index, which fell more than 3 per cent on Wednesday, closed 0.08 per cent higher, outperforming the broader market despite giving up most of its gains of more than 1 per cent. The technology-heavy Nasdaq 100 index closed down 0.44%, closing at its lowest level since November 12, 2020, falling for two days in a row, but four Chinese stocks, including Pinduoduo, rose against the market.

Of the S & P 500 sectors, only health care rose nearly 0.7 per cent, materials rose more than 0.2 per cent and Amazon.Com Inc's discretionary consumer goods rose more than 0.1 per cent on Thursday. Consumer necessities in Walmart Inc's sector, which fell nearly 2 per cent, led the decline, followed by IT, where Cisco was down more than 1 per cent, with industry falling more than 0.9 per cent and real estate and utilities at the bottom of the decline of about 0.2 per cent.

Most leading technology stocks continued to fall. Tesla, Inc., who had risen more than 3 per cent in intraday trading, closed slightly lower, hitting a new low since October last year. Of the FAANMGA's six largest technology stocks, Apple Inc closed down nearly 2.5 per cent to its lowest level since July last year, Alphabet Inc-CL C's parent company Alphabet fell nearly 1.4 per cent, the lowest since April last year, Facebook Inc parent company Meta fell nearly 0.5 per cent, Microsoft Corp fell nearly 0.4 per cent to a low since June last year, while Netflix Inc closed up nearly 3.6 per cent, shaking off the danger of refreshing its low since September 2017. Amazon.Com Inc closed up nearly 0.2 per cent, coming out of the trough since April last year.

The market capitalization of FANG's big four technology stocks has lost $2, 000bn from its record high in November.

Among the stocks that reported results, Cisco Systems (CSCO) closed down 13.7%, the lowest since November 2020. Although profits and income in the first quarter were higher than expected, Bath & Body Works (BBWI), which lowered its full-year profit guidance due to inflation and increased investment, closed down 6.8%. First-quarter EPS earnings were much lower than expected and lowered its annual profit and sales guidance, but said potential buyers were expected to close 4.4% higher than the chain department store giant Kohl's (KSS), which announced its final acquisition offer within a few weeks. Canadian goose (GOOS) and software company Synopsys (SNPS), whose quarterly earnings and revenue were higher than expected, closed up 10% and more than 10.2%, respectively. BJ's Wholesale (BJ), which saw better-than-expected quarterly earnings and better-than-expected same-store sales, closed up 7.4 per cent. In addition, Walmart Inc and Target Corp, who reported results on Tuesday and Wednesday, respectively, closed down more than 2.7 per cent and 5.1 per cent respectively, reaching their lowest levels since March 2020 and September 2020 respectively, both less than the nearly 25 per cent and nearly 7 per cent decline on Wednesday.

Among the other volatile stocks, HOG, which suspended most vehicle shipments for two weeks because of supplier-related parts problems, closed down 9.3 per cent; announced that CEO would step down on June 1 and was subsequently downgraded by Morgan Stanley from overweight to UAA, which closed down 11.9 per cent.

Most of the hot US stocks that fell on Wednesday rebounded and outperformed the market, with ETF KWEB and CQQQ closing up about 3 per cent and 4 per cent, respectively. The Nasdaq Golden Dragon China Index (HXC) closed 3.2 per cent higher. Of the four constituent stocks in the Nasdaq 100 index, Pinduoduo closed up nearly 9%, JD.com nearly 5.7%, Baidu, Inc. nearly 5.5%, and NetEase, Inc nearly 1.9%. Among other stocks, TAL Education is up more than 13%, New Oriental Education & Technology Group is up more than 11%, iQIYI, Inc. is up more than 8%, Dada is up more than 7%, Jinshan Cloud is up nearly 6%, NIO Inc. Motor is up more than 5%, DouYu International Holdings Limited is up more than 4%, Tencent powder is up more than 3%, Vipshop, XPeng, Li Auto and e-cigarette first RLX Technology is up more than 2%, Alibaba is up more than 0.4%, while NetEase youdao is down more than 5% and Trip.com is down more than 2%.

As for European stocks, the pan-European stock index fell for two days after rising for three days in a row. Europe's Stoxx 600 index fell more than 1% for two days in a row, its lowest close since May 12. Stock indexes of major European countries fell across the board. Among stocks, wine giant Diageo fell nearly 5.1%, Swiss-listed Nestl é fell about 5%, and British fast consumer giant Unilever fell 4.8%, sending food and beverages down about 3.8%, leading declines among sectors that collectively closed lower. However, Valneva, a French drug company, jumped 16.9%.

The 10-year Treasury yield fell below 2.8% in intraday trading to a three-week low, down more than 20 basis points from Wednesday's high.

Most European bond prices continued to rise, with German bond yields falling by the biggest one-day drop in a week. By late European trading, the yield on UK 10-year benchmark government bonds was roughly unchanged at 1.865 per cent at the same time on Wednesday, with a daily low of 1.774 per cent before departing from US stocks, while German bunds fell 8.1 basis points to 0.949 per cent in the same period. Intraday trading was in a range of 1.046%. 0.901%.

The yield on the benchmark US 10-year Treasury note rose above 2.92% in the Asian market, rising about 3 basis points during the day. European stocks gave up all the gains and fell before the session, and then all the way down. Us stocks fell below 2.80% before the session and at one point measured 2.78%. Lost 2.80% in intraday trading for the first time since April 28, last Thursday. It fell more than 20 basis points from Wednesday's intraday high above 3.00% on May 11, and then moderated to about 2.85% at the close of trading in the United States, down 4 basis points on the day.

The dollar index posted its biggest intraday decline in more than a year and a two-week low for the offshore RMB, a new high in more than a week.

The ICE dollar index (DXY), which tracks a basket of the dollar's six major currencies, failed to repeat its midday rally on Wednesday. At the beginning of European trading, it approached a new day high of 103.90 and rose less than 0.1% during the day. European stocks continued to fall after opening, with US stocks falling below 103.00 at the beginning of the day, and US stocks fell below 102.70 at midday, down 1.1% on the day, the biggest decline since November 2020. It hit its lowest level since Friday, May 6, for the second consecutive day on Wednesday.

By Thursday's close, the dollar index was at 102.80, down nearly 1% on the day, while the Bloomberg dollar spot index fell 0.9%, its lowest level since may 4.

Offshore RMB (CNH) rebounded in intraday trading at the end of three consecutive gains on Wednesday. European stocks approached the 6.79 mark in early trading to refresh their daily lows and fell 77 points during the day, and then continued to rise. Us stocks broke through 6.72 when they were high in early trading, refreshing the intraday high set on Tuesday from May 10th, rising 715 points from the intraday low. By 04:59 Beijing time on the 20th, the offshore RMB was trading at 6.7253 yuan against the dollar. It was up 554 points from late Wednesday in New York.

Us oil, which fell more than 4% in intraday trading, closed up more than 2% to get rid of the danger of falling to an one-week trough.

International crude oil futures reversed sharply in intraday trading, ending a two-day losing streak. When the US stock market refreshed its daily low before trading, US WTI crude fell below US $105.20 and fell nearly 4.2% during the day. Brent crude fell to US $105.7, down more than 3.1% during the day, and then continued to recover, and US stocks smoothed out all their losses and rose in early trading.

In the end, WTI June crude oil futures closed 2.39 per cent higher at $112.21 a barrel, while Brent July crude oil futures closed 2.68 per cent higher at $112.04 a barrel, which, like US oil, would be the lowest since May 10 if it remained at a daily low.

Us gasoline and natural gas futures continue to rise and fall. NYMEX June gasoline futures closed up 3% at $3.832 per gallon. After closing down 2% and 5.6% on Monday, NYMEX natural gas futures closed up 0.77% at $8.3680 per million British thermal units on Tuesday and Wednesday, closing down 0.7% at $8.308 per million British thermal units, falling to a three-day high set on Wednesday since Thursday, May 5.

Natural gas fell in Europe. ICE UK gas futures closed down 7.28% at 168.74 pence per kcal for two days, while TTF benchmark Dutch gas futures closed down 3.72% at 91.024 euros per megawatt, ending two days of gains.

Shanghai Nickel Nickel rose more than 5% in night trading, ending four consecutive declines in the past two months, gold reached the biggest gain in more than five weeks and a new high in more than a week.

London base metal futures closed higher on Thursday for the first time since March 30. Lenny, which led the rally, not only ended four consecutive days of losses and got rid of the trough since early March, but also rose more than $2000 a day and closed up more than 7.9%. It was the biggest one-day gain in nearly two months since the Castle Peak Group suffered an "epic push into the sky" in late March, and closed back the $28000 mark for the first time since last Tuesday.

Lun lead, Lun Zinc and Lun Xi all rebounded after falling back on Wednesday. Lun lead temporarily left its low since late April last year. Lun Zinc closed above US $3700 for the first time in nearly two weeks. Lunxi, which fell by thousands of US dollars on Wednesday, closed above US $34000 for the first time in more than a week, shaking off Wednesday's trough since September last year. Lun Copper and Lun Aluminum, which said goodbye to three consecutive days of gains on Wednesday, also rebounded, with Lun Copper closing above $9400 for the first time in two weeks, while Lun Aluminum also hit a two-week high.

The upsurge of Lunni also led to higher domestic nickel futures. At one point, shanghai nickel rose 6% in night trading on Thursday, closing up 5.11%. Shanghai tin closed up 2.87%, Shanghai aluminum 2.06%, Shanghai zinc 1.29%, Shanghai lead 0.78%, and Shanghai copper 0.66%.

New York gold futures continued to rise since European stocks rose in early trading, easily erasing all the losses that fell on Wednesday. COMEX June gold futures closed up about 1.4%, the biggest one-day gain since April 12, to $1841.20 an ounce and the highest close since Wednesday, may 11.

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