The initial value of durable goods orders in the United States rose 0.4% in April from the previous month, lower than expected and halved from the previous value. Germany, Europe's largest economy, barely avoided a recession with GDP growth of 0.2% in the first quarter of this year. The European Central Bank has warned that the conflict between Russia and Ukraine exacerbates financial risks in the eurozone.

Although the Fed's "second leader" vice chairman Brainard reiterated that high inflation is the biggest challenge, Wall Street is talking about "when the Fed will surrender" in the face of cooling economic data such as the housing market and business confidence. The swap market no longer expects FOMC to raise interest rates by 50 basis points each in June and July.

The minutes of the Fed's May FOMC meeting, which raised interest rates by 50 basis points, the biggest in 22 years, remained hawkish. Most officials supported raising interest rates by at least 50 basis points each at the next two meetings. Raising rates to a level that limits economic growth "is likely to become appropriate", but also provides flexibility for later this year and "may even end in the second half of the year". U. S. stocks rose, the dollar narrowed gains, and two-year Treasury yields halved.

Klaas Knot, governor of the Dutch central bank, who called for a 50 basis point increase in interest rates in July a few days ago, said that the ECB may not discuss shrinking the table for the rest of this year and next year, and that the current policy focus is only on interest rates. The delayed contraction is a dovish signal that runs counter to the Fed.

After the release of the Federal Reserve minutes in May, US stocks rose to session highs, the Dow rose in late trading, and technology stocks reported poor results after QQQ fell after the session.

On Wednesday, May 25, U. S. stocks returned to volatility, with technology and retail stocks leading the rally. But Snowflake Inc software stocks favored by NVIDIA Corp and Buffett reported poor results and fell sharply in after-hours trading, dragging down 0.9 per cent of QQQ in after-hours trading.

The three major indices opened lower at the start of the day, with the Dow down more than 100 points, the S & P 500 down 0.3% and the Nasdaq down 0.3%. The main indexes rose one after another within minutes and hit session highs before midday. The Dow rose more than 220 points, or 0.7%, at one point above 32000, the S & P up 1%, the Nasdaq up 154 points or 1.4%, the Nasdaq up 1.3%, and Russell small-cap stocks up 1.8%. By midday, the s & p energy sector was up more than 1%, hovering around its highest level since November 2014, while the recently battered consumer discretionary sector rose nearly 3%.

Before the release of the minutes of the Federal Reserve meeting at 2pm in the US East, the Dow fell more than 50 points or 0.2 per cent, the S & P market gains significantly narrowed to more than 0.1 per cent, the Nasdaq and Nasdaq 100 gains narrowed to 0.5 per cent, and Russell 2000 small-cap stocks, which account for most of the value, narrowed to 1 per cent.

While the minutes suggest that the Fed may be more aggressive than the market expected, it also provides room for flexibility at the end of the year, with late gains in US stocks expanding and refreshing session highs and the Dow rising again. Non-essential consumer goods and energy performed best, up 2.8% and nearly 2%, respectively.

At the close, the Dow rose for four consecutive days, recovering more than half of its decline since May 17, closing up nearly 192 points, or 0.60%, at 32120.28. The s & p 500 index closed up 37.25 points, or 0.95%, at 3978.73, down more than 17% from a 52-week high set in early January and hovering on the brink of a bear market. Both the Nasdaq and the NASDAQ 100 have rebounded from yesterday's lowest levels since November 2020. The Nasdaq closed up 170.29 points, or 1.51%, at 11434.74. The Nasdaq 100 closed up 1.48%, while Russell small-cap stocks rose nearly 2%.

Most star technology stocks rose. Meta Universe Meta rose 1.4 per cent and rebounded from an one-month low. Amazon.Com Inc rose 2.6%, the lowest since April 2020. Apple Inc fell more than 1% and then rose, hitting the lowest level since July 2021 last Thursday. Microsoft Corp stopped falling and rose more than 1%, Nai soared more than 4%, and Alphabet Inc-CL C's parent company, Alphabet, fell slightly, falling for two days to the lowest since March 2020. Tesla, Inc. rose nearly 5 per cent and rebounded from its lowest level since June last year. Social media Snap Inc, which fell 43 per cent yesterday and spooked technology stocks, rose 10.7 per cent, but its share price is still broken.

Buffett's favorite U. S. SaaS software company Snowflake Inc adjusted profit margin in the first quarter was smaller than expected, plunged 14% in after-hours trading and broke. Nvidia, which had a poor second-quarter revenue outlook, fell more than 8 per cent in after-hours trading, dragging down 0.9 per cent on ETF QQQ, which tracks the Nasdaq 100.

Chip stocks are also beating uneasily. The Philadelphia semiconductor index rose 2% and rebounded from a two-week low. Intel Corp stopped falling and rose more than 1%. After falling 2%, NVIDIA Corp rose 1.6%, while NVIDIA Corp rebounded from an one-year low. Morgan Stanley believes that semiconductor stocks suffered a serious sell-off in 2022, which has created opportunities for the back cover to be long.

Investors are concerned about the impact of high inflation reflected in the retail earnings season on consumers, as U.S. department store stocks rallied on Wednesday on the back of Nordstrom's results and a positive full-year outlook:

Nordstrom rose 14% to recoup a week's decline. Rose department store rose more than 6%, closed up nearly 5%, Target Corp rose more than 4%, but Walmart Inc rose 0.4% and then fell 0.6%.

Dick sporting goods company reported a good quarter but lowered its full-year outlook, falling nearly 11% at the start of the session and hitting a 52-week low, but then rose and surged nearly 10%, rebounding from yesterday's lowest since January 2021.

Cole Department Store rose nearly 18% and triggered a circuit breaker at one point, closing up nearly 12%, rebounding from yesterday's lowest since November 2020, with news that bidders were still interested in buying the company amid market turmoil and poor financial results. ready to make a binding but relatively low offer. However, Simon Real Estate, the largest real estate company in the United States, later said it had no plans to buy Cole.

Other stocks with significant changes include:

3C retail giant Best Buy stopped falling and rose nearly 9%, recovering most of its losses since last Tuesday. On Tuesday, the company reported mixed first-quarter results and downgraded its full-year outlook, while Barclays also downgraded it, citing a slowdown in consumer demand for electronics.

Intuit, a tax software company, posted better-than-expected revenue and profits in the first quarter and raised its outlook for the second quarter, with shares rising more than 8 per cent to a three-week high. Toll Brothers, a homebuilder, reported better-than-expected results, sending its shares up nearly 8% and driving up other builders. Express, a clothing company, posted a lower-than-expected first-quarter loss and improved revenue guidance, and its shares closed up nearly 7 per cent after rising 12.6 per cent.

Us fast-food chain Wendy's Company rose nearly 10 per cent, close to recovering all its losses since May 10, and Trian Fund Management, a well-known activist hedge fund, said as a shareholder that it would explore a deal that would allow it to control the fast-food chain.

Valvoline, a well-known automotive lubricant brand, jumped as much as 23% to a three-and-a-half-month high, closing up more than 12%. Saudi Aramco, which overtook Apple Inc to become the world's largest listed company by market capitalization two weeks ago, approached Shengpai about a potential acquisition, according to people familiar with the matter.

There is a global surplus of COVID-19 vaccines, and Modena dropped more than 3 per cent after throwing 30 million doses of vaccine into the dustbin. Verrica Pharmaceuticals fell nearly 64%, dragging down the Nasdaq biotechnology index.

Moore, head of automotive projects at Apple Inc, has changed jobs and will become vice president of Luminar Technologies, a self-driving car sensor and software company. Luminar stopped falling and closed up 8.5 per cent, rebounding from yesterday's all-time low, but fell more than 2 per cent in after-hours trading.

Exxon Mobil Corp, the US oil company, rose more than 2 per cent, with its intraday market capitalization exceeding $400 billion for the first time since 2014, closing higher on xx, the highest since late 2014. Its shares have doubled and risen 131 per cent this year, while the S & P 500 energy index is up 125 per cent over the same period.

Hot Chinese stocks followed the broad rise of US stocks. ETF KWEB rose 2.9 per cent, and the Nasdaq Golden Dragon China Index (HXC) rose nearly 2 per cent. Of the four constituent stocks on Nasdaq, JD.com rose 1.2%, Baidu, Inc. 3.1%, Pinduoduo 3.7% and NetEase, Inc 2.2%. Among other stocks, BABA fell 0.2%, Tencent ADR rose 1.3%, station B rose 3.1%, iQIYI, Inc. rose nearly 5%, and the new car-building forces all rose, with Li Auto Inc. leading the way.

European stocks closed higher and rebounded from the week's lows. The pan-European Stoxx 600 index closed up 0.63%, the euro zone Stoxx 50 index rose 0.81%, oil and gas stocks rose more than 2% and led gains, most industries and major countries closed higher, and Russia's MOEX index, Italian and Spanish stock indexes rose more than 1.5%.

The analysis points out that the core issue of recent market volatility is whether the recession will come. Due to the lack of major catalysts, corporate earnings and macroeconomic data remain the focus. Signs of a slowdown in the US economy could force markets to lower expectations of Fed interest rate hikes and inflation.

Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, pointed out that while the US does not see a recession as its baseline scenario, "the risk does seem to be higher than the level acknowledged by the Fed." His team expects the Fed to tighten less this year than currently expected: "Monitoring the real risk of recession and whether the Fed has correctly assessed it will be key to many asset allocation decisions in the coming months. "

Expectations of the central bank's "water collection" have cooled, and yields on European and American government bonds have fallen, with yields on two-year and 10-year Treasuries at four-week lows.

Market expectations for the Fed's "closing" have cooled, and 10-year US bond yields continued to fall in US stocks, falling for four days in the past five trading days, falling 5 basis points and losing 2.71 per cent at one point, and US stocks traded at 2.75 per cent in late trading, refreshing an one-month low.

The yield on 30-year long bonds fell nearly 5 basis points to a daily low of 2.92%. Us stocks rose and traded at 2.97% after midday, but basically gave up all their gains in May. The two-year yield, which is more sensitive to monetary policy, fell more than 5 basis points and lost 2.47 per cent, while US stocks traded at 2.50 per cent in late trading, maintaining a 2 basis point decline and refreshing an one-month low.

Yields on 10-year Treasuries, which hit a three-and-a-half-year high in early May, have fallen about 40 basis points since then. Antonio Cavarero, head of investment management at Generali Insurance, points out that the market is pricing that Fed tightening will eventually lead to an economic slowdown, and predicts that inflation will fall back to a more reasonable level in 2023.

Money market expectations of ECB monetary tightening are also cooling, with 10-year German bond yields falling 1.5 basis points to 0.952% in late trading and two-year German bond yields down 4 basis points. The yield on 10-year French bonds fell 1.5 basis points, while yields on 10-year Italian and western bonds fell 2.6 basis points, while the yield on 10-year gilts rose more than 2 basis points to 1.910 per cent.

Tight supply and peak summer travel in North America have boosted demand, raising international oil prices and natural gas in Europe and the United States.

WTI July crude oil futures closed up 56 cents, or 0.51 percent, at $110.33 a barrel. Brent July crude oil futures closed up 47 cents, or 0.41 percent, at $114.03 a barrel.

Us Oil WTI rose as much as US $1.89 or 1.7%, the daily high exceeded US $111, the international Brent July futures rose as high as US $1.74 or 1.5%, the daily high exceeded US $115, and August futures rose as high as 1.5%, and the daily high rose above US $112.

Tight supply, a surge in US refining activity and the imminent start of the summer travel peak in North America over the weekend have all contributed to higher oil prices, analysts said. However, the U.S. Energy Secretary revealed that the Biden administration does not rule out restricting oil exports to stabilize domestic fuel prices.

Last week, the capacity utilization rate of US refineries rose to 93.2%, the highest since December 2019. Us oil exports reached a weekly high of 4.3 million b / d in March 2020, and refined oil exports exceeded 6.2 million b / d, indicating strong demand and tight US gasoline stocks.

Next Monday is Memorial Day in the United States, and long weekend trips to North America are expected to be the busiest in two years, boosting fuel demand. The average price of unleaded gasoline in the United States hit a record high of $4.59 a gallon on Wednesday, up $1.56 or 51% from a year ago.

Affected by both supply shortages and booming demand, US natural gas futures rose more than 6 per cent in intraday trading, breaking through $9 per million British thermal units for the first time since 2008 on Wednesday. Near-month futures are up 143% this year, the biggest increase since 2000. European natural gas also rose, with ICE UK natural gas futures up nearly 9 per cent. Dutch natural gas futures, the benchmark TTF, rose more than 3 per cent, while EU carbon taxes fell more than 4.6 per cent.

The European Union is still unable to reach a consensus on a ban on Russian oil, and Hungary proposes to remove the issue from the agenda of a summit of EU leaders in the coming week. But the president of the European Council and French officials remain optimistic about reaching a deal. The EU has also set up an energy platform working group to further reduce energy dependence on Russia.

The dollar rebounded from an one-month low and fell for two days in a row, and the New Zealand dollar rose to a three-week high after hawks raised interest rates

The DXY, a basket of dollar indexes that measure the dollar against six major currencies, rose as much as 0.6 per cent on Wednesday, returning above the 102level, after falling about 3 per cent from a 20-year high set in early May. The euro retreated from an one-month high against the dollar, falling as much as 0.8% and losing 1.07. New Zealand raised interest rates for the fifth time in a row and sharply raised interest rates by 50 basis points on Wednesday, with the New Zealand dollar rising 0.8% against the US dollar to a three-week high.

Gold futures stopped rising four times in a row, gold stopped rising five times in a row, and growth concerns continued to put pressure on London Metals, with Lun Copper losing $9400.

The dollar rose and depressed gold prices, while COMEX June gold futures closed down 1% at $1846.30 an ounce, ending four days higher and falling from nearly two-week highs. Spot gold fell more than $23, or 1.3%, on the day, losing $1850 at one point, its highest decline since May 9, and ending five days of gains. Spot silver fell as much as 1.7% and lost $22.

Carsten Menke, an analyst at Julius Baer, believes that as the market has not yet seen the US economy slide into recession, the recent recovery in safe-haven demand for gold and silver should be temporary, with little room for prices to rise. Ricardo Evangelista, senior analyst at ActivTrades, also said that the FOMC minutes will show that the Fed is committed to maintaining its current hawkish stance, allowing the dollar to continue to put pressure on gold prices.

Most of London's base metals fell for two days in a row as the dollar rose and fears that slowing economic growth would lead to sluggish demand. LME copper fell for two days after stopping three straight gains, moving further away from a two-and-a-half-week high and losing a round figure of $9400 a tonne. Lun aluminum fell 1 per cent and lost $2900, while lun lead, which fell 3 per cent, stopped rising three times yesterday, while lun zinc fell 1 per cent but closed above $3700 for the fifth day in a row. But Lenny stopped falling for two days, closing up $238, or 0.9%, on Wednesday.