The three major US stock indexes all hit new highs in more than a week, with the Dow rising for five consecutive days; Macy's, the reported retailer, rose nearly 20 per cent, Dollar Tree rose more than 20 per cent and Dollar General rose more than 10 per cent; Tesla, Inc. rose more than 7 per cent and his sector rose nearly 5 per cent; NVIDIA Corp, who fell sharply in after-hours trading on Wednesday, rose more than 5 per cent; Zhihu Inc. rose more than 20 per cent and "Wei Xiaoli" rose at least nearly 8 per cent. The pan-European stock index hit a new high in more than a week, with the retail sector up nearly 5 per cent and LVMH up nearly 4 per cent.
The yield on 10-year Treasuries rose after hitting another one-month low in intraday trading. The ruble fell more than 10% against the dollar in intraday trading, falling off a four-year high, the dollar index fell close to a four-week low, and the offshore RMB fell 700 points to an one-week low. Buyou Lianyang hit a two-month high, and natural gas in the United States rose nearly 5% in intraday trading and hit a 14-year high before falling. Gold struggled to rise, escaping a two-day decline. Lunxilun Tonglun aluminum continues to hit a new low for more than a week.
Economic data are mixed: the number of first-time jobless applicants in the US was lower than expected last week and the revised GDP decline in the first quarter was higher than expected. And some retailers are doing well. In addition, there are comments that the minutes of the Fed's meeting earlier this month sent a signal that the Fed would continue to raise interest rates by 50 basis points in June and July, which has allayed the concerns of some investors about the Fed's more aggressive measures as expected by the market. this is also one of the upward drivers of the stock market.
The U. S. stock market rose further. Tesla, Inc. rose more than 8% in intraday trading and continued to lead the rise in blue-chip technology stocks, with the sector leading the rise in s & p. ARKK, ARK Invest's flagship fund, bought $28 million worth of Tesla, Inc. shares since Monday after it ceased to be its number one heavy stock for the first time last week, according to media. Macy's surged in revenue and profit in the first quarter and raised its full-year guidance, thanks to strong high-end demand. Dollar Tree and Dollar General, two discount retailers, also beat expectations in the first quarter and raised their guidance, with share prices soaring in double digits. NVIDIA Corp, who fell sharply after Wednesday's trading after the announcement of inferior revenue guidelines, opened low and left high. Snowflake Inc, another technology stock with poor guidance and slowing revenue growth, fell against the market, but the decline was moderated from Wednesday's after-hours slump. Hot Chinese stocks accelerated upward and outperformed the market, with higher-than-expected first-quarter revenues and profits of Baidu, Inc. and BABA up more than 10 per cent.
European stocks were also supported by the sector led by retail stocks and continued to rebound. The UK government launched a £15 billion stimulus package to support households to maintain consumer spending in the face of rising energy costs, with the share prices of a number of retailers higher and luxury giants such as LV's parent company soaring. Public utility stocks fell against the market, and after Britain imposed a 25% windfall tax on oil and gas companies, the market worried that the tax would be extended to public utilities. The Hungarian stock index fell in a rare way in Europe on Thursday after the Hungarian government announced a super-profit tax on industries such as finance and energy to boost revenue.
European and American stock markets rose as risk aversion cooled. European and American government bond prices fell, yields rebounded, and benchmark 10-year Treasury yields rose after continuing to refresh their lows since April. The dollar index, which rebounded on Wednesday, resumed its decline, falling to Tuesday's low since late April.
Russia's central bank again cut interest rates by 300 basis points more violently than expected, hinting at a further rate cut at the June meeting, with the rouble plunging in intraday trading, with the rouble falling more than 10 per cent against the dollar at one point, nearly 20 per cent below its four-year high set on Wednesday. The offshore RMB, which rose for four consecutive days on Wednesday, fell further against the dollar, breaking the 6.77 mark in intraday trading to an one-week low and down more than 700 points from its intraday high.
Among commodities, international crude oil continued to rise, even Brent crude, which hit a new high in more than a week, closed at $117, breaking the two-month high set last Monday. Commentators said that the EU is still considering a ban on Russian crude oil imports, Hungary is still an obstacle to agreement within the EU, but European leaders see the summit at the end of the month as an opportunity for a possible breakthrough. U. S. natural gas failed to maintain a rising trend in recent days, and fell after hitting its highest level since August 2008. Hedging against high inflation assets fell more than once in gold trading, with the help of a fall in the dollar, gold futures in New York barely closed higher, London base metals continued the momentum of most declines, Lunxilun aluminum continued to explore more than a week of lows, but Lenny continued to rebound.
The three major US stock indexes hit a new high for more than a week. Retail stocks such as Macy's Department Store soared. Tesla, Inc. 's sector led the rise and S & P almost outperformed the market.
When the three major u.s. stock indexes opened higher, the Dow Jones industrial average rose slightly more than 650 points, or about 2%, while the s & p 500 and the NASDAQ composite index rose more than 2.4% and nearly 3.2%, respectively.
Finally, the three major indexes rose for two consecutive days and the third day of the week, and are expected to accumulate higher throughout the week and end the trend of falling for many weeks. Leading the rally, the Nasdaq closed up 2.68% at 11740.65, the highest close since Friday, May 17. The s & p 500 closed up 1.99% at 4057.84, the third day in a row and the second straight high since may 17th. The Dow closed up 516.91 points, or 1.61%, at 32637.19, up for five consecutive days, the third consecutive day of its highest close since May 17.
Russell 2000, a small-cap stock index dominated by value stocks, closed up 2.17%. The technology-heavy Nasdaq 100 index closed up 2.79%, outperforming the market for two days in a row, and Russell 2000 both rose for two days in a row. Among the Nasdaq 100 constituent stocks, the top two gainers are Dollar Tree and Baidu, Inc., a Chinese stock.
All the S & P 500 sectors closed higher on Thursday, except for 0.1 per cent of real estate. Tesla, Inc. 's non-essential consumer goods rose nearly 4.9 per cent, while communications services of IT and Meta, the parent company of Facebook Inc, including finance, Apple Inc and NVIDIA Corp, rose more than 2 per cent. Industry rose about 2 per cent, with the exception of nearly 0.3 per cent of public utilities and more than 0.4 per cent of health care, other sectors rose at least more than 1 per cent.
Tesla, Inc. closed up more than 7.4%, leading technology stocks for two days in a row, far from Tuesday's trough since June last year. Among FAANMG's six largest technology stocks, Meta rose more than 4.2 per cent, Amazon.Com Inc about 4 per cent, Apple Inc more than 2.3 per cent, Microsoft Corp nearly 1.3 per cent, Netflix Inc 1.9 per cent, and Alphabet, Alphabet Inc-CL C's parent company, which hit a new low since March last year, rose nearly 1.9 per cent on Wednesday.
Chip stocks as a whole, the Philadelphia semiconductor index and semiconductor industry ETF SOXX both closed up 3.9%. Among the IT stocks of S & P 500, AMD closed up nearly 6.6%, Applied Materials Inc up 6%, Yingweida up more than 5%, Seagate Technology and Broadcom Ltd, who agreed to buy VMware for US $61 billion, rose more than 3%, Qualcomm Inc rose more than 2%, Lam Research Corp rose more than 4%, and Intel Corp rose 3%.
Among retailers, Macy's (M), which reported results on Thursday, closed up more than 19.4%, Dollar Tree Inc. (DLTR) closed up nearly 21.9%, and Dollar General Corp. (DG) closed up 13.7%; Nordstrom (JWN), which rose 14% on Wednesday, closed up nearly 5.3%; and BBY (BBY), which cut its full-year outlook on Wednesday, closed up nearly 2.5%. Kohl's (KSS), which rose 12% on Wednesday after the news of bidders' intention to buy, closed up nearly 6.5%. Last week's stormy ROST, Target Corp (TGT) and Walmart Inc (WMT) closed up more than 6.9%, 4.3% and 2.1%, respectively. Ulta Beauty (ULTA) closed up more than 6% after announcing higher-than-expected quarterly revenue and profit. After announcing a cut in its full-year profit guidance and saying that low-income customers felt inflationary pressure, Gap (GAPS), which closed up more than 4 per cent, fell more than 13 per cent; American Eagle (AEO), which reported lower-than-expected quarterly revenue, fell more than 10 per cent after closing up more than 3 per cent; and Costco (COST), which closed up more than 5 per cent, fell more than 2 per cent after reporting better-than-expected first-quarter revenue but weaker-than-expected same-store sales.
Among the other stocks that reported results, LULU, which was upgraded by Morgan Stanley to overweight, closed up 10.3 per cent; Williams-Sonoma (WSM), whose quarterly earnings and revenues were higher than expected, closed up 13.1 per cent; Nutanix (NTNX), which reported weak earnings guidance and said it was facing supply chain problems, closed down nearly 23 per cent; and Meditronic (MDT), which had worse-than-expected quarterly results and blamed pressure on supply chain problems, closed down 5.8 per cent. In addition, Snowflake Inc, who fell more than 16 per cent after trading on Wednesday, closed down nearly 4.6 per cent, while SNOW, which closed up more than 1 per cent, reported higher-than-expected first-quarter earnings after rising more than 5 per cent in after-hours trading.
Among the more volatile stocks, TWTR closed up 6.6 per cent after Mr Musk added $6.25 billion to acquire Twitter's equity financing pledge, while KHC, which was downgraded by UBS because of rising inflation and competition, closed down 6.1 per cent.
Hot Chinese stocks have generally risen over the past few days, outperforming the market, with ETF KWEB and CQQQ closing up about 7.5 per cent and 4.4 per cent respectively. The Nasdaq Golden Dragon China Index (HXC) closed up nearly 7.6 per cent. Of the four constituent stocks in the Nasdaq 100 index, Baidu, Inc. closed up more than 14.1%, Pinduoduo nearly 9.5%, JD.com about 5%, and NetEase, Inc 4.1%. Among other stocks, LAIX Inc rose more than 23%, Zhihu Inc. rose more than 20%, BABA rose nearly 14.8%, TAL Education Group rose over 12%, NIO Inc. Automobile and iQIYI, Inc. rose over 9%, Tencent Music, Bilibili and HUYA Inc. rose over 8%, Li Auto and New Oriental Education & Technology rose nearly 8%, XPeng and Trip.com rose over 7%, DouYu International rose over 4%, and Tencent alone rose more than 3%.
In terms of European stocks, the pan-European stock index continued to rebound and rose on the third day of the week. The European Stoxx 600 index closed at its highest level since Tuesday, May 17. Stock indexes of major European countries continued to rise, with German, French, British and Italian stocks rising for two days in a row and Spanish stock indexes rising for the fifth day in a row. Among the Stoxx 600 sectors, only utilities, which fell more than 1.2 per cent, closed down on Thursday, while retail sales rose more than 4.7 per cent, far ahead of other sectors. LVMH rose 3.7%, leading the Stoxx 600, pushing French stocks higher among European countries. The Hungarian stock index BUX closed down 5.5%, the lowest since Jan. 22, making it the worst performing stock market in Europe and the world on Thursday.
The yield on 10-year US bonds rose after hitting another one-month low in intraday trading.
European government bond prices fell across the board, euro zone bond yields rebounded, and British bond yields continued to climb. The yield on UK benchmark 10-year government bonds closed at 1.97 per cent, up 6 basis points on the day for two days, while German bunds closed at 0.99 per cent, up 5 basis points on the day, erasing Wednesday's decline.
The yield on the benchmark US 10-year Treasury note broke 2.71% in early trading in Europe, the lowest since April 14, and hit at least a month's low for the third day in a row. European stocks wiped out all their declines and rose in early trading, and US stocks completely got rid of the downward momentum in early trading. It was close to 2.80% at midday high, up about 9 basis points from intraday lows and about 2.75% at the close of trading in the United States, which was almost the same as the level of the same period on Wednesday.
By late trading in New York, yields on medium-and long-term US bonds rose during the day, while yields on short-term bonds still fell, while the yield on the more interest-sensitive 2-year US bonds fell 1.6 basis points to 2.4758 per cent during the day.
The rouble fell more than 10% against the dollar in intraday trading, falling off a four-year high and approaching a four-week low for the offshore RMB, which fell 700 points to an one-week low.
The Russian rouble closed at 65.26 against the dollar, down about 10% on the day. After the central bank cut interest rates again, the rouble dived in intraday trading, falling below 65.60 in early trading, down more than 10% on the day, down 17.6% from Wednesday's high of 55.8 since February 2018. The rouble fell below 66.60 against the euro in intraday trading, down more than 8% on the day, down 16.7% from Wednesday's seven-year high of 57.10.
The ICE dollar index (DXY), which tracks a basket of the dollar's six major currencies, broke through 102.20 new session highs before trading and rose 0.2% during the day. European stocks fell below 102.200 at the beginning of the session and then turned higher in the short term. European and US stocks repeatedly fell below 101.80 to refresh their session lows after trading, and US stocks fell more than 0.3% in the day after the session, approaching their lowest level since April 26, when they fell below 101.70 on Tuesday.
By Thursday's close, the dollar index was below 101.80, down nearly 0.3% on the day, while the Bloomberg spot dollar index fell 0.2%, close to its lowest level since April 25 set on Tuesday, May 24.
After four consecutive days of gains, the offshore RMB (CNH) fell against the dollar for two consecutive days, broke through 6.71 during the morning session, rose more than 110 points during the day, and then quickly lost 6.71. it fell below 6.72 before midday, and then continued to fall back. U.S. stocks fell below 6.77 and fell to 6.7719 in midday trading, setting an intraday low of 592 points and 706 points from their intraday high. At 04:59 Beijing time on the 26th, the offshore RMB was at 6.7674 yuan against the dollar, down 547 points from late trading in New York on Wednesday.
Us natural gas rose nearly 5% in intraday trading and fell after hitting a 14-year high.
International crude oil futures continued to rise. Us WTI July crude oil futures closed 3.40% higher at US $114.09 per barrel, setting a two-day high for main contracts since last Monday, May 16. Brent July crude oil futures closed up 2.96% at US $117.40 per barrel for six consecutive days, refreshing the high close since May 25 set on May 16, and the third consecutive close since May 16 on Wednesday.
Us gasoline and natural gas futures are mixed. NYMEX June gasoline futures closed 1.2% higher at $3.877 a gallon, up for three consecutive days. NYMEX June natural gas futures closed 0.7 per cent lower at $8.908 per million British thermal units, ending three days of gains and falling below the two-day closing high since August 2008 set on Wednesday, but rose to $9.401, breaking the high of $9 set on Wednesday for the first time since August 2008, up 4.79 per cent on the day.
European natural gas fell after rising for two days in a row. ICE UK gas futures closed down 2.98 per cent at 144.45 pence per kcal, giving up some of Wednesday's gains of nearly 9 per cent, while TTF benchmark Dutch gas futures, which rose more than 4 per cent on Wednesday, closed down 2.39 per cent at 85.971 euros per megawatt-hour, falling for three consecutive days as of Monday and hitting a two-day low since Feb. 22.
Lunxi Silianyin and Lunchonglun Aluminum continued to hit new lows for more than a week. Gold struggled to rise and escape two consecutive days of decline.
London base metal futures fell mostly for the third day in a row. Lunxi fell for four consecutive days and closed at its lowest level since last Wednesday for the second day in a row. Copper and aluminum fell for three days in a row, both hitting their lowest levels since last Wednesday. Lun Zinc fell for two days in a row, further falling off its two-week high. Lenny, which fell more than 4% on Tuesday, the biggest drop in nearly two months, rose for two days in a row, continuing to shake off the danger of falling to the lowest point set last Wednesday since early March. Lun lead ended two consecutive falls and came out of a week's trough.
New York gold futures fell more than once in intraday trading. U.S. stocks fell more than 0.5% during the day when they fell below $1860 to refresh their session lows, but rose in midday. COMEX June gold futures finally closed up 0.07% at $1847.60 / oz, stopping the continued decline after falling to their highest close since Friday on May 6 on Wednesday.
Edit / somer