After rising last week on the back of dovish remarks by Federal Reserve Chairman Powell, the U. S. stock index fell on Monday, pitting stocks and bonds against each other. The commentary said that the market is worried that the recent rebound in US stocks may be an overreaction of the market. At the same time, recent data and comments from Fed watchers reinforced expectations of continued tightening and diminished hopes of a successful soft landing.

The US ISM non-manufacturing index released on Monday unexpectedly rose instead of falling, giving the Fed all the more reason to keep monetary tightening in an effort to curb inflation. Business activity in the service sector grew at its fastest monthly rate since March last year, reflecting the resilience of the domestic economy, according to an indicator of the service sector's 2/3 GDP,ISM contribution in the United States. Moreover, the price payment index in the ISM sub-index fell slightly to 70 in November, still well above COVID-19 's pre-epidemic level, suggesting that inflation is falling slowly.

After the release of the ISM data, Nick Timiraos, a reporter for the New Federal Reserve News Agency, wrote that although Fed officials hinted that the rate increase would slow to 50 basis points in December, wage pressure would prompt the Fed to raise the policy rate above 5% next year, higher than investors currently expect. Timiraos's article is seen as confirming the trend that the Fed's higher interest rates will last longer.

After the release of ISM data and Timiraos articles, the overall market of US stocks and US bond prices fell further, and US bond yields expanded their intraday gains to refresh their daily highs. The yield on the benchmark 10-year Treasury note rose more than 10 basis points in intraday trading, far from Friday's low since late September. The dollar index repeated Friday's intraday rally, rising back to 105.00, breaking from its low since late September, which was refreshed earlier on Monday.

Signs of growing conflict between Russia and Ukraine are also dealing a blow to risk appetite. The decline in US stocks widened in intraday trading after Russia accused Ukraine of attacking Russian military airports. The daily high of the 10-year US bond yield is approaching 3.61%, and the intraday rise of the 2-year US bond yield, which is sensitive to the interest rate outlook, has also widened to more than 10 basis points, which is inverted with the 10-year US bond yield curve. refresh the most serious upside-down since the early 1980s.

Among commodities, international crude oil staged a roller coaster on Monday. Crude oil in European stocks rose more than 3% in intraday trading. The EU ban on Russian seaborne crude oil came into effect on Monday, and the price caps set by the EU and the G7 on Rosneft took effect on the same day, while the OPEC+ meeting over the weekend remained on hold and did not cut production further. Oil prices were also boosted by the optimization of China's multi-site epidemic prevention measures. However, after the opening of US stocks, the Federal Reserve continued to tighten and hurt the demand outlook for crude oil, crude oil fell back at an accelerated pace, and oil prices not only gave up all their gains, but also widened their daily decline to more than 3%.

Among other commodities, US natural gas futures tumbled more than 10 per cent in one day to their lowest level since late October as weather forecasts sent negative signals on demand. The National Oceanic and Atmospheric Administration (NOAA) predicts that temperatures in the eastern and central United States will be higher than normal in the next six to ten days.

The S & P index fell more than 2% in intraday trading, led by the energy sector and Tesla, Inc. 's plate.

The three major US stock indexes collectively opened low. After the release of the ISM data and the New Federal Reserve News Agency article, they all fell more than 1% in early trading, and the decline further widened in midday trading. When the NASDAQ composite index fell more than 2.3%, the S & P 500 index fell more than 2.1%, and the Dow Jones Industrial average fell more than 580 points, or about 1.7%.

In the end, the three major indices ended down collectively, at their lowest levels in the last four trading sessions. The Nasdaq closed down 1.93% at 11239.94 points, falling for two days in a row, continuing to fall off last Thursday's highest close since September 19th. S & p closed down 1.79% at 3998.84, closing below 4000 for the first time in the last four sessions after falling slightly from the Sept. 12 high set on Wednesday for two consecutive days. The Dow, which rebounded slightly on Friday, closed down 482.78 points, or 1.4 per cent.

Russell 2000, a small-cap stock index dominated by value stocks, closed down 2.78%, giving up the gains it rebounded on Friday and falling to its highest level since Sept. 12. The technology-heavy Nasdaq 100 index closed down 1.73% for two days in a row, continuing to bid farewell to its highest level since Sept. 14.

The S & P 500 sectors collectively closed lower, with the exception of utilities down 0.6 per cent, other sectors fell at least about 1 per cent. Energy, which was weighed down by intraday diving in crude oil, and Tesla, Inc. 's consumer discretionary goods both closed down more than 2.9 per cent, while materials fell nearly 2 per cent.

Among the leading technology stocksAfter the shanghai super factory planned to cut production in December, Tesla, Inc. opened low and left low, with the worst performance on Monday, falling nearly 7% at midday to close down 6.4%, the biggest daily decline in two weeks, according to the media. Among FAANMG's six largest technology stocks, Amazon.Com Inc closed down 3.3%, falling for three consecutive days to its lowest level since November 9; Netflix Inc, who rose three days in a row to April 19, closed down more than 2.4%; Microsoft Corp, who rebounded slightly last Friday, fell nearly 1.9%; and Alphabet Inc-CL C's parent company, Alphabet, which said goodbye to its high since October 25 last Friday, fell nearly 1%. As of last Friday, the Meta of Facebook Inc's parent company, which rose four consecutive days to October 26, fell nearly 0.9%, while Apple Inc fell 0.8%, continuing to fall from its highest level since November 23 for two consecutive days.

Chip stocks have fallen for three days in a row.The Philadelphia semiconductor index and semiconductor industry ETF SOXX closed down 1.3 per cent and 1.2 per cent, respectively. Among the IT stocks of the S & P 500, by the close of trading, Nvidia, AMD, Qualcomm Inc, Broadcom Ltd, Micron Technology Inc and Lam Research Corp fell more than 1%, Intel Corp fell 0.8%, and Applied Materials Inc fell 0.3%.

Among the stocks that reported results, VF Corporation (VFC), the parent company of outdoor sports brand North Face, fell 11.2 per cent after it cut its revenue and profit guidance for the second half of the fiscal year and announced that the chairman and CEO would retire. IT services company Science Applications International (SAIC), which has higher-than-expected quarterly revenue and EPS earnings and raised its full-year earnings guidance, rose 4.3 per cent.

Among the volatile stocks, last week disclosed that Clovis Oncology (CLVS), a research and development anti-cancer drug company that will file for bankruptcy protection in the near future, closed down 15.2%. After Morgan Stanley downgraded his rating from overweight to holding, expected financing costs to rise sharply in the coming quarters, and believed that exposure to cryptocurrency assets was still an important risk for the bank, Signature Bank (SBNY) closed down 7.4%. United Airlines (UAL) and DAL closed up 2.6 per cent and 0.2 per cent respectively after Morgan Stanley upgraded its rating from holding to overweight, believing that next year would be the so-called "Goldilocks" year, when airlines were neither too hot nor cold.

Hot US-listed Chinese stocks followed the outbreak of Hong Kong stocks on Monday and opened higher overall, with some of them falling back in intraday trading. The Nasdaq Golden Dragon China Index (HXC) rose more than 4 per cent at the start of trading and fell less than an hour later to close down 0.3 per cent. ETF KWEB closed down 0.2% on CQQQ. Of the four constituent stocks in the Nasdaq 100 index, Baidu, Inc. rose 2.7%, Pinduoduo 1.7%, JD.com 0.9%, and NetEase, Inc fell nearly 2.7%. Among other stocks, Li Auto Inc. fell nearly 3 per cent, NIO Inc. Motor closed down 2.5 per cent, Tencent powder fell 0.9 per cent, Bilibili Inc. and XPeng Inc., who rose more than 10 per cent at the start of the day, closed down 0.8 per cent and 1 per cent respectively, while BABA closed up 0.5 per cent.

For European stocks, November PMI data showed that business activity in the euro zone fell for the fifth month in a row, suggesting a mild recession and renewed fears of recession, with pan-European stock indexes falling for two days after rising for two days in a row. The European Stoxx 600 index continued to fall off Thursday's close high since June 6. Among European countries, the UK stock index outperformed others, supported by mining stocks that were bullish on China's epidemic prevention prospects, and financial institutions with exposure to China also rose, such as a rise of more than 5.3 per cent in Prudential.

Among individual stocks, the media said that investors, including Saudi princes and US private equity firms, were interested in investing at least $1 billion in Credit Suisse's new investment banking unit, while Credit Suisse European stocks closed up nearly 2.9%. It rose for two days after it closed at an all-time low last Thursday and fell for the longest day in a row on Thursday.

10-year Treasury yields rose more than 10 basis points in intraday trading, far from two-month lows; 2-year and 10-year Treasuries were inverted to the worst yields in 40 years.

European government bond prices fell in intraday trading, with yields following the intraday high of US bonds. The yield on UK 10-year benchmark government bonds closed at 3.09%, down 5 basis points during the day, 3.06% when European stocks were at their daily lows, and 3.14% when US stocks were at their daily highs in early trading. it is still a long way from the low since November 24, which was close to 3.00% last Friday. The yield on 10-year German bunds closed at 1.87%, up 3 basis points on the day. The European market fell to 1.822% at its early session low, then rose quickly, and US stocks rose above 1.90% when they broke their session high in early trading, far from the September 19 low set by breaking 1.77% on Friday.

After an inverted V-shaped decline on Friday, the yield on the 10-year benchmark Treasury note generally rose on Monday. After the release of the ISM services index, U.S. stocks jumped above 3.60% in early trading, briefly broke 3.61% at midday, and rose more than 12 basis points during the day, far from the low since late September set by breaking 3.47% on Friday. U.S. stocks closed at about 3.57%, up more than 8 basis points on the day.

After the release of the US ISM data, the yield on 2-year US bonds, which is more sensitive to the outlook for interest rates, measured 4.37 per cent in early trading and accelerated in midday. It rose above 4.41 per cent in late trading and rose more than 11 basis points on the day, far from the low since October 6 set by 4.18 per cent on Friday. By the end of the day, US stocks closed at about 4.39 per cent, up more than 8 basis points.

By the close of US stocks, the spread between two-year and 10-year US debt, an important early warning indicator of recession, widened to nearly-82 basis points, the worst level of reversal since 1981.

The dollar index rose after hitting a two-month low, while the offshore RMB broke through 7.0 and hit a two-month high.

The ICE dollar index (DXY), which tracks the exchange rate of the dollar against the euro and a basket of six major currencies, fell below 104.20 and close to 104.10 in Asian trading. After hitting a new low since June 29 on Friday, it hit an intraday low of more than 0.4%. European stocks rose more than once in intraday trading. After the release of ISM data in early trading, US stocks completely got rid of the decline and returned to 105.00 at the end of the morning trading. Midday was close to a fresh daily high of 105.40, up more than 0.8 per cent on the day.

By Monday's close, the dollar index was above 105.30, up nearly 0.8% on the day, ending a three-day losing streak, while the Bloomberg dollar spot index, which tracks the dollar against ten other currencies, rose nearly 0.8% and temporarily stayed away from its lowest level since early August after four days of losses.

The offshore RMB (CNH) against the US dollar fell to 7.0137 at the beginning of the session in Asia on Monday, and then quickly rose. The Asian market rose above 7.00 in early trading. For the first time since September 20, it broke through the 7.00 mark. European stocks further rose to 6.9300. After hitting an intraday high since September 20 last Friday, it hit a new intraday high since September 13. At 04:59 Beijing time on the 6th, the offshore RMB was trading at 6.9750 yuan against the dollar, up 460 points from late trading in New York on Friday for five consecutive days.

At one point, the US oil market fell 4%, cloth oil revenue hit an 11-month low, and US natural gas fell more than 11%.

International crude oil futures rose first and then fell in midday trading on Monday. Us WTI crude quickly regained the $80 mark in the monthly contract. When European stocks hit new highs, US oil rose to $82.72, up more than 3.4 per cent, while Brent crude rose to $88.44, up more than 3.35 per cent. Us stocks fell back below $80 in early trading. When US stocks broke their session lows at midday, US oil fell to $76.77, down just over 4 per cent on the day, while oil fell to $82.52, down more than 3.56 per cent on the day.

In the end, WTI January crude oil futures closed down 3.81% at $76.93 a barrel, the lowest since Nov. 25. Brent February crude oil futures closed down 3.38% at $82.68 a barrel, the lowest monthly contract since January 10.

European natural gas fell for three days in a row, but the decline was more moderate than on Friday. ICE UK gas futures, which fell 2.3 per cent on Friday, closed down 0.28 per cent at 335.38 pence per kcal, while continental TTF benchmark Dutch gas futures, which fell 2.7 per cent on Friday, closed down 0.64 per cent at 134.699 euros per megawatt-hour.

Us gasoline and natural gas futures continued to fall together. NYMEX January gasoline futures closed down 3.4% at US $2.2019 per gallon, falling for three consecutive days, the lowest since December 22 last year, while NYMEX January natural gas futures closed down 11.21% at US $5.5770 per million British thermal units for four consecutive days, the lowest since October 27.

Lunxi rose more than 5% to a three-month high, Lunni ended Wulianyang, and gold lost 1800 US dollars, falling below its intraday high in nearly four months.

London base metal futures were mixed on Monday. Lunxi, which led the rally, rose thousands of dollars a day, or more than 5%, easily wiping out the decline that fell last Friday, closing above $24000 for the first time since the end of August. Lun lead rose for two days in a row, hitting a seven-month high. Lun Zinc, which closed flat on Friday, refreshed the highest level set on Wednesday and Thursday since mid-November. While Lunni, which rose for five days in a row, copper and aluminum, which rose four days in a row, all fell by less than 1%. Rennickel, Lunchu and Lomalco fell from their highs since mid-November, mid-June and early November, respectively.

New York gold futures rose to $1822.9 in Asian trading on Monday, the highest since Aug. 10, and rose more than 0.7% on the day, while U. S. stocks fell below $1800 before trading. Futures, which rebounded strongly on Thursday, closed lower for the second day in a row, under upward pressure from dollar and US bond yields. COMEX February gold futures closed 1.6 per cent lower at $1781.30 an ounce and closed down $1800 for the first time in the last three trading sessions, continuing to fall from the highest close since Aug. 12, which rose more than 3 per cent last Thursday.