The fall in u.s. bond yields pushed u.s. stocks higher, with the Dow up more than 180 points and the Nasdaq up more than 1%. Us bond yields rose in the afternoon as investors waited anxiously for the Powell congressional hearing and US non-farm payrolls data. Gains in US stocks narrowed rapidly after midday, with the S & P and Dow barely rising, while the Nasdaq stopped rising for two days. But the S & P rose for three days in a row, and the Dow rose for four days in a row, all hitting new highs in more than two weeks. Social media Snap Inc rose more than 14% at one point, and Silvergate, a currency bank on the brink of bankruptcy, fluctuated sharply to a new low.
The hawkish voting committee of the ECB supports raising interest rates by 50 basis points each at the next four meetings, and two-year German bond yields are at a 14-and-a-half-year high. Us oil rose above $80 for the first time in three weeks, while US natural gas fell 16 per cent in intraday trading, the biggest drop in more than a month, and 8 per cent in European trading. The dollar fell but not far from a seven-week high, while the offshore yuan fell 560 points to an one-week low. Spot gold fell below a two-and-a-half-week high of $1850, while London industrial metals fell.
The market is waiting for big U.S. economic data such as Tuesday's JOLTS job openings, Friday's February non-farm payrolls, and Federal Reserve Chairman Powell's speech at congressional semi-annual hearings on Tuesday and Wednesday Eastern time, looking for clues to the path of US interest rate policy.
Economists expect another 225000 jobs in February, following an unexpected jump in non-farm payrolls of 517000 jobs in January.
The policy decision of central banks in Europe and the United States in March is just around the corner, and analysts say the biggest "black swan" event in the near future will be a 50 basis point increase in interest rates by the Fed in March. The market believes that the probability of raising interest rates by more than 30% is more than 30%, and the probability of raising interest rates by 25 basis points is reduced to less than 70%. The hawkish voting committee of the ECB supports raising interest rates by 50 basis points each at the four meetings from March to July, and high core inflation has led the market to bet that the ECB's peak interest rate is above 4%.
The latest data show that US factory and durable goods orders fell in January as spending shifted to services. The final value of durable goods orders fell 4.5 per cent, unchanged from the previous value, while factory orders fell slightly better than expected by 1.6 per cent from the previous month. Retail sales in the euro zone rose 0.3% month-on-month in January, down 2.3% from a year earlier, both better than previous values but weaker than expected, and the euro zone's Sentix investor confidence index continued to deteriorate to minus 11 in March.
The Dow rose for four days in a row, the S & P market and the Nasdaq rose for three days in a row, the Nasdaq turned down, and Tesla, Inc. fell 2% to force the four-week low.
U. S. stocks opened slightly higher on Monday, March 6, as U. S. bond yields fell, continuing last week's rally. The information technology and communications services sector led the rise at the beginning of the session, while the raw materials sector fell more than 1%, and energy stocks followed the fall in oil prices.
The Dow is up more than 180 points, or 0.5%, the S & P 500 is up 0.8%, the Nasdaq is up 1.2%, and the Nasdaq 100 is up 1.4%. Gains in u.s. stocks narrowed rapidly after midday, while Russell's small-cap stocks fell throughout the day and maintained a decline of more than 1%.
At the close, the S & P 500, the Dow and the Nasdaq 100 all barely closed higher. The S & P and Nasdaq 100 rose for three days in a row, and the Dow rose for four days, all of which were the highest in more than two weeks since February 17. The Nasdaq index rose for two days in a row, and Russell small-cap stocks rose for five days, missing a two-week high:
The S & P 500 closed up 2.78 points, or 0.07%, at 4048.42. The Dow closed up 40.47 points, or 0.12%, at 33431.44, up about 2.37% over four trading days. The Nasdaq closed down 13.27 points, or 0.11%, at 11675.74. The Nasdaq 100 index closed up 0.10%, while the Russell 2000 small-cap index closed down 1.5%.
With the exception of Tesla, Inc., star technology stocks rose more than 2% at the beginning of the session, but their gains significantly narrowed or even fell after midday. The "meta-universe" Meta rose 2.4% and then fell, missing the surrounding high. Amazon.Com Inc and Nai soared 2.5% before falling 1%, falling from one-week highs. Apple Inc rose 3.5% before closing up nearly 2% to its highest level in nearly three weeks since Feb. 15. Microsoft Corp closed up 0.6% after rising 2%, and Alphabet Inc-CL A closed up 1.6% after 2.5%, the highest in two weeks. Tesla, Inc. fell 2%, re-approaching the four-week low.
Chip stocks also fell back after midday. After rising more than 1%, the Philadelphia semiconductor index fell more than 1%, stopping its two-day rise, but not far from a two-week high. Intel Corp fell 1.6% and Taiwan Semiconductor Manufacturing Co Ltd US stocks rose more than 2% before falling, missing a two-week high. Yingweida rose 1.5% and then fell 1.4%, falling from a new high since April 7 last year. Micron Technology Inc almost wiped out more than 3 per cent of the increase.
The hot ones are likely to follow the Nasdaq closing down. ETF KWEB is down more than 2%, and the Nasdaq Golden Dragon China Index (HXC) is down 1.7%. Of the four constituent stocks on the Nasdaq, JD.com rose 1%, Pinduoduo fell 2%, Baidu, Inc. fell 2.6%, and NetEase, Inc rose 0.7%. Among other stocks, BABA rose nearly 2% and then fell, Tencent ADR fell 2%, Bilibili Inc. and Weibo Corp fell more than 4%, TAL Education Group fell more than 5%. NIO Inc. car fell 2.7%, XPeng Inc. fell 2.5%, Li Auto Inc. fell 0.4%.
On the news side, Goldman Sachs Group proposed to increase his stake in Apple Inc for the first time in six years, saying that the huge user base would be good for the service business, with a target price of $199, suggesting that the stock price would rise by another 30 per cent in the next 12 months. In an effort to stimulate demand, Tesla, Inc. 's high-end electric cars, the Model S and Model X, have cut prices by up to $10, 000 in the US, the company's second price cut this year.
Other stocks with significant changes include:
The us department of justice may rule on Tuesday that the merger of budget airline JetBlue and spirit airlines violated antitrust rules, and spirit airlines rose 3 per cent and then quickly fell nearly 9 per cent to a 10-month low. JetBlue, which made the offer, rose more than 4% to a two-week high.
At one point, social media Snap Inc rose more than 14% to a four-week high since Feb. 7 and the biggest one-day increase since November.
The currency ring bank Silvergate Capital rose more than 10% after falling more than 11%, and finally closed down more than 6%, hitting a new post-listing low. Last week, it warned of continued operation and delayed the submission of its annual financial report.
Boeing Co fell as much as 2.6 per cent from a two-week high after media said software problems could delay delivery of its Max and 787s by up to a year.
Norfolk Southern Railway fell 2.6% to a two-week low after another train derailed in Ohio over the weekend, but did not carry dangerous goods, the second freight train derailment in the state in about a month.
The property market is not good. KB Home, a US real estate developer, fell more than 2%. Because the valuation was too expensive, JPMorgan Chase & Co directly downgraded the rating from "overweight" to "underweight". Another developer, Horton, fell more than 1%, and its rating was downgraded from "overweight" to "neutral". RH, the high-end household goods retailer in which Mr Buffett has a stake, fell 5 per cent to a two-month low as Jefferies downgraded its rating from "buy" to "hold".
Tobacco giant Ochi Asia is up more than 1% and will buy e-cigarette startup NJOY for $2.8 billion, pulling out of its investment in Juul, which lost billions of dollars.
At one point, credit suisse's European and u.s. stocks fell more than 2%, closing down 1%, both not far from the all-time lows set on march 2. Harris Associates, a former major shareholder, chose to clear its positions, saying it was worried about large capital outflows from Credit Suisse's wealth management division.
The pan-European Stoxx 600 index, which last week had its best weekly performance this year, fell 0.02 per cent on Monday, led by a decline of about 2.7 per cent in the raw materials sector and more than 1.8 per cent in tourism stocks. The major national stock index only fell in the UK, with the Italian bank index up 1% and Telecom Italia up more than 3%.
Us bond yields rose in US stocks, the key curve in Europe and the US deepened upside down, and two-year German bond yields hit another 14-and-a-half-year high.
At the beginning of US stock trading, US bond yields maintained a downward trend, but the decline narrowed significantly. Us bond yields were all higher by midday. But Zerohedge, a financial blog, said two-year / 10-year Treasury yields were inverted to their deepest level since October 1981, highlighting recession fears.
The yield on the 10-year base bond fell more than 6 basis points and fell 3.90% before rising to 3.98%. It rose above 4% several times last week to a nearly four-month high. The two-year yield, which is more sensitive to monetary policy, fell nearly 4 basis points to 4.82 per cent at one point, rose above 4.90 per cent after rising, and last week broke through the 4.90 per cent mark for the first time since July 2007, a 15-and-a-half-year high.
The yield on the euro zone's benchmark 10-year German bond also rose in late trading, falling 8 basis points to 2.64 per cent before rising more than 3 basis points to 2.75 per cent, not far from last week's 2.77 per cent high since July 2011. The two-year yield rose 10 basis points to a daily high of 3.315% in late trading, the highest since October 2008. The inverted range of the 2 / 10-year yield curve is the deepest since 1992.
Oil prices rose after falling 1.7%, and US oil rose above $80 for the first time in three weeks, while US natural gas fell 16% in intraday trading, the biggest drop in more than a month.
At one point, international oil prices fell 1.7%, and fears that central banks in Europe and the United States continued to raise interest rates hawkishly triggered concerns about economic stall and poor oil demand. At one point, American Oil WTI fell $1.34 to $78, while Brent fell as much as $1.47 to $84.
Oil prices rose at midday in US stocks, with US Oil rising above the integer figure of $80 for the first time since mid-February, with both oil and oil reaching a three-week high since February 13. WTI April crude oil futures closed up 78 cents, or 0.98 percent, at $79.68 a barrel. Brent may crude oil futures closed up $0.35, or 0.41%, at $86.18 a barrel.
Dutch TTF natural gas futures, the European benchmark, fell more than 5 per cent in late trading and fell nearly 8 per cent to 42 euros per megawatt-hour, an one-and-a-half-year low since September 2021. ICE British Natural Gas fell nearly 5 per cent in late trading, fell more than 8 per cent in intraday trading and lost 110p / kcal integer. However, there are reports that the suspension of gas supply to Britain's gas pipeline to the European continent may aggravate the natural gas shortage in the continent.
Us NYMEX April natural gas futures, which rose more than 8 per cent on Friday, fell as much as 16 per cent on Monday, the biggest one-day decline since late January, losing $3 to a week low and closing down more than 14 per cent at $2.5720 per million British thermal units. rising temperature forecasts and a rapid increase in inventories suggest weak demand. It rose nearly 23 per cent last week, its best performance since August 2020, but is down more than 40 per cent this year.
The dollar fell but not far from a seven-week high, the yen hovered around a two-month low, and the offshore RMB fell 560 points to an one-week low
The dollar index DXY, a basket of six major currencies, fell as much as 0.3 per cent to 104.16, not far from last week's seven-week high of 105.36. The dollar recorded its first weekly decline since January last week.
The euro rose as much as 0.6 per cent against the dollar and closed at 1.07, a two-week high after rising 0.8 per cent last week. The pound fell as much as 0.4 per cent against the dollar and lost 1.20 at one point. The yen rose above 136 against the dollar and remained at a two-month low. The offshore renminbi fell below 6.95 yuan, down more than 560 points, or 0.8%, from the previous day's close, to an one-week low. The US company plans to launch offshore RMB options in April.
Spot gold fell below a two-and-a-half-week high of $1850, industrial metals fell in London and wheat futures in Chicago fell nearly 2 per cent.
COMEX April gold futures closed flat at $1854.60 an ounce. Spot gold fell 0.6 per cent and lost $1850, falling from a two-and-a-half-week high since Feb. 15. Powell is widely expected to maintain a hawkish interest rate hike this week.
Worries about the demand outlook have led to a drop in industrial base metals in London:
Lun copper fell 0.7 per cent to push $8900, while aluminum fell about 1 per cent and lost $2400, while zinc fell 1.5 per cent and pushed $3000, all of which hit a near-week low. Lunxi lead rose slightly, Lenny fell 0.7% and was close to a four-month low, while Lunxi fell 0.8% to a more than two-month low.
Chicago wheat futures fell nearly 2%, losing $7 as heat waves and droughts swept through Argentine crops and pushed up soybean meal prices. New York raw sugar futures fell more than 0.2% as investors worried that India would increase its export supply.
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