Source: Wall Street News
The S&P Index fell three times in a row to a new low in nearly two months, rising more than 5% after the Joint Health earnings report, leading the Dow's constituent stocks; Tesla closed down nearly 3%, Apple fell more than 2% in the two-day intraday period, AMD, which released AI PC chips, rose nearly 2%, and Nvidia rose more than 1%; after the earnings report, Morgan Stanley closed up 2.5%, and Bank of America fell 5% in the intraday period. China's stock index fell more than 1% to a new low in February, and NIO fell more than 2%. After Powell's speech, the two-year US Treasury yield rose above 5.0% to a five-month high. The US dollar index hit another five-month high, the biggest five-day increase in a year and a half, and the yen hit a new low since 1990 for 5 days. Bitcoin fell more than $2,000 in the intraday period and fell below $62,000. The offshore RMB fell to a five-month low of 7.28 in the intraday period, then rebounded by nearly 200 points to smooth out most of the declines. Crude oil rebounded and lost, falling two times in a row. Gold's four-day harvest hit a record high. Luntong fell more than 1% to bid farewell to a two-year high, and Lunlu hit a new 14-month high.
Federal Reserve Chairman Powell “set the hawk” on Tuesday, saying that recent data showed that “so far this year, there has been no further progress in the Federal Reserve's target of falling back to 2%.” Powell hinted that the Federal Reserve may keep the current policy interest rate, which has been high for more than 20 years, for longer, saying that recent data “clearly has not” given the Federal Reserve greater confidence in reducing inflation; it may take longer to be more confident.
Powell's statement on inflation further weakened the market's bets on the Fed cutting interest rates. After his speech, the price of US Treasury bonds fell at an accelerated pace, and the increase in yield increased. Interest rate sensitive two-year US Treasury yields once again broke through the 5.0% mark after last Thursday, breaking the high since November last week. The benchmark 10-year US Treasury yield is close to the five-month high set earlier on Thursday.
After Powell's speech, the decline of the two major US stock indices, the S&P and NASDAQ, widened, and the Dow maintained gains, benefiting from the announcement of a sharp rise in healthcare giant UnitedHealth, which exceeded expectations in the first quarter and increased by more than 8%. Some tech giants continued to fall, dragging down the market. Chip stocks rebounded. Nvidia and AMD, which released AI PC chips, both rose more than 2% in the intraday market, but Tesla continued to fall after reports of global layoffs of more than 10%. After data from research institutes showed that iPhone shipments fell sharply by nearly 10% in the first quarter, Apple fell more than 2% intraday for the second day in a row.
Wall Street giants that announced financial reports failed to boost the market. Morgan Stanley, whose net profit in the first quarter exceeded expectations by 14% and revenue growth also exceeded expectations, once rose nearly 5%, while net profit fell 18% in the first quarter and high deposit costs dragged down net interest income (NII), an important source of revenue, plummeted by 3% year-on-year, to a sharp drop in Bank of America's stock price, hit a sharp drop, creating an increase of 3%$Silicon Valley Bank (SIVBQ.US) $The biggest intraday decline in over a year since it went out of business.
In the foreign exchange market, after Powell assessed that inflation was not progressing enough, the increase in the US dollar index expanded rapidly and hit a new high in five months. The yen continued to hit a new low against the US dollar since 1990. Commentary pointed out that the yen rebounded by about 0.5% in early trading of the US stock market. This may be the result of traders becoming more sensitive to the risk of intervention by the Japanese government. It is not the actual end of the market. Strategists warn that the impulse to bottom the yen in the foreign exchange market is still strong. When the yen approaches the milestone level of 155 against the US dollar, the first sudden rebound in the yen will be more sensitive. Bitcoin continued to fall. It fell below $62,000 in the intraday period, close to the three-week low set by falling below $61,000 after Iran attacked Israel over the weekend, but the decline eased somewhat from Monday.
Among commodities, while the US dollar strengthened, Luntong, which was higher after the British and US imposed a ban on Russian metal trading on Monday, fell, and Lunlu barely managed to maintain its gains. Geopolitical risks continued to bolster gold, but the US dollar limited the rise in gold prices. New York futures continued to hit new closing highs, and still failed to break the intraday record high. The commentator said that if the Middle East conflict is downgraded, the market focus will shift to the Federal Reserve. Obviously, the Fed will not cut interest rates soon; this will be bad for precious metals gold and silver. International crude oil failed to successfully rebound due to geographical risk, and closed down for several days. US Treasury Secretary Yellen said that the US will impose new sanctions on Iran in the next few days. Commentary said that this may reduce Iran's ability to export oil. Meanwhile, the third session of Israel's wartime cabinet in three days seems to be postponed for one day until Wednesday, because Western countries hope that sanctions against Iraq will help organize a serious escalation of the situation in the Middle East.
S&P points out that Tesla had the first two-day decline among tech's “Seven Sisters”, and chip stocks rebounded after financial reports, Damo rose and Bank of America plummeted
The three major US stock indexes all had mixed ups and downs in the opening and intraday sessions. The one that opens slightly higher$S&P 500 Index (.SPX.US) $It turned down at the beginning of the session and fell more than 0.4% when it hit a new low in early trading. After Powell's speech in midday trading, it first turned to a new daily high and rose nearly 0.4% during the day, then quickly turned down and approached the daily low. The one that opens low$NASDAQ Composite Index (.IXIC.US) $It fell nearly 0.4% when it hit a new low in early trading, then turned up several times. After Powell's speech, it rose and reached a new daily high. It rose 0.5% during the day, and was close to a daily low after falling again. Both S&P turned down at the end of the session after turning higher. The Dow Jones Industrial Average maintained gains throughout the day. It reached a new high of nearly 260 points and 0.7% during the day. It had risen less than 40 points in early trading. After Powell's speech ended in midday trading, it narrowed its decline to more than 20 points. At the end of Powell's speech in midday trading, it was low on the new day, and later the increase expanded to more than 100 points.
In the end, among the three major indices, only the Dow closed higher, ending six days of continuous decline. The S&P and NASDAQ fell for three consecutive days, and the S&P did not fall more than 1% on the first day. The Dow was 63.86 points, up 0.17%, to 37798.97 points, breaking away from the closing low since January 18, a fresh series of losses. S&P closed down 0.21% to 5051.41 points, while the NASDAQ closed down 0.12% to 15865.25 points, breaking the closing low since February 21 for two consecutive days.
The small-cap stock index Russell 2000, which is mainly value stocks, closed down 0.42%, outperforming the market. It fell for three consecutive days, and hit a new low since February 13 on the 2nd. Technology stocks are important$NASDAQ 100 Index (.NDX.US) $It closed up 0.04%, leaving the low since February 21, when the average fall of more than 1% in the previous two days was over 1%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, closed up 0.26% and rebounded after breaking the low level since March 15 on Monday.
Among the constituent stocks of the Dow Index,$UnitedHealth (UNH.US) $Cloud software giants leading the way, rising nearly 7.7% at the beginning of the session, closing up 5.2%, falling more than 7% on Monday and leading the decline$SEIFTCH (CRM.US) $It rose more than 2% in midday trading and closed up nearly 1.7%, second only to UNH, while Johnson & Johnson (JNJ), whose first-quarter revenue was in line with expectations and profits higher than expected, closed down 2.1%, leading the decline, followed by Apple.
Among the major sectors of the S&P 500, only the IT sector where chip stocks rose more than 0.2% on Tuesday, essential consumer goods, which rose less than 0.1%, and healthcare, which rose slightly, did not close. Interest rate sensitive real estate fell by more than 1.5%, utilities fell nearly 1.4%, and other sectors fell less than 0.9%.
ranging$ Microsoft (MSFT.US) $, Apple, Nvidia, Google's parent company Alphabet,$Amazon (AMZN.US) $Including Facebook's parent company Meta and Tesla, the tech giant “Seven Sisters” had mixed ups and downs. With a sharp drop of 5.6% on Monday, the biggest drop since January 25, Tesla had the highest decline for two consecutive days. It fell nearly 4.8% at the beginning of the session, fell more than 3% in midday trading, and closed down 2.7% for three consecutive days, breaking its closing low since April 26, 2023.
Among the six major FAANMG technology stocks, Apple only turned up in the short term in early trading throughout the day. At the beginning of the afternoon session, it fell more than 2.5%, falling more than 2% in the two-day intraday session and closing down 1.9%, approaching the low since October 26, 2023, which was set last Wednesday; Alphabet closed down 0.3%, falling from the 3rd to April 5; Amazon closed down nearly 0.2%, falling for three days, breaking the low since April 4; Meta closed down less than 0.1%, breaking the low since April 2 on the 2nd; while Microsoft and$Netflix (NFLX.US) $Maintaining gains throughout the day. On Monday, Microsoft, which hit a low since March 11, closed up 0.2%, and Netflix, which refreshed its low since March 15, closed up 1.7% on Monday.
Chip stocks generally rebounded,$Philadelphia Semiconductor Index (.SOX.US) $With the semiconductor industry ETF SOXX, it turned down in the short term at the beginning of the session. It rose more than 1% in midday trading, closing up nearly 0.9% and 0.8% respectively, breaking out of the closing low since February 28, which was refreshed for two days. Among chip stocks, Nvidia, which fell for two days in a row on Monday and hit a closing low since March 11, maintained gains throughout the day, rising more than 2% in midday trading and closing 1.6%; AMD, which launched the first commercial AI-powered desktop chip to boost the AI PC sector, also rose more than 2% in midday trading, closing up nearly 2%;$Broadcom (AVGO.US) $The closing price rose by more than 1%,$Micron Technology (MU.US) $Intel, which rose 0.3% and fell more than 1% at the beginning of the session, closed down more than 0.1%.$TSMC (TSM.US) $US stocks fell 0.2%.
Bank stock indices have plummeted. Overall banking indicators$KBW Bank Index (.BKX.US) $It closed down 1.6%, falling back to its closing low since March 1 after rebounding on Monday; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed down nearly 1.4%, and the regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed down nearly 1.3% for three consecutive days, breaking the closing lows since November 28 and November 30, 2023, respectively.
Among the major banks, Morgan Stanley rose more than 4.7% at the beginning of the session and rose nearly 2.5% at the beginning of the session. Bank of America quickly fell by about 5% in early trading, the biggest intraday decline since March 2023, closing down 3.5%; at the close, Citi fell 2.6% and J.P. Morgan Chase fell 1.1%. Goldman Sachs, which closed up nearly 3% on Monday, fell nearly 1%, and Wells Fargo also fell nearly 1%.
Popular Chinese securities generally continued to fall, underperforming the general market. The Nasdaq Golden Dragon China Index (HXC) closed down nearly 1.3%, falling for two consecutive days, breaking its closing low since February 13. KWEB and CQQQ closed down about 1.5% and 1.8%, respectively. New car builders have plummeted, and the sales volume of Xiaomi powder has dropped by nearly 2%.$NIO (NIO.US) $It fell more than 2%,$Ideal Auto (LI.US) $It fell nearly 0.7%,$Xiaopeng Motors (XPEV.US) $It fell 0.4%. Among other individual stocks, suppliers of caviar products at the close$Fuyuan Group (TWG.US) $On the first day of listing in the US, it fell 51.50%.$BILI.US (BILI.US) $It fell more than 2%,$NetEase (NTES.US) $It fell nearly 2%,$Alibaba (BABA.US) $,$Jingdong (JD.US) $It fell more than 1%,$Pinduoduo (PDD.US) $It fell nearly 0.7%,$Tencent Holdings (TCEHY.US) $fell 0.2%,$Baidu (BIDU.US) $The decline was less than 0.1%.
An entertainment company that promotes a concert after the media said the US Department of Justice would file an antitrust lawsuit against it$Live Nation Entertainment (LYV.US) $At the beginning of the session, it fell more than 9% and closed down nearly 7.6%; the closing was up 1.1%$United Continental Airlines (UAL.US) $After the market, it was announced that EPS losses for the first quarter were lower than expected, revenue was higher than expected, and profit guidance for the second quarter was higher than expected. After the market, the stock price jumped, rising more than 6% at one point.
On the European stock side, high interest rates and doubts about the escalation of the Middle East conflict dampened investor sentiment, and the pan-European stock index, which had rebounded for two consecutive days, fell sharply. The European Stoxx 600 Index closed down more than 1.5%, the biggest daily decline since July 5, 2023, and a new low since March 6. Stock indices of major European countries fell sharply, at least 1%. British stocks, which had been falling for two days, led the decline by nearly 2%. German and French stocks, which rebounded on Monday, and Italian and Spanish stock indexes, which had been rising for two consecutive days, all fell.
Among the various sectors, basic resources in the mining sector affected by the fall in copper prices closed down about 3%, the biggest decline since mid-August last year. The banking sector fell about 2.5%, which was also the biggest decline since August last year. It was also affected by the biggest decline since August last year. Due to the fact that HSBC, the largest bank in the UK, and BNP Paribas, the largest bank in the Eurozone, both closed down nearly 3%.
US Treasury yields rose above 5.0% in the two years after Powell's speech and hit a five-month high
The yield on the US 10-year benchmark treasury bond reached a new high since November last year on the fourth day of the last five trading days. At the beginning of the market, the US stock market rose 4.70%, rising more than 9 basis points during the day. The increase narrowed in early trading, breaking 4.65%. After Powell's speech in midday trading, the increase widened again after Powell's speech in midday trading, once above 4.69%, approaching the high set at the beginning of the session. It rose about 7 basis points during the last 5 trading days.
The 2-year US Treasury yield, which is more sensitive to interest rate prospects, rose above 4.73% at the beginning of the US stock market and fell below 4.95% in early trading. The increase expanded rapidly after Powell's speech in midday trading, rising above the 5% integer psychological threshold, breaking the high level since November 14, 2023, created after breaking 5.0% last Thursday. It rose more than 8 basis points during the day, and about 4.99% during the day. It rose about 7 basis points during the day, and rose for 2 consecutive days after 2 consecutive days of decline.
The US dollar index hit a five-month high, and hit the biggest five-day increase in a year and a half, and the yen hit a new low since 1990 for 5 days
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, fell below the 106.10 fresh daily low after falling in the European stock market, falling more than 0.1% during the day. After US stocks turned up before the market, they fell slightly in early trading. After Powell said that the decline in inflation had not progressed in midday trading, it quickly rose above 106.50, breaking the high since November 1, 2023 for two consecutive days.
By the close of the US stock market on Tuesday, the US dollar index was below 106.40, up nearly 0.2% during the day; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose nearly 0.4% during the day, breaking the same high level since November 2023 for 4 consecutive days, and the US dollar index for 5 consecutive days, making it the biggest five-day increase since October 2022.
Among non-US currencies, the yen continued to hit a new intraday low since 1990. USD/JPY approached 154.80 in mid-day trading, hitting a new high since 1990 for the fourth consecutive trading day, rising more than 0.4% during the day; EUR/USD dropped 1.0600 after Powell's speech, breaking the low since the end of October 2023 on the 3rd, falling nearly 0.2% during the day. US stocks hovered around the 1.0620 line at the close of the day; GBP/USD fell below 1.2410 during the same period on Monday; GBP/USD fell below 1.2410 after Powell's speech, refreshing the level set last Friday 2023 November 17 Since then, it has been low. It fell 0.3% during the day, and US stocks fell about 0.1% at the close of the day.
Offshore renminbi (CNH) reached a new high of 7.2589 against the US dollar at the beginning of the Asian session. It fell to 7.2831 in early trading, breaking the low level since November 13, 2023. It fell 241 points during the day, then fluctuated and rebounded. US stocks recovered 7.27 in early trading, and the intraday decline in US stocks narrowed to less than 40 points at the end of the session. At 4:59 Beijing time on April 17, the offshore RMB was 7.2644 yuan against the US dollar, down 54 points from the end of Monday's New York session, which is equivalent to the narrowing of the intraday decline of 187 points at the end of the day. It fell back after rebounding on Monday.
$Bitcoin (BTC.CC) $In early Asian trading, European stocks were at a new daily high above $693,000; European stocks fell below a new daily low of 61,800 US dollars, falling below 61,000 US dollars over the weekend, and some platforms fell close to the low since March 20, falling back more than 2,000 US dollars from the daily high, falling more than 3%, then rebounding. US stocks rose to 63,000 US dollars before the market. US stocks fell back to 62,000 US dollars in early trading and once approached daily lows. At noon trading, they once again climbed above $63,000, and US stocks closed above $62,700. It has dropped more than 1% in the last 24 hours.
Crude oil rebounded and lost two consecutive losses
International crude oil futures turned down in the middle of the day. On Tuesday, when the Asian market hit a new intraday high, US WTI crude oil was close to $86.20, rising above $90.80 during the day. Brent crude oil rose more than 0.8% during the day. After the pre-market decline in European stocks, when US stocks hit a new low before the market, US oil fell below $84.80, and oil was close to $89.40, all falling nearly 0.8% during the day.
In the end, crude oil, which rebounded last Friday, closed down for two consecutive days. WTI crude oil futures for May closed down $0.05, or nearly 0.06%, to $85.36 per barrel, and continued to fall from the closing low since April 1, which was refreshed last Thursday; Brent crude oil futures for June closed down 0.08 US dollars, down about 0.09% to 90.02 US dollars/barrel, and narrowly held the $90 mark, closing above $90 for two consecutive days.
Luntong fell more than 1% to bid farewell to a two-year high, and Lunan Aluminum hit a 14-month high, and gold's revenue reached a record high in 4 days
London basic metals futures mostly fell on Tuesday, and gains stemmed after the US and Britain imposed trading bans on some Russian metals. Lunton-copper, lentan-lead, and lentin-tin all fell by more than 1%. Luntong and Lun lead, which have been rising for two days, have fallen to high levels since June 2022 and November of last year, respectively, and Lunxi continued to fall from the high level since June 2022 set by last Friday's rebound. From five consecutive gains last Friday to two consecutive days of decline since April last year, lunzin, which rebounded on Monday, fell back to a low of more than a week. Meanwhile, Lunan Aluminum, which rose more than 2% on Monday, rose slightly for three consecutive days, and hit a new high since February last year.
New York gold futures generally maintained their upward trend on Tuesday. Only European stocks turned down in the short term before the market and early US stocks. US stocks rose to a new daily high of 2414.8 US dollars in midday trading. They rose more than 1.3% during the day, and are not close to the record intraday high of 2448.8 US dollars last Friday. Spot gold rose to a new daily high above $2,398 in midday trading after rising in early trading. It rose more than 0.6% during the day, and is still not close to the historical intraday high set by rising above $2,431 last Friday.
However, both futures and spot gold continued to break record closing records. COMEX gold futures closed up 1.04% to 2407.8 US dollars/ounce in June. They rose for four consecutive trading days, setting a record high closing record for four consecutive days. At the close of the US stock market, spot gold was slightly below $2,390 and rose nearly 0.3% during the day, continuing to break the record high set during the same period last Thursday.
edit/lambor