Source: Wall Street News
S&P leveled off last week's decline. The Nasdaq Index rose more than 1% on both days, and the Dow rose to a two-week high; Nvidia led the “Seven Sisters” in a row at the close of the day; Tesla stopped falling seven times in a row and pulled up after the market; AI concept stocks surged, SoundHound rose 10%; UPS rose more than 2%, GM rose more than 4%, and Spotify rose 11% after the earnings report. The pan-European stock index rose more than 1% to the biggest increase in three months. British stocks continued to hit record highs, and technology stocks rose more than 5% after SAP's earnings report. The China Securities Index rose nearly 2%, outperforming the market for two days. Xiaopeng Motor rose nearly 3%, while Ideal Auto initially rose nearly 3% and then fell.
After the PMI was announced, US bond yields reached a new low, and the two-year yield broke away from the five-month high; the US dollar index hit a new low of more than a week, and the yen rapidly rose, which hit a new low since 1990; Bitcoin once rebounded more than 1,000 US dollars and hit the 67,000 mark; gold futures were close to leveling off the decline of nearly 2%, and futures, which fell nearly 2% in the intraday period, turned up. The offshore renminbi fell more than 100 points in the intraday period and fell below 7.26. Crude oil rebounded nearly 3% from its low intraday level, and oil broke away from a three-week low. Lunxi fell more than 7%, and Luntong continued to fall below a two-year high.
After tech giants led by Nvidia plummeted last week, some investors chose to fall to the bottom. The recently released economic data favors expectations that the Federal Reserve will cut interest rates. The two major US stock indicators, the General and NASDAQ indices, have rebounded over the past few days this week.
US stocks entered the busiest week of the earnings season. Some leading companies announced positive results for the first quarter. UPS, one of the logistics giants seen as an economic barometer, was better than expected. The commentator said that hopes for a rise in the stock market depend on whether blue-chip technology stocks can prove that the high valuations spawned by the AI boom are reasonable. Nvidia continues to lead the tech giant “Seven Sisters”, and many AI concept stocks such as Ultra Micro Computer (SMCI) have surged. Tesla stopped falling continuously for more than a week before it released its earnings report. After the market, first-quarter revenue fell 9%, the biggest drop since 2012, but said it would speed up the launch of new cars, including more affordable models. Musk said that cheap models will be launched early next year, and it is not ruled out that it will be brought forward to this year, and the stock price will rise after the market.
The S&P Global US initial PMI for April, which was announced on Tuesday, was lower than the March and expected values. The initial values of manufacturing, service, and composite PMI were low for four months, respectively. The manufacturing PMI also fell below the 50 boom-bust watershed and entered a contraction range. The expansion of US corporate activity has slowed to its slowest rate in four months, which may increase the chances that the Federal Reserve will cut interest rates this year.
After the PMI was announced, the price of US Treasury bonds jumped intraday, and yields fell to a new low. The benchmark 10-year US Treasury yield quickly fell 4.60%. The interest-rate sensitive two-year US Treasury yield did not continue to hover around the 5.0% front line, leaving the five-month high created after breaking 5.0% on Monday; the US dollar index accelerated to a low level for more than a week.
The yen rebounded when the dollar reached a new low. After the PMI was announced, the yen rapidly rose against the US dollar, which hit a new low since 1990 for two consecutive days, but it is still close to 155.00, which may trigger the Japanese government to interfere in the foreign exchange market. Bitcoin, which turned down during the intraday period, continued to rebound after the PMI was announced. At one point, it climbed back to 67,000 US dollars and rose more than 1,000 US dollars from the daily low, approaching the one-week high level recorded in the Asian market on Tuesday.
Among commodities, most of the industrial metals that were high last week fell. Last week, Renxi, which hit a new high for nearly two years, fell more than 7% to a one-week low, and Luntong continued to fall below the two-year high. Some reports mentioned that people from major Chinese copper traders said at an industry conference on Tuesday that copper prices have broken away from fundamentals and are about to pull back. Precious metals, gold and silver, rebounded after the PMI was announced. Futures that fell close to 2% in the intraday period were close to smoothing the decline, while futures, which fell nearly 2% in the intraday period, turned up.
International crude oil staged a rollercoaster of a V-shaped reversal. In the intraday period, it was supported by a fall in the US dollar and turned upward, rebounding at least 3% from its daily low when it was high, and oil broke away from the three-week low caused by Monday's decline. The review said that as risks in the Middle East ease, the focus of oil market investors is shifting to the global economic situation. The rebound in oil prices on Tuesday was partly due to the Eurozone's initial April PMI reaching a new high of nearly a year.
The Dow rose four times in a row to a two-week high, and Nvidia continued to lead the closing, leading the way in technology, “Seven Sisters”, and Tesla's post-market earnings report boosted the market for two days
The three major US stock indexes collectively opened higher for two consecutive days, and have maintained their gains since then. The S&P 500 Index and the Nasdaq Composite Index rose more than 1% in early trading, and rose 1.3% and 1.8%, respectively, when they hit daily highs in midday trading. When midday trading hit a new high, the Dow Jones Industrial Average rose more than 320 points, or more than 0.8%. In the end, the three major indices collectively closed higher for two consecutive days.
S&P closed up 1.2% to 5070.55 points, breaking the closing high since April 12 and erasing all losses last week. The NASDAQ closed up 1.59%, rising more than 1% for two consecutive days to 15696.64 points. It still failed to smooth out last week's decline of more than 5%, and closed below the level of last Tuesday. The Dow closed up 263.71 points, or 0.69%, to 38503.69 points, rising for four consecutive days, breaking the closing high since April 9.
The small-cap stock index Russell 2000, which is mainly value stocks, closed up 1.79%, outperforming the market and rising three times in a row to its highest level since April 12. The tech-heavy Nasdaq 100 Index closed up 1.51%, rising two times after falling three times in a row last Friday to a low level since January 18. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 index, closed up 1.97%, continuing to break out of the low since February 21, which was caused by consecutive declines last Wednesday.
Among the Dow's constituent stocks, communications giant Verizon (VZ), which fell nearly 4.7% after announcing earnings on Monday, led the rise by nearly 2.9%; Goldman Sachs, which rose more than 3% on Monday. Another Wall Street giant, J.P. Morgan Chase, also rose more than 1%. Caterpillar, Amazon, Microsoft, and Disney all rose more than 1%. After Visa announced that profit and revenue for the first quarter were higher than expected, it rose more than 3% after the market.
Among the major sectors of the S&P 500, materials, which were only affected by the decline in metals such as copper, closed down more than 0.8% on Tuesday. Verizon's communications services rose nearly 1.9%, Nvidia's IT rose 1.7%, and industrial, medical, and non-essential consumer goods all rose more than 1%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants “Seven Sisters” had strong intraday gains, and Nvidia continued to lead the way when it reached the close. Tesla, which will release its earnings report after the market on Tuesday, stopped falling for 7 days. After turning into a short-term decline in the early trading session, it maintained its upward trend. It rose about 3.6% in the midday session and closed up 1.8%. After the announcement of the earnings report after the market, the stock price rallied, with an increase of more than 11% after the market.
Of the six major FAANMG technology stocks, with the exception of Netflix, they all rose for two consecutive days. Netflix, which fell four times in a row on Monday to the closing low since February 13, closed up 4.1%, and has not yet erased the decline of more than 9% after announcing earnings on Friday; Meta, which fell back to its low closing position since February 21, closed 2.9% last Friday; Microsoft, which fell from the 3rd to the closing low since January 31, closed 1.5%; on Friday it fell back to its low level since April 5, closed 1.3%; on Friday it fell 6 times to close at a low price since March 18, 2023. Of position Apple closed up 0.6%.
Chip stocks generally rose for two consecutive days and continued to outperform the market. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX closed up 2.2% and 2.1% respectively, rising for two consecutive days after falling for three consecutive days and closing low since February 1. Among chip stocks, Nvidia rose nearly 4.1% in early trading, up nearly 3.7%, and continued to break away from the closing low since February 21 caused by the sharp fall last Friday; at the close, Micron Technology rose more than 3%, TSMC US stock rose 2.8%, AMD rose more than 2%, and Broadcom rose 2%. After the trading session, Texas Instruments announced first-quarter revenue and second-quarter guidance. After trading, it rose more than 6%, while Intel, which had declined several times after the beginning of trading, closed down nearly 0.4%.
A number of AI concept stocks surged. By the close, SoundHound.ai (SOUN) rose 10.3%, BigBear.ai (BBAI) rose 9.6%, the ultra-micro computer (SMCI), which had risen 10.6% in early trading, rose more than 6%, Astera Labs (ALAB), known as “Little Nvidia” and sells data center interconnect chips, rose 9%, Palantir (PLTR) and C3.ai (AI) rose more than 3%, Adobe (ADBE) rose more than 1%, and Oracle (ORCL) rose nearly 0.5%.
Popular Chinese securities generally followed the market higher. The Nasdaq Golden Dragon China Index (HXC) closed up nearly 2%. After falling back to a low level since February 13 last Friday, it continued to rise for two days, outperforming the market for two days. KWEB and CQQQ closed up 2.9% and 1.7%, respectively. New car builders failed to rise at once. At the beginning of the market, Xiaopeng Motors closed up 2.9%, Xiaomi fans rose nearly 1.5%, and NIO, which had risen more than 3% in early trading, closed up nearly 0.3%, while Ideal Auto, which fell 5.6% after announcing price cuts on Monday, initially rose nearly 3%, closing down more than 0.4%. Among other individual stocks, Pinduoduo, Jinshanyun, and Tencent fans rose more than 3%, Alibaba and JD rose more than 2%, New Oriental rose nearly 2%, Baidu rose 1%, while Station B fell 2%, and NetEase fell nearly 2%.
The bank stock index rose for five consecutive days. The overall banking index KBW Bank Index (BKX) closed up nearly 1.1%, breaking the high level since April 9 for two consecutive days; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed 0.9%, and the regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed 1.1%, breaking the high level since April 9 on the 3rd.
Among the individual stocks that announced financial reports, General Motors (GM) closed up 4.4% after announcing first-quarter revenue and profit higher than expectations and raising free cash flow guidelines for automobiles; music streaming company Spotify (SPOT) closed 11.4% after announcing first-quarter revenue and second-quarter guidance that were higher than expected and operating profit hit a record high in a single quarter; express delivery giant UPS (UPS) closed 2.4% with higher-than-expected first-quarter earnings and cost cuts offsetting the impact of weak delivery demand; General Electric closed up 2.4% after revenue for the first quarter exceeded expectations and raised this year's operating profit guidance by $100 million The divested aircraft engine manufacturer GE Aerospace (GE) closed up 8.3%; life science company Danaher (DHR), which had better-than-expected revenue and profits in the first quarter, closed up 7.2%; and toy giant Mattel (MAT), whose losses narrowed beyond expectations in the first quarter, rose more than 2% after the market.
However, after announcing that first-quarter profits and revenue were higher than expected, but weak demand from recalled products and low-income consumers affected US results, Pepsi (PEP) closed down nearly 3%; airline JetBlue Airways (LBLU), which had first-quarter revenue in line with expectations but lowered its second-quarter and full-year revenue guidelines, closed down 18.8%; MSCI (MSCI), an investment index company whose first-quarter revenue and profit were lower than expected, closed down 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue fell 14.3%; first-quarter revenue and Steel makers Cleveland-Cliffs (CLF) and Nucor (NUE), which had lower profits than expected, closed down 9.8% and 8.9%, respectively; PV stock Enphase (ENPH), which had both first-quarter revenue and second-quarter guidance lower than expectations, fell more than 9% after the market.
In terms of European stocks, the pan-European stock index, which rebounded on Monday, accelerated its rise. The European Stoxx 600 Index closed up more than 1% for the first time since January 16, breaking its closing high since April 8. Stock indexes of major European countries rose sharply. The Italian stock index, which fell on Monday, led the rise by nearly 2%. British stocks rose for five consecutive days, closing at record highs for 2 consecutive days, and German, French and Spanish stocks rose for 2 consecutive days.
In various sectors, technology closed up more than 2.5%, thanks to the announcement of a 24% surge in cloud revenue in the first quarter, German software giant SAP, which is listed in Frankfurt. In addition, Asmack, Europe's highest market capitalization technology stock listed in the Netherlands, rose 2.6%, closing for the first time since announcing its first-quarter earnings report last week; retail sales rose about 2.2%. Among the constituent stocks, Swedish fast fashion giant H&M, whose target price was raised by Morgan Stanley, rose 4.2%. Among other individual stocks, the Swedish banking platform Nordnet, whose operating profit for the first quarter was higher than expected, rose 9%, leading the way for Stoke 600 constituent stocks; human resources giant Randstad, whose quarterly core profit was lower than expected, fell 7.2%, leading the decline among constituent stocks.
After the PMI was announced, US bond yields were low on a new day, and two-year yields broke away from a five-month high
The yield on the US 10-year benchmark treasury bond reached a new high of 4.65% in the European stock market, rising about 4 basis points during the day. After the US PMI was announced, it quickly fell 4.60%, and US stocks fell 4.57% to a new daily low in early trading. It fell by more than 4 basis points during the day, beginning to stay away from the high level since November 13, 2023, which was refreshed by 4.70% last Tuesday. It rose 4.60% in midday trading and about 4.60% at the end of the bond market. It fell less than 1 basis point during the day, falling for 3 consecutive days.
The 2-year US bond yield, which is more sensitive to interest rate prospects, rose by 5.0% in the European stock market, rising about 3 basis points during the day, approaching the high level since November 14, 2023 after rising 5.0% on Monday. After the PMI was announced, US stocks fell 4.92% in early trading. After the mid-day two-year treasury bond bid was completed, it fell 4.91% to a new daily low. By the end of the bond market, it fell about 4 basis points during the day, falling for 2 consecutive days.
After PMI, the US dollar index hit a new low for more than a week, and the yen turned to a new low since 1990, and Bitcoin once rose to 67,000 US dollars
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, rose above 106.20 when the European stock market reached a new daily high. After falling and falling below 106.00, European stocks turned up in early trading and maintained a downward trend after falling again. The decline widened rapidly after the US PMI was announced. US stocks were close to 105.60 in early trading, breaking the low since April 12. It fell more than 0.4% during the day, far from the high level since November 1, 2023, which was refreshed by 106.50 last Tuesday.
By the close of the US stock market on Tuesday, the US dollar index was slightly below 105.70, falling nearly 0.4% during the day after closing for two consecutive days; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell nearly 0.4% during the day, falling back to its low level since April 12 after roughly leveling off on Monday.
Among non-US currencies, the yen continued to rise after hitting a new low since 1990. The US dollar was close to 154.90 at the beginning of the US stock market, breaking the high level since 1990 set last Tuesday for two consecutive days. The US PMI turned rapidly after the announcement. It fell below 154.60 when the early trading day was low and fell nearly 0.2% during the day; the initial British composite PMI for April rose to 54, setting an 11-month high. It supported the rebound of the pound against the US dollar. After the announcement, the US PMI rose to a new high of 1.2460 days, rising nearly 0.9% during the day, far from falling below 1.2300 on Monday A refreshed year of 2023 Low since November; EUR/USD rose above 1.0710 in early trading of US stocks, breaking the high level since April 12, far from the low level since the end of October 2023, which was refreshed by 1.0600 last Tuesday.
The offshore renminbi (CNH) reached 7.2499 against the US dollar in early Asian trading, and continued to decline after a quick decline. European stocks fell as low as 7.2666 on the morning trading day, falling 159 points during the day, and failed to continue to break the high since April 10, which was refreshed by 7.25 on Wednesday. At 4:59 Beijing time on April 24, the offshore renminbi was 7.2605 yuan against the US dollar, down 98 points from the end of Monday. After stopping two consecutive losses on Monday.
Bitcoin rose above $67,200 in early Asian trading, breaking the high level since April 13. After the pre-market decline, European stocks fell below 66,000 US dollars and fell below 65,900 US dollars, falling back more than 1,000 US dollars from the daily high, falling about 2%. The US PMI continued to rebound after the announcement. US stocks reached 67,200 US dollars in early trading and rose more than 1,000 US dollars from the daily low. The US stocks were above 66,000 US dollars and fell about 0.2% in the last 24 hours.
Crude oil rebounded from a low intraday level of nearly 3%, and oil broke away from a three-week low
International crude oil futures turned up intraday on Tuesday. At a new low in the European stock market, US WTI crude oil fell below $80.90 and fell more than 1% during the day. Brent crude oil fell below $85.20, fell more than 2% during the day, and continued to rebound. US stocks turned higher in early trading. At noon trading, US oil rose above $83.40, rebounding more than 3% from the daily low.
In the end, crude oil, which fell back on Monday, rebounded. WTI's June crude oil futures closed up $1.46, or 1.78%, to $83.36 per barrel; Brent crude oil futures for June closed down $1.42, or 1.63%, to $88.42 per barrel, breaking away from the closing low since March 27, which was refreshed on Monday.
US gasoline and natural gas futures rose sharply. NYMEX's May gasoline futures closed up about 1.5%, closing at $2.7253 per gallon, and rebounded after falling four days at a low of $2.6854 to a low level since March 27 at $2.6719; NYMEX's May natural gas futures closed up 1.17% to $1.8120 per million British thermal units, rising for two consecutive days, breaking the high level since the April 10 report of $1.885.
Lunxi fell more than 7%, and Luntong continued to fall away from a two-year high. After PMI, gold was close to leveling off the decline of nearly 2%, and silver turned up during the period
London basic metals futures mostly closed lower on Tuesday. Renxi fell more than 7%, leading the decline for the second day in a row. It continued to fall below the high level since June 2022, when it closed below 32,000 US dollars for the first time in a week. Helun Tong both fell for several days after three consecutive gains. Luntong fell more than 1% on Tuesday and narrowly held the $9,700 mark at the close, continuing to fall below the high level set since April 2022 when it rose above $9,800 last Friday.
After four consecutive days of gains, Lun Ni fell nearly 4%, leaving the high level since September last year, which had been set for two consecutive days. After seven days of continuous gains, Lunaluminum fell by more than 3%, falling back after hitting a new high since June 2022 for two days. Lunzinc fell more than 1% and continued to fall after rebounding to a high level since April last Friday.
However, the rebound of lead, which stopped rising three times in a row on Monday, failed to smooth out half of Monday's decline of more than 2%, and failed to approach the high level set last Friday since November last year.
New York gold futures fell below $2,305 in early trading in European stocks, breaking the intraday low since April 5, falling nearly 1.8% during the day. After the US PMI was announced, the decline continued to narrow. After the US PMI was announced, it had risen to $2,345, close to unraveling all of the losses in the market, but the decline soon widened. US stocks returned below $2,330 in early trading, and climbed to $2,340 in midday trading.
Final futures fell two days in a row, hitting a new low of more than two weeks. COMEX June gold futures closed down 0.18% to $2342.1 per ounce, breaking the closing low since April 5, set by a 2.8% drop on Monday.
Spot gold rose to a new daily high above $2,334 in early Asian trading, rising 0.3% during the day, then quickly turning down. European stocks fell below $2,292 in early trading, fell more than 1.5% during the day, and continued to rebound. After the US PMI was announced, it rose in the short term and rose to $2,330 to approach a daily high, and rose slightly in midday trading.
At the close of the US stock market, spot gold was above 2,320 US dollars, falling about 0.2% during the day, continuing to fall below the closing record high set last Friday. The decline moderated significantly from Monday's 2% or more.
The New York Futures Bank was as low as $26.715 at the beginning of the European session, falling more than 1.9% during the day. After the US PMI was announced, the rebound accelerated and turned upward. In the end, COMEX closed up 0.43% in May to 27.362 US dollars/ounce, leaving aside the closing low since April 3, when it fell sharply by more than 5% on Monday.
Editor/jayden