The three major US stock indexes fell by at least 1%. The S&P index recorded the biggest decline in three months, the Dow recorded the biggest daily decline in 13 months and the biggest monthly decline in a year and a half; Tesla led the decline of tech giants; Lilai closed up 6% after the earnings report, Amazon rose 6% after the market, AMD fell more than 7% after the market, and AI “demon stocks” (SMCI) fell more than 10% after the market. China's stock index fell more than 3% and stopped rising for six consecutive years. Station B fell more than 5%, Ideal Auto fell more than 2%, and NIO rose more than 2%. The pan-European stock index recorded its biggest monthly decline in half a year. The British stock market temporarily left a record high. The automotive sector fell more than 4%, and Stellantis fell 10% after the earnings report.
After labor costs were announced, the two-year US Treasury yield quickly rose to 5.0%, hitting a five-month high; the US dollar index hit a one-week high. The yen fell close to 1% in the intraday market on the next day, approaching 158. The offshore renminbi fell more than 100 points in the intraday period and fell below 7.25. Bitcoin fell more than 5,000 US dollars in the intraday period, falling below the 60,000 mark to a one-month low. It fell about 16% in April, the biggest monthly decline in more than a year since FTX went bankrupt. US oil hit another one-month low, ending three months of continuous gains and oil rising for four months. Gold fell, futures fell more than 2% to a four-week low, and continued to rise for two months in April. Renxi fell more than 4% to a three-week low. In April, it still continued to rise by nearly 14%. Luntong fell more than 1% to bid farewell to a two-year high, rose nearly 13% in April, and Lunxin surged 20% in April.
The data reignited market concerns about high inflation. Labor costs in the US, which were announced on Tuesday, surpassed expectations by 1.2% in the first quarter, the biggest increase in a year, reflecting continued upward pressure on wages in an environment of high inflation. Often viewed as a barometer of the US economy, consumer sentiment is underperforming. In April, the American Advisory Council Consumer Confidence Index hit a new low since July 2022. According to a survey by the Chamber of Commerce, high prices, especially food and gasoline prices, received the most attention from surveyed consumers.
The commentator said that after data such as the PCE Price Index showed stubbornly high price pressure, labor cost data may also make the market even more worried, and it will be difficult for the Federal Reserve to make the expected progress in its efforts to reduce inflation. Observers believe that Tuesday's data will not prompt the Federal Reserve, which began holding a monetary policy meeting that day, to change its position of not rushing to ease austerity, but it will not prompt the Federal Reserve to think that it needs to raise interest rates.
After labor costs were announced, the price of US Treasury bonds fell rapidly, and yield increases expanded. The yield on two-year US Treasury bonds, which are sensitive to interest rates, quickly rose 5.0%, and hit a new high since November last year after two trading days. In April, when expectations of interest rate cuts were repeatedly thwarted, the intraday increase in the US dollar index not only did it not approach the two-week low set last Friday, but also remained high for a week. US stocks opened lower and technology led the decline. The S&P and NASDAQ recorded the biggest decline since the Fed hit the March interest rate cut expectations at the end of January, and the Dow recorded the biggest decline in more than a year. They both fell for the first time in half a year since the Federal Reserve revealed a shift signal in October last year.
The tech giants that supported the market fell back on Monday. Tesla fell more than 5% in early trading, and Amazon, which will release earnings reports after the market, fell more than 1%. Both the chip stock index and the China General Stock Index, which have continued to rise in the past week, have suspended their gains. Financial reports of leading stocks in the industry were mixed: McDonald's profit for the first quarter fell short of expectations; industrial giant 3M performed better than expected in the first quarter, performing best among the Dow's constituent stocks; the famous diet drug Zepbound and the hypoglycemic drug Mounjaro, which had strong sales of Lilly, once rose nearly 8%; Amazon, whose profit in the first quarter exceeded expectations by more than two times, quickly stopped falling and rising after the market; after the market; after the market; the AI “demon stock” with revenue for the third quarter fell sharply after the market..
On the foreign exchange market, when the US dollar rebounded, it jumped for a while in the intraday session and recovered a fall of 155 yen. In the intraday period, it was approaching 158, beginning to approach the low since 1990, which was set after falling below 160 on Monday. The Bank of Japan's current account suggests that the central bank may drop 5.5 trillion yen to support the yen on Monday. After the yen rebounded in a “one-day trip,” the prospects for intervention attracted much attention. J.P. Morgan believes that Japan may only carry out three series of interventions at most within six months, and 160 should not be viewed as a threshold for intervention. Bitcoin's decline accelerated. For the first time in more than a week since Israel was suspected of being attacked by Iran, it fell below the 60,000 US dollar mark. At one point, it fell to a low level of more than 5,000 US dollars from the daily high, and fell more than 10% in April, the worst monthly performance since the collapse of FTX, the cryptocurrency exchange that tornished almost a year ago.
Among commodities, after US labor costs were announced, international crude oil continued to decline, turning down during the intraday period and falling by more than 2% from the day. US oil once again hit a closing low since the end of March, thus ending the trend of continuous monthly gains since the beginning of this year, and oil barely maintained its April gains. The prospect of a cease-fire between Israel and Hamas continues to put pressure on oil prices. CCTV quoted media as saying that Israeli negotiators went to Cairo, the capital of Egypt, on Tuesday to participate in cease-fire negotiations with Hamas; the Hamas delegation temporarily left Cairo on Monday to conduct internal discussions on the latest cease-fire plan and expressed hope to “respond as soon as possible.” The increase in US oil production has also hit oil prices. The US Department of Energy announced on Tuesday that domestic crude oil production increased 570,000 b/d in February, the biggest increase since October 2021.
Metals mostly fell on Tuesday. The upward pressure on US dollar and US bond yields was put under joint pressure. Gold fell to a low level for more than three weeks. New York futures fell more than 2%, recovering most of this month's decline. Mitigating risks in the Middle East caused gold prices to fall in the past week, but after reaching record highs for many days before late April, gold finally maintained a full month's gains; some industrial metals, led by Renxi, fell below this mark for the first time in two years. However, in April, when supply was tight, Chinese smelters cut production and demand in fields such as new energy vehicles, etc. A double-digit rise.
The three major US stock indexes fell by at least 1%, and the Dow hit the biggest decline in 13 months, Amazon turned up after financial reports, AMD fell more than 7%, and fell slightly by more than 10%
The three major US stock indexes generally opened lower and moved lower. The decline in the Nasdaq Composite Index and the S&P 500 Index widened to more than 1% in midday trading, and the Dow Jones Industrial Average also fell by more than 1% at the end of the session. In the end, the three major indices that collectively closed for two consecutive days all closed down. Both the S&P and NASDAQ recorded the biggest decline since Powell's speech on January 31 hit expectations of interest rate cuts in March, and the Dow recorded the biggest percentage decline since March 9, 2023.
The NASDAQ closed down 2.04% to 15657.82 points, falling to a high closing level since April 12, when it continued to rise for two days and was refreshed over and over again. S&P closed down 1.57% to 5035.69 points, breaking the low since April 22. The Dow closed down 570.17 points, or 1.49%, to 37815.92 points, breaking its closing low since April 19.
The small-cap stock index Russell 2000, which is mainly value stocks, closed down 2.09%, outperforming the market. After two consecutive gains to a high level since April 11, it fell back to its low level since April 22. The tech-heavy Nasdaq 100 index closed down 1.92%, falling after breaking its closing high since April 12 for two consecutive days. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 index, closed down 2.02%, continuing to fall from the high level since April 12 created by the rebound last Friday, and fell 3.9 2% in April.
Major stock indexes fell across the board in April. The Dow fell 5%, the biggest monthly decline since September 2022. S&P fell 4.16%, the NASDAQ fell 4.41%, the NASDAQ 100 fell 4.46%, and the Dow fell after five months of continuous gains, falling 7.09% in 2000.
Among the constituent stocks of the Dow Index, Caterpillar fell more than 4% at the close; Boeing, Amazon, and Microsoft fell more than 3%; Coca Cola (KO), which had higher revenue than expected in the first quarter and raised full-year guidelines, rose more than 1% at the beginning of the session, turned down 0.4% in early trading and closed down 0.4%; McDonald's (MCD), which fell below expectations for the first quarter for the first time in more than two years, fell 4% at the beginning of the market and closed down 0.2%; after announcing that revenue and profit for the first quarter were higher than expected and that it would cut back its healthcare business, industrial giant 3M (3M) ((MMM) rose more than 6% in early trading, closed up more than 4.7%, and Procter & Gamble, which rose nearly 1% It was the only constituent stock to close higher on Tuesday.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants “Seven Sisters” have all experienced intraday declines. Tesla, which surged 15% on Monday when it was reported that the autonomous driving system FSD was about to land in China, fell by nearly 5.7%, closing down nearly 5.6%, falling to the high level since March 1 created by Monday's big rebound. After falling nearly 13% in March, it rebounded in April, rising 4.3%.
Among the six major FAANMG technology stocks, Microsoft closed down 3.2%, falling for two days in a row, breaking the closing low since January 12; Alphabet, which rose more than 1% at the beginning of the session, turned down 2% in early trading and continued to fall from the historical closing level created by last Friday's rebound; Apple, which rebounded on Monday to a high closing position since April 12, rose nearly 0.9% in early trading, turned down 1.8% in early trading; Meta rose more than 1%, closing down nearly 0.6% in early trading for two consecutive days, and recorded a close of 0.6% of earnings since last Thursday Low market; Netflix closed down nearly 1.6%, falling for three days to 1 It has been low since January 24; Amazon closed down 3.3% after two consecutive gains on Monday to its closing high since April 17. It quickly turned up after announcing financial reports after the market, and rose 6% after the market.
Among these six major technology stocks, only Alphabet rose by about 8.1%, Meta fell 11.4%, Netflix fell 9.3%, Microsoft fell nearly 7.5%, Amazon fell about 3%, and Apple fell nearly 0.7% in April.
Chip stocks generally declined. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX closed down about 1.9% and 2.1% respectively after falling in early trading, leaving the high positions set since April 11, which had been rising for six days. Among chip stocks, Nvidia turned up a few times in early trading, rising 1.2% at a new high, closing down 1.5%. In April, it surged 14% and then fell about 4.4% in April; AMD, which closed down 1.1%, accelerated after announcing post-market earnings reports and fell more than 7% after the market; at the close, Intel fell 2.8%. After announcing poor guidance for the second quarter, it fell for three consecutive days. Broadcom fell 2.9%, Micron Technology fell 1.2%, and TSMC US stocks fell 0.8%.
Among AI concept stocks, ultra-micro computers (SMCI), which have tripled since the beginning of this year, closed down 3.5%. After the earnings report was announced, the decline widened rapidly, falling more than 10% after the market.
Popular Chinese securities generally declined. The Nasdaq Golden Dragon China Index (HXC), which had been rising for six consecutive days on Monday to closing since March 13, closed down 3.2%, outperforming the market, but it continued to rise 0.7% in April. KWEB and CQQQ closed down about 2.9% and 2.4%, respectively. New car builders had mixed ups and downs. By the close, NIO had risen 2.6%, while Xiaopeng Auto, which had fallen more than 2% at the beginning of the session, had risen nearly 0.4%, while Ideal Auto had fallen 2.5%, and Xiaomi Fan had fallen 0.9%. Among other individual stocks, Station B fell more than 5% at the close, JD and NetEase fell more than 3%, Baidu fell more than 2%, Alibaba fell 2%, and Pinduoduo and Tencent fans fell more than 1%.
Among the individual stocks that announced financial reports, due to strong sales of the star diet drug Zepbound and the hypoglycemic drug Mounjaro, LLY (LLY) rose 7.9% in early trading, closing about 6% in early trading; PayPal (PYPL), which raised its full-year profit guidance, rose more than 3% in early trading and closed 1.4%; and the social media Pinterest (PINS), which raised its profit and revenue for the first quarter higher than expected, rose nearly 19% after the market; while medical device company GE Healthcare Technologies (GEHC) closed down 14.3%; the education stocks Chegg (CHGG) and Coursera (COUR), both fell 27.9% and 14%, respectively, while the second-quarter revenue and third-quarter guidance fell 9.2%; application security cloud F5 (FFIV), which were both lower than expected, closed down 9.2%; the after-hours announcement of an unexpected decline in same-store sales for the second fiscal quarter, profit and revenue were lower than expected, and after lowering the FY2024 guidance, Starbucks (SBUX) fell more than 10% after the market.
In terms of European stocks, the pan-European stock index, which closed higher for two days, retreated. The European Stoxx 600 index fell to its closing high since April 8, when it was refreshed for two consecutive days. Major European stock indexes fell sharply on Tuesday. German, French and Spanish stocks fell for two days in a row, the Spanish stock index fell more than 2%, and British stocks, which had been rising three times in a row, fell slightly, leaving the record closing high for three consecutive days.
Among the various sectors, automobiles closed down about 4.2%, the biggest decline since September 2022. Due to the decline in sales and revenue in the first quarter, Italian-listed Stellantis, German Benz, and German Volkswagen, closed down about 10.1%, 5.2%, and 4.6% respectively; the banking sector fell nearly 0.4%. Among the constituent stocks, the second-largest bank in the EU, and Spain's BBVA fell 6.6% after indicating that negotiations and research on possible mergers and acquisitions with domestic bank Sabadell fell 6.6%, dragging down domestic stock indexes for the second day in a row. After a 3% increase, a renewal of full-year results guidance, and the announcement that the CEO will step down, HSBC, the largest bank in Europe, listed in London, closed up nearly 2.8%.
The Stoxx 600 index fell by about 1.8% in April, falling after five months of continuous growth, the biggest monthly decline in half a year, reflecting the effects of tension in the Middle East and uncertain ECB policy prospects. Most of the stock indexes of various countries fell in April. German stocks fell more than 3%, leading the decline. French stocks and Italian stocks all fell after five months of continuous gains. Western stocks, which rebounded in March, also fell, while British stocks climbed more than 2%, rising for two consecutive months.
Among the various sectors, the commodity sector performed well in April. The basic resources of mining stocks rose 9.5%, and oil and gas rose nearly 5%; banks that rose more than 9% in March rose by nearly 3%; while automobiles, which fell by more than 9% in March, fell by more than 6% in April, financial services fell by nearly 6%, and retail sales, which rose by more than 14% in March, fell by more than 5%, and insurance also fell by more than 5%.
US Treasury yields hit a five-month high of 5.0% in the two years after US labor costs were announced
The yield on the US 10-year benchmark treasury bond fell 4.60% in early Asian trading. After the US labor costs were announced, it quickly rose 4.67%. At the end of the session, US stocks were close to 4.69%, reaching 4.6881. It is not close to breaking the high level since November 2, 2023, which was refreshed by 4.73% last Thursday. At the end of the bond market, it was about 4.68%, rising about 7 basis points during the day. The yield rebounded after falling for two consecutive days. The yield climbed about 48 quarters in April, the third month of this year.
The 2-year US Treasury yield, which is more sensitive to interest rate prospects, fell 4.97% to a new low in early Asian trading. After labor costs were announced, it quickly recovered 5.0%, reversing the intraday decline and rising by 5.04% at the end of the session, breaking the high level since November 14, 2023 set last Thursday. It was about 5.04% at the end of the bond market, and rose more than 6 basis points during the day. The yield rose by a total of about 42 basis points in April after February.
The US dollar index hit a one-week high, and the yen rebounded and fell nearly 1% intraday on the next day, Bitcoin fell below the 60,000 mark, the biggest monthly decline in more than a year
The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, remained high throughout the day. The rise in early trading of European stocks was below 105.70. The increase in US labor costs expanded rapidly after the announcement. US stocks rose to 106.00 before the market, and US stocks rose above 106.30 after closing, breaking the intraday high level since last Monday, April 22. It has risen more than 0.7% during the day. It is no longer close to the low level since April 12, which was refreshed by 105.40 last Friday.
By the close of the US stock market on Tuesday, the US dollar index was above 106.20, rising 0.6% during the day, rising nearly 1.7% in April; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose about 0.6% during the day, breaking the high level in the same period since April 16. It had climbed more than 1.6% in April, and the US dollar index rebounded after falling on Monday and rising for four consecutive months in April.
Among non-US currencies, the large rebound of the yen only continued on Monday 1. The US dollar rose above 157.80 against the US stock market and rose nearly 1% during the day, beginning to be close to 160.20 before Monday's fall and was refreshed for 6 consecutive days; EUR/USD continued to decline after rising above 1.07030 in the European stock market, and US stocks fell below 1.0670 after closing. The daily low of 1.0670 fell by about 0.5% during the day, falling about 0.5% during the intraday period, falling below the high level set by 1.0740 last Friday; GBP/USD closed at 1.0740 after closing. 2490 hit a new daily low and fell close to intraday 0.6%, down from the high level since April 11, which was refreshed at 1.2570 on Monday.
The offshore renminbi (CNH) reached a new high of 7.2418 against the US dollar in early Asian trading, quickly turning down and maintaining a downward trend. The European stock market fell to a new low of 7.2572 points during the day, falling 133 points during the day, falling from the intraday high level since March 25, when it rose 7.24 on Monday. At 4:59 Beijing time on May 1, the offshore renminbi reported 7.2548 yuan against the US dollar, down 109 points from the end of Monday. After rebounding on Monday, it rebounded 24 points in April, reversing a three-month continuous decline.
Bitcoin (BTC) rose above US$64,700 in early Asian trading, reached a new daily high of US$64,800 on some platforms, and continued to decline. European stocks fell below US$61,000 in the intraday period. At the end of the session, US stocks fell below US$60,000 for the first time since last Friday, April 19. The trading price of some platforms fell below US$592,000, breaking the low since the end of February set on April 19. It fell more than US$5,000 and more than 8% from the daily high. US stocks hovered at the end of the day and fell nearly 5% to more than US$10,000 in April., a cumulative decline of about 16%, creating a The biggest monthly decline since FTX, the former world's second-largest cryptocurrency exchange, went bankrupt in November 2022.
US oil hit another one-month low, ended three months of continuous gains, and oil continued to rise for four months
International crude oil futures fell during the intraday period. When European stocks turned to a new intraday high after the pre-market rise, US WTI crude oil rose to 83.3 US dollars, up 0.8% during the day, the July contract for Brent crude oil rose to 87.8 US dollars, falling nearly 0.7% during the day. US labor costs continued to decline after the announcement. Before the US stock market opened, it fell to 80.95 US dollars. For the first time since April 23, the intraday decline was slightly below $81. The intraday decline was slightly more than 2%. It fell 2%.
In the end, crude oil, which had risen two times in a row, fell for two consecutive days. WTI's June crude oil futures closed down $0.70, or 0.85%, to $81.93 per barrel, breaking the monthly contract closing low since March 27 for two consecutive days; Brent's June crude oil futures fell $0.54, or 0.61%, to $87.86 per barrel. The July oil contract closed down 0.87 US dollars, down about 1%, to 86.33 US dollars/barrel.
In April, the monthly contract for US oil fell by 1.49%, ending a three-month continuous rise, while oil rose by 0.43%, rising for four consecutive months.
US gasoline and natural gas futures fell sharply. NYMEX gasoline futures for May closed down about 1.4% to $2.7108 per gallon. After four consecutive gains, they continued to fall from the high level since April 16, which was refreshed last Friday. After three months of continuous gains, the NYMEX June natural gas futures closed down 1.92% to 1.9910 US dollars/million British thermal units, and increased by about 12.9% in April.
Renxi fell more than 4% and still surged in April, Lunzinc rose 20% in April, futures fell more than 2% and continued to rise for two months
London basic metals futures had mixed ups and downs on Tuesday. Renxi led the decline by more than 4%, breaking the three-week low. Both Lunxin, which led the rise on Monday, retreated after rebounding on Monday. Lunxin fell to a high level since March last year, which was set by a 3.5% surge on Monday. After four consecutive days of gains, Luntong fell by more than 1%, leaving the high level since April 2022 set after breaking through 10,000 US dollars at the close of Monday, falling below the 10,000 mark. Lunn lead, which rose to a high level since November last year on Monday, also fell. Meanwhile, Lunlu closed up slightly, rising for three consecutive days, and continued to break away from the low position set last Thursday for more than a week. Lun Ni has been rising for two days, and is still far from the high level set last Monday since September last year.
Basic metals surged across the board in April. Lunzine, which led the rise, had a cumulative increase of nearly 20%. Luntong, which rose nearly 13%, and Lunaluminum, which rose nearly 11%, all rose for two months. Lunxi rose nearly 15%, and Lunn lead rose nearly 8%, all rebounding after two months of continuous decline.
Gold remained downward throughout the day on Tuesday. At noon, New York gold futures dropped to 2,300 US dollars, falling more than 2.4% during the day. Spot gold fell below 2,290 US dollars, falling nearly 2% during the day, and futures both hit an intraday low level since April 5.
By the close, COMEX June gold futures, which had been rising for three consecutive days, closed down 2.3%, to 2302.9 US dollars/ounce, breaking the closing low since April 2. They had accumulated 2.88% in April, rising for two consecutive months.
At the close of the US stock market, spot gold was slightly above $2,290, falling more than 1.8% during the day. It continued to rise by more than 3% throughout April, rising for three consecutive months.
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