Data released on Thursday showed that the US economic growth slowed significantly from the end of last year, and consumer commodity spending was weak: the revised US GDP grew 1.3% quarterly in the first quarter, down sharply from 3.4% in the fourth quarter of last year. Personal consumption expenditure (PCE), the main engine of economic growth, slowed to 2.0% in the first quarter, and the initial value increased by 2.5%; the PCE price index, an inflation index favored by the Federal Reserve, grew 3.6% in the first quarter, slightly lower than the previous value and forecast of 3.7%. Furthermore, last week, the number of people applying for relief in the US for the first time rose above expectations. The average number of people in four weeks was at an eight-month high. In April, the sales index for existing housing contracts hit a four-year low, which also brought bad news about the economy.

However, the bad news about the economy is seen as good for interest rate cuts. The review said that GDP and related data show that the economy is cooling, so that Fed officials may have room to cut interest rates this year, while poor consumer spending raises concerns about corporate profits. Overall, Thursday's data was a double-edged sword. After GDP and other data were released, US Treasury bond prices rebounded rapidly, and the intraday decline in yield widened rapidly. The benchmark 10-year US Treasury yield is back below 4.60%, breaking away from the nearly four-week high. The two-year US Treasury yield is no longer approaching the four-week high set on Wednesday.

US stocks did not rebound due to favorable data interest rate cuts, and technology stocks became the culprit in the general market decline. Some leading stocks underperformed: Cloud software giant Saleforce's first quarterly revenue fell short of expectations, and the current fiscal year's guidance was poor. The stock price fell sharply by 20% in the intraday period, which is likely to hit the biggest daily decline in nearly 20 years, leading the Dow's; department store chain Kohl's unexpectedly reported losses in the first fiscal quarter and lowered revenue and profit guidelines for the full fiscal year, reflecting the weakening of consumer demand for footwear and clothing. The stock price fell by nearly 30% in the past 30 years.

The media said that the US government restricted Nvidia and other chip manufacturers from selling AI chips to the Middle East. Nvidia once fell more than 4% in midday trading. Since the earnings report was released last week, the trend of hitting a record high has stopped, and the market value evaporated by more than 100 billion US dollars in one day. Some commentators say that Salesforce's earnings report shows that the software industry is in trouble, and Microsoft and Oracle cannot escape the negative impact. Microsoft is second only to Nvidia in terms of decline among the tech giants “Seven Sisters.” Oracle and AI “monster stocks”, which have risen nearly 200% this year, continued to decline, but some AI concept stocks reversed the market. C3.ai's losses in the first quarter were lower than expected, current quarter revenue and full-year guidance were higher than expected, and the stock price rose more than 10%. Chinese securities generally rebounded. New energy vehicle stocks such as NIO soared.

On the foreign exchange market side, after the GDP was announced, the US dollar index rapidly fell from the low in more than two weeks set earlier in the day. Non-US currencies generally rose, and the yen and offshore renminbi broke out of the four and six week lows set on Wednesday, respectively. Cryptocurrency gains also increased. Bitcoin once rebounded more than $2,000 and $69,000 from the low level set earlier in the day, and Ethereum also rebounded more than 3% from this week's low.

Commodities had mixed ups and downs. London's basic metals generally fell by more than 3%. Far from the record high set last week, Lunan Aluminum, which hit a new high in the past two years, fell by more than 2%. The review said that investors chose to make a profit after the rise in copper prices. Previously, there were warnings that the rise in copper had deviated from fundamentals. However, the decline in copper prices may be relatively limited because some investors have bottomed out. Due to the shortage of ore, Chinese smelters are under increasing pressure to cut production. Among precious metals, after the announcement of US GDP, which is conducive to interest rate cuts, gold leveled off the intraday decline. New York futures rebounded to a high closing level in more than a week, and futures, which had been rising over the past few days, still fell more than 3%.

International crude oil failed to benefit from expectations of interest rate cuts. The US Department of Energy announced that US EIA crude oil inventories fell by nearly 4.2 million barrels last week, but at a time when the refinery operating rate hit a nine-month high, gasoline and refined oil inventories did not drop but increased by more than 2 million barrels last week, reflecting weak fuel demand, which disappointed investors who expected an increase in demand before the peak summer driving season. After the EIA data was released, crude oil declined at an accelerated pace, falling more than 2% in the intraday period. Although the market generally expects the OPEC+ meeting this weekend to continue the production reduction policy, the market attitude is still cautious. Some analysts believe that the weakness in the gasoline market continues to drag down other oil markets.

The Dow fell three times in a row to a four-week low after SaleForce led the decline, and Kohl's, Dell plummeted, C3.ai, Best Buy, and HP surged after financial reports

The three major US stock indexes collectively opened lower and maintained an intraday decline. The Dow Jones Industrial Average fell more than 440 points and fell more than 1.1% during the day's low in early trading. The decline of the Nasdaq Composite Index widened to more than 1% at the end of the day, and the S&P 500 index were both new day lows. In the end, the three major indices collectively closed down for two consecutive days, and the Dow fell for three consecutive days.

The Dow closed down 330.06 points, or 0.86%, to 38111.48 points, breaking its closing low since May 1. S&P closed down 0.6% to 5235.48 points, breaking the closing low since May 13. The NASDAQ closed down 1.08% to 16737.08 points, breaking its one-week low since May 23.

S&P and Dow related ETFs SPDR S&P 500 ETF (SPY) and SPDR Dow Jones Industrial Average ETF (DIA) closed down 0.66% and 0.81% respectively, breaking new lows since May 13 and May 1, respectively.

The small-cap stock index Russell 2000, which is mainly value stocks, closed up 1%, outperforming the market, and rebounded after falling for two consecutive days to a low level since May 3. The tech-heavy Nasdaq 100 Index closed down 1.06%, and the related ETF Invesco QQQ Trust Series 1 (QQQ) closed down 1.07%, both of which fell to their lowest level since May 14. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, closed down 2.09%, falling to its lowest level since May 22 for two consecutive years.

Among the constituent stocks of the Dow Index, only eight closed down on Thursday. Salesforce (CRM), which led the decline, fell nearly 17.8% when opening. Early trading fell 20.8% and closed down 19.9%, the biggest daily decline since July 2004. Microsoft's decline of more than 3% was second only to Salesforce, while Verizon, which rose more than 3%, performed the best. Only two major sectors of the S&P 500 closed down. Salesforce and Nvidia's IT fell nearly 2.5%, and Google's communications services fell nearly 1.1%. Of the nine sectors that closed up, interest-rate sensitive real estate rose 1.5%, utilities rose 1.4%, and others rose less than 0.9%.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, most of the tech giants “Seven Sisters” have declined; Apple alone has not declined in the market. The media said that after Tesla was preparing to register FSD software in China, paving the way for closed testing, Tesla fell nearly 0.5% in the short term after rising nearly 3.7% in early trading on Wednesday, and closed up nearly 1.5%. It did not continue to be close to the fresh closing low since May 13, which was set last Thursday.

Among the six major FAANMG technology stocks, Microsoft closed down 3.4%, Alphabet closed down nearly 2.2%, two consecutive losses since May 13 and May 14, respectively; Meta closed down more than 1.5%, falling for two days after rebounding to a high closing level since May 15 on Tuesday; Amazon closed down nearly 1.5%, falling two days to a low level since May 1; and Netflix, which closed high since November 1, 2021, closed down nearly 1.1%; while Apple closed 0.5%, rising four days in a row, continuing to fall close to January 26, when it was last Tuesday Closing High rank.

Chip stocks generally declined. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX turned slightly higher in early and mid-day trading. They fell close to 1% and more than 0.9% respectively when they hit new daily lows in early trading, closing down about 0.9% and 0.7%, respectively. After closing at record highs on Tuesday, they fell two to a week in a row. Among chip stocks, Nvidia rose more than 0.9% at the beginning of the session, and fell 4.4% and about 3.8% at the end of the session after falling in early trading, closing down for the first time since the earnings report was announced last week. At the close, Micron Technology fell 4%, Broadcom fell nearly 2%, Qualcomm fell more than 1%, and NXP and TSMC US stocks fell nearly 0.9%, while AMD closed up nearly 1%, and Intel rose 0.2%, which rose more than 1% in early trading.

AI concept stocks had mixed ups and downs. AI and robotics stock ETF Glb X Robotics & AFL Intelligence ETF (BOTZ) closed down 1%. At the close, C3.ai (AI), which reported excellent financial results, rose 19.4%, SoundHound.ai (SOUN) and Palantir (PLTR) rose about 3.8%, and BigBear.ai (BBAI) closed, while Adobe (ADBE) fell more than 6%, Oracle (ORCL) fell more than 5%, Astera Labs (ALAB) fell nearly 3%, and ultra-microcomputer (SMCI) fell more than 1%. Dell (DELL), which reversed the market and rose nearly 8% on Wednesday, closed down 5.2 percent. For the first time, revenue was growing in a single quarter. Revenue related to AI servers increased 30% month-on-month to US$3.8 billion. It still failed to impress investors, and the post-market decline widened to nearly 20%.

Popular Chinese securities generally rebounded. The Nasdaq Golden Dragon China Index (HXC) closed up nearly 1.4% after turning up at the beginning of the session, and the related ETF Invesco Golden Dragon China ETF (PGJ) closed up nearly 1.5%, all leaving the closing low since May 1 caused by Wednesday's fall. China's general ETFs KWEB and CQQQ closed up nearly 1.3% and 1.6%, respectively.

New car builders are on the rise. At the close, NIO Auto rose more than 9.6%, Xiaopeng Motor rose 5.5%, Extreme Krypton rose 4.8%, and Ideal Auto rose 2.9%. Among other individual stocks, Station B rose more than 4% in midday trading, JD rose more than 2%, Alibaba and NetEase rose more than 1% in midday trading, Pinduoduo, which had risen nearly 3% in early trading, rose less than 1%, and Baidu and Tencent fans turned up slightly in morning trading.

Among individual stocks with high fluctuations, Kohl's (KSS), which had lower revenue in the first fiscal quarter than expected, had unexpected EPS losses and lowered its full-year guidance, fell 28.1% in early trading, closing down 22.9%, the biggest decline since listing in 1992; after announcing that second-quarter revenue and full-year guidance were lower than expected and that the CEO would leave office on June 1, the software company UiPath (PATH) closed down 34%; cloud computing company Nutanix (NTNX), which had lower revenue expectations for the fourth quarter; the food company whose revenue for the fourth quarter fell below expectations Hormel Foods (HRL) closed down 9.7%; discount retailer Dollar General (DG), which had lower-than-expected earnings guidance for the second quarter, closed down 8%.

Meanwhile, HP (HPQ), whose earnings and revenue for the second fiscal quarter were higher than expected, closed up nearly 17%, the biggest increase in nearly 11 years; the electronics retailer Best Buy (BBY), which had higher earnings than expectations in the first fiscal quarter and reaffirmed full-year guidance, closed up 13.4%, the biggest increase since March 2020; clothing retailer Burlington Stores (BURL), whose revenue and profit for the first fiscal quarter were higher than expected, rose nearly 17.6%; footwear retailer Foot Locker (FL), which had higher earnings than expected in the first quarter; quarterly results were better than those German footwear brand BIRK (BIRK), which is expected to have high full-year revenue guidance and expectations, closed up 11.7%; Faraday Future (FFIE), which closed down 62% after announcing earnings on Wednesday, rose 72.7% to close by 27.3% in early trading.

The decline in US bond yields after GDP widens two-year yields break away from a four-week high

The US Treasury Bond ETF (GOVT), a US Treasury Bond ETF (GOVT), which fell two days in a row on Wednesday to a low level since May 2, closed up 0.36%.

The yield on the US 10-year benchmark treasury bond rose above 4.62% in early Asian trading to 4.6257%, close to the high level since May 2, which was refreshed after rising 4.63% on Wednesday. After that, the overall decline was down. It fell 4.60% before the opening of the European stock market. The US stock market quickly fell 4.57% after the announcement of US GDP before the midday session. The US stock market fell to a fresh low of 4.54%. At the end of the day, it fell about 9 basis points during the day. Due to a sharp rise in US bond sales during the previous two days when the bid sales of US bonds were weak, the total will still accumulate this week Ascend.

The 2-year US Treasury yield, which is more sensitive to interest rate prospects, rose above 4.98% in early Asian trading and quickly fell 4.96% after GDP was announced. US stocks fell to a new low of 4.92% in midday trading, falling more than 6 basis points from today's high, breaking away from the high level since May 1, which was close to 5.0% on Wednesday and refreshed for two consecutive days. By the end of the bond market, it was about 4.92%, falling about 5 basis points during the day, after four days of continuous rise.

US bond yields for various maturities fell sharply on Thursday, and the two-year yield equalized the increase in the first three days of this week

After GDP, the US dollar index rapidly fell from a two-week high and the yen broke out of a four-week low

The ICE US Dollar Index (DXY), which tracks the exchange rate of the dollar against a basket of six major currencies including the euro, was close to 105.20 before the European stock market, breaking the intraday high level since May 13 for two consecutive days. European stocks continued to decline after the pre-market decline. The decline in US GDP widened after the announcement. US stocks fell below 104.70 in early trading and fell nearly 0.5% during the day.

By the end of the foreign exchange market on Thursday, the US dollar index was above 104.70, falling nearly 0.4% during the day, and fell on the second day of this week after Tuesday; the Bloomberg US dollar spot index, which tracks the exchange rate of the US dollar against ten other currencies, fell more than 0.2% during the day, falling from the same high level since May 8, which was refreshed for two consecutive days on Wednesday.

On Thursday, the Bloomberg dollar spot index took back some of Wednesday's gains

Among non-US currencies, the yen rebounded from a two-week low on Wednesday. The US dollar fell below a new daily low of 156.40 against the US market after the US GDP was announced, falling about 0.8% during the day, breaking away from the high level since May 1, which was refreshed at 157.70 on Wednesday; after the US GDP was announced, the euro rose faster against the US dollar and the British pound against the US dollar. The US stock market rose above 1.0840 and rose more than 0.3% during the day. It began to approach the high level since May 16, which was refreshed on Tuesday. The pound was close to 1.2750 and rose more than 0.3% during the day. 1.2800 refresh It has been close to a high level since March 21.

The offshore renminbi (CNH) was as low as 7.2736 against the US dollar at the beginning of the Asian session, close to the intraday low since April 16, which was refreshed after falling 7.27 on Wednesday. The overall decline thereafter. European stocks reached a new daily high of 7.2477 at the beginning of the session, rising 259 points from the daily low. At 4:59 Beijing time on May 31, the offshore RMB was 7.2537 yuan against the US dollar, up 198 points from the end of Wednesday's New York session, and rebounded after two consecutive days of decline.

Bitcoin (BTC) fell below $67,200 in early European trading, breaking its low since last Friday, May 24, and continued to rise thereafter. US stocks rose above $69,500 in midday trading, up more than $2,000 and 3% from the daily low. US stocks were above $68,500 at the close of the day and rose nearly 2% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency with market capitalization after Bitcoin, dropped to 3,700 dollars at the beginning of the European session, and set a new low since May 24. US stocks rose above $3,820 in midday trading, up more than 3% from the daily low. US stocks returned gains at the end of the session. US stocks were above $3,750 at the close, falling slightly by about 0.4% in the last 24 hours, and are still not close to the high since March 14, which rose above $3,970 on Monday.

Crude oil once fell more than 2%, and oil fell from this month's high for two days

International crude oil futures declined overall on Thursday. When the Asian market hit a new high in early trading, US WTI crude oil rose above 79.40 US dollars and Brent crude oil was close to 83.60 US dollars, rising more than 0.2% and nearly 0.2% during the day, respectively. European stocks turned upward in the short term after the Asian market turned down during the intraday period. After the US EIA inventory was announced, crude oil declined at an accelerated pace in early trading. At a new low in midday trading, US oil fell to 77.63 US dollars and oil fell to 81.80 US dollars, all falling by more than 2% during the day.

In the end, crude oil closed down for two consecutive days. WTI crude oil futures for July closed down $1.32, or 1.67%, to $77.91 per barrel; Brent crude oil futures for July closed down $1.74, or 2.08%, to $83.60 per barrel, and US Oil continued to fall from the closing highs set on Tuesday since April 30 and May 17, respectively.

Luntong fell more than 3% to a low position in more than two weeks, and gold rebounded to a high level in a week

London basic metals futures generally fell by at least 1% on Thursday. Luntong, which led the decline, fell more than 3% for two days. For the first time in more than two weeks, it closed below US$102 million, down about 7% from the record high set last Monday. Renxi fell nearly 3%, falling to a low of more than two weeks after two consecutive days of gains. Lun Aluminum fell by more than 2%, hitting a new high for three days and two days in a row since June 2022. Lun nickel, which had been rising for three to a week, also fell by more than 2%. Lunzinc, which has been rising for two days in a row, was unable to break out of the one-week low set last Friday.

Gold turned higher in the intraday session on Thursday. When European stocks hit a new low in the pre-market day, New York gold futures fell to $2320.8, down nearly 0.9% during the day, spot gold fell below $2,323, fell nearly 0.7% during the day, and then fluctuated upward. After the announcement, US GDP all turned up. When US stocks hit a new high in early trading, futures rose to $2373.7, up nearly 1.4% during the day. Spot gold rose above $2,350 and rose nearly 0.6% during the day.

By the end of midday US stock futures, COMEX's June gold futures, which fell back down on Wednesday, closed up 1.08% to $2366.5 per ounce, breaking the high level since May 22. SPDR Gold Trust (GLD), which fell back on Wednesday, closed up 0.19% and did not continue to fall to its low level since May 8, which was refreshed last Thursday. At the close of the US stock market, spot gold was slightly above $2,340, up nearly 0.2% during the day.

New York silver futures declined for three days in a row. On Wednesday, COMEX July silver futures, which had reached a high level since May 20, closed down 2.6% to 31.534 US dollars/ounce. US stocks fell below $31.30 at a fresh low in midday trading and fell 3.3% during the day. Asus Silver Trust SLV closed down 2.57% for two consecutive days.

Editor/Jeffrey