Meta fell over 2%, marking the first drop this week along with NVIDIA and Tesla; Cisco rose nearly 5%, leading the Dow Jones rebound; UnitedHealth dropped nearly 11%. The China Concept Index fell over 2%, with JD.com down nearly 4%. The ten-year U.S. Treasury yield plummeted more than 10 basis points intraday, briefly spiking after Powell's speech. After the U.S. retail data, the USD approached its recent low. Gold rebounded nearly 2% after reaching a one-month low. WTI crude oil once fell more than 4%.
Macroeconomic data boosted rate cut expectations, with the S&P rising for four consecutive days. Meta delayed the AI model release, dragging technology stocks down, and the Nasdaq ended its six-day climb. The USD fluctuated weakly, while crude oil and gold rebounded.
Expectations for a rate cut by the Federal Reserve have increased, pushing up U.S. Treasury prices, with U.S. stocks showing mixed results:
In pre-market trading, Federal Reserve ChairmanJerome Powell stated, that adjustments to the monetary policy framework are underway, and long-term interest rates may rise, with "supply shocks" potentially becoming the new norm. After Powell's speech, the ten-year U.S. Treasury yield briefly surged. Spot gold rose by $7 within five minutes.
In the early market, the latest announcedU.S. April PPI.Unexpected decline,April retail sales in the USAshowed almost no growth, traders slightly increased bets on two rate cuts before the end of 2025. Following the macroeconomic data release, the three major U.S. stock indexes all rose in early trading.
In midday trading in the USA,it was reported that, Meta will delay the release of its flagship AI model Behemoth until autumn or even later. Meta fell by 2.6%, hitting a new daily low, dragging down the Nasdaq Index, which has a high proportion of technology stocks, leading to increased selling pressure. The Nasdaq Index closed slightly lower, ending a six-day winning streak.
On Thursday, U.S. stocks, the S&P achieved four consecutive gains, while the Nasdaq ended its six-day rise. Meta fell over 2%, marking the first decline this week alongside NVIDIA and Tesla. Cisco raised its annual forecast, with its stock price rising nearly 5%, leading the Dow Jones to rebound; due to a U.S. Department of Justice investigation, UnitedHealth dropped nearly 11%. The China Concept Index weakened, with JD.com falling nearly 4%.
The three major U.S. stock indices:
The S&P 500 Index closed up 24.35 points, a rise of 0.41%, ending at 5916.93 points.
The Dow Jones Industrial Average closed up 271.69 points, a rise of 0.65%, ending at 42322.75 points.
The Nasdaq closed down 34.49 points, a drop of 0.18%, ending at 19112.32 points. The NASDAQ 100 Index closed up 16.62 points, a rise of 0.08%, ending at 21335.82 points.
The E-mini Russell 2000 Index closed up 0.52%, ending at 2094.69 points.
The VIX index closed down 4.30%, ending at 17.82, approaching the March 25 closing level of 17.15.
U.S. stock Industry ETFs:
The Utilities ETF and Consumer Staples rose over 2%, while the Real Estate sector increased by 1.84%, ranking third. The Oil & Gas ETF closed down 0.82%, and the Semiconductors sector closed down 0.64%.
"Magnificent 7":
The ETF Index of the seven giants of USA Technology Stocks (HK&S HOTELS 7) fell by 1.14%.
Amazon dropped by 2.42%, Meta fell by 2.35%, Tesla decreased by 1.40%, Google A declined by 0.85%, Apple ended down by 0.41%, NVIDIA closed down by 0.38%, and Microsoft rose by 0.23%.
Chip stocks:
The Philadelphia Semiconductor Index closed down by 0.57%, reporting at 4932.45 points.
AMD dropped by 2.32%, and Taiwan Semiconductor ADR fell by 0.23%.
AI concept stocks:
Tempus AI decreased by 3.37%, and Palantir closed down by 1.58%.
China Concept Stocks:
The Nasdaq Golden Dragon China Index closed down 2.37%, at 7,351.94 points.
Popular China concept stocks Alibaba closed down 7.57%, KE Holdings fell 5.29%, YUM CHINA decreased by 5.03%, EHang, JD.com, 21Vianet, Tencent Music, Baidu, Kingsoft Cloud, NIO, ZTO Express, and GDS Holdings dropped between 3.93% and 3.11%.
ZEEKR closed up 0.49%, Atour gained 2.16%, ZAI LAB increased by 2.17%, MINISO rose 4.27%, Canadian Solar climbed 5.74%, and NetEase surged 14.61%.
Other stocks:
UnitedHealth closed down 11%, marking eight consecutive trading days of decline. Reports indicated that the U.S. Department of Justice is investigating it for Medicare fraud.
The networking company Cisco raised its annual forecast, with its stock price rising nearly 5%.
The Europe STOXX 600 Index closed up over 0.5%, with German Rheinmetall rising over 5.6% leading the gains, while Thyssenkrupp fell over 12.4%. The German stock index rose over 0.7%, reaching a historical closing high, while the Austrian stock index dropped about 0.9%.
Pan-European European Stocks:
The Europe STOXX 600 Index closed up 0.56%, at 546.95 points.
The Eurozone STOXX 50 Index closed up 0.16%, at 5412.08 points.
National Indices:
The German DAX 30 Index closed up 0.72%, at 23695.59 points, breaking the historical closing high of 23638.56 points set on May 13, and approaching the intraday historical high of 23911.98 points reached on May 12.
The France CAC 40 Index closed up 0.21%, at 7853.47 points.
The UK FTSE 100 Index closed up 0.57%, at 8633.75 points.
Sectors and individual stocks:
Among the Eurozone Blue Chips, Bayer rebounded 3.13%, Deutsche Telekom rose 2.81%, Danone increased 2.23%, Iberdrola grew 2.1%, while SAP gained 2.02%, and Infineon closed down 2.08%, ranking last.
Among all the components of the Europe STOXX 600 Index, Hensoldt rose by 8.84%, Hikma Pharmaceuticals increased by 7.37%, Talansis rose by 6.1%, and Rheinmetall RHM was fourth with a rise of 5.65%.
After the dovish remarks from Federal Reserve Chairman Powell, the two-year U.S. Treasury yields surged. Medium to long-term German bond yields fell by about 8 basis points, with Germany expected to see tax revenue decrease by 33.3 billion euros due to economic weakness. The sovereign bond yields of France, Italy, and Spain in the Eurozone fell by about 8 basis points.
US Treasury:
In late trading in New York, the U.S. 10-Year Treasury Notes Yield fell by 8.91 basis points to 4.4472%, continuing its downward trend throughout the day.
The two-year U.S. Treasury Notes Yield fell by 8.79 basis points to 3.9629%, starting to decline at 14:00, and refreshed the day's low at 03:23 to 3.9587%.
European bonds:
In late European trading, the German 10-Year Treasury Notes Yield fell by 7.7 basis points to 2.622%, remaining in a downward trend throughout the day, oscillating overall downwards in the range of 2.698% to 2.622%.
The two-year German bond yield fell by 6.0 basis points to 1.880%, trading within the range of 1.941% to 1.875% during the day.
At the end of the European market, the UK 10-Year Treasury Notes Yield dropped by 5.0 basis points to 4.663%.
The sovereign bond yields of France, Italy, and Spain in the Eurozone fell by about 8 basis points.
The Federal Reserve's expectation for rate cuts this year slightly increased, and the USD was weak and volatile during the day. The Japanese Yen rose more than 0.7%, the Swiss Franc rose 0.8%, while the Euro fell more than 0.6%.
USD:
At the end of the New York trading session, the ICE USD Index fell by 0.16% to 100.877 points, with a trading range during the day of 101.055-100.589 points.
The Bloomberg Dollar Index fell by 0.15% to 1230.70 points, with a trading range during the day of 1232.16-1227.49 points, remaining in a downward state throughout the day.
Non-USD currencies:
The Euro rose 0.11% against the USD, the British Pound rose 0.32% against the USD, while the USD fell 0.80% against the Swiss Franc.
In the Commodity currency pairs, the Australian Dollar fell 0.33% against the U.S. Dollar, the New Zealand Dollar fell 0.37% against the U.S. Dollar, and the U.S. Dollar fell 0.17% against the Canadian Dollar.
Yen:
At the New York close, the U.S. Dollar fell 0.74% against the Japanese Yen, reported at 145.67 yen, with an intraday trading range of 146.75-145.42 yen, continuing to oscillate downwards throughout the day.
The Euro fell 0.64% against the Japanese Yen, and the British Pound fell 0.41% against the Japanese Yen.
Offshore Renminbi:
At the New York close, the offshore Chinese Yuan was reported at 7.2049 against the U.S. Dollar, up 63 points from Wednesday's New York close, with an overall trading range of 7.2157-7.2031.
Cryptos:
At the New York close, spot Bitcoin remained unchanged from the previous day's New York close, reported at $0.103 million.
New York crude oil futures fell over 2.4%, and natural gas futures dropped over 3.7%.
Crude Oil:
WTI June crude oil futures closed down 1.53 dollars, a decline of over 2.42%, priced at 61.62 dollars per barrel.
Brent July crude oil futures closed down 1.56 dollars, a drop of 2.36%, priced at 64.53 dollars per barrel.
Natural Gas:
NYMEX June natural gas futures closed down over 3.72%, priced at 3.3620 dollars per million BTUs.
A weak dollar boosted Gold's rebound, with spot Gold returning to 3200 dollars, and the Philadelphia Gold and Silver Index closing up over 1.8%.
Gold:
In New York's late trading, spot Gold rose by 1.91%, reported at $3238.25 per ounce.
COMEX Gold Futures increased by 1.66%, reported at $3241.10 per ounce.
Silver:
In New York's late trading, spot Silver rose by 1.28%, reported at $32.6405 per ounce.
COMEX Silver Futures increased by 1.19%, reported at $32.775 per ounce.
Other Metals:
In New York's late trading, COMEX Copper Futures rose by 0.71%, reported at $4.6835 per pound.
LME Copper Futures closed down by $30, reported at $9577 per ton.
LME Aluminum Futures fell by $40, closing at $2,489 per ton. LME Zinc Futures fell by $40, closing at $2,724 per ton. LME Tin Futures rose by $160, closing at $32,974 per ton.
Editor/lambor
