The three major US stock indexes rose twice in a row. The S&P index turned down after the Treasury announced its second-quarter borrowing forecast; Tesla recorded the biggest increase in three years, with Apple closing up 2.5%; Google fell more than 3%, falling to a record high, and Nvidia closed slightly higher after falling nearly 3% in the intraday period. China's stock index rose six times in a row, and NEV stocks rose sharply. Ideal Auto closed up 7.6%, and Baidu rose 5.6%.
The Japanese yen fell more than 1% in the Asian market, falling below a record low since 1990, and later recovered 155; the US dollar index fell intraday, once approaching a two-week low; the offshore renminbi rose more than 300 points in the intraday period and rose above 7.24, hitting a five-week high. Bitcoin once fell close to $2,000, falling below the 62,000 mark.
US bond yields continued to break away from a five-month high. Crude oil fell more than 1% and stopped rising for two consecutive years, and US oil hit a one-month low. Gold futures rebounded at the close of the three-day session, but then turned down. Lunzinc rose 3.5% to a 13-month high; Luntong rose four times in a row, closing above 10,000 US dollars for the first time in two years.
Some of the US tech giants that supported the market rebound last week continued their gains and once again took the lead in supporting major US stock indexes to rise. Amazon and Apple, which will release financial reports after the market on Tuesday and Thursday, continue to rise. Following last Wednesday, which emphasized the prospects for the launch of low-cost cars, the autonomous driving system FSD is close to Tesla's implementation in China, which is seen as having ushered in favorable revenue growth. Another double-digit rise in less than a week.
The media said that after it rushed up negotiations with OpenAI again, iOS 18, or the addition of GPT robots, Apple once rose nearly 4%; Tesla, which jumped high, rose more than 18% in the intraday market, surpassing last Wednesday after the release of earnings reports, the strongest increase in three years. Morgan Stanley analyst Adam Jonas, who has been watching Tesla for a long time, expects its stock price to rise more than 80% over the next year compared to last Friday. He believes that the significance of Musk's weekend visit to China is far more than FSD, but rather sends a “he is back” signal, showing that he is committed to helping the company get through difficult times.
Influenced by Tesla news, China's NEV stocks generally rose. “Wei Xiaoli” rose at least 3% when it hit a new high. After the media said Tesla would cooperate with it on maps and navigation functions, Baidu rose more than 7%. The gains in the China Securities Index, which continued to outperform the market last week, moderated, and continued to rise for six days. However, tech giants such as Google and Nvidia, which rebounded last week, either fell back or reduced their gains, suppressing the general market rally.
The foreign exchange market continues to focus on the yen. The Japanese yen surged below 156, 157, and 158 after the Bank of Japan's meeting last Friday. The Asian market first fell below the 160 mark in early trading on Monday, further breaking the low since 1990. Later, the lower level rose 3.5% and recovered 155. The media claimed that Japan's Ministry of Finance intervened on the same day. The commentator said that in view of the delay in the Federal Reserve's interest rate cut and interest rates expected to remain high, the Japanese government will inevitably take another step this year, and there will be a long tug of war with the market.
The sharp rise in the yen put pressure on the intraday period, and the US dollar index quickly turned down in the intraday period. At one point, it was close to the two-week low set last Friday. Various other non-US currencies rebounded, and the offshore renminbi rose more than 300 points against the US dollar in the intraday period, breaking 7.24, a record high in a month. However, Bitcoin's decline remained unchanged. US stocks fell below 62,000 US dollars and fell nearly 2,000 US dollars in the intraday period, breaking the low level since Israel was suspected of being attacked by Iran on April 19.
On the bond market side, the Federal Reserve will announce its interest rate decision on Wednesday, and the US Treasury will announce the next quarter's refinancing treasury bond issuance plan on the same day. Prior to that, US Treasury bond prices continued the rebound after the US PCE announcement last Friday, and yields continued to break away from the five-month high. The expected size of loans for the second quarter announced by the Ministry of Finance in the intraday session on Monday unexpectedly increased sharply. The review pointed out that this was an expected result of not considering the Federal Reserve's downsizing. After the quarterly loan size was announced, US bond yields rebounded slightly, and the overall decline remained unchanged. The US stock index took back gains, and the S&P and NASDAQ indices once fell.
Among commodities, the profits of industrial enterprises above the first quarter announced by China over the weekend rose 4.3% year on year, reversing the year-on-year decline. Various industrial metals, led by Lunzinc, rose sharply, and Luntong broke through the 10,000 US dollar mark for the first time in two years; while Israel and Hamas were in cease-fire negotiations in Cairo, international crude oil and gold fell intraday. The US oil contract fell to a low level since the end of March. The decline in the US dollar helped limit the decline in gold prices. Futures closed up slightly and turned down after trading. Some commentators say that the geographical tension in the Middle East may temporarily ease, but tension may increase again at any time without warning. Last week, some US economic and inflation data hit expectations for the Fed to cut interest rates and showed the risk of stagflation, which is not conducive to the rise in oil prices.
The three major US stock indexes rose two times in a row, Tesla recorded the biggest increase in three years, and Google's high rise fell the next day, and the China General Stock Index rose six times in a row
The three major US stock indexes collectively opened higher and generally maintained their gains thereafter. The Dow Jones Industrial Average rose more than 150 points or 0.4% at the beginning of the session. The increase narrowed to around 42 points in early trading, then expanded to more than 100 points. The S&P 500 index rose nearly 0.5% at the beginning of the session, the Nasdaq Composite Index rose nearly 0.6% at the beginning of the session, and turned down in the short term in early trading. After the US Treasury announced the expected size of loans at noon, the three major indices all hit new daily lows. Both the NASDAQ and S&P declined slightly, and the Dow rose less than 25 points during the day.
In the end, the three major indices collectively closed higher for two consecutive trading days. Both the S&P and NASDAQ reached new closing highs since April 12 set last Friday, but the gains fell far short of last Friday. S&P, which rose about 1% last Friday, closed up 0.32% to 5116.17 points. The NASDAQ, which rose about 2% last Friday, closed up 0.35% to 15983.08 points. The Dow closed up 146.43 points, or 0.38%, to 38386.09 points, and continues to be close to the high level since April 12, which was refreshed last Tuesday.
The Nasdaq 100 Index, which focuses on technology stocks, turned down in the short term in early trading, and closed up 0.36% in midday trading, 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, fell nearly 0.9% at the beginning of the session and closed down 0.46%, falling to a high level since April 12, set by a rebound last Friday. The small-cap stock index Russell 2000, which is mainly value stocks, closed up 0.7%, outperforming the market and rising for two consecutive days until April 11.
Only two of them closed down on Monday. Google's communications service fell nearly 2.1%, and finance fell nearly 0.2%. Among the nine-month gains, Tesla's non-essential consumer goods led by about 2%, utilities and real estate rose more than 1%, and interest-rate-sensitive real estate rose more than 0.8%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giant “Seven Sisters” had mixed intraday ups and downs. Tesla performed the best. Google, which rose after announcing excellent earnings reports and the first dividend payment plan on Friday, led the decline.
After Tesla China confirmed that FSD was close to entering China, and Morgan Stanley analysts reiterated its overrated rating and gave it a target price of $310, which was 82% higher than last Friday's closing, Tesla surged by about 12% in the midday session and closed 15.3%. Following the first day after announcing earnings last Wednesday, it once again rose by more than 10% in one day, refreshing the biggest closing increase since March 9, 2021. After stopping three consecutive gains last Friday, it rebounded to a high closing position since March 1.
Among FAANMG's six major technology stocks, after Bernstein upgraded its rating to outperform the industry and thought that market concerns about the Chinese market might have been excessive, Apple, which ended four consecutive gains last Friday, rose nearly 4% in early trading, closed up nearly 2.5%, and will rebound to the closing high level since April 12; Amazon, which will release its earnings report after Tuesday, initially rose more than 2% and closed up nearly 0.8%. It continued to rise for two days, breaking its closing position since April 17; while Alphabet, which was 10% larger on Friday after announcing financial reports, closed down 3.3% An all-time high closing created by last Friday's rebound ; Meta, which rebounded slightly last Friday, closed down 2.4%. The latest financial report predicts a sharp rise in AI spending, the closing low since February 1 set last Thursday; Microsoft fell close to 2% in early trading, closing 1%, close to the closing low since January 31 set last Thursday; and Netflix initially fell more than 1%, falling for two consecutive days.
Chip stocks generally fell in early trading, but most closed higher. The Philadelphia Semiconductor Index, which opened low, and the semiconductor industry ETF SOXX fell about 0.9% in early trading. They completely broke away from the decline in midday trading and closed up more than 0.6% and nearly 0.8% respectively, rising continuously for the 6th to April 11. Among chip stocks, Nvidia, which rose more than 15% last week, fell 2.8% at the beginning of the session and closed up nearly 0.03%; Intel, which fell more than 9% last Friday after announcing poor guidance for the second quarter, fell more than 2% in early trading and closed down 1.6%; at the close, Micron Technology and Broadcom, which fell more than 1% in early trading, fell 0.4%; while AMD and Qualcomm, which turned down in the short term at the beginning of the session, rose nearly 1.8% and 2.1%, respectively. Texas Instruments rose more than 1%, Ke Lei rose 0.9%, and applied materials fell more than 1% in early trading SMC US stocks rose 0.1%; profit and revenue for the first quarter and the second quarter were announced after the market Amkor Technology (AMKR), which closed up 2.8%, rose nearly 7% after the quarterly guidance was higher than expected.
Most AI concept stocks rose. At the close, SoundHound.ai (SOUN) rose 5%, the ultra-micro computer (SMCI), which turned upward in early trading, rose nearly 4%, and C3.ai (AI) and Palantir (PLTR) rose more than 1%. Astera Labs (ALAB), known as “Little Nvidia,” which sells data center interconnect chips, rose 0.8%, while BearBIG.AI (BBAI) fell nearly 3%, Adobe (ADBE) fell 0.9%, and Oracle (ORCL) fell 0.6%.
Most popular Chinese securities rose. The Nasdaq Golden Dragon China Index (HXC), which surged nearly 9% last week, rose nearly 1% at the beginning of the session. After rapidly turning down, it fell 0.5% to close by more than 0.5%, rising for six consecutive days until March 13. KWEB closed down 0.3%, while CQQQ closed up more than 1.4%. New car builders generally rose. Ideal Auto closed up more than 7.6%; NIO Auto, which rose nearly 4.9% at the beginning of the market, closed up nearly 2.5%; Xiaopeng Motors, which rose 3.3% at the beginning of the market, closed up 3.3%; and Xiaomi Pink closed flat. Among other individual stocks, it is reported that Baidu, which is cooperating with Tesla, rose more than 7.2% at the beginning of the session and closed up 5.6%. At the close, B station rose nearly 2%, Alibaba rose more than 1%, NetEase rose nearly 0.7%, and Tencent fan rose slightly; while Pinduoduo fell nearly 2%, and JD fell more than 1%.
Among the individual stocks that announced financial reports, after the EBITDA profit for the first quarter was lower than expected and the box office performance for the second quarter was still under pressure after last year's sharp rise, AMC Cinemas (AMC) closed down 11.1%; the fintech company SoFi Technologies (SOFI), a fintech company with higher profit than expected in the first quarter but poor guidance for the second quarter, closed down 10.5%; after announcing CEO changes and lower revenue guidance for the second quarter, the education stock Chegg (CHGG) fell more than 7% after the market; the second-quarter revenue and third-quarter revenue guidance were lower than expected. (FFIV) fell more than 9% after the market; second-quarter guidance was also lower than expected online education platform Coursera (COUR), which fell 15% after the market; first-quarter results and second-quarter guidance were lower than expected nutrition and healthcare company Medifast (MED), which fell nearly 20% after the market.
Meanwhile, pizza chain Domino's Pizza (DPZ), which had higher revenue and profits in the first quarter than expected, rose nearly 6% in the intraday; after the media said its board of directors was preparing to fire CEO Bob Bakish as early as Monday, media giant Paramount Global (PARA) had an intraday increase of nearly 4%, closing nearly 2.9%. After the post-market announcement that the CEO would step down, be replaced by the CEO office, and quarterly profit was higher than expected, but the revenue for the second quarter rose slightly less than 1% after the market; aircraft parts manufacturer Woodward, whose revenue for the second fiscal quarter was higher than expected and raised guidance for the whole year (WWD) rose more than 6% after the market; sensor technology company Sensata Technologies (ST), which performed better than expected in the first quarter, rose more than 17% after the market.
In terms of European stocks, the pan-European stock index, which had a big rebound last Friday, narrowly closed higher. The European Stoxx 600 Index closed up less than 0.1%, breaking the closing high since April 8, set by 1.1% last Friday. Stock indices of major European countries had mixed ups and downs. German and Spanish stocks, which rebounded last Friday, fell. Last week it was revealed that Spanish Prime Minister Sanchez, who is considering resigning, announced on Monday that he chose to stay in office, but the impact of the resignation storm on his prospects for remaining in office was questionable. The Spanish stock index led the decline, while British stocks closed slightly, rising for three days in a row, and reaching record highs for three days.
Among the various sectors, healthcare rose more than 0.4%. After announcing that it agreed to pay $1.1 billion for damage related to respiratory devices recalled in the US, Dutch-listed medical system product giant Philips surged by nearly 29.4% to hit a two-year high; while the banking sector closed down more than 0.3%, mainly due to the announcement that legal provisions caused by lawsuits related to the acquisition of Postbank would hurt profitability in the second quarter and the whole year.
After falling below 160 in the intraday period, the yen recovered at one point and the index fell to a two-week low
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, was close to 106.10 at the beginning of the Asian session, rising more than 0.1% during the day. At one point, it fell below 105.50. At one point, it fell below 105.50, approaching the low level since April 12, which was refreshed by close to 105.40 last Friday. The intraday decline fell by more than 0.4%. The decline widened again at noon.
By the close of the US stock market on Monday, the US dollar index was above 105.60, falling nearly 0.3% during the day; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell by about 0.4% during the day, breaking the low of the same period since April 11, and the US dollar index both fell after rebounding last Friday.
Among non-US currencies, the yen rebounded significantly in the intraday session after hitting a new low since 1990. The dollar rose above 160 to close to 160.20 in early Asian trading, breaking the high level since 1990 for six consecutive trading days. The Asian market dived in the intraday market. The European market fell below 154.60 at the beginning of the session, falling about 2.4% during the day and 3.5% from the daily high, the biggest swing in the intraday period since the end of 2022. The US stock market closed slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR/USD rose slightly above 156.00 and fell nearly 1.5% during the day; EUR1.0730, updated 4/11 Since then, it has reached a high level, rising about 0.4% during the day; the pound rose to 1.2570 against the US dollar in midday trading, which also set a new high since April 11, and rose more than 0.8% during the day.
The offshore renminbi (CNH) fell in the short term against the US dollar at the beginning of the Asian session and reached a new low of 7.2694. Since then, the US stock market rose to 7.2348, breaking the intraday high since March 25, recovering 346 points from a daily low. At 4:59 Beijing time on April 30, the offshore renminbi was 7.2439 yuan against the US dollar, up 248 points from the end of last Friday. It rebounded after stopping three consecutive gains last Friday.
Bitcoin (BTC) fell below $62,000 at the beginning of the US stock market and fell below $61,900 on some platforms, breaking its low since falling below $60,000 on Friday, April 19. It fell nearly 2,000 US dollars, or about 3%, from the daily high at the beginning of the Asian session. US stocks were above $63,000 at the close, and fell about 1% in the last 24 hours.
US Treasury yields continue to break away from five-month high
The yield on the US 10-year benchmark treasury bond reached a new high of 4.66% in early Asian trading, then continued to decline. US stocks fell 4.61% in midday trading and fell more than 5 basis points during the day, far from the high level since November 2, 2023, which was refreshed by 4.73% last Thursday. By the end of the bond market, it was about 4.61%, down about 5 basis points during the day, and overall fell for 2 consecutive days.
The 2-year US Treasury yield, which is more sensitive to interest rate prospects, was above 4.99% at the beginning of the Asian session. US stocks broke 4.97% to a new daily low, falling nearly 3 basis points during the day, and continued to break away from the high level since November 14, 2023, which rose above 5.02% last Thursday. By the end of the bond market, it was about 4.98%, down about 1 basis point during the day.
Crude oil fell more than 1%, stopped rising for two consecutive years, and US oil hit a one-month low
International crude oil futures were generally declining throughout Monday. US WTI crude oil only turned up in the short term in early European trading. When US stocks hit a new low in midday trading, US oil fell to 82.4 US dollars, falling more than 1.7% during the day. Brent crude oil approached 88.1 US dollars, falling nearly 1.6% during the day.
In the end, crude oil, which had been rising for two days, fell sharply. WTI's June crude oil futures closed down $1.22, or 1.45%, to $82.63 per barrel, breaking the monthly contract closing low since March 27; Brent's June crude futures closed down $1.10, or 1.23%, to $88.40 per barrel, falling from the high level since April 16, which was refreshed last Friday.
US gasoline and natural gas futures continued to rise and fall with mixed ups and downs. NYMEX's May gasoline futures closed down about 0.6% to $2.7487 per gallon, falling back after rising for four consecutive days to a new high since April 16; NYMEX June natural gas futures, which fell last Friday, closed up 5.56% to $2.0300 per million British thermal units. Last Friday, the May gas contract closed at a new low since August 1995.
Lunzinc rose 3.5%, and Luntong closed above 10,000 US dollars for the first time in two years. Gold futures rebounded after closing for the third day and turned down
London basic metals futures rose sharply on Monday. Lunzinc, which led the rise, rose 3.5%, closing above 2,900 US dollars for the first time since the end of March last year. Both Lunnickel and Renxi rebounded after falling back last Friday. Renxi is still not close to the high level set last Monday since September last year, and Renxi has not fallen to the one-week low set last Wednesday. Luntong rose more than 1.7% for four consecutive days. After rising above 10,000 US dollars in the intraday session last Friday, it also broke through this mark for the first time since late April 2022. Lunn lead, which closed off last Friday and stopped rising three times in a row, reached a new high level since November last year. Lunan aluminum has been rising for two days, continuing to break away from the low position set last Thursday for more than a week.
At a new low in early Asian trading, New York gold futures fell to $2,331, down about 0.7% during the day. Spot gold dropped to $2,320, falling nearly 0.8% during the day. European stocks rose several times before, intraday, and early trading. When US stocks hit new highs in midday trading, futures rose to $2358.9, up about 0.5% during the day. Spot gold was close to $2346.70, up nearly 0.4% during the day.
At the close, COMEX June gold futures closed up 0.45% to $2357.7 per ounce, rising for three consecutive days. They continued to break away from the closing low since April 4, which was refreshed last Wednesday, but fell slightly after closing. Spot gold also turned lower in midday trading after reaching a new daily high. US stocks were below $2,340 at the close, falling less than 0.1% during the day.
Editor/Jeffrey