Source: Wall Street News
The NASDAQ rose two times in a row, reaching a record high; the small-cap stock index rose more than 1%, Tesla surpassed 3%, the chip stock index and Nvidia rose more than 1% and three times in a row; and GameStation closed up about 60%. The pan-European stock index rose eight times in a row and hit a record high for six consecutive days. China's stock index fell. After the financial report, Tencent closed up nearly 5%, NIO rose 7%, and Krypton fell nearly 5%. After PPI was announced, US bond yields jumped in the short term, then quickly declined. After Powell's speech, the yield decline narrowed. After the US PPI, the US dollar index jumped in the short term; the offshore renminbi, which fell below 7.24 in the intraday period, once rallied by more than 100 points. Crude oil fell more than 1% to a nine-week low. Gold rebounded, but gold declined in the short term in the late PPI period. New Zealand Copper hit a two-year high, rising 5.5% in the intraday period, approaching an all-time high, and Luntong fell to a two-year high.
The PPI inflation data released on Tuesday showed mixed results: US PPI increased 0.5% month-on-month in April, and the year-on-year growth rate did not stabilize but accelerated slightly to 2.2%, the highest year-on-year growth rate in a year; while in March, the PPI growth rate was lowered to -0.1%, and it was used to calculate that growth in some key price categories favoring the PCE Price Index, which favors the Federal Reserve's inflation index, slowed in April, such as hospital outpatient expenses and air tickets.
After the PPI was announced, Federal Reserve Chairman Powell said that there was no progress in falling inflation in the first quarter. He still expects monthly inflation growth to fall back to the low growth rate of last year, but his confidence in declining inflation is not as high as before. Powell said that the Federal Reserve anticipates that reducing inflation will not be an easy path. Higher inflation data tells the Federal Reserve to be patient so that restrictive policies can take effect. He reiterated that he did not anticipate a possible rate hike in the next step.
Some commentators say Powell once again hinted that the Federal Reserve might not cut interest rates at this time, while others mentioned that Powell denied that interest rate hikes had boosted US stocks during the intraday period. Currently, economists expect to announce on Wednesday that the US CPI and core CPI growth rates for April will slow to 3.4% and 3.6% respectively compared to March, and that the core CPI will hit the lowest growth rate in three years. BNP Paribas said that the Federal Reserve will welcome this moderate progress, remain cautious about inflation, and will take months of data improvement to seriously consider cutting interest rates.
After the PPI was announced, the price of US Treasury bonds plummeted intraday, and yields jumped in the short term, leveling up the daily decline. The yield on two-year US Treasury bonds, which are sensitive to interest rates, hit a new high of nearly two years, and soon returned to a downward trend; the US dollar index jumped in the short term and then fell again soon after. After Powell's speech, the decline in US bond yields narrowed somewhat, and the decline in the US dollar index narrowed slightly, then widened, falling below 105.00 for the first time in a week.
Prior to the announcement of the blockbuster CPI, US stock gains were contained. The three major stock indexes all fell intraday, and the Dow and S&P declined several times during the intraday period, ending a thrilling rebound. After Keith Gill, the “number one bully” on Wall Street three years ago, returned to social media X after a lapse of three years and is suspected to be betting again, many retail group stocks surged for the second day in a row. Tech giants such as Tesla and Nvidia continue to bolster the market. After releasing the most powerful AI model and AI search function, Google's parent company, which had declined slightly in the intraday market, completely reversed the decline and rose by more than 1%.
China's securities, which surged on Monday, generally declined. However, the two Chinese giants that published financial reports had mixed ups and downs:$Tencent (TCEHY.US)$Net profit surged 62% in the first quarter to the highest growth rate in three years. The advertising business offset the slowdown in domestic game revenue. In the future, repurchase efforts will be increased, and stock prices have risen by nearly 6% in the intraday period;$Alibaba (BABA.US)$Revenue for the fourth fiscal quarter exceeded expectations by 6.6%, but net profit fell sharply by 86% due to equity investment losses, and stock prices fell sharply, falling more than 8% at one point.
Among commodities, New York copper experienced a historic shortfall, surging more than 5% in the intraday period, one step away from the highest intraday record set in the early days of the Russian-Ukrainian conflict; Luntong, which had risen over the past few days, fell to a two-year high and held the 10,000 US dollar mark; gold rebounded without risk. After the US PPI was announced, New York futures fell in the short term; international crude oil fell in the middle of the session and failed to maintain Monday's rebound momentum and fell back to the closing low since early March. Commentators believe that the OPEC monthly report released on Tuesday did not raise the global oil demand growth forecast for this year and next two years. Coupled with the threat of US inflationary stickiness, the future of the Federal Reserve's interest rate is uncertain, and they are jointly cracking down on oil prices.
The NASDAQ closed at a record high, Tesla rose more than 3%, the chip stock index rose three times in a row, and the China General Stock Index fell, but rose after Tencent's earnings report
The three major US stock indexes had mixed results in opening and early trading. They all rose in midday trading and hit new daily highs at the end of the session. The high-opening Dow Jones Industrial Average rose more than 110 points in early trading, turned down at the end of early trading, and fell nearly 60 points at a fresh low in midday trading. The one that opens slightly lower$S&P 500 Index (.SPX.US)$It turned up at the beginning of the session, turned down at the end of early trading, and fell less than 0.1% at the new low of the afternoon session.$Nasdaq Composite Index (.IXIC.US)$There was only a short-term decline at the beginning of the day.
In the end, the three major indices collectively closed higher. The NASDAQ index, which rose only on Monday, rose 0.75% to 16511.18 points for two consecutive days, breaking the all-time high of closing recorded on April 11. S&P, which fell slightly on Monday, closed up 0.48% to 5246.68 points, breaking the high since March 28 and approaching the closing record high set on March 28. The Dow closed up 126.6 points, or 0.32%, to 39558.11 points, ending an eight-day streak of gains on Monday, breaking the closing high since April 1 set last Friday.
The small-cap stock index Russell 2000, which is dominated by value stocks, closed up 1.14%, outperforming the market and rising for two consecutive days until April 1ir. Technology stocks are the ones that focus$NASDAQ 100 Index (.NDX.US)$It closed up 0.68%, rising for four consecutive days, breaking the high level since March 22. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, closed up 0.95% to a new record high set on April 11.
Among the major sectors of the S&P 500, only essential consumer goods, which fell by more than 0.2%, and energy, which fell by more than 0.1%, closed down on Tuesday. Industry leveled off. Among the eight sectors that closed higher, the IT sector, where chip stocks are located, rose more than 0.9%. Interest rate sensitive real estate rose 0.7%, while the material with the smallest increase rose less than 0.1%.
ranging$Microsoft (MSFT.US)$,$Apple (AAPL.US)$,$NVIDIA (NVDA.US)$, Google's parent company Alphabet,$Amazon (AMZN.US)$, Facebook parent company Meta,$Tesla (TSLA.US)$Among them, the tech giants “Seven Sisters” collectively closed higher, but there are still only Tesla and Apple that have not declined in the intraday market. Tesla had the best performance for two consecutive days. It rose more than 4.4% in early trading and closed up 3.3%. After four consecutive declines, it continued to rise to a high level since May 6.
Among the six major FAANMG technology stocks, the Apple market initially rose nearly 1.1% and then recovered some of its gains and closed up 0.6%, rising two times until February 9; Alphabet's initial rise of more than 0.7%, falling more than 0.3% after the early trading session, and expanding to more than 1% after the midday press conference, closing 0.3%, rising for 2 days; Microsoft's early morning and midday trading, which stopped rising for three consecutive days on Monday, turned down 0.7%, breaking the closing high of 0.7% since April 12, which was set last Friday; Meta fell 1.7% at the beginning. It turned higher in early trading and closed up 0.8%. It fell and continued to rise on Monday On the 8th, it rebounded after being refreshed from a high level since April 24; Amazon fell nearly 1.7% at the beginning of the session, turned up in midday trading, and closed up nearly 0.3%, and did not continue to rebound from last Thursday to the highest level in the closing history; while Monday rebounded to a high level since April 16$Netflix (NFLX.US)$After turning upward at the beginning of the session, it rose nearly 0.8% in early trading, then turned down again, closing down nearly 0.5%.
Chip stocks generally continued to rise.$PHLX Semiconductor Index (.SOX.US)$The semiconductor industry ETF SOXX turned upward at the beginning of the market, and both closed up nearly 1.7%, outperforming the market, and rising for 3 or 2 days to break the high level since April 11. Among individual stocks, Nvidia fell more than 1.6% at the beginning of the session and turned up in early trading, closing up nearly 1.1%, rising continuously for the 3rd to May 6th; at the close,$Taiwan Semiconductor (TSM.US)$US stocks rose nearly 3.8%.$Broadcom (AVGO.US)$Up nearly 3.2%,$Qualcomm (QCOM.US)$It rose nearly 2.6%, Intel rose nearly 1.8%, AMD rose more than 1.7%, and Arm, which surged 7.7% on Monday, fell nearly 0.5%.
The overall rise in retail group stocks surged at the beginning of the market, then moderated. Among them, retail investors fought against core stocks three years ago$GameStop (GME.US)$It had an increase of nearly 113% at the beginning of the session. For the second day in a row, the intraday increase was more than 100%, and closed up 59.8%;$AMC Entertainment (AMC.US)$At the beginning of the session, it had risen nearly 130%, closing up 32%; SunPower (SPWR) closed up 59.6%; Koss (KOSS), which had an increase of more than 98% at the beginning of the session, closed up 40.7%; Blackberry (BB), which had risen more than 24% at the beginning of the session, closed up 11.9%; benefiting from the sharp rise in retail group stocks$Reddit (RDDT.US)$Closing up 7.1%,$Robinhood (HOOD.US)$It closed up 6.7%.
Popular Chinese securities generally declined. The Nasdaq Golden Dragon China Index (HXC) fell 1.2% in early trading, then narrowed its decline by more than half, closing down 0.2%, falling to its closing high since September 2023, set by a rebound of more than 3.7% on Monday. Among the two giants that released pre-market earnings reports, Alibaba, which closed up 5.7% on Monday, fell more than 8.1% in early trading and closed down about 6%. Tencent Pink initially rose nearly 5.9% to close by 4.7%. The new car builders had mixed ups and downs. At the close of the market,$NIO Inc. USD OV (NIO.SG)$Automobiles rose 7% and turned higher at the beginning of the session$XPeng (XPEV.US)$It rose more than 2%, and the Xiaomi fan stock rose 0.4%, while the extreme krypton market turned down at the beginning of trading, which surged nearly 35% last Friday. Early trading had a drop of nearly 9.1%, closing down close to 4.9%. It closed down for the first time since listing.$Li Auto (LI.US)$It fell more than 2%. Among other individual stocks, at the close of trading,$Baidu (BIDU.US)$It fell more than 2%,$PDD Holdings (PDD.US)$, JD, and Station B fell by more than 1%.$NetEase (NTES.US)$It fell nearly 0.9%.
After PPI, US bond yields jumped in the short term and quickly fell, and the decline narrowed after Powell's speech
After the US PPI was announced, the yield on the US 10-year benchmark treasury bond jumped rapidly, reaching a new high of 4.53%, and fell soon after falling. After Powell's speech in early trading, the yield rebounded slightly. At one point, the yield rebounded 4.48%. The midday session lowered 4.44% to a new low, close to the low level since April 10, which was 4.42% refreshed last Tuesday. It was about 4.44% at the end of the bond market, falling nearly 5 basis points during the day. Two consecutive days of decline.
After the PPI was announced, the 2-year US Treasury yield, which is more sensitive to interest rate prospects, quickly turned up and rose above 4.89%, breaking the intraday high level. After Powell's speech began, US stocks broke 4.82% at the beginning of the session to a new low, then narrowed the decline. US stocks rose 4.84% in early trading. By the end of the bond market, it was about 4.81%, down about 5 basis points during the day.
After PPI, the US dollar index jumped in the short term and then hit a one-week low, and the offshore renminbi once rallied more than 100 points and turned up
The ICE dollar index (DXY), which tracks the exchange rate of six major currencies including the dollar against the euro, rose above 105.40 at the beginning of the Asian session and hit a daily high of more than 0.2%. European stocks turned down more than once in the intraday market. After the announcement of the US PPI, it quickly rose and rose above 105.30, but soon fell below 105.20 and fell. After Powell's speech in early trading, the decline widened, falling below 105.00, breaking a low of more than 0.2% within the day since last Monday, May 6..
At the close of the US stock market on Tuesday, the US dollar index was slightly above 105.00, falling nearly 0.2% during the day, falling for two consecutive days; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell more than 0.1% during the day and fell to its low level in the same period since May 6 after roughly settling down on Monday.
Among non-US currencies, the yen fell for three days in a row. The US dollar jumped above 156.70 against the US PPI after the US PPI was announced, breaking the high level since May 1, rising more than 0.3% during the day, and rising less than 0.2% during the day; after the US PPI was announced, the EUR/USD fell below 1.0770, a new high since April 10; after the PPI was announced, the increase continued to expand after closing. It rose above 1.2590 and was refreshed for two consecutive days High since last Monday, May 6th.
The offshore renminbi (CNH) fell to 7.2468 against the US dollar in early trading of European stocks. After falling below 7.24 for the first time since May 2 on Monday, it also set a new intraday low since May 1. After the US PPI was announced, the decline first widened and then jumped. US stocks reached a fresh high of 7.2355 before the market, rising 113 points from the daily low, and US stocks fell several times in the intraday session. At 4:59 Beijing time on May 15, the offshore RMB was 7.2398 yuan against the US dollar, down 1 point from the end of Monday's New York session. It has been falling for three consecutive days, but gains have abated markedly.
The one that rebounded on Monday$Bitcoin (BTC.CC)$The overall trend was declining on Tuesday. US stocks fell below $61,300 in early trading and fell below 612,000 US dollars to a new daily low of about 2,000 US dollars, down more than 3% from the intraday high of 63,000 US dollars in early Asian trading. US stocks were around 61,600 US dollars at the close. They fell more than 2% in the last 24 hours, and failed to continue to break out of the low since May 3, which was refreshed by falling below $60,300 last Friday.
Crude oil fell more than 1% to a nine-week low
International crude oil futures. When the Asian market hit a new high in early trading, US WTI crude oil was close to 79.40 US dollars, and Brent crude oil rose above 83.60 US dollars. The average daily increase was more than 0.3%. Since then, it has declined several times, and European stocks have not turned higher after falling in early trading. When US stocks hit a new intraday low, US oil fell below $77.70, falling more than 1.8% during the day, while oil fell to $82.10, falling more than 1.5% during the day.
In the end, crude oil, which rebounded on Monday, fell. Following last Friday, it closed down on the second day of the last five trading days. WTI crude oil futures for June closed down 1.10 US dollars, or 1.39%, to 78.02 US dollars/barrel; Brent crude oil futures for July closed down 0.98 US dollars, or 1.18%, to 82.38 US dollars/barrel, and US oil, both breaking the monthly contract closing low since March 12.
edit/lambor