Federal Reserve officials have repeated their cautious stance of cutting interest rates. Kashkari said that the possibility of interest rate hikes has not been completely ruled out, and that several months of positive inflation data will be needed to convince him that interest rate cuts are appropriate. US stocks are on the same page as ice and fire. Technology stocks such as chip stocks supported the NASDAQ to another record high, while S&P declined several times during the intraday period. Last week, the Dow fell the biggest weekly decline since Silicon Valley Bank triggered the banking crisis in March last year.

According to the media, Musk's startup xAI plans to use Nvidia's H100 to develop supercomputing, and the chipset connected to it is expected to be four times larger than today's largest GPU cluster. Tesla did not rise but fell. Nvidia's stock price surged nearly 8% in the intraday period. Since announcing excellent earnings reports last week, it has continued to break the record for the highest closing time, taking the lead among tech giants to support a higher market. According to data from the China Academy of Information and Communications Technology, iPhone sales in China increased 52% year on year in April, and the Apple market initially rose more than 1%. Game Station, which completed a fixed increase of more than 900 million US dollars in capital raised last Friday, jumped more than 20% higher.

In terms of the bond market, the US Treasury completed bid sales of 69 billion US dollars of two-year treasury bonds and 70 billion US dollar five-year treasury bonds on Tuesday. The bid multiples and the “tail end” of the bid interest rate being higher than the pre-issuance interest rate all reflect weak demand. The intraday decline in US Treasury bond prices has accelerated, and yields have risen above the high level set last week. The yield on the benchmark ten-year US Treasury was once lower by about 10 basis points, standing above 4.50%. The two-year US Treasury yield is close to 5.0%, which is the highest since the beginning of this month.

In the foreign exchange market, as the intraday rise in US bond yields widened and reached new highs, the US dollar index, which fell to a low level of more than a week earlier in the day, gradually smoothed out the intraday decline. Non-US currencies such as the euro turned down during the intraday period. The pound fell from the high level of more than two months set earlier in the day. The offshore renminbi once again fell below 7.26 in the intraday period, breaking the low level since the end of April. Cryptocurrency also declined intraday. Bitcoin, which had reached the $70,000 mark on Monday, once fell below $68,000.

Commodities were generally higher. Although the US dollar rebounded in the intraday period, the rebound momentum of gold did not change. New York futures closed higher for the first time in five trading days, breaking away from a two-week low. China's Shanghai and other places announced favorable policies for the property market. Industrial metals in London generally rose, and metals such as copper ended four days of continuous decline. The tension in the Middle East intensified. The attack on a Greek-managed bulk carrier in the Red Sea, Israeli tanks entering downtown Rafah, and the beginning of the peak summer driving season all boosted crude oil. The US oil market rose by more than 3%, which not only reversed the four-day closing period, but also closed close to the $80 mark for the first time in more than a week.

However, some commentators say that the situation in Gaza is only a warning to investors not to aggressively short; it is currently not enough to be a strong bullish sign. The market will pay close attention to the April US PCE inflation index announced this Friday. If it supports the expectation that the Federal Reserve may cut interest rates early, it will boost the prospects for energy demand.

The NASDAQ hit a record high, and the Dow fell back to a three-week low, rising 20% for three days after Nvidia's earnings report, and the China Stock Index stopped falling for five consecutive days

The three major US stock indexes had mixed ups and downs when they opened. The Dow Jones Industrial Average opened low overall, falling more than 360 points or more than 0.9% in midday trading. The high-opening S&P 500 index rose more than 0.2% at the beginning of the session, then turned down several times. It fell more than 0.4% during the day when it was low in midday trading, and turned higher at the end of the session. The high-opening Nasdaq Composite Index maintained gains throughout the day, rising nearly 0.7% during the day when it hit a record high in midday trading.

In the end, only the three major indices closed down, the Dow. The Dow, which closed slightly higher last Friday, closed down 216.73 points, or 0.55%, to 38852.86 points, breaking its closing low since May 6. S&P closed up 0.02% to 5306.04 points, continuing to break away from the closing low since May 14 set last Thursday. The NASDAQ closed up 0.59% to 17019.88 points, a record closing high for two consecutive trading days.

The S&P and Dow related ETFs SPDR S&P 500 ETF (SPY) and SPDR Dow Jones Industrial Average ETF (DIA) closed up 0.07% and down 0.52%, respectively. The latter hit a new low since May 6.

The small-cap stock index Russell 2000, which is mainly value stocks, closed down 0.14% and failed to break away from the low level since May 3, which was set by three consecutive days of decline last Thursday. The tech-heavy Nasdaq 100 Index closed up 0.32%, and the related ETF Invesco QQQ Trust Series 1 (QQQ) closed up 0.38%, hitting a record high 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 up 1.35%, hitting a record high for three consecutive days.

Among the constituent stocks of the Dow, MSD closed down 2.6%, with Johnson & Johnson, McDonald's, Visa, and Amgen all falling more than 1%, while Intel and Home Depot rose more than 1%. Among the major sectors of the S&P 500, only three closed higher on Tuesday. Nvidia's IT rose nearly 1.4%, energy rose nearly 1.1%, and Google's communications services rose nearly 0.5%. Among the eight sectors that closed down, finance, healthcare, and industry all fell by more than 1%, while Tesla's non-essential consumer goods fell less than 0.1%, bottoming out.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants “Seven Sisters” had mixed intraday ups and downs. Most of them closed higher. Only Nvidia and Apple did not fall in the intraday market. Among them, Tesla, which had the worst performance, fell about 3.4% in early trading, then narrowed to less than 2%, closing down 1.4%. After rebounding more than 3% last Friday, it fell back and began to approach the closing low since May 13, which was refreshed last Thursday.

Among the six major FAANMG technology stocks, the Apple market, which rebounded last Friday, rose nearly 1.6% at the beginning of the session, and closed down roughly, and failed to approach the closing high since January 26 set last Tuesday; Microsoft, which rebounded last Friday, fell 0.8% at the beginning of the session and closed slightly, continuing to approach the closing record high set last Wednesday; Alphabet fell nearly 0.7% at the beginning of the session and then turned higher in early trading. It rose more than 1% and closed 0.8% in midday trading, continuing to break away from the upper closing position since May 15, which was refreshed last Thursday; Amazon, which fell five times in a row on Friday to its closing low since May 1, fell 0.7 at the beginning of the session After%, it turned up in early trading and closed up nearly 0.8%; Meta fell 0.7% in early trading and rose nearly 0.4% in midday trading, breaking the closing high since May 15 created by last Friday's rebound; Netflix initially fell nearly 0.6%, then turned up a few times later, closing close to 0.4%, continuing to reach its closing high since November 2021 last Tuesday.

Chip stocks generally continued their gains last Friday. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX rose more than 2% in midday trading, closing up nearly 1.9% and 1.7% respectively, closing at record highs for two consecutive trading days. Among chip stocks, Nvidia rose nearly 8% in midday trading, breaking a record high of 6.98%. After announcing earnings reports last week, it reached a record closing record high of 20.1% for the third consecutive trading day; at the close, Arm rose nearly 9%, AMD rose more than 3%, Qualcomm and Micron Technology rose more than 2%, Intel rose more than 1%, and closed up 0.3% at the end of the session, after falling more than 1% at the beginning of the session.

Most AI concept stocks rose. AI and robotics stock ETF Glb X Robotics & AFL Intelligence ETF (BOTZ) closed 0.06% higher. At the close, Dell (DELL) rose nearly 3.7%, BigBear.ai (BBAI) rose nearly 2%, Oracle (ORCL) rose more than 1%, C3.ai (AI) rose nearly 0.3%, Palantir (PLTR) rose nearly 0.2%, while Astera Labs (ALAB), known as “Little Nvidia” and sells data center interconnect chips, fell 4.3%, SoundHound.ai (SOUN) fell nearly 3%, and ultra-microcomputer (SMCI) fell 1%.

Popular Chinese securities generally rose. The Nasdaq Golden Dragon China Index (HXC) and related ETF Invesco Golden Dragon China ETF (PGJ) turned down in the short term in early trading and rose more than 0.8% in midday trading, closing up 0.45% and nearly 0.5% respectively, and rebounded after falling for five consecutive days until closing low since May 1.

New car builders are on the rise. NIO Auto, which had risen 3.7% in the intraday period, closed up nearly 1.5%; Xiaopeng Motors, which had risen 3.4% in the intraday session, closed up nearly 5.4% after turning up in midday trading; Ideal Auto, which had risen nearly 3.2% at the beginning of the session and then turned down, closed up 0.3%. Among other individual stocks, NetEase rose nearly 0.8% at the close, while Pinduoduo fell nearly 5%, JD fell more than 1%, Alibaba fell nearly 0.9%, Baidu fell 0.5%, Tencent Fandan fell nearly 0.3%, and Station B fell less than 0.1%.

Among individual stocks with high volatility, the biopharmaceutical company Insmed (INSM), which was announced last Friday to raise more than US$930 million in capital raising at market price, rose 21.6% when it opened and rose 40.3% at the beginning of the midday session, closing 25.2%. After announcing the final test results showing that the drug it developed can significantly reduce the annual lung deterioration rate of non-cystic fibrosis bronchiectasis, the biopharmaceutical company Insmed (INSM), which submitted an application to the regulators for the fourth quarter; Influencers who fell 0.2% The brokerage firm Robinhood (HOOD) rose more than 5% after the market; while the US Illinois Senate approved a weekly budget that included measures to raise taxes on sports betting last weekend, betting stocks DraftKings (DKNG) and Flutter Entertainment US (FLUT) closed down 10.3% and 7.7%, respectively.

In terms of European stocks, the pan-European stock index, which rebounded on Monday, returned to a downward trend. The European Stoxx 600 Index hit a new closing low since May 6, set last Friday. Stock indexes of major European countries fell sharply. German, French, Italian and Western stocks, which had risen sharply on Monday, fell for five consecutive trading days. Among various sectors, entertainment and leisure led the decline by nearly 2.8%, due to London-listed Flutter Entertainment following a sharp decline of 7.4% in US stocks.

The 10-year US Treasury yield once rose by 10 basis points, and the two-year yield hit a new high in nearly four weeks

The US Treasury Bond ETF (GOVT) closed down 0.45% and fell back to its low since May 3 after a slight rebound last Friday.

The yield on US 10-year benchmark treasury bonds broke 4.45% in early trading. The rise in US stocks accelerated after opening, breaking 4.50% in early trading, and rising above 4.54% in midday trading, breaking the high level since May 3, rebounding about 10 basis points from today's low. By the end of the bond market, it was about 4.55%, rising more than 8 basis points during the day, reversing the decline that stopped rising for two days last Friday.

The 2-year US Treasury yield, which is more sensitive to interest rate prospects, dropped 4.90% before the US stock market. US stocks were close to 4.98% in midday trading, breaking the high level since May 1. At the end of the bond market, it was about 4.98%. At the end of the bond market, it rose more than 3 basis points during the day, rising for 4 consecutive days.

The US dollar index hit a new intraday low for more than a week, then smoothed out the decline, Bitcoin fell more than $2,000 intraday and fell below the 68,000 mark

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 in a downward trend for most of the time on Tuesday. European stocks fell below 104.40, breaking the intraday low level since May 16, falling more than 0.2% during the day. US stocks gradually smoothed out the decline in the intraday market. After turning higher in midday trading, they rose above 104.60 to a new daily high, and rose slightly during the day.

By the end of the bond market on Tuesday, the US dollar index was at the 104.60 line. After two consecutive days of decline, the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose 0.1% during the day. US stocks had fallen nearly 0.2% before the market and turned up in midday trading. It did not continue to fall from the same high level since May 13, which was refreshed last Thursday, and rebounded after two consecutive days of decline.

Among non-US currencies, the yen rebounded on Monday. The US dollar rebounded to 157.20 against the US stock market, and rose 0.2% during the day; EUR/USD was close to 1.0890 in the European stock market, breaking the high level since May 16, and continued to decline after rising close to 0.3% during the day. US stocks fell below 1.0860 at noon. US stocks closed close to 1.0860, roughly flat on Monday; GBP/USD touched 1.2800 before the US stock market, For the second day in a row, update the 3 created by the UK CPI Day that was announced last Wednesday High since January 21st, rising nearly 0.3% during the day. US stocks also turned down in midday trading and fell below 1.2760. US stocks closed below 1.2770 and fell slightly during the day.

The offshore renminbi (CNH) reached a new daily high of 7.2573 against the US dollar in early Asian trading. European stocks continued to decline after falling before the market. US stocks fell to 7.2645 in the intraday market and fell 7.26 in the intraday period for three consecutive trading days, breaking the low since April 29 created last Friday, falling 72 points from the daily high. At 4:59 Beijing time on May 29, the offshore RMB was 7.2,636 yuan against the US dollar, down 47 points from the end of Monday's New York session, and fell after three consecutive declines at the end of Monday.

Bitcoin (BTC), which had reached the $70,000 mark on Monday, turned down intraday and failed to continue to rebound. At the beginning of the Asian session, the US market recorded a new daily high of $69,800. US stocks fell below $67,400 in midday trading and fell below $67,300 on some platforms, falling more than $2,000 and nearly 4% from the daily high. US stocks closed above $68,500, falling more than 1% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency with market capitalization after Bitcoin, rose above $3,920 in the European stock market and continued to decline after the mid-market transfer. US stocks fell below $3,800 to $3,780 in midday trading, down about 4% from the daily high. US stocks closed above $3,830, around 1% during the day, falling from the high level since March 14, when it rose above $3,970 on Monday.

US oil rose more than 3% in the intraday market, reversing four consecutive declines, and oil rose two times in a row to a high level this month

International crude oil futures generally maintained their gains on Tuesday. When US stocks hit a new high in midday trading, US WTI crude oil, which had no closing price for the week, rose to 80.26 US dollars. It rose nearly 3.3% during the day. Brent crude oil rose to 84.55 US dollars, up more than 1.7% during the day.

In the end, crude oil collectively closed higher. As of last Friday's four-day decline, WTI's July crude oil futures closed up 2.11 US dollars, or 2.71%, to 79.83 US dollars/barrel, breaking the closing high since May 17; Brent crude oil futures for July closed up 1.12 US dollars, or 1.35%, to 84.22 US dollars/barrel, rising for two consecutive days, breaking the high level since April 30.

The US oil ETF United States Oil Fund LP (USO) closed up 3.07%, while the oil ETF United Sttes Brent Oil Fund LP (BNO) closed up 2.91%, both rising for two consecutive days after four consecutive days of decline, breaking the closing high since April 30.

Lunan aluminum rose more than 2% to end four consecutive declines in the past two years, New York futures closed higher for the first time in five days

London basic metals futures, which were closed on Monday, rose sharply on Tuesday, up at least 1%. Lunlu, the leader, rose nearly 2.6%, rising for two consecutive trading days, breaking the closing high since June 2022 set last Tuesday. Renxi, which fell to a new low of more than a week last Friday, also closed up more than 2%, and Luntong and Lunlead both rebounded after falling for four consecutive days. Luntong, which hit a new low of more than a week for three consecutive days, rose more than 1.7%, still close to 3.6% from the historic closing high set last Monday. Lun lead, which fell to a one-week low last Friday, rose 2%. Lunzine, which fell to a one-week low last Friday, rose 1.4%. Lunnickel continues to break away from the one-week low set last Thursday.

Gold generally continued Monday's gains on Tuesday. New York gold futures, which had no closing price on Monday due to the holiday, rose throughout the day on Tuesday. US stocks reached a new daily high of $2365.5 before the market, rising more than 1.3% during the day. Spot gold fell below $2,341 in early trading for European stocks, falling more than 0.4% during the day. When US stocks hit a new high in the pre-market period, spot gold rose above $2,360, rising nearly 0.6% during the day, and futures continued to break away from their respective lows since May 9, falling below $2,326 and reaching $2326.3 on Friday, respectively.

By the end of midday US stock futures, COMEX's June gold futures closed up 0.94% to $2356.5 per ounce as of last Friday, falling for four consecutive days, leaving the closing low since last Friday at $2334.5, which was refreshed for two consecutive days at $2322.3 on May 8. SPDR Gold Trust (GLD) closed up 1.05% and rebounded for two consecutive trading days after falling to a low level since May 8 last Thursday. At the close of the US stock market, spot gold was above $2,350, up about 0.3% during the day.

Editor/Jeffrey