Recently, U.S. bond yields have spiked, setting off a drop in U.S. growth stocks. Powell will give a speech at 1:05 a.m. GMT on Friday the 5th, and the world waits with bated breath for his stance on U.S. bond yields. Prior to his speech, U.S. stocks experienced a flash crash in early trading on Friday, extending the previous killing trend led by technology stocks. Energy stocks, supported by rising Crude Oil, continued to play a role in supporting the broader market, spurred by news that Saudi Arabia intends to continue additional production cuts, helping the S&P and Dow to offset the impact of falling technology stocks.
The three major U.S. stock indexes collectively opened higher on Friday, but early morning quickly all the gains at the beginning of the session to turn down, the Nasdaq composite index rose more than 0.5% at the beginning of the session less than an hour after the opening had fallen more than 1.6%, once back to all the cumulative gains since the beginning of this year. Nasdaq brushed a new daily low at the same Time, the Dow Jones Industrial Average, which rose more than 180 points at the beginning of the day, fell more than 120 points, the S&P 500 index, which rose nearly 0.5% at the beginning of the day, fell nearly 0.8%. However, the Dow and S&P have since quickly turned up.
Nasdaq fell more than 1% in early trading, the initial rise of more than 0.6% Apple fell more than 1%, tesla fell more than 5.5% in the day, betting on Tesla’s “bull market queen” Cathie Wood led fund ARKK also fell more than 5%. Philadelphia Semiconductor Index fell 2%, MRVL fell 8%, Seagate Technology fell more than 5%, IPHI and LSCC fell more than 4%.
On Friday, longtime Tesla shareholder and billionaire Ron Baron said his company sold 1.8 million shares of Tesla stock because it was too large a portion of the portfolio and selling Tesla stock would “mitigate risk for our clients. Baron said that every sale of a share of Tesla is painful, but he personally has not moved more than 1.1 million shares of Tesla, and is still bullish on Tesla shares to $ 2,000.
Friday morning media quoted OPEC+ representative news that Saudi Arabia is ready to continue voluntary additional oil production cuts in April and May, of which the scale of the April cut remains at 1 million barrels per day; OPEC+ is close to reaching a consensus that it may keep its oil production policy unchanged in April and will not reduce the scale of production cuts. Since then, the intra-day gains in international crude oil futures have expanded to more than 5%. Among the 11 major sectors of the S&P 500, the energy sector rose more than 2% in early trading and led again, while the information technology sector, once down more than 1%, continued to lead the decline.
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