Before Biden announced a major economic stimulus package including infrastructure, the 10-year U.S. bond yield broke away from a 14-month high hit the day before, and U.S. stocks eased downward pressure, moving higher on the back of a rebound in blue-chip technology stocks, with bank stocks bucking the market.
U.S. bond yields retreated while the U.S. dollar index halted its back-to-back days of gains. precious metals such as Gold and industrial metals such as copper, which collectively closed lower on Tuesday, rebounded. Crude Oil futures continued to sink as the OPEC+ joint technical committee meeting ended without any policy recommendations.
France extends blockade to the whole country; EU Medicines Agency finds that most adverse reactions to AstraZeneca vaccines occurred in the UK. Pan-European stock indexes, which had been rising for days, fell off their pre-outbreak highs, but both March and the quarter accumulated gains, with auto stocks outperforming for the full month and quarter, and German stocks up nearly 9% in March, leading major European stock indexes.
Leading technology stocks rebounded IT sector led the S&P Financial sector bucked the market decline
The three major U.S. stock indexes opened collectively higher, led by the Nasdaq Composite Index, and the S&P 500 Index both opened higher, while the Dow Jones Industrial Average had turned lower more than once during the day.
The Nasdaq opened nearly 0.6% higher, having risen more than 1% in less than half an hour of opening, and more than 2% at lunchtime when it set a new daily high. The S&P opened more than 0.2% higher, up nearly 0.9%% at midday on a new daily high. The Dow rose slightly more than 100 points at the beginning of the day when it refreshed its high, opened less than an hour that turned down, turned up after an hour and a half of the opening, the end of the morning session when the short term again turned down and refreshed the daily low, the largest intra-day decline of more than 40 points, the Nasdaq rose about 2% at midday when the day rose nearly 60 points.
S&P 500 of the 11 major sectors, only 3 down at midday, crude oil dragged energy fell about 0.5% led by the decline, finance fell less than 0.4%, materials fell less than 0.1%, rising sectors, information technology rose more than 2% to lead the pack.
Most of Tuesday’s decline in the leading technology stocks rose. FAANMG six major technology stocks, Apple rose nearly 3% during the day, Facebook, Microsoft, Nifty, Amazon rose more than 2%, Google parent company Alphabet rose nearly 2%. tesla rose more than 4% in midday trading.
Chip stocks rose collectively, semiconductor sector ETF SOXX had risen about 3% in midday trading.
Among the Chinese stocks, Tiger Securities rose nearly 20%, Zhihu rose nearly 10%, and Ideal Auto and Xiaopeng Auto rose over 7%.
In the European market, the pan-European stock index fell back after three consecutive days of gains, falling away from 13-month highs, up 6% in March, up two months in a row, up 2.6 times that of February, up 7.66% in the quarter, the fourth consecutive quarterly cumulative gains. The sectors, sensitive to the resumption of work in the economic recovery favorable sectors of automotive, banking, travel and leisure in the quarter outperformed other sectors, automotive rose more than 23% in the quarter, the latter two rose about 19% in the quarter. Auto rose nearly 17% in March alone.
Major European stock indexes closed lower on Wednesday in addition to a slight increase in the Italian stock index, but in March, national stock indexes continued to accumulate, more than once a full month of record highs in German stocks rose nearly 9% of the best performance. In the first quarter, national stock indexes are four consecutive quarters of cumulative gains, the best performance in the quarter is up more than 10% of Italian stocks, German stocks and French stocks are up more than 9%. Among individual stocks, the “British version of hungry” Deliveroo plunged 30% on its first day of trading.
U.S. bond yields off more than a year high
U.S. 10-year benchmark Treasury yields in early Asian trading on Wednesday had risen above 1.74%, once close to 1.75%, to Tuesday’s intraday rise above 1.77% set by the 14-month high close, up about 2 basis points during the day, and then gradually fall back, European stocks fell to 1.73% below the intraday, U.S. stocks gave back all the gains before the bell to turn down, U.S. stocks fell below 1.72% in early trading, a new daily low when the next test 1.71%, more than 6 basis points away from the 14-month high.
The U.S. dollar index fell more than four-month highs gold, silver and copper rose
Tracking the dollar six major currencies a basket of the ICE dollar index (DXY) ended a two-day streak, in the Asian market on Wednesday had risen above 93.40, approaching Tuesday rose above 93.50 set by the intraday high since November last year, up 0.15%, since then continued downward, European stocks turned down before the bell, the U.S. stocks fell below 93.00 once during the day to refresh the daily low, down more than 0.3% during the day.
U.S. stocks in the midday session, spot gold rose 1.7%, spot silver rose 2% intra-day.
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