Global new crown epidemic fears intensify, Japan’s prime minister suggested Tokyo enter a state of emergency; India’s epidemic is out of control, Thursday’s new cases hit a single-day high in countries around the world; U.S. economic data is mixed, last week’s first-time jobless claims fell more than expected to a 13-month low, but March home sales fell more than expected to a new seven-month low. U.S. stocks opened lower under pressure. The news of Biden’s tax hike gave the market a head start on what was expected to be a complete reversal of the downtrend.
After the midday news of Biden’s plan to implement a capital gains tax of up to 43.4% on the wealthy, U.S. stocks dived intraday, the S&P and Nasdaq, which had turned up, both returned to the downtrend, the benchmark 10-year U.S. bond prices rebounded intraday, yields fell and restarted the downward trend, the dollar index refreshed its daily high, leaving a seven-week low. However, popular Chinese stocks retained their gains and continued to rise.
As the dollar turned higher, cryptocurrencies such as bitcoin mostly fell, with dogcoin plunging double-digits again and only ethereum, which hit a new record high among cryptocurrencies, rising. Among commodities, precious metals such as gold and palladium and most industrial metals such as copper fell, with palladium, gold, copper and tin all falling off the highs set on Wednesday; while crude oil rallied.
In the European market, the European Central Bank as expected to keep ultra-low interest rates unchanged, Nestle and other companies reported positive earnings results, European stocks rose for the second consecutive day, the technology sector continued to lead the gains. However, Credit Suisse said Archegos has suffered losses of $5.5 billion since the burst, the preliminary estimate of the burst will lead to a loss of $654 million in the second quarter, plans to sell $ 2 billion to replenish capital, Credit Suisse European shares fell against the market. European bond prices fell in general.
Three major stock indexes fell more than 1% during the day S&P hit the biggest drop in five weeks Energy, technology and other five major sectors fell more than 1% Most of the Chinese rose
The three major U.S. stock indexes opened lower collectively on Thursday, with the Nasdaq Composite Index and the S&P 500 Index turning higher one after another during the session, and the Dow Jones Industrial Average narrowing its losses. The Nasdaq performed relatively best, down nearly 0.4% at the beginning of the session when it set a new daily low, turning up about an hour after the opening, and then maintained the upward trend, up nearly 0.5% at lunchtime when it set a new daily high. The S&P fell nearly 0.4% in early trading to a new daily low, and turned up in midday trading. The Dow fell more than 180 points in early trading to a new daily low, with a percentage drop of more than 0.5%, narrowing to within 80 points into midday.
Biden plans to significantly increase the capital gains tax for the rich after the news came out, down less than 20 points of the Dow fell rapidly expanding, down more than 190 points in less than 20 minutes, the S&P and Nasdaq have turned down, and collectively set a new daily low. The Dow fell more than 420 points when the new daily low, a percentage drop of more than 1.2%, the S&P and the Nasdaq fell nearly 1.1% and 1.3%, respectively.
Finally, the three major stock indexes collectively closed lower for the third day this week. The Dow closed down 321.41 points, or 0.94%, the largest closing decline since March 4 and a new closing low since April 14. The S&P closed down 0.92% at 4,134.98 points, its biggest closing loss since March 18. The Nasdaq closed down 0.94% at 13,818.41 points, closing down more than 0.9% for the third day this week.
Value stocks dominated the small-cap index Russell 2000, which had risen more than 1% during the day, has since also turned lower, closing down 0.31%. The technology-heavy Nasdaq 100 index closed down 1.24%, underperforming the broader market.
The S&P 500’s 11 major sectors closed lower on Thursday, down more than 1.7% materials led the decline, energy, finance, information technology and non-essential consumer goods were down more than 1%, the bottom of the decline was down less than 0.4% of real estate.
Measure the volatility of U.S. stocks “panic index” Cboe VIX index once rose to 19.90, up nearly 14% during the day, closing at 1871, closing up 6.91%, a new high since March 31 intraday and closing.
The broad market dive came as leading technology stocks fell in unison during the day. By the end of the day, Tesla fell more than 3% down in front. six major technology stocks in FAANMG, Facebook, Apple, Microsoft, Amazon, Google parent company Alphabet are closed down more than 1%, Wednesday’s heavy losses of more than 7% of Nifty with the end of the rebound slightly closed down 0.02%.
AT&T reported stronger-than-expected earnings and revenue for the first quarter, with shares up more than 4%. Shares of Dow Chemical, which reported stronger-than-expected earnings and revenue for the quarter, fell sharply, closing down 6%, leading the Dow components lower.
Most popular Chinese stocks still maintained gains, with Chinese ETFs KWEB and CQQQ both closing up more than 1%. Beili Beili and Poundland closed up more than 3%, Tencent Music rose nearly 3%, Tencent ADR rose more than 1%, while Baidu and Alibaba edged down 0.04%.
European stocks, pan-European stock index and major European countries stock index are up for two consecutive days. The sectors, up more than 2% of the utilities led the rise, up nearly 2% of technology again rose. Among individual stocks, Nestle, which reported the fastest quarterly sales growth in a decade, rose nearly 3%, Credit Suisse European shares fell more than 2%, Credit Suisse U.S. shares fell more than 3%.
Dollar Index Turns Up After Seven-Week Low Ether Hits Record High Bitcoin Falls Below $51,000 for First Time in Nearly a Month Dogcoin Plunges Double-Digit for Third Straight Day
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies in the U.S. dollar, had fallen to 91.00 at the beginning of the European session to set a new intraday low since March 3, down 0.17% during the day, rebounding from the U.S. pre-market, U.S. stocks turned up in early trading, further higher after news of Biden’s tax hike, once approaching 91.42 at lunchtime to set a new daily high, up nearly 0.3% during the day.
By Thursday’s U.S. stock market close, the dollar index was at around 91.30, up nearly 0.2% intraday; the Bloomberg Dollar Spot Index rose 0.2%.
The offshore yuan (CNH) ended its eight-day streak against the U.S. dollar at 6.4958 yuan at 5:59 p.m. GMT on the 23rd, down 56 points from Wednesday’s late New York session, with the overall intraday trading in the 6.4802-6.4995 yuan range, hitting a new high in the late New York session since March 17 for two consecutive days as of Wednesday.
CoinMarketCap data shows that by the close of the U.S. stock market, in addition to the second largest cryptocurrency after Bitcoin market capitalization Ether (ETH), mainstream cryptocurrencies were down on Thursday, Dogcoin (DOGE) recently 24 hours cumulative decline of more than 12%, down more than 10% for three consecutive days, the last seven days cumulative gains narrowed to within 60%, the third largest cryptocurrency market capitalization coin (BNB) (BNB), the third largest cryptocurrency by market capitalization, has fallen nearly 9% in 24 hours.
Bitcoin (BTC) was back on $55,000 before the U.S. stock market opened and continued to move downward after the U.S. stock market opened, and was below $52,600 at the U.S. stock market close, falling more than 5% cumulatively in the last 24 hours, and once fell below $50,500 after hours, falling through $51,000 intraday for the first time since March 25, dropping more than $5,000 from the intraday high, with a percentage drop of about 9% and a 24-hour drop of more than 6%.
Ether (ETH) rose above $2,640 at lunchtime in the U.S., hitting an all-time intraday high, up more than 14% from the intraday low in early Asian trading, and closed slightly above $2,500 in the U.S., with a cumulative gain of more than 3% in 24 hours.
10-year U.S. bond yields turn down intraday to approach one-week lows
U.S. 10-year benchmark Treasury yields in early Asian trading had approached 1.53% refreshing about a week intraday lows, intra-day drop of nearly 2 basis points, since then gradually erased the drop, European stocks turned up in the middle of the day, once back on 1.57%, before the U.S. stock market and turned down, U.S. stocks turned up in early trading, since then once approached 1.59% refreshing the daily high, up nearly 4 basis points during the day.
In the afternoon, as U.S. stocks turned down, the 10-year U.S. bond yield fell to 1.56% below, back to the downward trend, to the U.S. stocks closed at 1.54%, down 1 basis point during the day. 30-year U.S. bond yield down test 2.22%, in the lowest valley since March 2.
By the end of the day in New York, yields on U.S. bonds of all maturities were mostly down, with longer-term bonds falling more sharply, with 30-year and 10-year yields falling by more than 3 and 1 basis points, respectively, while the 5-year fell by more than 0.6 basis points and the 2-year was flat.
European bond prices mostly fell as European stocks rose, with British bonds edging down and German bonds falling for two days in a row. British 10-year benchmark bond yields rose 0.1 basis points during the day to 0.74%; German bond yields rose 1 basis point to -0.25% during the same period.
Copper falls off more than nine year high but holds $9,400 Gold falls off eight-week high, palladium falls off record high
London base metals futures fell on Thursday, except for lead and zinc, which rose for two days and ended a two-day losing streak for lead, approaching the more than one-month high set on Monday. Copper fell more than nine years high, but closed above $ 9400 for the second day in a row, and tin ended a seven-day streak of gains, also temporarily parted more than nine years high. Aluminum fell to a near three-year high. Just ended a four-day losing streak of Lunnickel resumed its decline, again approaching the trough since the end of last month.
New York gold and silver futures ended a two-day streak of gains, with COMEX June gold futures closing down 0.6% at $1,782.00 per ounce, down from the main contract closing high set on Wednesday since Feb. 24. Silver futures fell nearly 1.5%, off Wednesday’s March 1 high, holding the $26 mark. NYMEX June palladium futures closed down more than 1.1% at $2,842.90 per ounce, off Wednesday’s record closing high set by a 4% gain.
Crude oil ends two consecutive negative out of a week low
International crude oil futures rebounded after two consecutive losses, coming out of a one-week trough.
WTI June crude oil futures closed up $0.08, or 0.13%, at $61.43/barrel; Brent June crude oil futures closed up $0.08, or 0.12%, at $65.40/barrel, as of Wednesday were two consecutive days of new lows since April 13, both down more than 2% on Wednesday, the largest closing decline since April 5.
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