Because most blue-chip technology stocks sank, the three major U.S. stock indexes were under pressure to the downside during the day. Apple’s quarterly results exceeded expectations strong, but and Tesla and other technology stocks turned down during the day, dragging down the Nasdaq high, the S&P and the Dow had also turned down during the day, some of the midday decline in technology stocks narrowed or turned up, the three stock indexes collectively turned up, out of the V-shaped rebound trend.
Some commentators believe that Apple’s stock price decline also stems from the chip shortage concerns, part of Apple’s product chip supply tension. In addition, some analysts worry that Apple may not be able to maintain such high growth in the first quarter. Apple’s chief financial officer mentioned in Wednesday’s post-earnings conference call, due to “supply constraints,” Apple’s operating income is expected to decline by $3 billion to $4 billion in the second quarter. CEO Cook also said there are some challenges on the supply side.
Under the threat of a global chip shortage, Ford-led auto stocks fell across the board. Ford cut its full-year earnings guidance due to the chip shortage and expects second-quarter production to be only half of what it originally planned, and its shares fell more than 10% intraday, the biggest drop since March last year. In addition, the media mentioned that Renault was forced to shut down production at a plant in France after a three-day strike continued, sparking investor concerns about jobs in the auto industry at the political level.
During the session, the U.S. Labor Secretary said he is considering classifying workers who work odd jobs as corporate employees in many cases. Shares of online car companies Lyft and Uber plunged. The odd jobs issue was also seen as one of the factors that weighed on the broader U.S. stock market on the day.
Some stocks’ performance was still affected by earnings reports. eBay’s first-quarter revenue and earnings came in above expectations, but warned that sales growth dividends from the epidemic could end, falling nearly 12 percent at one point in the session. Facebook, which reported much better-than-expected first-quarter earnings and revenue, jumped higher and rose above $330 intraday for the first time in its history. Google parent Alphabet, which reported better-than-expected earnings and revenue in the first quarter, also advanced, and Facebook became one of the few blue-chip technology stocks to hold gains throughout the day Thursday. Amazon shares surged after the bell after the bell after reporting first-quarter earnings and revenue that beat expectations.
Top Chinese stocks fell in tandem. China’s central bank and other financial authorities jointly interviewed 13 online platform companies engaged in financial business, including Tencent, on Thursday, putting forward seven aspects of rectification requirements, according to Xinhua News Agency.
U.S. Treasuries were generally sold off after Biden announced a $1.8 trillion fiscal stimulus package, with prices falling and yields rising. German CPI growth in April exceeded expectations to 2%, Germany and other European countries Treasury yields continue to climb, German bond yields hit a 13-month high.
The U.S. dollar index hit another two-month low, but rebounded to turn higher in the European and U.S. trading sessions. Thanks in part to a weaker dollar, crude oil continued to rise; some industrial metals maintained gains, copper continued to set new 10-year highs, once breaking the $10,000 mark; most precious metals fell, but palladium rebounded.
In the European market, European stocks fell due to a number of sectors led by automotive and retreated, while bank stocks, inspired by the rise in European debt yields and earnings reports of banks such as Standard Chartered, rose against the market. Spain’s stock index continued to rise under the pull of bank stocks, a standout in the major European countries stock index.
Three major stock indexes rallied at midday Ford led auto stocks lower Netflix fell heavily Apple turned down mid-day to pressure the broader market Small-cap stocks underperformed the broader market for the first time this week Top mid-caps fell
The three major U.S. stock indexes opened collectively higher, but all had fallen during the session, the Nasdaq Composite Index had risen more than 1% at the beginning of the session about an hour after the opening that turned down, the worst relative performance, down nearly 0.7% at lunchtime when the new daily low. S&P 500 index had risen more than 0.8% at the beginning of the session, Apple turned down shortly after the lunchtime short term turn down. The Dow Jones Industrial Average rose above 34,000 points at the beginning of the day to refresh the daily high, up more than 210 points during the day, a percentage increase of more than 0.6%, early and midday were short-lived down, down nearly 80 points at lunchtime when the new daily low, after a rapid rebound.
Midday three major indices turned up, the Dow refreshed the daily high, intra-day gains expanded to more than 260 points, the S&P approached 4219 points, the second consecutive day of record intraday highs, up more than 0.85% intra-day. The Nasdaq rose about 0.2%.
Finally, the three major indices closed up collectively for the first time this week. The Dow closed up 239 points, or 0.71%, at 34,060.36 points, a new closing high since last Wednesday, April 21. The S&P closed up 0.68% at 4211.47 points, closing above 4200 points for the first time in history; the Nasdaq closed up 0.22% at 14082.55 points, the highest closing level in four days this week, and the S&P both ended a two-day losing streak.
Small-cap stocks opened lower, value stocks dominated the small-cap index Russell 2000 turned lower in early trading, closing down 0.37%, ending four consecutive days of outperformance of the broader market, falling off the record closing high set on Wednesday. The tech-heavy Nasdaq 100 index closed up 0.49%.
S&P 500 of the 11 major sectors, Thursday only slightly down in information technology and health care fell nearly 0.4% two closed down, up more than 2.7% of telecommunications services led the rise, finance, energy and essential consumer goods rose more than 1%, the bottom of the increase is up more than 0.1% of non-essential consumer goods, other sectors rose at least more than 0.6%.
Leading technology stocks, in addition to Facebook and Google parent company Alphabet had fallen during the day, FAANMG six major technology stocks in only two closed down, including Apple had risen more than 2.6% at the beginning of the day, near the lunchtime turn down, down more than 0.8% when refreshing the daily low, the lunchtime had turned up, and finally closed down nearly 0.08%, Microsoft fell more than 1% during the day, closed down 0.8%. Nifty, which fell more than 1% during the day, turned up at the end of the day, closing up nearly 0.5%, and Amazon, which fell more than 0.6% when refreshing the daily low, closed up nearly 0.4%, Facebook opened up more than 7%, closing up 7.3% to a new closing high, and Alphabet, which rose more than 1% during the day, closed up more than 1.4%. Tesla rose more than 1% at the beginning of the day, turned down in early trading, the lunchtime decline expanded to more than 3%, closing down more than 2.5%. In addition, Amazon once jumped 5% after the after-hours earnings announcement, with shares at a record high.
Among the industry stocks, other than Tesla, other auto stocks were also down. Ford closed down 9.4%, Azera dropped more than 5%, General Motors, Workhorse, Xiaopeng, and Ideal Motors fell more than 3%, Nikola fell nearly 2%, and Tucson Future fell more than 1%.
Online car company Lyft fell nearly 10%, Uber fell nearly 6%.
Bank stocks in general rose, Deutsche Bank U.S. shares rose more than 3%, Wells Fargo, Bank of America rose more than 2%, JPMorgan Chase rose nearly 2%, Goldman Sachs, Citi, Morgan Stanley rose more than 1%. Among other technology stocks, eBay fell about 10%.
Popular Chinese stocks fell in general, with Chinese ETFs KWEB and CQQQ down more than 2% and 1%, respectively. Monster Charge fell 13%, Douyu, Misty Core Technology and Kingsoft Cloud fell 8%, Heilongjiang fell 7%, Predo fell more than 3%, Baidu and Alibaba fell more than 1%, and Tencent ADR fell 0.2%.
In Europe, just a small rebound in the pan-European stock index restarted the decline, hitting a new low of more than a week. Various sectors in the automotive sector fell more than 2% to lead the decline, but the banking sector rose more than 1%, a 14-month high, individual stocks, the announcement of strong earnings results Standard Chartered rose more than 5%, Frankfurt-listed Deutsche Bank European shares rose more than 3%, HSBC British shares rose more than 2%, while Paris-listed Renault European shares fell more than 4%, Frankfurt-listed Volkswagen and BMW European shares fell more than 3% and 2%, respectively.
The dollar index turned up mid-day after hitting another two-month low Ether fell back after rising above $2,800 for the first time Bitcoin once fell nearly 5%
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major dollar currencies, fell below 90.43 in early Asian trading, hitting a new intraday low for the second consecutive day since late February, down 0.2% intraday, with European stocks turning up before the bell and U.S. stocks approaching 90.79 in early trading at a new daily high, up nearly 0.2% intraday.
By Thursday’s U.S. stock market close, the dollar index was slightly above 90.60, and the Bloomberg Dollar Spot Index were both nearly unchanged from Wednesday’s closing levels.
CoinMarketCap data shows that mainstream cryptocurrencies were mixed on Thursday, with the third largest cryptocurrency by market capitalization, BNB, up nearly 4% in the last 24 hours and the fourth largest cryptocurrency, Ripple (XRP), up more than 1% by the close of U.S. stocks.
Bitcoin (BTC), on the other hand, tested $52,500 at midday in the U.S. stock market, returning to a three-day intraday low and falling more than $3,000 from its intraday high, a percentage drop of nearly 5%, and closing the U.S. stock market above $53,000, down nearly 3% in the last 24 hours.
Ether (ETH), the second largest cryptocurrency after Bitcoin in terms of market capitalization, had broken through the $2,800 barrier before the U.S. stock market, hitting a new intraday record high for the third consecutive day, up more than 4.8% from the intraday low, with U.S. stocks closing above $2,720, up about 0.7% cumulatively in 24 hours, and approaching the $2,700 barrier shortly after the U.S. stock market closed, turning down cumulatively in 24 hours.
10-year U.S. bond yields hit another two-week high German bond yields hit a 13-month high
U.S. 10-year benchmark Treasury yields continued to fall after the Fed’s resolution announcement on Wednesday until the Asian market turned up at midday on Thursday, and have stayed up since then, with U.S. stocks approaching 1.69% in early trading, setting a new two-week high for the second day in a row, rising about 8 basis points during the day, before gradually giving back most of the gains.
By the time U.S. stocks closed, the 10-year U.S. bond yield was at 1.63%, up 2 basis points intra-day.
European government bond prices fell for four days in a row as of Thursday, with yields on many Treasuries reaching at least a two-week high. British 10-year benchmark Treasury yields rose 4.5 basis points to 0.843% during the day, having risen to 0.868% during the day, a new high since March 18; German government bond yields rose 3.8 basis points to -0.193% during the same period, having risen to -0.181% during the day, a new high since March last year.
Copper five straight positive near record highs Gold three straight negative hit a two-week low, palladium rallies near record highs
London base metals futures were mixed on Thursday.
Copper rose for five days in a row, closing at $9,885 per ton, a new ten-year high for the third consecutive day, up to $10,008,000 intraday, breaking the $10,000 mark for the first time since February 2011. LunLead rose for six consecutive days, hitting a new two-month high for three days in a row. Lunar aluminum hit a three-year high for the second day this week. LON Tin ended a three-day streak of gains, falling off a 10-year high, still closing above $28,000. Nickel ended a four-day gain streak and fell off an eight-week high. Zinc closed flat, still near a two-year high.
Precious metals were mostly lower. New York gold futures fell for a third straight day, with COMEX June gold futures closing down 0.3% at $1,768.30 per ounce, closing below $1,770 for the first time since April 15.
New York silver futures fell for the second day in a row, narrowly missing the $26 mark. Platinum fell for the second day in a row, closing down 1.2%. But palladium rebounded, with NYMEX June palladium futures closing up 0.63% at $2,948.6 per ounce, just $4 shy of the closing all-time high set on Tuesday.
Crude oil rises for the third straight day to a new high of more than six weeks, up more than 2% intraday
International crude oil futures rose for a third consecutive day, continuing to set new highs of around six weeks. Commentary suggests that positive U.S. economic data, a weaker dollar and recovering demand overwhelmed market concerns about the outbreak.
On Thursday before the U.S. stock market, U.S. WTI crude oil had approached $65.50 to refresh its high since mid-March, up more than 2.5% during the day; Brent crude oil once approached $69, up nearly 2.5% during the day.
WTI June crude oil futures closed up $1.15, or 1.80%, at $65.01/barrel, closing up more than 1% for the third consecutive day; Brent June crude oil futures closed up $1.29, or 1.92%, at $68.56/barrel, both the largest closing gain since April 14, and both hit a new high in the main contract since March 15, closing on Wednesday at a new high since March 17 A new high since March 17.
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