Copper and other commodities recently soared, triggering market concerns that inflation will disrupt the economic recovery and thus hit the stock market, led by Tesla, the leading technology stocks were the most affected, with the S&P and Nasdaq both under pressure and falling. The Dow had continued to set new intraday records with the support of some stocks such as Procter & Gamble and Walgreens, but turned lower at the end of the day, failing to extend a five-day streak of gains.
Tesla plunged while ARKK, the flagship fund of Cathie Wood, the “bullish queen” who is long on Tesla and other innovative technology stocks, resumed its decline on Friday after just ending a five-day losing streak, falling more than 5% to a new six-month low.
Top Chinese stocks were mostly down. Pindo once fell more than 13% after the platform was interviewed by the Shanghai Consumer Protection Commission on Monday and asked to abandon traffic-only thinking and truly implement the main responsibility of the platform from the perspective of protecting consumers’ legitimate rights and interests; Tencent ADR fell more than 4% intraday after the Net Office informed Tencent Mobile Manager and 84 other apps of illegal and irregular collection and use of personal information; Weibo turned slightly higher at midday after falling more than 8% intraday after its pre-market announcement of The first quarter earnings and revenue were higher than market expectations, but monthly and daily users fell 4% and 5% respectively.
Along with the intraday decline in U.S. stocks, U.S. Treasury yields turned up intraday, with the 10-year U.S. bond yield reverting to 1.60%. Commentary suggests that Amazon’s plan to issue a record $18.5 billion in debt has put pressure on the U.S. bond market. The dollar index, which hit a two-month low, gradually erased its intraday losses. Most cryptocurrencies such as bitcoin turned lower during the session, with ethereum falling sharply after a record high, but SHIB, commonly known as shitcoin, maintained its double-digit surge.
Colonial Pipeline, one of the largest U.S. oil and gas pipeline operators, was forced to shut down on Friday due to a hacking attack, and this Monday said some fuel pipelines resumed operations, with the FBI locking up the hacking group DarkSide as responsible. International crude oil futures, which had risen more than 1% during the session, gave back most of their gains and turned lower after the bell, while U.S. gasoline futures, which hit a three-year intraday high, turned lower during the session.
In other commodities, domestic non-ferrous and ferrous commodity futures were higher across the board. In the iron ore eight contracts collectively after the stop, the day after the market, the big trading house announced that Tuesday will increase the stop rate and trading margin level of these contracts, and said the recent coking coal, coke and iron ore prices are more volatile, please the market participants rational compliance to participate. Overnight black system rallied and fell, iron ore plate turned down in the end of a series of days to close a new high trend. Foreign copper in the stabilization of the 10,000 U.S. dollar mark after the intraday record high, but the afternoon session turned down, temporarily parting from the closing record highs. Gold futures continued to move higher, fueled by a weaker dollar and lower U.S. bond yields during the session, while platinum and palladium rallied among other precious metals.
In Europe, the pan-European stock indexes retained their gains with support from mining and banking stocks to reach new highs, although technology stocks also weighed on the broader market. Pfizer’s German partner BioNTech, which plans to build a plant in Singapore to produce vaccines, surged.
The Nasdaq and S&P both hit their biggest losses in more than seven weeks, with the Dow turning lower in late trading after hitting a new intraday high for four days in a row, and leading technology stocks falling at least 2%.
Three major U.S. stock index performance varies, slightly higher opening of the Dow Jones Industrial Average performed the best, opening less than half an hour later that rose more than 200 points, the first time in the history of the morning session rose above the 35,000-point mark, the fourth consecutive trading day to hit a new intraday high when the day rose more than 310 points. The S&P 500 and Nasdaq Composite Index opened lower collectively, the Nasdaq performance was the worst, the lunchtime decline expanded to more than 2%, the S&P late in the morning and the beginning of the lunchtime short turn up, down more than 0.4% at lunchtime when the new daily low.
The Nasdaq decline began to exceed 2% when the Dow narrowed its intra-day gains to about 150 points, to the end of the day back to all gains. In the end, the three major indices collectively closed lower. The Dow closed down 0.1%, ending a five-day winning streak and falling off the closing high set on Friday, failing to close at a new high for the fourth consecutive day. The S&P closed down 1.04% at 4188.43 points, ending a three-day streak of gains; the Nasdaq closed down 2.55% at 13401.86 points, closing at a new low since March 31, and the S&P both hit the biggest closing decline since March 18.
Small-cap stocks lost ground on the broader market, with value stocks dominating the small-cap index Russell 2000 opening lower and closing down 2.59%. The tech-heavy Nasdaq 100 index closed down 2.63%, also losing ground to the three major stock indexes.
The Nasdaq fell below its 100-day average.
Dow components, Intel, which was downgraded to reduce by Atlantic Equities, fell nearly 3 percent, Apple, Microsoft and Visa fell more than 2 percent, while 3M rose more than 2 percent, Procter & Gamble and Walgreens rose more than 1 percent, McDonald’s rose nearly 1 percent. Of the 11 major sectors of the S&P 500, six closed lower and five closed higher on Monday. Declining sectors, down more than 2.5% of information technology led the decline, followed by a decline of more than 1.9% of telecommunications services and non-essential consumer goods, energy closed slightly lower, finance fell more than 0.1%, materials fell about 0.4%. Up in the sector, up about 1% of the utilities lead, followed by nearly 0.8% of the essential consumer goods, other sectors rose less than 0.4%, the bottom of the rise is less than 0.1% of the industrial.
Leading technology stocks collectively opened lower, Tesla performed the worst, closing down more than 6%. six major technology stocks in FAANMG, was downgraded by Citi to neutral Facebook fell more than 4%, Amazon, Nifty and also downgraded by Citi Google parent Alphabet fell more than 3%, Apple and Microsoft fell more than 2%.
Other technology stocks, chip stocks Qualcomm fell more than 6%, Micron Technology fell nearly 6%, semiconductor industry ETF SOXX fell more than 4%. Cathie Wood’s flagship fund ARKK closed down more than 5%, hitting a new low since November 19 last year. In addition to Tesla, ARKK’s bullish Square fell more than 7%, Teladoc Health fell more than 6%, and Roku fell nearly 5%.
A number of popular Chinese runners lost in the broader market, Chinese ETF KWEB and CQQQ fell over 5% and 3% respectively, Poundland closed down over 9%, Tencent ADR fell over 4%, Alibaba fell over 2%, while Weibo rose over 1%.
In Europe, the pan-European stock index rose slightly, closing at a new record high for the second consecutive day. Among the sectors, mining stocks in basic resources rose more than 2% to lead the gains, followed by banks, which rose nearly 2%, but technology fell more than 2% to lead the declines. Among individual stocks, BioNTech rose nearly 9%, and Societe Generale rose nearly 3%.
The 10-year U.S. bond yield performed another intraday reversal to regain 1.6%
Following Friday, the U.S. 10-year benchmark Treasury yields continue to perform intraday reversals, in the U.S. stocks on Monday before the market to give back all the gains turned down, the U.S. stocks at the beginning of the day once fell to 1.56% below, down more than 2 basis points during the day, the lunchtime turn up, and in late trading re on 1.60%, once approaching 1.61%, the overall intraday gain of nearly 3 basis points.
By the close of the U.S. stock market, the 10-year U.S. bond yield was about 1.60%, up about 2 basis points during the day, the largest increase at the close since April 29. By the end of the day in New York, U.S. bond yields rose generally across all maturities, with longer bond yields rising even more, with the 10-year U.S. bond rising 2.5 basis points, the 30-year rising nearly 4.9 basis points, the 5-year rising nearly 1 basis point, and the 2-year rising 0.8 basis points.
European government bond prices were mixed, with British, French and German bonds falling and yields rising, while yields in the peripheral zone countries of Italy, Spain and Greece both fell. British 10-year benchmark Treasury yields rose 1.3 basis points to 0.788% during the day; German bund yields rose 0.4 basis points to -0.212% during the same period, climbing for four consecutive days, the longest continuous rise since April 29; Italian bond yields fell 3.8 basis points during the same period the largest intra-day decline, Spain and Greece bond yields fell 1.9 and 1.6 basis points, respectively.
The U.S. dollar index hit another two-month low after Ether rose above $4,000 for the first time in its history and then once fell more than 10% Chaiyin still rose 90%
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, held its losses after European stocks turned lower in early trading, and U.S. stocks once approached 90.04 during the day, setting a new intraday low for the second consecutive session since late February and falling more than 0.2% during the day.
By the close of U.S. stocks on Monday, the dollar index was slightly above 90.21, down 0.02% intraday; the Bloomberg Dollar Spot Index also fell slightly, down four straight days, the longest losing streak since April 19.
At 7pm Beijing time on May 10, the Shiba Inu coin SHIB (commonly known as Shitcoin), which rose over 10,000 times in just two to three months, went live on the Coinan exchange, soaring over 100% in just 10 minutes of its launch, and Coinan then announced the suspension of all withdrawals, which soon resumed normal afterwards. The media said that Coinan insiders revealed that the suspension of withdrawals was due to traffic overload.
CoinMarketCap data shows that most of the mainstream cryptocurrencies fell on Monday, and by the end of the U.S. stock market, the fourth largest cryptocurrency Dogcoin (DOGE) fell more than 20% in the last 24 hours, and the fifth largest cryptocurrency Ripple (XRP) fell more than 13%, while SHIBA’s total market capitalization ranked 18th, rose more than 90% in 24 hours and more than 1560% in the last seven days.
Bitcoin (BTC) had tested $59,600 during the Asian trading session, hitting an intraday high since April 18, but the U.S. stock market fell below $55,600 at midday to refresh the daily low, down more than $4,000 from the intraday high, a percentage drop of more than 6%, the U.S. stock market closed below $54,900, down about 5% in the last 24 hours, with a short after-hours drop below $53,700, down nearly $6,000 from the intraday high. After hours, it briefly fell below $53,700, down nearly $6,000 or 10% from its intraday high.
Ether (ETH), the second largest cryptocurrency after Bitcoin, rose above $4,200 at midday for the first time in its history, hitting a new intraday high for the third day in a row, but U.S. stocks fell sharply at the end of the day, giving back all intraday gains and turning down, closing below $3,900 in the U.S., with a slight 24-hour cumulative decline. .
Foreign iron ore and record highs in the domestic iron ore and other ferrous system daytime up overnight high retreat “black gold” two consecutive positive but after hours turned down gasoline turned down
Domestic iron ore, coking coal, threads, hot volume day are up to close, Shanghai copper, international copper, coke, Zheng coal rose more than 4%. Overnight black system collectively rallied and retreated, at the beginning of the day had risen more than 7% of the hot volume closed up more than 4%, at the beginning of the day had risen more than 4% of iron ore closed down 0.62%, failed to continue the momentum of last week’s successive record highs; at the beginning of the day had risen more than 1% of coke closed down more than 4%; coking coal closed down 0.28%. The foreign market Platts 62% taste iron ore intraday rose more than 10% to, once rose to $ 226 / ton continue to set a new record high.
“Black gold” crude oil futures closed up for the second consecutive day, the United States WTI crude oil and Brent crude oil in the early Asian market intraday gains had reached 1.3%, the U.S. stocks fell back significantly before the market, the early trading had turned down, and eventually closed slightly up, and turned slightly down after the close.
WTI June crude oil futures closed up $0.02, or 0.03%, at $64.92/barrel; Brent July crude oil futures closed up $0.04, or 0.06%, at $68.32/barrel.
The NYMEX June gasoline futures contract, which had risen more than 4% in early Asian trading, closed up 0.3% at $2.1334/gallon, having fallen close to 0.7% during the session and edging down after the bell.
Shanghai aluminum and Shanghai copper hit new thirteen-year and sixteen-year highs, respectively, while copper closed lower after hitting new intraday highs for three days in a row
Domestic Shanghai aluminum closed at 20.42 million yuan on Monday, a thirteen-year high; Shanghai copper broke through the 77,000 yuan mark, a new sixteen-year high, but still some distance from the 2006 record high of 85,000 yuan.
London base metal futures closed lower across the board on Monday. Copper, zinc and lead ended a two-day streak of gains. Although copper fell away from its closing record high, it rose above $10,700 for the third consecutive day to set a new intraday high, and closed above $10,000 for three days. LON zinc and LON lead fell to highs since June 2018 and October 2019, respectively. Lunar nickel ended a three-day streak of gains and fell off a two-month high. Lunar aluminum, which was approaching a nearly decade-long high during Friday’s session, ended a four-day streak of gains and fell off a three-year high. Tin fell for two days in a row, falling further away from the ten-year high.
Gold four consecutive positive hit a new high of nearly three months, silver and platinum hit a new high of more than two months
New York gold futures rose for a fourth straight day, with COMEX June gold futures closing up 0.3% at $1,837.60 per ounce, the second straight day of new highs for the main contract closing since February October and three straight days of new highs since February.
New York silver futures, which closed flat on Friday, resumed its rally, closing up 0.05% on Monday, refreshing the main contract closing high set last Thursday since February 25, which had risen above $28 during the day, up more than 1.9% during the day.
Platinum futures rebounded, refreshing the main contract closing high set last Thursday since February 24. Palladium ended a four-day losing streak, closing up 1.47%, coming off a closing low set on Friday since April 26.
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