U.S. stocks rise for first time this week, Dow posts biggest gain in seven weeks

The Asia Pacific and Australian stock indices fell in tandem, with the MSCI Asia Pacific Index falling 10% from its February high and approaching a technical pullback, but U.S. and some European stocks rallied. April’s largest-ever year-over-year U.S. PPI growth echoed April’s CPI surge beyond expectations, highlighting the soaring inflation situation, but the broader U.S. stock market opened higher overall, supported by rallies in a number of sectors, including industrials, financials, and technology.

The rally in U.S. stocks came as U.S. Treasury yields retreated. Some commentators say this may be Wall Street’s fervent defense of the view that “inflation is only temporarily rising”. The Wall Street Journal article mentioned that a number of senior Fed officials, including the Fed’s second-in-command, delivered signals in their speeches on Wednesday to keep super-easy, still expecting the current rise in inflation to be a short-term phenomenon.

A number of Chinese counterparts fell. Thursday’s earnings announcement of Chinese stocks, the full fiscal year GMV record high but the first quarterly loss since the listing of Alibaba opened lower, once down 7% in midday trading; quarterly revenue and monthly users are record high Beili Beili (B station) rose more than 6% at the beginning of the day, but turned down in early trading, down 10% in midday trading; quarterly revenue hit a record high of Peng car had risen more than 3% at the beginning of the day, also turned down in early trading In the afternoon, it was down more than 8%.

U.S. inflation surpassed expectations, the dollar strengthened, copper and other industrial metals and crude oil under pressure to the downside. London base metals fell collectively for the first time in more than two months for two consecutive days. U.S. fuel pipeline giant Colonial Pipeline paid nearly $5 million in ransom in the form of cryptocurrency just after it was allegedly hacked last week, and Biden said the fuel shortage on the U.S. East Coast will return to normal within days as the Colonial pipeline restarts. Since then, crude oil has fallen further. Gold barely closed higher on the back of falling U.S. bond yields, while other precious metals were mixed.

Cryptocurrencies such as bitcoin fell hard in early Asian trading on Thursday after Tesla called a halt to bitcoin payments to buy cars, before rebounding, but cryptocurrency losses expanded again after news broke during the U.S. midday session that the world’s largest cryptocurrency exchange, Coinan, was being investigated by the IRS and the Department of Justice, with many cryptocurrencies plunging by double digits during the day.

In European markets, pan-European stock indices retreated, with mining and oil and gas stocks led by copper and other commodities dragged down by the decline in copper, and many British stocks plunged, dragging the UK stock index to the top of the decline among European countries, but several sectors such as technology rebounded, and German, French and Italian stocks continued to rise. European bond yields continue to rise, German bond yields hit a new two-year high.

The S&P hit the biggest gain in more than five weeks Industrial and financial sectors led the gains Energy counterparts alone fell in the leading technology stocks only Tesla fell Some Chinese counterparts plunged

The three major U.S. stock indexes opened collectively higher. The S&P 500 and the Dow Jones Industrial Average opened higher, up more than 1% during the day, when the midday session set a new daily high, the S&P once rose nearly 1.7%, the Dow rose more than 590 points, the percentage increase of nearly 1.7%. The Nasdaq Composite Index had risen more than 1.65% in early trading, but the afternoon session had a short turn down.

In the end, the three major indices closed up for the first time this week, with the Dow, S&P and Nasdaq coming out of nearly five-week, six-week and seven-week lows, respectively.

The Dow closed up 433.79 points, or 1.29%, at 34,021.45 points, the largest closing gain since March 26, a new closing low since April 8 on Wednesday, and the largest point decline since October 28 last year and the largest closing percentage decline since January 29 this year. The S&P closed up 1.22% at 4112.50 points, the largest closing gain since April 5, and closed at a new low since April 1 on Wednesday. The Nasdaq closed up 0.72% at 13,124.99, closing at a new low since March 25 on Wednesday, and and the S&P both closed down the most since February 25.

Value stocks dominated the small-cap index Russell 2000 closed up 1.68%, outperforming the broader market. The tech-heavy Nasdaq 100 closed up 0.83%, off the lowest trough since March 30 hit on Wednesday.

U.S. stock volatility fell significantly, measuring the volatility of the “fear index” Cboe VIX closed down 16% on Thursday, having fallen more than 19% during the day, after closing up more than 20% on Wednesday.

Dow components, JPMorgan Chase, Travelers, Honeywell, 3M rose more than 2%, Microsoft, Apple rose nearly 2%. S&P 500 of the 11 major sectors, Friday, only down more than 1.3% of energy a close down, up 1.9% of industrial and up nearly 1.9% of financial led the rise, information technology, materials, utilities, real estate, consumer goods are also up more than 1%, health care and telecommunications services rose 0.9% or so, the bottom of the rise is up nearly 0.7% of non-essential consumer goods.

Leading technology stocks, FAANMG six major technology stocks rebounded collectively, Apple and Microsoft rose nearly 1.8% and 1.7%, Google parent company Alphabet rose 1.3%, Facebook rose 0.9%, Nifty and Amazon rose 0.3% or so. But Tesla fell more than 3%, falling for the fourth day in a row and closing at a new low for the second consecutive day since March 8.

In financial stocks, PBCT, MTB, BEN are up more than 4%, Goldman Sachs, Morgan Stanley rose more than 1%. Among industrial stocks, AOS and TXT and others rose at least more than 3%. Among oil stocks, Caron Petroleum fell more than 8%, Occidental Petroleum fell more than 5%, and among ETFs, the U.S. Crude Oil Fund closed down more than 3%.

Blockchain concept stocks fell in tandem as bitcoin plunged, with RIOT down about 16%, MARA down 14%, and Kanan Technology down more than 11%. Other than Tesla, most other electric car stocks closed lower, with Azera down more than 7%, Nikola down more than 5%, Xiaopeng down more than 4%, and Ideal Auto down more than 3%.

Top Chinese stocks lost ground, with Chinese ETFs KWEB and CQQQ down more than 3% and 1%, respectively. Among individual stocks, Alibaba, B-site and Akiyoshi all closed down more than 6%.

In Europe, pan-European stock indexes closed slightly lower, with 9 of the sectors closing lower, led by mining stocks down nearly 3% and oil and gas down more than 1%, but 10 sectors such as utilities and technology closed higher. Among the mining stocks, London-listed BHP Billiton fell nearly 4% and Rio Tinto fell nearly 3.7%. Other British stocks, British Telecom and Rolls-Royce fell nearly 6%, luxury brand Burberry fell more than 4%, London-listed Canadian chip company Alphawave closed down nearly 9.8% on its first day of trading, having fallen more than 20% during the day.

Dollar index further off more than two-month lows Many cryptocurrencies fell more than 10% Bitcoin once fell more than $4,000 after the news from Coinan

The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies, briefly rose above 90.90 during the European session, back to the level of Friday, May 7, and set new intraday highs for the second consecutive day this week, rising more than 0.2% during the day (Wednesday’s close of 90.713), and US stocks briefly turned lower before the session, and regained 90.80 at midday, further breaking away from the intraday low of 90.00 set on Tuesday. The US stocks had turned down briefly in the pre-market and had regained 90.80 at midday, further breaking away from the intraday trough set since late February when they fell below 90.00 on Tuesday.

By week’s U.S. stock market close, the dollar index was above 90.69, down a modest 0.02% for the day; the Bloomberg Dollar Spot Index was down 0.15%.

Bitcoin (BTC) had fallen below $46,000 in early Asian markets on some platforms, hitting a new low since early March, down about $10,000 from the intra-day high, and has since rebounded, rebounding to a new daily high of $51,000 before the European stock market, back up more than $5,000 from the intra-day low, a percentage gain of more than 10%, after news broke at midday on U.S. stocks that the world’s largest cryptocurrency exchange, Coinan, was being investigated by the U.S. government After the news that the world’s largest cryptocurrency exchange Cryptocurrency is being investigated by the U.S. government came out at midday, it dropped significantly, once below $47,000, down $4,000 from its intraday high, a percentage drop of nearly 9%, and closed below $48,600 in the U.S. stock market, with a cumulative drop of more than 10% in the last 24 hours.

Ether (ETH), the second largest cryptocurrency after Bitcoin in terms of market capitalization, fell below $3,600 at midday in the U.S. stock market to set a new intraday low since Saturday, with some platforms trading close to falling below $3,500, down nearly 18% from the intraday high, and closing below $3,640 in the U.S. stock market, down more than 11% in 24 hours.

CoinMarketCap data shows that most mainstream cryptocurrencies plunged on Thursday, with the 10th largest cryptocurrency by market capitalization, Bitcoin Cash (BCH), down nearly 20% in the last 24 hours, Dogcoin (DOGE), the sixth largest cryptocurrency, and Shibucoin (SHIB), commonly known as Shitcoin, both down nearly 18%, the 12th largest cryptocurrency, Litecoin (LTC), down nearly 16.7%, and the third largest The 12th largest cryptocurrency, Litecoin (LTC), fell nearly 16.7%, and the third largest cryptocurrency, BNB, fell more than 14%.

Crude Oil Ends Four-Goal Streak to Hit Two-Week Low and Biggest Drop in Over Five Weeks

International crude oil futures turned down after four consecutive gains, falling off two-month highs. After news of Colonial Pipeline’s ransom payment and Biden’s statement, U.S. stocks were trading at midday, with U.S. WTI crude once approaching the $63 mark to set a new three-week intraday low, down more than 4.7 percent during the day; Brent crude fell below $66.50 to set a new two-week low, down slightly more than 4 percent.

WTI June crude futures closed down $2.26, or 3.42%, at $63.82/barrel, closing below $64 for the first time since April 30; Brent July crude futures closed down $2.27, or 3.27%, at $67.05/barrel, also hitting a new low since April 30, and both hitting their biggest closing losses since April 5. On Wednesday, U.S. oil and Buna oil hit new closing highs for the main contract since March 5 and March 11, respectively.

Copper hits one-week low but stands steady at $10,000 for six days Gold barely ends two-day losing streak Silver hits one-week low Platinum hits another near two-week low

London base metals futures closed lower across the board for a second straight day on Thursday, falling collectively for two days in a row for the first time since March 4. Copper closed at a one-week low of $10.342 million for the second day in a row, but held the $10,000 barrier and closed above $10,000 for the sixth straight day. Tin hit a new low of more than a week. LSE zinc, lead and nickel hit two-week lows. Lunar aluminum fell for a fourth straight day to a one-week low.

Precious metals were mixed. New York gold futures struggled to end a two-day losing streak. COMEX June gold futures closed up $1.2, or less than 0.1%, at $1824.00 per ounce, before falling for two days in a row, up four days in a row as of Monday and hit a new high for the main contract closing since February 10 on Monday.

New York silver futures fell for the second day in a row, closing narrowly below $27 for the first time since last Wednesday, May 5. Platinum fell for a third straight day, hitting a new low for the second consecutive day since April 30. Palladium ended a two-day losing streak, with NYMEX June palladium futures closing up $15.6, or 0.55%, at $2864.6 per ounce, coming off a closing low set on Wednesday since April 22.

German bond yields hit another two-year high 10-year U.S. bonds fell away from 1.7% to say goodbye to one-month highs

U.S. 10-year benchmark Treasury yields only in early Asian trading and European shares had a short re-up 1.70%, most of the day Thursday at 1.70% below, the U.S. trading session to maintain the downward momentum, once dropped to 1.66% below the lunchtime session to refresh the daily low, the day fell by more than 5 basis points, goodbye to 1.70% or so of a month high.

European government bond prices fell collectively for the third day in a row on Thursday, with yields on government bonds from countries in the periphery leading the way. British 10-year benchmark Treasury yields rose 1.2 basis points to 0.898% during the day; German bund yields rose 0.3 basis points to -0.12% during the same period, and European shares had risen to -0.097% in early trading, rising through -0.100% for the first time since May 2019 and hitting new intraday highs for two consecutive days since May 2019. Italian government bond yields rose more than 3 basis points over the same period, while Spanish and Greek bonds rose more than 2 basis points.