Optimistic expectations of the global economy to resume work overwhelmed concerns about the epidemic in parts of Asia, most European stocks rebounded, led by the travel sector, while telecommunications giants Iliad and Vodafone fell heavily, the telecommunications sector led the market against the decline. U.S. stocks were dragged lower by crude-influenced energy-led sectors, with most leading technology stocks turning lower during the day, dragging the Nasdaq down in late trading.
However, after the media said Biden would announce a $174 billion electric vehicle support plan to allocate funds for high-capacity battery facilities, Biden touted the electric vehicle support aspect of the infrastructure investment plan during a visit to a Ford plant and personally test drove Ford’s all-electric pickup truck, with new energy vehicle concept stocks such as solid-state battery maker QuantumScape and Tesla rising in general and U.S.-bound Chinese new energy vehicle sellers JiuZiXinNeng recorded a few times jump in share price to open the door.
The performance of individual stocks announcing earnings was mixed: China’s Akiyo and NetEase, which reported higher-than-expected revenue for the first quarter, both rose, but Baidu and Tiger turned lower during the session. Wal-Mart, which reported higher-than-expected revenue and earnings for the first quarter and raised its full-year earnings guidance, bucked the market, while Macy’s, which reported better-than-expected results for the first quarter and raised its full-year earnings guidance, turned lower in the session.
International crude oil futures dived quickly during the session after media said Russian officials revealed a major breakthrough in the Iran nuclear deal talks. The official later clarified that he did not mean there was a major breakthrough in the current talks, but that significant progress had been made and that there were still some unresolved issues, narrowing crude’s losses. As crude oil accelerated its decline, U.S. bond yields, which had rallied, turned lower during the session.
The ruling coalition in Chile, the world’s largest copper producer, suffered a setback in the election of members of the “Constituent Assembly”, which may encourage the government to raise taxes on the mining industry. The media said the Chilean copper mining industry faces the biggest regulatory threat in more than three decades. In addition, the union representing workers at the two Chilean mines of BHP Billiton rejected the government’s proposal, and the threat of a workers’ strike increased. Copper and other base metals rose together.
In other commodities, gold and silver both continue to set new highs in recent months supported by a weaker dollar. In European markets, the U.K. released a lower-than-expected unemployment rate from January to March and the pound also hit a three-month high on the back of a weaker dollar.
Bitcoin revisited a three-month low after three major Chinese associations announced that financial institutions and payment institutions are not allowed to conduct virtual currency-related business, although some cryptocurrencies such as ethereum have since turned higher in the session.
The three major U.S. stock indexes fell twice again after a week, with the Dow down more than 200 points. Tesla is the only leading tech stock, and the mid-cap continues to outperform the broader market.
The three major U.S. stock indexes opened collectively higher, but the S&P 500 and Dow Jones Industrial Average turned lower at the beginning of the session. Into the end of the day, has previously maintained the trend, the early trading had risen nearly 0.8% of the Nasdaq composite index turned down, the Dow and the S&P refresh the daily low, the Dow fell more than 280 points, the S&P fell nearly 0.9%.
Ultimately, the three major U.S. stock indexes collectively closed down, following the May 12 Tuesday after another collective decline for two days in a row, the Dow closed down 267.13 points, down 0.78%, at 34,060.66 points. The S&P closed down 0.85% at 4127.83 points. The Nasdaq closed down 0.56% at 13,303.64 points.
Small-cap stocks failed to continue to outperform the broader market momentum, with the value-cap-dominated small-cap index Russell 2000 turning lower in late trading to close down 0.73%. The technology-heavy Nasdaq 100 index closed down 0.72%.
Dow components, the only energy stocks Chevron fell 3% led the decline, Caterpillar fell more than 2%, Dow Chemical fell nearly 2%, Honeywell, JPMorgan Chase, Goldman Sachs, Verizon, Apple fell more than 1%, while Wal-Mart rose more than 2%.
S&P 500 of the 11 major sectors, Tuesday only rose nearly 0.2% of real estate and a slight gain in health care 2 closed up, utilities closed flat. Declining sectors, down more than 2% energy led the decline, industrial, financial, telecommunications services and materials were down more than 1%, information technology fell more than 0.8%, the bottom of the decline was down nearly 0.3% of essential consumer goods.
Leading technology stocks, Monday closed down more than 2% of Tesla’s best performance, which had fallen more than 2% at the beginning of the session, but turned up in early trading, up more than 1% at lunchtime, closing up nearly 0.2%. FAANMG six major technology stocks closed down collectively, Facebook fell more than 1.7% led the decline, Apple, Amazon, Google parent company Alphabet are in the end of the decline expanded to more than 1%, Microsoft fell nearly 0.9%, Nifty fell more than 0.5%. Nifty fell more than 0.5%.
In addition to Tesla, other new energy vehicle concept stocks are also up, Lordstown rose more than 20%, QuantumScape rose more than 10%, Nikola rose more than 6%, Workhorse rose more than 9%, the three Chinese Peng car, ideal car, Azera car rose more than 4%, nearly 3% and more than 1%, respectively. But Ford, the maker of the electric pickup truck imposed by Biden, closed slightly lower by 0.08%.
Most of the Chinese closed up, continue to outperform the broader market, Chinese ETF KWEB rose more than 1.5%, CQQQ rose more than 0.6%; nine purple new energy on the first day of listing closed up 272%, intraday rise had reached 880%; Doodle intelligence rose more than 12%, RuiXing coffee powder single, Aikiya rose more than 10%, Netease YouDao rose more than 9%, Netease, Poundland rose more than 3%, Alibaba, Tencent ADR rose more than 1%, but Tiger, Tencent Music fell more than 2%, Baidu fell nearly 0.2%.
In Europe, the pan-European stock index rebounded and closed close to the record high set last week a, the sectors, Monday fell more than 2% led by travel and leisure rose nearly 1.6% led by the rise, while telecommunications fell more than 1% led by the fall. Among individual stocks, two telecom giants led the decline, France’s Iliad fell about 10%, the United Kingdom’s Vodafone fell nearly 9%, the former due to increased spending on 5G networks cut cash flow targets, the latter due to the impact of the new crown epidemic full-year adjusted earnings fell 1.2%. Among national stock indices, German shares hit a record high in the session but closed slightly lower.
Crude oil ends two-day streak, falls off two-year highs, down more than 3% intraday
International crude oil futures ended a two-day streak of gains. After Russian officials revealed a major breakthrough in talks on the Iran nuclear deal, U.S. WTI crude and Brent crude fell rapidly thereafter, expanding from around 0.4% to 0.6% to more than 3% in less than ten minutes, before narrowing in losses and rallying further after the official clarified, according to intraday media.
In the end, WTI June crude futures closed down 1.18% at $65.49 per barrel, falling off the closing high for the main contract since April 2019 set on Monday, while Brent July crude futures closed down 1.08% at $68.71 per barrel, after closing at a new high since May 2019 on Monday.
Dollar index hits more than two-month low Bitcoin breaks another $43,000 intraday to approach three-month low
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, continued its downward movement after turning lower in early Asian trading, with European shares falling below 89.70 to 89.693 during the session, falling below 90.00 again after last Tuesday, refreshing the intraday low set last Tuesday since late February this year and falling more than 0.5% during the day.
After the release of the British unemployment data, the pound remained up against the dollar, European shares rose to 1.422 during the day, rising above 1.42 for the first time since February, up about 0.6% during the day.
By the close of U.S. stocks on Tuesday, the dollar index was slightly below 89.80, down about 0.4% on the day; the Bloomberg Dollar Spot Index fell more than 0.3%, hitting an intraday low since Jan. 6; the pound was close to 1.42 against the dollar, up nearly 0.4% on the day.
CoinMarketCap data showed that mainstream cryptocurrencies were mixed on Tuesday, with Ripple (XRP), the 7th largest cryptocurrency by market capitalization, up more than 3% in the last 24 hours, while Dogcoin (DOGE), the 5th largest cryptocurrency, fell more than 3%, and Coin On Coin (BNB), the 3rd largest cryptocurrency, fell about 2% by the close of the U.S. stock market.
After three major Chinese associations warned financial and payment institutions not to engage in virtual currency-related business, bitcoin (BTC) continued its downward spiral, falling below $43,000 again in the U.S. stock market at a new daily low, approaching the three-month intraday trough set on Monday, and falling more than $3,000, or nearly 8% in percentage terms, from its intraday high in the European stock market. U.S. stocks closed between $43,000 and $43,100, down more than 2% in the last 24 hours.
Ether (ETH), the second largest cryptocurrency by market capitalization after Bitcoin, had briefly fallen below $3,200 during the U.S. session on some platforms, approaching the two-week low hit on Monday and down more than 10% from its intraday high, and closed the U.S. session slightly above $3,400, up nearly 0.4% in 24 hours, with overall stronger performance than Bitcoin.
Gold hits another four-month high in four straight days Silver hits another new high in over three months
New York gold futures rose for a fourth straight day, with COMEX June gold futures closing up 0.02%. Report 1868.00 U.S. dollars / ounce, for the second consecutive day since January 7, the main contract closed at a new high, but rose significantly less than Monday. Monday rose 1.6% to hit the largest gain since May 6.
New York silver futures rose for three days in a row, COMEX July silver futures closed up 0.2%, closing above $28 for the second consecutive day and two days in a row to a new high since February. Platinum futures ended a two-day streak of gains, falling from a one-week high set on Monday. Palladium futures rose for a fourth straight day to a new one-week high.
Copper nears all-time highs, tin hits 10-year highs, rises above $30,000 for second time this month
London base metals futures mostly continued to rise on Tuesday, but LUN aluminum ended a two-day streak of gains.
Copper rose for two days in a row, closing at $10,400,000, close to the record high set last Tuesday. LUNZINC, LUNLead, LUNNickel and LUNTIN have risen for three days, LUNTIN set a new ten-year high, after May 7, the second time this month exceeded the $30,000 mark, LUNZINC after May 7 and then hit a new high of nearly three years, LUNLead and LUNNickel hit a new high of more than a week, respectively, approaching a year and a half and more than three months to a high.
German bonds led the decline in European bonds 10-year U.S. bond yields turned down after an intraday test of 1.66%
European bond prices mostly fell, Britain, France, Germany and Italy bond yields continue to rise, German bonds rose to the top, but Spain and Greece fell back. British 10-year benchmark Treasury yields rose 0.3 basis points to 0.868% during the day; German bond yields rose 1.2 basis points to -0.103% during the same period; Spanish and Greek bond yields fell by more than 1 basis point during the same period.
U.S. bond yields generally climbed as the number of new housing starts in April was weaker than expected, and U.S. bond yields turned lower as crude oil accelerated its decline after news of the Iranian nuclear talks and inflation expectations cooled. U.S. 10-year benchmark Treasury yields in the U.S. stock market before the day had fallen to 1.63% below a new daily low, down more than 2 basis points during the day, then rebounded, the U.S. stock market in early trading on the test 1.66% to refresh the four-day high, up about 1 basis point during the day, the lunchtime again turned down, but has been out of the week next test 1.61% set by a week of lows.
By the end of New York, the 10-year U.S. bond yield fell more than 1 basis point during the day, at 1.64% below, the 5-year U.S. bond yield fell nearly 1.8 basis points, the top drop in the U.S. bonds of all maturities, 30-year and 2-year U.S. bonds fell by about 0.3 and 0.4 basis points, respectively.
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