U.S. May Markit services and manufacturing PMI initial value of record highs, but the service sector prices hit the fastest rate of increase in history, April home sales unexpectedly did not increase but fell to a ten-month low. Philadelphia Fed President Harker turned hawkish from doves and has since said the Fed should discuss QE tapering sooner rather than later, and Dallas Fed President Kaplan continues to release hawkish signals, saying he would rather gently slow QE than a late and sudden brake.
The high opening of the U.S. stock indexes fell back during the day, under the pressure of Apple and other leading technology stocks fell across the board, the Nasdaq and S&P both turned down, the Nasdaq will keep the decline to the closing bell, the S&P soon turned up, but the Biden administration announced a large scale reduction in infrastructure and jobs plan proposal does not seem to satisfy Republicans, the end of the U.S. stocks fell back again, the S&P retracted all gains.
Following the strengthening of cryptocurrency tax reporting regulation in the U.S., China released another heavy regulatory signal: the State Council meeting on Friday specifically mentioned resolutely preventing and controlling financial risks when deploying the next key work in the financial sector, including cracking down on bitcoin mining and trading practices; the Hong Kong SAR government proposed to introduce new regulations requiring cryptocurrency exchanges to be licensed and prohibiting the provision of buying and selling services to retail investors. Bitcoin and other mainstream cryptocurrencies collectively plunged by double-digits, falling by at least 10%, and all had at least 20% or more cumulative losses throughout the week.
The dollar index turned down to a nearly three-month low after the release of strong euro PMIs, pressured by a higher euro, but has since rebounded on the release of positive U.S. PMIs. Thanks to the Fed proposed to consider discussing QE tapering minutes released after the meeting had jumped, the dollar is still up this week, U.S. bond yields are continuing to retreat as of the Fed minutes release date of the first three days of this week’s gains.
Weather forecasts show that tropical storms in the U.S. Gulf of Mexico may bring heavy rainfall, affecting the southwestern part of the major U.S. oil-producing state of Texas. International crude oil futures, especially U.S. crude, rallied strongly. Crude oil was a standout among commodities on Friday, but still accumulated losses throughout the week amid a blow from progress in negotiations on the Iran nuclear deal.
Precious metals fell on Friday due to the rebound in the dollar, with gold ending its longest streak of gains this year and temporarily falling off a more than four-month high; London base metals mostly fell, with copper losing the $10,000 mark for the first time in two weeks, and gold and silver both accumulated gains throughout the week, but other precious metals and some base metals such as copper still accumulated losses.
Under the influence of China’s request to calm the abnormal fluctuations in coal prices and other policy aspects, Thursday night trading slightly moderated the decline of the domestic black series increased again, to Friday night trading closed generally fell more than 20% compared to recent highs.
In European markets, led by the auto sector, pan-European and German stock indexes are two consecutive positive, approaching record highs, with the intention of doubling the dividend of Swiss luxury giant Richemont shares hit a record high. European bond prices rose on Friday, with yields falling for the day and the week.
Only the Dow closed higher on the three major indexes, with the S&P falling for two weeks for the first time in three months. The Nasdaq ended a four-week losing streak, with Tesla falling for five weeks, the longest in three years.
The three major U.S. stock indexes collectively opened higher, but the Nasdaq Composite Index and the S&P 500 Index have turned down, the Nasdaq at the beginning of the day hit a new intraday high since May 10, up nearly 0.6%, less than an hour and a half after the opening that turned down, and maintained the downward trend at lunchtime. The S&P hit a new high at the beginning of the session since May 10 when it rose more than 0.7%, and rebounded soon after the afternoon session turned down, but turned down again at the end of the session. Dow Jones Industrial Average at the beginning of the day hit a new high since Friday, May 14, up more than 330 points, and since then, although the gains narrowed, but up more than 100 points.
Ultimately, the three major indices only the Dow closed up, the Nasdaq retracted some of Thursday’s gains, and the S&P were unable to achieve two consecutive positive. The Dow closed up 123.69 points, or 0.36%, at 34207.84 points, the highest closing level for the last four days, closing up for two consecutive days. The S&P closed down 0.08% at 4155.86 points. The Nasdaq closed down 0.48% at 13,470.99 points, falling off the closing high set on Thursday since May 7.
The value-cap-dominated small-cap index Russell 2000 held gains throughout the day, as did the Dow, closing up 0.34 percent. The tech-heavy Nasdaq 100 closed down 0.61%, underperforming the broader market.
This week, the Dow fell 0.5%, the S&P fell 0.43%, both down two weeks in a row, the S&P fell for the first time since the week of February 26 for two weeks in a row, but the Nasdaq rose 0.3%. Russell 2000 fell 0.42% for two weeks, last week’s cumulative decline of more than 2% of the Nasdaq 100 rose 0.14%, and the Nasdaq ended a four-week losing streak.
Dow components, Boeing rose more than 3% to lead, Goldman Sachs rose more than 1.8%, JPMorgan Chase rose more than 1%. S&P 500 of the 11 major sectors, Friday, six closed up, five closed down, up in the sector, up about 1% of health care led, up 0.9% of the financial followed by other sectors rose between 0.2% and 0.6%, down in the sector, down nearly 0.6% of non-essential consumer goods led the decline, the bottom of the decline is slightly down in essential consumer goods, real estate and telecommunications services fell between 0.1% and Real estate and telecom services fell between 0.1% and 0.3%.
Leading technology stocks collectively closed lower: Tesla, which rose more than 4% on Thursday, fell about 1%, falling for five weeks in a row, the longest losing week in three years; FAANMG six major technology stocks, Apple and Amazon both fell more than 1% to lead the decline, Facebook and Nifty fell more than 0.7%, Google parent company Alphabet fell nearly 0.6%, Microsoft fell more than 0.5%.
Blockchain concept stocks, which had just rebounded on Thursday, were down in general, with BIT Mining (BTCM) down more than 23%, Ninth City (NCTY) down more than 11%, Kanan Technology (CAN) down about 9%, and Coinbase (COIN), the No. 1 cryptocurrency exchange, down nearly 4%, giving back almost all of Thursday’s gains. Among companies that hold or support bitcoin payments, MicroStrategy (MSTR), which rose nearly 4% on Thursday, fell more than 4%, Square (SQ) fell more than 2%, and Paypal (PYPL) fell more than 0.3%.
Like Tesla, other electric car concepts were mostly down, with Nikola down more than 6%, solid-state battery maker Quantumscape (QS) down more than 2%, and Xiaopeng and Azera down about 0.8%, while new shares listed on Tuesday, JiuZiXinNeng (JZXN), up more than 13%, and Ideal Auto up about 1%.
In Europe, the pan-European stock index rose for two days in a row, although the gains slowed from Thursday, still hit a new high of nearly two weeks, and the German stock index are approaching record highs. The sectors rose more than 1% in the automotive led by the sector, mining stocks in the sector fell against the market. Stocks, Richemont (Richemont) jumped 5%, shares hit a record high due to strong demand, Richemont 2021 fiscal year net profit by a third, to double the dividend to the level before the outbreak. The three mining giants, including London-listed BHP Billiton, fell in tandem, pressuring the broader British stock market.
Major European stock indexes, in addition to the British stocks on Friday were up for two days, in addition to the British stocks this week, all the national stock indexes are also up.
The U.S. dollar index out of the nearly March trough for the whole week still cumulative decline bitcoin once fell nearly $ 9,000 cryptocurrency this week at least cumulative decline of more than 20%
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, fell below 89.60 in the European stock market, hitting a new intraday low since late February, down nearly 0.2% during the day, European stocks turned up at midday, before the U.S. stock market, and has since maintained its upward trend, with U.S. stocks rising above 90.15 at midday to refresh their daily highs, up nearly 0.4% during the day.
By the end of the week U.S. stocks, the dollar index was slightly below 90.00 at 89.99, up 0.2% intraday, down 0.37% for the week, all but retracted last week’s gains; Bloomberg Dollar Spot Index also rose 0.2%, still down for the week, thanks mainly to a wave of gains after the release of the Federal Reserve minutes.
Bitcoin (BTC) accelerated its decline after the U.S. stock market opened, the U.S. stock market closed below $36,200,000, down more than 10% in the last 24 hours, and once fell below $34,000 after the U.S. stock market to refresh the daily low, down more than $8,700 from the intra-day high in early Asian trading, a percentage drop of more than 20%.
Ether (ETH), the second largest cryptocurrency after Bitcoin in terms of market capitalization, closed below $2,400 in the U.S. stock market, down nearly 16% in 24 hours, and nearly fell below $2,100 after the U.S. stock market to set a new daily low, down nearly 29% from the intraday high.
CoinMarketCap data shows that mainstream cryptocurrencies plunged across the board on Friday, with the fourth largest cryptocurrency by market capitalization, BNB, down more than 19% in the last 24 hours, the fifth largest cryptocurrency, Cardano (ADA), down more than 18%, the 11th largest cryptocurrency, Bitcoin Cash (BCH), down nearly 18%, and the 13th and sixth largest cryptocurrencies, Litecoin (LTC) and Ripple (LTC) and Ripple (XRP) fell more than 16%, and the seventh largest cryptocurrency, Dogecoin (DOGE), fell more than 14%.
This week, mainstream cryptocurrencies are down at least 20%, with BCH down 48.4%, BNB down nearly 47.2%, LTC down 46.1%, ETH down over 41.8%, DOGE down nearly 39.1%, XRP down over 28.2%, BTC down 28%, and ADA down nearly 22.4% in the last seven days.
Domestic black system are down more than 20% from recent highs Crude oil ended three consecutive losses, but the first single-week cumulative decline in four weeks
The domestic black system slightly slowed down on Thursday night, but the decline intensified on Friday, with iron ore closing down 3.39%, coking coal down 5.74%, coke down 4.3%, and power coal plunging 9.3%; threads closed up on Thursday night down 0.74%, and hot coils close to closing flat.
Overnight black system generally fell more than 20% from the recent high, iron ore closed down 6.77%, down nearly 23% from the May 12 high; thread, hot volume fell more than 5%, of which thread fell more than 21% from the May 11 high, coking coal, power coal fell more than 3%, of which coking coal fell more than 22% from the May 10 high, power coal fell 25% from the high.
International crude oil futures reversed a three-day losing streak and came out of at least a three-week low, but still fell cumulatively throughout the week, the first single-week cumulative decline in the last month.
U.S. WTI July crude oil futures closed up 2.70% at $63.58/barrel, off the trough hit on Thursday since April 26, the largest closing gain in the main contract since April 14; Brent July crude oil futures closed up 2.04% at $66.44/barrel, a new low for the main contract closing since April 13 on Thursday. This week, U.S. oil and cloth oil, respectively, this week’s cumulative decline of about 2.70% and 3.30%, both ending a three-week streak of gains.
Gold ended the year’s longest streak of days fell four-month highs, but the largest weekly gain in two months
New York gold futures ended a six-day streak, COMEX June gold futures closed down 0.3% at $ 1876.70 per ounce, down as of Thursday hit the main contract closing high since January 7, as of Thursday closed for four consecutive days to hit a new high since January 7 and the longest streak since January 5.
Gold rose about 2.1% this cycle, following last week’s biggest one-week gain since the week of March 12, the third consecutive week of cumulative gains.
New York silver and platinum both retreated, silver futures closed down 2%, hitting a new low since Friday, this week’s cumulative gains of 0.44%, erasing last week’s losses. Platinum closed down 2.95% to a near six-week low, after falling more than 4% for the week, down two weeks in a row.
Palladium futures closed down 3.32% for a third straight day, hitting a new low since March 31, down 4.13% for the week, the largest weekly decline since the week of January 19, down three weeks in a row.
Copper hit a new low this month for the first time in two weeks fell below $10,000, down more than 3% this week, the largest weekly decline in eight months
London base metals futures fell on Friday, except for zinc, which rose for two days. Just out of the two-week trough of copper closed below $ 9,900, a new low since April 30, the first time since May 6 closed below the 10,000 mark. Lunyuan nickel and aluminum fell for three and four days, respectively, hitting a new low of about four weeks. Lunar tin hit a one-week low. LunLead gave back some of Thursday’s gains.
Base metals were mixed this week. Copper, aluminum and nickel fell for two weeks in a row, with nickel down more than 4 percent to lead the decline, while copper and aluminum both fell more than 3 percent, with copper down the most since the week of September 25 last year. LunLead, LunTin and LunZinc erased some of last week’s losses, the biggest gain for LunLead rose more than 1.5%.
New York copper futures also fell for two weeks in a row, the same since September last year, the largest single-week decline.
European bonds rose 10-year U.S. bond yields tested 1.61% intraday, down slightly for the week
European bond prices rose across the board, the British and French bonds rose for three days in a row, the top yield decline is still the edge of the country’s government bonds. British 10-year benchmark government bond yields fell 0.9 basis points to 0.830% during the day; German government bond yields fell 2.1 basis points to -0.130% during the same period. British bond yields fell 2.7 basis points this week, retracting some of last week’s gains, while German bond yields fell 0.1 basis points and rose 8.6 basis points last week.
U.S. 10-year benchmark Treasury yields in the U.S. stocks before the market had been down to test 1.61% to refresh the four-day intraday low, down more than 1 basis point during the day, the U.S. stocks opened on the upside, the early erase all the decline, the afternoon slightly back down but not much volatility, to the U.S. stocks at the close of nearly 1.63%, roughly the same level as Thursday.
U.S. bonds of all maturities were generally slightly volatile this week, with the latter two days basically giving back all the yield gains of the previous three days. By the end of the day in New York, the 10-year U.S. bond yield fell by more than 0.3 basis points, the 2-year U.S. bond rose by more than 0.8 basis points, the 30-year fell by more than 1 basis point, the 10-year U.S. bond yield fell by nearly 0.7 basis points, the 2-year rose by more than 0.6 basis points, the 30-year fell by more than 2 basis points.
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