U.S. initial jobless claims fell more than expected last week, dropping four weeks in a row and hitting a new low since the outbreak; the revised GDP growth rate for the first quarter was slightly lower than expected flat initial value; non-defense capital goods other than aircraft, the bellwether of U.S. corporate capital spending plans in durable goods orders, grew at a faster-than-expected pace than expected; Biden is said to present A $6 trillion government spending budget for the next fiscal year, positive economic data and the prospect of fiscal stimulus supported continued gains in U.S. stocks.
However, U.S. stocks have rotated, with the upside push shifting from growth stocks to value stocks sensitive to the resumption of work and economic recovery, with small-cap stocks again leading the broader market. Some of the small-cap stocks that rose sharply in January this year due to retail short-selling institutions regained the favor of retail investors, and retail holdout stocks led by AMC Theatres continued to rise. The Nasdaq closed slightly lower, dragged down by declines in some leading technology stocks such as Apple. Traditional automakers led by Ford and electric car concept stocks such as Tesla continued to move higher. Among Chinese stocks, shares of LAIX surged after it posted its first profit in almost three years since its IPO in the first quarter of this year, reversing 14 consecutive quarters of losses.
The U.S. dollar index was less volatile, while the Chinese yuan remained further higher, hitting a three-year high in both onshore and offshore. Some cryptocurrencies continued to rally, with bitcoin having rebounded to $40,000.
While U.S. Treasury Secretary Yellen expects this year’s high inflation growth to be temporary, again downplaying the impact of Biden’s massive stimulus on inflation. However, U.S. Treasuries followed the declining price of British bonds after the hawkish statement of Bank of England officials, and yields continued to rise.
In commodities, U.S. economic data boosted demand outlook and international crude oil futures rose further, with U.S. crude oil setting a new high for more than two years. Domestic ferrous and copper and other non-ferrous metals rebounded in part. Wednesday’s big drop in iron ore, threads and hot coils rose at least 4% overnight. Industrial metals such as copper rose for the first time in more than a week on the foreign market. In addition to strong U.S. economic data, the threat of a strike in Chile, the world’s largest copper producer, also provided support for such metals. BHP Billiton said it would take emergency measures after unions called for strikes at mines including Escondida and Spence, home to the world’s largest copper mine. Gold, on the other hand, said goodbye to a three-day winning streak under pressure from rising U.S. bond yields and failed to hold the $1,900 mark.
In Europe, the Bank of England monetary policy member Gertjan Vlieghe said that if the economy rebounds faster than expected, may raise interest rates next year, prices rose for days of European bonds turned down, British bond yields led the rally. Supported by the European bond yields rebound banking sector support, even days stabilized in the second highest pan-European stock index finally record high, but deep in herbicide litigation pharmaceutical and agrochemicals giant Bayer plunged, dragging the German stock index fell further away from the record high.
S&P approaches all-time highs, Nasdaq edges down off more than two-week highs Small-cap stocks outperform the broader market for a day Auto stocks and AMC-led retail huggers continue to advance
The three major U.S. stock indexes opened collectively higher, but their performance was mixed. The S&P 500 and the Dow Jones Industrial Average generally opened higher and lower, with the S&P rising more than 0.4% in early trading to a new daily high, having given back almost all of its gains in midday trading. The Dow rose above 34,600 points at the beginning of the session to set a new intraday high since May 7, up more than 280 points during the day, a percentage gain of more than 0.8%, narrowed to within 100 points at midday. Nasdaq composite index turned down at the beginning of the session, down nearly 0.3% when refreshing the daily low, opened less than an hour later turned up, up nearly 0.3% when refreshing the daily high, and had turned down at lunchtime, the end of the day failed to retain the upward trend.
Ultimately, the three major indices failed to continue to collectively close up, the Dow and the S&P rose for two consecutive days, the Dow closed up 141.59 points, or 0.41%, at 34464.64 points, a new closing high since May 10, the S&P closed up 0.12%, at 4200.88 points, a new high since May 7. It approached the closing all-time high set on May 7. The Nasdaq closed down 0.01% at 13,736.28 points, falling off the closing high set on Wednesday since May 7.
Small-cap stocks outperformed the broader market for the second straight day, with the value-cap-dominated Russell 2000 closing up 1.06%. The technology-heavy Nasdaq 100 index fell 0.33%, underperforming the broader market.
Dow components, up nearly 3.9% Boeing and up more than 3% Honeywell led the way, Walgreens rose nearly 2%, but Procter & Gamble fell more than 2%, Merck, Chevron and others fell more than 1%. S&P 500 of the 11 major sectors, six closed up on Thursday, five closed down. Up in the sector, up more than 1% of the industrial and financial leaders, the bottom of the rise is less than 0.1% of energy. Declining sectors, down nearly 0.7% of utilities led the decline, health care and real estate were down less than 0.2%.
Leading technology stocks continue to rise and fall, Tesla rose nearly 1.9%, up two days in a row. FAANMG six major technology stocks, Apple, Amazon fell more than 1%, Microsoft fell nearly 0.9%, Google parent company Alphabet fell more than 0.7%, Facebook rose more than 1%, Nifty rose 0.3%.
Auto stocks continued to move higher, traditional automakers, up more than 8% on Wednesday, Ford Motor closed up 7%; General Motors rose nearly 3%, the division was forced to shut down five plants due to a shortage of chips to resume work. New energy auto stocks, Nikola rose more than 19%, Lordstown (RIDE) rose nearly 12%, Azera, ideal car rose more than 3%, Peng car rose more than 2%.
Among retail holdout stocks, AMC Theatres closed up nearly 36% to lead the pack, Goss Electronics (KOSS) rose more than 10%, GameStop (GME) rose nearly 5%, 3B Homes (BBBY) rose more than 1.9%, Naked Brand Group (NAKD) rose more than 1.7%, but Express, which rose nearly 26% on Wednesday, fell more than 3%.
Among Chinese stocks, fluent said up nearly 26%, Toutiao rose about 10%, Wednesday’s session had fallen more than 10% of the first shares of electronic cigarettes fog core technology closed up nearly 8%, Aiki rose about 4%, while Poundland fell about 3%, down two days in a row after the announcement of earnings.
In the European market, the pan-European stock index Euro Stoxx 600, which temporarily stopped four consecutive positive on Wednesday, closed at a record high. Among the sectors, banks, which rose nearly 2%, led the way. Among individual stocks, Airbus, which raised its aircraft production target, rose more than 9%, becoming the main upside driver for European stocks, while Bayer plunged 5%, becoming the biggest downside pusher for German stocks, as Bayer’s plan to try to settle a class action lawsuit related to Monsanto’s herbicide cancer was rejected by a U.S. judge.
The dollar index fluctuated slightly still off a four-and-a-half-month low, and the offshore yuan rose above 6.37 intraday to hit another three-year high.
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies, rose to 90.179 near 90.18 in early Asian trading, refreshing this week’s high, up more than 0.15% (Wednesday’s close of 90.042) European stocks turned lower during the day, once falling below 89.90 to 89.893 to refresh the daily low, down nearly 0.17% during the day, U.S. stocks turned up again in early trading, turning down again at lunchtime. But not close to Tuesday’s intraday drop below 89.60 set by the intraday trough since January 7.
By Thursday’s close, the dollar index was at around 89.97, up a modest 0.08% for the day; the Bloomberg Dollar Spot Index was roughly unchanged from Wednesday’s level.
The onshore yuan (CNY) rose above 6.38 against the U.S. dollar before the European stock market Thursday, and the offshore yuan (CNH) rose above the 6.37 mark against the U.S. dollar during the European stock market to 6.3678, both hitting new highs since May 2018. Before the U.S. stock market, the offshore yuan lost 6.37, at 5:59 p.m. GMT on 28th, the offshore yuan was at 6.3766 against the U.S. dollar, hitting a new high in late New York since May 24, 2018 for the second consecutive day, up 78 points from Wednesday’s late New York session, with the overall trading in the 6.3926-6.3678 yuan range during the session, also hitting a new intraday high for the second consecutive day since May 2018.
Bitcoin (BTC) had fallen below $37,200 to refresh the two-day intraday low, and has since continued to rebound, with the U.S. rebounding to a new daily high of $40,000 in early trading, up more than $3,000 from the intraday low, retracing some of its gains to fall below $39,000 at lunchtime, with the U.S. closing at $38,800 above, up more than 0.9% in the last 24 hours.
The second largest cryptocurrency after Bitcoin market value of Ether (ETH) Asian market had fallen below $ 2640 to refresh the daily low, compared with the early approaching $ 2900 intraday high fell nearly 9%, and then gradually erased losses to rise, European shares regained on $ 2800, the U.S. stocks fell below this 100-digit mark at lunchtime, the U.S. stocks closed above $ 2700, up more than 0.6% in 24 hours .
CoinMarketCap data shows that mainstream cryptocurrencies were mixed on Thursday, with the 12th largest cryptocurrency by market capitalization, Bitcoin Cash (BCH), up more than 4% in the last 24 hours, the fourth largest cryptocurrency, BNB, up more than 2%, while the seventh largest cryptocurrency, Dogcoin (DOGE), down nearly 4%, the fifth largest cryptocurrency, Cardano (ADA), down More than 2%, and the sixth largest cryptocurrency Ripple (XRP) fell more than 0.9%.
Domestic black system rebounded overnight iron ore rose more than 4% hot rolled threads rose about 5% crude oil five consecutive positive, the longest streak of nearly four months
Domestic black futures continued to fall at the daytime open on Thursday, but turned red during the session, power coal, iron ore, coke, coking coal closed up more than 1%, threads rose more than 0.2%. The night black system accelerated, hot volume closed up 5.2% overnight, thread futures rose 4.8%, iron ore rose 4.1%, coke rose 3%, coking coal rose 2.3%, power coal rose 0.9%.
International crude oil futures closed up for five consecutive days, the longest streak of gains since February 5 this year.
U.S. WTI July crude oil futures closed up 0.96% at $66.85/barrel, a new high for the main contract since Oct. 29, 2018; Brent July crude oil futures closed up 0.85% at $69.46/barrel, flattening the closing high for the main contract since May 28, 2019, set on May 17.
Copper hit a new high of more than a week and regained $10,000 for the first time in the last five days
Domestic non-ferrous metals rose across the board. During the day, Shanghai zinc, Shanghai tin, Shanghai aluminum rose more than 1%, Shanghai lead rose more than 0.4%, Shanghai nickel rose 0.7%, Shanghai copper rose more than 0.2%; overnight gains expanded, Shanghai copper closed up 3.05%, Shanghai aluminum closed up 2.36%, Shanghai zinc closed up 2.10%, Shanghai lead closed up 1.11%, Shanghai nickel closed up 3.98%, Shanghai tin closed up 4.97%.
London base metals futures closed up collectively for the first time since last Monday, May 17. Copper, aluminum and nickel rose for two days in a row, all hitting new highs of more than a week, with copper closing at $10,221 per ton, the first time in the last five trading days back on the $10,000 mark. Zinc rallied, hitting a new high of nearly three years after a week. Lead and tin rose for the third day in a row, hitting new highs in a week and more than a week, respectively.
Gold ended a three-day rally and fell to a four-and-a-half-month high
New York gold futures ended a three-day streak of gains, failing to hold the resistance level of $1,900 broken on Wednesday, COMEX June gold futures closed down 0.3% at $1,898.50 per ounce, down as of Wednesday for four consecutive days set since January 7, the main contract closing high, Wednesday futures gold since January 7 for the first time to close above the $1,900 mark. Spot gold was also basically below $1,900 on Thursday, with the U.S. stock having fallen below $1,890 in early trading and rebounding at lunchtime.
New York futures silver rebounded slightly, closing up 0.23%, failing to regain $28. Platinum futures said goodbye to a three-day streak of gains, closing down 1.76%. Palladium rebounded, NYMEX September palladium futures closed up 2%, rising above $2800, a one-week closing high.
European bonds ended four consecutive gains 10-year U.S. bond yield once rose 5 basis points to regain 1.60%
European government bonds ended four consecutive days of collective price gains, yields are back up. British 10-year benchmark Treasury yields rose 5.8 basis points to 0.81% during the day, the highest increase in European countries; German government bond yields rose 3.4 basis points to -0.172% during the same period.
U.S. 10-year benchmark Treasury yields in Europe and the United States trading session to maintain the upward trend, the U.S. stocks once rose to 1.625% at lunchtime to refresh the three-day high, up more than 5 basis points during the day, to the U.S. stocks closed at about 1.60%, up 3 basis points during the day, from Wednesday’s approaching 1.55% since the trough set on May 7.
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