Core PCE, an inflation indicator valued by the Fed, recorded the fastest year-over-year growth in nearly three decades and the fastest year-over-year growth in two decades in April, but U.S. personal income fell less than expected in April, and personal spending growth moderated but kept increasing; Biden announced a $6 trillion spending budget for the new fiscal year, as media sources said. After U.S. Treasury Secretary Yellen and a number of senior Fed officials spoke in the first few days of the week to downplay the threat of upward inflation, the market’s optimism about the economic recovery temporarily overwhelmed concerns about inflation, the broad U.S. stock market rally continued.
Next Monday is the U.S. Memorial Day and the British spring bank holiday holiday, the U.K. and U.S. stock markets are closed for the day. On Friday, the closing day of the week and of May, small-cap stocks, which had surged in the last two days in the rotation of investments from growth to value stocks, retreated. The epic shorting failed to repeat, the U.S. stock retail investors to pursue more than the GameStop (GME) retail investors “new favorite” AMC Theatres only two days high on the “flame”, although the Friday session had risen more than 37%, but after the afternoon session turned down once fell more than 9%. GME and other retail holdings that have moved higher in the last two days also opened lower, either after double-digit gains in the session, or gave back most of their gains.
This week, the major U.S. stock indexes are cumulative gains, but the full month of May by the cumulative decline in technology stocks dragged down the Nasdaq, the first monthly cumulative decline in six months. European stocks were up for the week and month.
Bank of Japan Governor Haruhiko Kuroda questioned cryptocurrencies after both China and the U.S. tightened regulation, criticizing bitcoin in an interview on Friday for not being much use for settlements, saying bitcoin is speculative trading and very volatile. Cryptocurrencies took another hit, with Bitcoin and many other coins falling more than 10% intraday.
The U.S. dollar index retreated after the release of U.S. PCE inflation data, but U.S. bond yields did not continue to move higher, commenting that month-end index rebalancing could inspire buying of U.S. bonds. U.S. bond yields continued to decline cumulatively throughout the month, moderating the decline from April. The U.S. dollar index continued its cumulative decline for the month. As the dollar weakened, the yuan extended its momentum to a three-year high, accumulating gains for the week and May, with the offshore yuan up more than 1,000 points in a month.
Gold was pushed higher by sharp volatility in cryptocurrencies and economic data showing an uptick in inflation, breaking the $1,900 psychological barrier for the second time this week, with cumulative gains for the week and the month of May.
Although China has released signals this week to curb commodity price increases, but the domestic ferrous and copper and other non-ferrous metals rebounded for several days, accelerating recovery on Friday; most of the industrial metals such as copper on the external market rose, the whole week and the whole month are cumulative gains; U.S. crude oil futures temporarily fell after five consecutive days of highs in two and a half years, but Brent crude oil continued to move higher, the week and May are cumulative gains.
S&P hits last all-time high for five months in a row, but Nasdaq hits biggest monthly drop in seven months Small-cap indexes turn lower AMC-led retail holdout stocks plummet in the session
The three major U.S. stock indexes opened collectively higher, led by the Nasdaq Composite Index, which hit a new intraday high since May 7 at midday, up more than 0.6% during the day. The S&P 500 and the Dow Jones Industrial Average hit new intraday highs since May 10 in the midday and early trading, respectively, with the S&P up more than 0.4% at one point and the Dow up nearly 170 points for the day, with percentages up nearly 0.5%.
The end of the three major indices fell significantly, and eventually still collectively closed up, the Dow and the S&P rose for three days. The Dow closed up 64.81 points, or 0.19%, at 34,529.45 points, a new closing high for the second consecutive day since May 10. The S&P closed up 0.08% at 4204.11 points, a new high since May 7 and the last all-time high, second only to the closing record high set on May 7. The Nasdaq closed up 0.09% at 13,748.74 points, a new closing high since May 7 set on Wednesday.
Small-cap stocks failed to maintain two consecutive days of outperformance of the broader market, value stocks dominated the small-cap index Russell 2000 turned down during the session, closing down 0.18%. The technology-heavy Nasdaq 100 index closed up 0.21%.
This week, the three major indices are cumulative gains, this week the Dow rose 0.94%, the S&P rose 1.16%, both ending a two-week losing streak, the Nasdaq rose 2.33%; Russell 2000 rose 2.42%, reversing a two-week losing streak, the Nasdaq 100 rose 2%, and the Nasdaq were up two weeks in a row.
In May, the Dow rose 1.93%, the S&P rose 0.55%, both up five months, the S&P hit the longest streak since August last year, but the Nasdaq fell 1.53%, the largest single-month decline since October last year, ending a six-month streak. May Russell 2000 rose 0.11%, continue to lose the market, the Nasdaq 100 fell 1.26%, back last month rose nearly 6% part of the gains.
S&P 500 of the 11 major sectors, Friday there are 5 closed down, 5 closed up, essential consumer goods a closed flat. Up in the sector, up more than 0.6% of real estate led, utilities rose more than 0.4%, information technology rose 0.3%, energy and finance rose less than 0.1%. Declining sectors, the largest decline in telecommunications services fell more than 0.3%, the bottom of the decline in industrial fell less than 0.1%.
Although the Nifty closed up, but most of the leading technology stocks closed down, Tesla fell nearly 0.9%, FAANMG six major technology stocks, only up 0.15% of Microsoft a closed up, Facebook fell more than 1% to lead the decline, Apple fell more than 0.5%, Google parent company Alphabet fell 0.25%, Amazon and Nifty fell more than 0.2%. four major technology stocks FANG May cumulative decline, the largest monthly decline since September last year The biggest monthly decline since September.
Small-cap stocks that rose sharply in January this year due to retail investors holding short: AMC Theatres, which rose more than 37% at the beginning of the session, closed down more than 2%, and GameStop (GME), which rose nearly 6% at the beginning of the session, closed down more than 12%; Express, which had risen more than 18% in early trading, closed down nearly 11%, and Goss Electronics (KOSS), which rose more than 26% at the beginning of the session, turned down at midday and closed up more than 1%, and Naked Brand Group (NAKD), which rose nearly 30% in early trading, closed up more than 1%. Brand Group (NAKD) closed up more than 7%, up nearly 12% at the beginning of the session 3B Home (BBBY) closed up more than 3%.
Most of the chip stocks rose, the semiconductor sector ETF SOXX rose nearly 1%, Chiken Optoelectronics rose nearly 6%, Nvidia rose nearly 5%.
Chinese stocks rose and fell, Poundland rose more than 4%, Beili Beili rose more than 3%, Ctrip, Tiger Securities, Vipshop, Tencent Music rose more than 2%, Jingdong, Netease, Tucson Future rose more than 1%, Baidu rose more than 0.7%, Alibaba rose more than 0.5%; while Huanju Times fell nearly 10%, fog core technology, highway fell more than 3%, Aiki, ideal car fell more than 1%, Xiaopeng and Weilai car fell respectively 0.8% and 0.75%, Tencent ADR slightly down.
In Europe, the pan-European stock index Euro Stoxx 600 index closed at a record high for the second consecutive day, led by financial services and technology that rose more than 1% in various sectors. German stock indexes hit a record high for the second day this week.
This week, the Euro Stoxx 600 rose 1%, up two weeks in a row, the travel and leisure sector rose 4%, ahead of other sectors. All national stock indexes are up this week, and the British stocks, which are closed next Monday, have risen for five consecutive months in May, and other national stock indexes are expected to continue to rise in May.
The dollar index rushed to a two-week high after giving back gains Offshore yuan rose above 6.36 for the first time in three years intraday, up more than 1,000 points this month Bitcoin fell more than 10% intraday, down 37% for the month
The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies, had risen above 90.40 to a new two-week high before the US stock market, up more than 0.5% during the day, and turned down after the release of the US PCE inflation data, giving back almost all of its gains.
By Friday’s U.S. stock market close, the dollar index was slightly below 90.50, up more than 0.1% intraday, up slightly this week, close to last Friday’s level, down more than 1% in May, down two months in a row; Bloomberg dollar spot index still closed roughly flat, but compared to the last trading day of other months in 2014, the end of May closing point at the lowest trough.
The onshore yuan (CNY) rose above 6.37 against the dollar both intraday and at the close on Friday, hitting a new high for the second consecutive day since May 2018. The offshore yuan (CNH) rose above 6.36 to 6.3588 against the dollar during the European session, hitting a new intraday high for the second consecutive day since May 23, 2018, and a new intraday high since May 25 of the same month on Wednesday. At 5:59 p.m. Beijing time on the 29th, the offshore yuan was at 6.3603 yuan against the dollar, up 129 points from Thursday’s end of trading in New York, with a cumulative gain of 765 points this week, up two weeks in a row, and a cumulative gain of 1,132 points in May, up two months in a row.
Bitcoin (BTC) Friday Asian trading session continued downward, European shares fell below $35,200 during the day, refreshing the intraday low since Monday, down more than $4,000 from the day’s high, the percentage drop of more than 10%, then rebounded, the U.S. shares had risen above $37,000 during the day, the U.S. shares closed below $35,900, down more than 7% in the last 24 hours.
Ether (ETH), the second largest cryptocurrency after Bitcoin in terms of market capitalization, fell below $2,420 during the European session, setting a new three-day low and falling nearly 14% from the intra-day high, before narrowing, and rebounding briefly to $2,600 during the U.S. session, before closing slightly above $2,500 in the U.S., down more than 9% in 24 hours.
CoinMarketCap data shows that mainstream cryptocurrencies fell collectively on Friday, with the fourth largest cryptocurrency by market capitalization, BNB, down more than 10% in the last 24 hours, the 12th largest cryptocurrency, Bitcoin Cash (BCH), down nearly 9%, the 14th largest cryptocurrency, Litecoin (LTC), down more than 8%, and the sixth and fifth largest cryptocurrencies, Ripple (XRP) and Cardano (ADA) fell nearly 8%, and the seventh largest cryptocurrency, Dogecoin (DOGE), fell more than 4%.
Cryptocurrencies were mixed this week, with ETH up over 5.9%, BNB up over 5.5%, BCH up nearly 4.7%, ADA up nearly 4% and LTC up over 3% in the last seven days, but XPR down over 9.1%, DOGE down nearly 8.1% and BTC down 1%.
BTC fell 37% in May, the biggest monthly drop since 2011, and ETH fell relatively the least in the mainstream cryptocurrencies, still down over 9% on a monthly basis.
Gold hits four-and-a-half-month high this Thursday, up four weeks in a row for the biggest ten-month gain in May and silver up two months in a row
Just ended a three-day rally in New York gold futures, COMEX August gold futures closed up 0.4% at $ 1905.30 per ounce, the fourth day of the week, and the fifth day of the last six trading days hit a new high in the main contract closing since January 7. This cycle gold cumulative rise of 1.5%, up four weeks in a row, May cumulative rise of 7.8%, up two months in a row.
New York silver futures rose for two days in a row, closing up 0.26% on Friday, up 1.9% for the week, up two weeks in a row, up more than 8.28% in May, up two months in a row.
Platinum futures rebounded slightly after ending a three-day streak, closing up 0.28% on Friday, up more than 1% for the week, ending a two-week losing streak, down 1.9% in May, ending a four-month winning streak. Palladium rose for two days, closing up 0.7% on Friday, up nearly 2% for the week, ending a three-week losing streak, down more than 4% in May, ending a three-month winning streak.
May gold and silver respectively hit the largest monthly gains since July and December last year, in gold, silver, oil and copper four major commodities, the leading single-month gains.
Copper stood firm at $10,000, ending a two-week losing streak, up two months in a row, and tin regained $30,000 to hit a 10-year high
Domestic non-ferrous metals continue to rise collectively, the day plate Shanghai nickel, Shanghai tin rose more than 4%, Shanghai zinc, Shanghai copper rose more than 2%, Shanghai lead, Shanghai aluminum rose more than 1%; night metal rally has moderated, Shanghai aluminum, Shanghai nickel and Shanghai tin are closed up more than 1%, Shanghai copper rose 0.83%, Shanghai zinc rose 0.24%, Shanghai lead rose 0.35%.
Most London base metal futures continued to rise on Friday. Lun copper, aluminum and nickel rose for three days in a row, copper again hit a new high of more than a week, closed above $10,000 for two consecutive days; Lun aluminum also hit a new high of more than a week; Lun nickel hit a new high of nearly three months. Lun tin rose four days in a row, back on the 30,000 U.S. dollars mark, a new ten-year high. While zinc fell nearly three years high; lead ended a three-day streak of gains, down a week high.
Base metals rose across the board this week, with copper, aluminum and nickel ending a two-week losing streak, with copper erasing the biggest one-week drop in eight months after falling more than 3% last week. May base metals are also up, copper rose more than 4% for two months, for the last 14 months in the 13th month of cumulative gains. Lead, tin and nickel also rose for two months in a row. Lun aluminum and zinc rose four months in a row.
The domestic black system two consecutive positive iron ore rose more than 4% after the night session rose more than 3% U.S. oil fell two-and-a-half-year highs, but this week and May are up more than 4%
The domestic black futures accelerated after Thursday’s rally. Daytime iron ore once rose more than 5%, to close and threads were up more than 4%, hot coils rose nearly 5%, coke, coking coal rose more than 2%; night iron ore rose 3.7%, coke, threads rose nearly 3%, hot coils rose 2.8%, stainless steel rose 2.4%, power coal rose 0.88%, coking coal rose 0.36%.
International crude oil futures were mixed on Friday, with U.S. WTI crude retreating and Brent crude rising for the sixth consecutive day.
WTI July crude futures closed down 0.79% at $66.32/barrel, falling off the main contract high set on Thursday since Oct. 29, 2018; Brent July crude futures closed up 0.24% at $69.63/barrel, refreshing the closing high since March 11. This week, U.S. oil rose 4.3%, cloth oil rose 4.8%, erasing last week’s losses, the last five weeks, the fourth week of cumulative gains; May U.S. oil rose 4.3%, cloth oil rose 3.5%, up two months in a row.
European bond prices rebounded all week cumulative rise U.S. bond yields fell this week and May are down
Just ended a four-day streak of European government bonds restarted price gains. British 10-year benchmark bond yields fell 2 basis points to 0.79% during the day; German bond yields fell 1 basis point to -0.18% during the same period. This week, British bond yields fell by 4 basis points, German bond yields fell by 5 basis points, both fell for two weeks; May British bond yields fell by nearly 5 basis points, retracting the rise in April, German bond rose by nearly 2 basis points, but the rise was significantly less than the cumulative rise of nearly 9 basis points in April.
U.S. 10-year benchmark Treasury yields in the U.S. stocks at lunchtime down to 1.58% below a new daily low, to the U.S. stocks closed at 1.59%, down 1 basis point during the day, a cumulative decline of 2.7 basis points this week, May cumulative decline of 3.2 basis points, the rate of decline will be moderated in April, April cumulative decline of about 11 basis points, the largest monthly decline since July last year.
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