Energy stocks supported by rising crude oil continued to force the broader U.S. stock market upward, but the leading technology stocks fell collectively during the day to pressure the three major U.S. stock indexes had turned down during the day, and finally closed slightly higher. Some commentators believe that the Fed officials speaking may bring downward pressure on the broader market, which reflects the market’s concerns about inflation. In Wednesday’s session, Philadelphia Fed President Harker said it may be time to consider tapering QE bond purchases.
GameStop (GME) and a number of other retail holdout stocks rose further, with shares of AMC Cinemas hitting a record high, stopping several times during the day, once up close to 130% intraday. AMC announced before the bell on Wednesday that it was offering benefits such as free popcorn back to retail shareholders and would communicate directly with retail investors via social media.
Chinese stocks, announced May deliveries doubled year-on-year growth of the ideal car although a small low opening, but early in the session turned up, and has since maintained the upward trend; first quarter revenue growth of 48% ringgit of the first shares of electronic cigarette technology had risen nearly 8% at the beginning of the session, but soon turned down.
Harker and other Fed officials during the speech, the dollar index retracted most of the day’s gains, U.S. bond yields further down, 10-year U.S. bond yields fell to below 1.60% after refreshing the week’s lows.
Bitcoin and other cryptocurrencies rebounded, led by Dogcoin (DOGE), which once rose nearly 40% from its intraday low during the day, with Tesla CEO Musk tweeting about Dogcoin again on Wednesday; Coinbase, the largest U.S. cryptocurrency exchange, began offering Dogcoin trading services to Pro users.
In commodities, crude oil futures continued to move higher. Iran-related reports came out one after another on Wednesday: a fire at a state-owned oil refinery near the Iranian capital Tehran and the sinking of the Iranian Navy’s largest warship after it caught fire. Commentary says these events have raised the overall risk premium in the Middle East. The market, already worried about tight supply, added to concerns. While the dollar rallied, U.S. bond yields sank, supporting gold to refresh its nearly five-month high. Some base metals, such as copper, continued to retreat.
In European markets, the pan-European and German stock indices both reached new highs, with Volvo-led auto stocks being the main upside pushers, and commodity-related sectors like oil and gas and mining continued to lead the way. Eurozone CPI for May, released on Tuesday, grew at the fastest year-over-year rate since November 2018, and Eurozone PPI for April, released on Wednesday, grew at the fastest year-over-year rate since September 2008, but European bond yields retreated. Comments suggest that this shows that the market is confident that the ECB will not slow down QE bond purchases at its meeting on the 10th of this month.
The Dow rose for the fifth straight time, the S&P hit the second highest, the Nasdaq struggled to close higher, the energy sector continued to lead the rise, many retail holdings double-digit surge
The three major U.S. stock indexes opened collectively higher, with mixed performance during the session. Slightly higher opening of the S&P 500 and the Dow Jones Industrial Average at the end of early trading set a new daily high, the S&P rose nearly 0.4%, the Dow rose more than 130 points during the day, but both at the beginning of the session and lunchtime had a short turn down. The Nasdaq composite index maintained early gains, up nearly 0.3% in the early session when the new daily high, and turned down in the afternoon session until the end of the session to reverse the decline.
Eventually, the three major indices with a wave of pull-up at the end of the day all closed slightly higher, the S&P and the Nasdaq are erased Tuesday’s losses. The Dow closed up 25.07 points, or 0.07%, at 34,600.38 points, up five days in a row, and four consecutive trading days since May 10 to close at a new high. The S&P closed up 0.14% at 4,208.12 points, refreshing the second highest ever close set on Friday, second only to the May 7 closing level. The Nasdaq closed up 0.14% at 13,756.33 points, a new closing high since May 3.
Value stocks dominated the small-cap index Russell 2000 closed up 0.13%, also with the end of the pull up to lock in the rally. Technology-heavy Nasdaq 100 index rose 0.16%.
S&P 500 of the 11 major sectors, Wednesday there are 4 closed down, 7 closed up, up more than 1.7% of the energy sector again led the rise, materials and real estate are up more than 1%, the bottom of the rise is up more than 0.4% of the essential consumer goods. Declining sectors, non-essential consumer goods fell 0.4% decline in the top, telecommunications services, industrial and health care fell between 0.2% and 0.3%.
Leading technology stocks fell collectively during the day, Tesla opened lower and closed down 3%; FAANMG most of the six major technology stocks closed higher, only down more than 0.4% of Google parent company Alphabet and slightly lower Microsoft two closed lower, but both had turned lower in the early or midday, Apple rose more than 0.6%, Amazon rose nearly 0.5%, Facebook and Nifty slightly higher.
Because of retail investors forced short and January surge in retail hold stocks collectively surged, AMC Theaters closed up more than 95%, Goss Electronics (KOSS) rose nearly 69%, 3B Home (BBBY) rose 62%, Express rose more than 36%, BlackBerry (BB) rose 32%, GameStop (GME) rose more than 13%.
Some new energy vehicle startups are high, Lordstown, Workhorse (WKHS) up more than 19%, Nikola up more than 18%.
Most of the popular Chinese stocks fell, Tuesday’s big gains in brokerage stocks fell in general, fog core technology fell more than 5%, Tiger Securities, Tiger, highway fell more than 4%, FuTu Securities, Tencent Music, Douyu fell more than 3%, microblogging, Azera Motors, Doodle Smart, Akiy, NetEase, HuanJu Times, Jingdong fell more than 2%. Baidu, Beili Beili fell more than 1%, while Monster Charge rose more than 12%, Ideal Auto rose more than 2%, Xiaopeng Auto rose more than 1%
In Europe, the pan-European stock index and the German stock index both rose for two consecutive days and closed at a record high for two consecutive days. The sectors, up more than 1.2% of the automotive and parts continue to lead, up nearly 0.9% of the oil and gas and up 0.65% of the basic resources rose continue to lead. Among individual stocks, Swedish auto giant Volvo rose 3.5%, the division’s board of directors proposed that the proceeds from the sale of the UD Trucks business be distributed to shareholders.
U.S. oil hits new highs of more than two and a half years in a row.
International crude oil futures extended Tuesday’s rally, with crude oil and U.S. oil hitting new highs of two years and more than two-and-a-half years respectively, with crude oil standing at $71.
U.S. WTI July crude oil futures closed up 1.64% at $68.83/barrel, a new high for the main contract since October 22, 2018 for the second consecutive day; Brent August crude oil futures closed up 1.56% at $71.35/barrel, a new high for the main contract since May 21, 2019, closing at a new high since the same month of 22 on Tuesday.
The U.S. dollar index retreated after standing at this week’s highs Dogecoin once rose nearly 40% to lead the cryptocurrencies
The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies, has been on the move since early Asian trading, with European shares rising above 90.24 to 90.246 during the session to set a new intraday high for the week, up 0.46% on the day (Tuesday’s close of 89.831), before giving back gains, with US shares falling below 89.90 in early trading, up less than 0.1% on the day.
By Wednesday’s U.S. stock market close, the dollar index was below 89.91, up 0.08% intraday; the Bloomberg Dollar Spot Index closed almost flat, also rallying higher during the day.
The offshore yuan (CNH) fell further away from the three-year high set on Monday when it rose above 6.36. At 5:59 p.m. GMT on the 3rd, the offshore yuan was at 6.3833 yuan against the dollar, down 2 points from Tuesday’s end of trading in New York, and traded in the 6.3770-6.3910 yuan range overall during the day, once losing ground to 6.39.
Bitcoin (BTC) rose above $38,200 in early U.S. trading at a new daily high, a new intraday high for the last five days since Friday, up nearly $3,000 from the intraday low in early Asian trading, a percentage gain of more than 6%, and closed the U.S. session above $38,700, up more than 5% in the last 24 hours.
The second-largest cryptocurrency after Bitcoin in terms of market capitalization, Ether (ETH), rose above $2,800 in early U.S. trading, also hitting a five-day intraday high, up nearly 10% from the intraday low in Asian markets, with U.S. stocks closing above $2,700, up more than 8% in 24 hours.
CoinMarketCap data show that mainstream cryptocurrencies rose collectively on Wednesday, to the U.S. stock market close, the sixth largest cryptocurrency by market capitalization Dogcoin (DOGE) accumulated nearly 25% in the last 24 hours, the best performance in cryptocurrencies, intraday had nearly 40% compared to the intraday low; the third largest cryptocurrency coin (BNB) rose nearly 17%, the 14th largest cryptocurrency Litecoin (LTC) rose 5%, the seventh largest cryptocurrency Ripple (XRP) rose nearly 4.6%, the fifth largest cryptocurrency Cardano (ADA) rose 4%, and the 13th largest cryptocurrency Bitcoin Cash (BCH) rose more than 3%.
London-based copper holds $10,000 in two straight losses Gold hits nearly May high six times in eight days Silver hits another two-week high
London base metals futures were mixed on Wednesday. Copper and aluminum fell for two days in a row, falling further away from more than a week high, but copper held the $10,000 mark, closing at $10,148 per ton, closing above $10,000 for the fourth consecutive day. Tin, which just ended a four-day streak of gains, rebounded to set a new 10-year high for the second time in the last three trading days. Nickel rose for five consecutive days, hitting a three-month high for the third consecutive day. Zinc rose for two days in a row, hitting a new three-year high for the third time in the last four sessions. LunLead closed flat at a two-week high.
In precious metals, New York gold futures, which closed slightly lower on Tuesday, rebounded to a new nearly five-month high. COMEX August gold futures closed up 0.3% at $1,909.90 per ounce on Wednesday, the sixth day in the last eight sessions to set a new high for the main contract closing since Jan. 7.
New York silver futures rose for the fourth day in a row, closing up 0.4% and hitting a new high for the second consecutive day since May 18. Platinum ended a two-day streak of gains. Palladium rose for four days in a row to close up 0.2% on Wednesday, hitting a new high for the second consecutive day since May 20.
10-year U.S. bond yields fall 1.6%
European Treasuries rebounded collectively in price on Wednesday, with yields falling back, led by a drop in British bond yields, which led Tuesday’s rise. British 10-year benchmark Treasury yields fell 2.6 basis points to 0.799% during the day, retracting most of Tuesday’s gains; German bund yields fell 2 basis points to -0.198% during the same period.
U.S. 10-year benchmark Treasury yields fell 1.60% before the U.S. stock market opened, nearly U.S. stocks fell to 1.59% below midday, refreshing the week’s intraday lows, to the U.S. stock market closed at about 1.59%, down about 2 basis points during the day.