On Thursday Biden announced that the White House and bipartisan senators reached an infrastructure deal. The media said the package plans to spend a total of $1.2 trillion over eight years, with a combined $579 billion in new projects in roads, electric utilities and broadband in the agreement.
Biden’s grand infrastructure package took an important step toward congressional approval, and U.S. stocks welcomed the upside, led higher by the financial and energy sectors, with small-cap value stocks and popular mid-cap stocks continuing to lead the broader market. Tesla’s gains continued to lead other leading technology stocks, pushing the Nasdaq 100 to another record high. Microsoft, which released a new Windows system for the first time in six years, closed at a record high for the third day of the week and surpassed $2 trillion in market capitalization for the first time by the close of trading. Chinese brokerage and education stocks continued to rise, but the two new energy auto stocks Ideal and Xiaopeng Auto, which rallied big on Wednesday, retreated.
Compared to U.S. stocks, the U.S. currency and bond markets reacted more quietly. The dollar index and 10-year U.S. bond yields both fluctuated slightly, with the former turning up mid-day in U.S. stocks, still off a two-month high, and the latter hovering around 1.49% after a short rebound to 1.50%, continuing away from a four-month trough.
In commodities, gold turned lower intraday as U.S. stocks strengthened, and silver both fell off one-week highs, while industrial metals mostly rose, but copper futures retreated. Crude oil continued to rise, with Brent crude and U.S. gasoline futures hitting new highs of more than two-and-a-half years and more than six-and-a-half years, respectively, as investors focused on signals of strong demand and on whether next week’s OPEC+ meeting in early July may decide to further increase production in August; U.S. natural gas futures hit a new high of nearly two-and-a-half years, with comments that the extreme heat experienced in the western U.S. pushed up demand for natural gas from power plants, which in turn exacerbated an already tight supply situation. The extreme heat in the western U.S. pushed demand for natural gas from power plants, exacerbating an already tight supply situation.
In the European market, the Bank of England to keep QE unchanged, warned not to tighten the currency too quickly because of high inflation, said the economic recovery still needs to be supported by easing, the United Kingdom-led European countries, Treasury yields are falling. Germany’s IFO business sentiment index rose more than expected in June, hitting a new high since November 2018. European stocks rallied strongly led by technology stocks that got a record high from the Nasdaq.
Nasdaq and Nasdaq 100 hit record highs on three occasions S&P is at a new high after a week Financial sector leads the way Tesla continues to lead leading tech stocks Small caps and mid-caps are again ahead of the broader market
The three major U.S. stock indexes opened collectively higher. The S&P 500 and the Dow Jones Industrial Average opened higher, with the S&P up nearly 0.7% at midday when it hit a new intraday high, and the Dow hit a new intraday high at midday since last Wednesday, June 16, up nearly 360 points, or more than 1%, during the day. The Nasdaq composite index rose 1% at the beginning of the lunch session when it hit a new intraday high for the third consecutive day, after some retreat.
Finally, the three major indices closed up collectively for the third day this week, the Nasdaq rose for four consecutive days, closing up 0.69% at 14,369.71 points, closing at a new record high for the third consecutive day. S&P and the Dow erased Wednesday’s losses, the S&P closed up 0.58% at 4266.49 points, closing above 4260 points for the first time, refreshing the closing high set last week on June 14 a. The Dow closed up 322.58 points, or 0.95%, at 34,196.82 points, a new high since last Tuesday, June 15.
Small-cap stocks outperformed the broader market for the second consecutive day, with value stocks dominating the small-cap index Russell 2000 expanding to more than 1% at midday, closing up 1.24%, a new high since June 11. Technology stocks for the heavy Nasdaq 100 index had risen 1% during the day, closing up 0.64%, a third consecutive day of new closing highs.
S&P 500 of the 11 major sectors, Thursday only fell 1% of the utilities and fell more than 0.4% of the real estate two closed down, up in the sector, up 1.2% of the financial lead, followed by up nearly 0.9% of energy, up more than 0.8% of telecommunications services and up nearly 0.8% of industrial, the smallest gain was up nearly 0.3% of materials.
Technology stocks, Tesla closed up more than 3%, the best performance for two consecutive days in the leading technology stocks. FAANMG six major technology stocks only fell nearly 1.6% of Amazon and fell more than 0.2% of Apple closed down, Nifty rose 1%, Facebook rose nearly 0.8%, Microsoft rose more than 0.5%, refreshing the record high set on Tuesday, Google parent company Alphabet rose 0.3%. Chip stocks in general, the semiconductor sector ETF SOXX rose 1.7%, AMD, NXP rose more than 2%.
Bank stocks rose in general, Credit Suisse U.S. shares rose nearly 3.9%, Wells Fargo, Citi, Goldman Sachs, Deutsche Bank U.S. shares rose more than 2%, Morgan Stanley, Bank of America rose more than 1%, JP Morgan Chase rose more than 0.9%.
Most of the popular Chinese stocks closed higher, with Chinese ETFs KWEB and CQQQ up more than 2% and 1% respectively. Among e-commerce stocks, Vipshop rose more than 9.7%, Pinedo rose more than 5%, Jingdong rose more than 2%, and Alibaba rose more than 1%. Audio and video, content stocks, Beili Beili rose more than 6%, Sohu rose more than 5%, Akiyoshi rose more than 3%, Baidu rose nearly 3%, Tencent music, Zhihu, Tiger rose more than 2%; Douyu fell more than 9%. Education stocks, the good future rose 8%, high way up more than 7%, the New Oriental, red yellow blue rose more than 5%, Netease Youdao rose more than 4%, fluent said rose more than 3%. Among new energy auto stocks, Tucson Future fell more than 4%, Ideal Auto and Xiaopeng Auto fell more than 1%, and Weilai Auto rose more than 0.1%. Digital freight first stock full help in the third day of listing closed slightly up 0.3%, the first day rose more than 13%, the next day fell more than 2%.
In Europe, the Euro Stoxx 600 index hit a new high since last Thursday, June 17, and the biggest gain since May 20. The sectors were led by technology, which rose more than 1.7%. Major European stock indexes rose collectively on Thursday, just ended a two-day streak of German, French, British and Western stocks rebounded, Italian stocks ended a two-day losing streak.
The dollar index fluctuated slightly still off two-month highs Bitcoin once rose above $35,000 Dogcoin rose again more than 10%
Tracking the U.S. dollar 6 major currencies a basket of the ICE dollar index (DXY) closed up 0.87% at 457.04 points U.S. stocks had fallen to 91.67 below the pre-market to refresh the daily low, down more than 0.15% during the day, the U.S. stocks continued to rally after the opening, after the early turn up once rose above 91.90 to refresh the daily high, up more than 0.1% during the day, and last Friday rose above 92.40 set in early April Since the intraday high of 92.40 on Friday, there is still a distance.
By Thursday’s U.S. stock market close, the dollar index was below 91.80 at 91.788, down a modest 0.02% for the day; the Bloomberg Dollar Spot Index fell 0.2%.
After ending an eight-day losing streak, the offshore yuan (CNH) rose for two days in a row. At 5:59 p.m. GMT on the 25th, the offshore yuan was at 6.4709 yuan against the dollar, up 72 points from Wednesday’s end of trading in New York, having recovered the 6.47 mark during the session, coming off an intraday low since April 23 set by Wednesday’s drop below 6.49.
Bitcoin (BTC) fell below $ 33,000 in the early Asian market, once fell through $ 32,400, refreshing the two-day intraday low, since then continued to rebound, European shares rose above $ 33,000, U.S. stocks had risen above $ 35,000 at noon, the highest breakthrough of $ 35,200 refreshing the three-day intraday high, up nearly $ 3,000 compared to the intraday low, the percentage increase of more than 9%, U.S. stocks closed slightly below 35,000 USD, up more than 6% in the last 24 hours.
The second largest cryptocurrency after Bitcoin in terms of market capitalization, Ether (ETH) had fallen below $1890 in early Asian trading to refresh the daily low, the U.S. stocks rose above $2030 at lunchtime, up nearly 8% from the intraday low, the U.S. stocks closed above $2000, up more than 5% in 24 hours.
CoinMarketCap data show that mainstream cryptocurrencies continued to rise on Thursday, by the end of the U.S. stock market, market capitalization of the sixth largest cryptocurrency dogcoin (DOGE) the recent 24-hour cumulative rise of nearly 18%, the best performance for two consecutive days, both days rose more than 10%, the fifth, seventh and fourth largest cryptocurrency Cardano (ADA), Ripple (XRP) and coin (BNB) The fifth, seventh and fourth largest cryptocurrencies Cardano (ADA), Ripple (XRP) and Coin (BNB) rose over 15%, 12 and 11% respectively, the 13th largest cryptocurrency Litecoin (LTC) rose over 8%, and the 12th largest cryptocurrency Bitcoin Cash (BCH) rose over 7%.
10-year U.S. bond yield regains 1.50% in short term
U.S. 10-year benchmark Treasury yields had regained 1.50% at the beginning of the European session, refreshing the last two-day intraday highs, up about 1 basis point during the day, and have since fallen back, falling below 1.48% at the beginning of the U.S. session when it hit a new daily low, down about 1 basis point during the day, turning up in early trading to close at about 1.49%, roughly unchanged from Wednesday’s level, continuing to move away from the four-month intraday low set on Monday when it fell below 1.36%. The U.S. stock market has been at an intraday low since Monday.
European government bonds rose collectively on Thursday, except for British bonds, which rose for two days. After the Bank of England released a signal to maintain easing, British bond yields fell by the most. British 10-year benchmark bond yields fell 4 basis points to 0.741% during the day; German bond yields fell 1.1 basis points to -0.188% during the same period.
Brewer’s oil hit a new high of more than two-and-a-half years for three days this week, and U.S. gasoline and natural gas hit new highs of more than six-and-a-half years and nearly two-and-a-half years, respectively.
International crude oil futures closed up collectively for the second consecutive day, with U.S. WTI crude oil approaching a high of more than two-and-a-half years and Brent crude oil continuing to set new highs of more than two-and-a-half years.
WTI August crude oil futures closed up $0.22, or 0.30%, at $73.30 per barrel, just $0.36 off the highest closing level for the immediate-month contract since October 10, 2018, set on Monday, closing above $73 for the fourth consecutive day. Brent August crude oil futures closed up $0.37, or 0.49%, at $75.56 per barrel, a new record closing high for the spot month contract since October 30, 2018, with both Monday and Wednesday hitting new highs since October 31 of the same year, and also closing above $75 on Wednesday for the first time since October 31, 2018 for the spot month contract.
U.S. gasoline and natural gas futures also reached record highs. nymex July gasoline futures closed up 0.6% at $2.28/gallon, a new high for the same-month contract since October 2014. nymex July natural gas futures closed up nearly 2.6% at $3.42 per million British thermal units, a new high since January 2019.
Copper ended a three-day positive streak and gold and silver both fell off one-week highs, while platinum and palladium hit another one-week high
London base metals futures remained mostly higher on Thursday. Zinc, nickel and tin rose for a fourth straight day, with zinc and tin both hitting new one-week highs and nickel hitting new one-week highs for two days in a row. Lead rose for three days in a row, hitting a three-week high. Copper ended a three-day winning streak and fell to a one-week high, but held the $9,400 barrier to close at $9,419 per ton, closing above $9,400 for the second consecutive day. Copper futures in New York also ended a streak of daily gains, closing down nearly 0.5%. Lunar aluminum closed flat, stopping a three-day streak at a one-week high.
New York gold and silver futures failed to hold on to Wednesday’s gains, both falling off one-week highs.
COMEX July silver futures closed down 0.2% at $26.05/oz, closing above $26 for the second straight day. Platinum and palladium rose for four and two days, respectively, closing up 0.7% and 0.5% on Thursday, both hitting new highs for two consecutive days since last Wednesday, June 16.
COMEX August gold futures in the European stock market had approached $ 1790 to set a new daily high, up nearly 0.3% during the day, the U.S. stocks turned lower in early trading, and finally closed down 0.4% at $ 1776.70 per ounce, at the lowest closing level for four days this week, but and last Friday fell below $ 1770 set by the seven-week low is still a distance.