Federal Reserve Chairman Jerome Powell temporarily appeased markets worried about the Fed being forced to withdraw easing early due to high inflation, reiterating that the recent high inflation only stems from temporary factor effects, implying that the Fed will be patient in withdrawing easing. U.S. stocks extended their gains during his speech, with small-cap stocks pulling up and turning up, and eventually, led by leading technology stocks such as Facebook, the major stock indexes collectively closed higher.
Among the Chinese stocks, Man Helper Group landed on the NYSE as the first digital freight stock, with its offering price at the top of the target range, and recorded a double-digit jump on its first day of trading.
The latest stance shows a divide within the Federal Reserve. On Tuesday Fed No. 3 and New York Fed President Williams said a rate hike is still in the distant future; the recent sharp rise in inflation is only temporary and inflation is expected to fall back to around 2% next year. And Cleveland Fed President Mester warned that the Fed’s asset purchases pose a potential financial risk, and that a prolonged period of very low interest rates and the use of ultra-conventional policy tools such as bond purchases could cause problems of excessive risk seeking and financial stability. There are comments that Powell agrees that inflation has risen more than previously expected, and what he tries to deny is that this will force the Fed to act sooner than expected, which is the reason for the market to calm down on Tuesday’s day.
A number of Chinese banks and Alipay announced a ban on virtual currency trading the day after the central bank interview, cryptocurrencies plunged double-digits again during the day, with bitcoin falling below three thousand-digit hurdles in two hours Tuesday evening Beijing time, falling below the important technical level of $30,000 for the first time since late January, down more than 50% from the all-time high set in April, but U.S. stocks rebounded heavily during the day, rallying more than $2,000 from the lows, once intra-day turned higher. Bitcoin and blockchain-related concept stocks such as MicroStrategy (MSTR) continued to fall, dragged down by Bitcoin’s intraday plunge.
During the Powell hearing, the U.S. dollar index extended its losses, taking it further out of two-month highs, and the benchmark 10-year U.S. bond yield was down but off four-month highs. In commodities, precious metals gold, which had closed higher before the start of Powell’s hearing, retreated, while base metals such as copper rose across the board; domestic iron ore futures, which plunged on Monday, remained down during the day but rose overnight; international crude oil futures fell to more than two-year highs after media said OPEC+ discussed further production increases in August, i.e., scaling back production cuts.
In Europe, pan-European stock indexes rose for a second day, led by mining and chemical stocks, further off the two-week trough hit on Friday, but not as much as Monday. European bond yields rallied further. Ireland’s stock index led gains across Europe after the Democratic Unionist Party of Northern Ireland appointed Jeffrey Donaldson as its new party chief.
Nasdaq hits record high Facebook up 2% to lead leading tech stocks Manchu up 13% on first day MSTR and other bitcoin concepts fall again
The three major U.S. stock indexes opened slightly lower collectively, with the Nasdaq Composite Index leading the way, having fallen only briefly at the beginning of the session, and continuing to move up thereafter, staying above 0.4% at midday. S&P 500 and the Dow Jones Industrial Average has turned up in early trading, the S&P early in the day when the new low fell nearly 0.2%, up more than 0.3% at lunchtime, the Dow early when the new daily low fell more than 120 points, up slightly more than 100 points at the end of the morning session when the new daily high.
Powell hearing, the three major indices pulled up at the end of the day, the collective new daily high, the Dow once rose more than 160 points, the S&P hit a new intraday high in a week when up more than 0.7%, the Nasdaq hit a new intraday record high when up 0.9%.
Finally, the three major indices closed up collectively for the second consecutive day, the Nasdaq closed at a new high, but the Dow and the S&P rose significantly less than Monday. The Dow closed up 68.61 points, or 0.2%, at 33,945.58 points, the highest closing level in the last four trading days, and closed up 1.76% on Monday for the largest gain since March 5. S&P closed up 0.51% at 4246.44 points, a new high since last Tuesday, June 15, and closed up 1.4% on Monday for the biggest closing gain since April 5. The Nasdaq closed up 0.79% for the second consecutive day at 14,523.27 points, closing above 14,200 points for the first time in its history.
Value stocks dominated the small-cap index Russell 2000 until the end of the day to turn up, closing up 0.43%, running down the S&P and the Nasdaq. The tech-heavy Nasdaq 100 closed up 0.94%, outperforming the broader market.
S&P 500’s 11 major sectors, Tuesday only fell nearly 0.7% of the utilities and fell more than 0.4% of the real estate two closed down, up in the sector, up about 1% of non-essential consumer goods led the rise, followed by nearly 0.9% of the information technology sector, telecommunications services rose nearly 0.8%, energy rose nearly 0.7%, other sectors rose between 0.1% and 0.4%.
Leading technology stocks closed up collectively, Tesla, which closed down 0.4% on Monday, turned up in early trading, closing up nearly 0.5%. FAANMG six major technology stocks, Nifty and Facebook rose more than 2%, Amazon, Microsoft and Apple rose more than 1%, Google parent company Alphabet rose more than 0.5%. Microsoft closed at a record high, with its market cap topping $2 trillion.
Some bitcoin and blockchain-related concept stocks continued to fall, closing down nearly 10% on Monday MicroStrategy (MSTR) fell more than 5%, Coinbase, which fell nearly 3% on Monday, rebounded to close slightly lower at midday; while Square and PayPal rose nearly 0.9% and 1.3%, respectively. Among blockchain Chinese stocks, Ninth City (NCTY), which fell more than 11% on Monday, closed down nearly 6.7%; the two major mining machine manufacturers, Ebony International (EBON) and Kanan Technology (CAN), which fell more than 8% and 7% respectively on Monday, closed down 8% and 5.8% respectively; China Net Carrier (CNET), which fell more than 6% on Monday, fell 1.7%; Xunlei (XNET), which fell more than 5% on Monday, fell 1.9%.
Other popular Chinese stocks rose and fell, FuTu Securities rose more than 8%, Doodle Smart rose more than 6%, Tiger Securities rose more than 4%, Aikiya rose more than 2%, Baidu, Jingdong rose more than 1%, Alibaba rose about 0.1%; new energy vehicle stocks and education stocks are down, Xiaopeng car fell more than 8%, Azera car fell more than 5%, ideal car fell nearly 4%; 51Talk fell more than 6%, New Oriental fell more than 3%, good future The company’s shares fell more than 2%. In addition, Tencent ADR fell more than 2%. Full help the first day of listing opened up more than 18%, closing up more than 13%.
European stocks, the Euro Stoxx 600 continued to close higher, but less than half of Monday’s gains. Sectors, up more than 1.3% of mining stocks in the sector led by basic resources, up more than 1.1% and a record high in chemicals followed. Among individual stocks, the Irish building materials company Kingspan, which is expected to have strong sales in the first half of this year, closed up nearly 7%, the best performance in the Stock Exchange 600 constituent stocks. In addition, Ireland’s stock index rose nearly 1.6%, the top gainer among European country stock indexes.
The U.S. dollar index turned lower during the session Bitcoin fell through $30,000 to a near May low before erasing more than 10% of its losses and turning higher
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, rose above 92.10 during the European session to refresh the daily high, up 0.26% during the day, and continued to fall since the European lunchtime, U.S. stocks turned down during the lunchtime, Powell hearing once fell below 91.65, refreshing the intraday lows of the last three trading days, down nearly 0.3% during the day, continuing to fall away from the 92.40 set last Friday It continued to fall away from the intraday high set in early April after rising above 92.40 on Friday.
By Tuesday’s close, the dollar index was below 91.73 at 91.727, down nearly 0.2% on the day, while the Bloomberg Dollar Spot Index was down 0.1%.
The offshore yuan (CNH) fell for the eighth straight day, with the offshore yuan at 6.4806 yuan against the U.S. dollar at 5:59 p.m. GMT on the 23rd, down 134 points from Monday’s late New York session and once down to 6.4861 yuan during the session, hitting a new intraday low for the second consecutive day since May 6.
Bitcoin (BTC) began to fall from the early Asian market, European stocks mid-day to the U.S. pre-market, has fallen below $32,000, $31,000 and $30,000 three thousand-digit mark, since January 28 this year for the first time since the mid-day below $30,000, the U.S. early morning further fell below $29,000, the lowest fell through $28,900, compared to the early Asian market intraday highs fell more than $4000, the percentage drop of nearly 4%. Percentage drop of nearly 13%, after which apparently rebounded, U.S. stocks in early trading that regained 30,000 U.S. dollars, lunchtime has recovered 31,000 U.S. dollars and 32,000 U.S. dollars, once erased intra-day losses turned up, U.S. stocks closed at 32,500 U.S. dollars above, down more than 0.1% in the last 24 hours.
Ether (ETH), the second-largest cryptocurrency in terms of market capitalization after Bitcoin, tested below $1,700 at the beginning of the U.S. session and fell below $1,700 on some platforms, hitting a new intraday low since March 29, down nearly 15% from an intraday high of nearly $2,000, before regaining $1,900 at midday on U.S. stocks, which closed above $1,900, down about 2% in the 24 hours.
CoinMarketCap data shows that the mainstream cryptocurrencies had all fallen at least 10% during the day on Tuesday, the U.S. stocks fell significantly narrower at midday, to the U.S. stock market closed, the market value of the sixth largest cryptocurrency Ripple (XRP), which fell more than 20% during the day, fell 14% in the last 24 hours, the fourth largest cryptocurrency coin (BNB) and the 12th largest cryptocurrency Litecoin (LTC) are down more than 10% The 12th largest cryptocurrency, Bitcoin Cash (BCH), is down more than 9%, Dogcoin (DOGE), down one spot to 8th in market cap, is down nearly 9%, and Cardano (ADA), the 5th largest cryptocurrency, is down more than 8%.
The cumulative decline in these cryptocurrencies over the last seven days has been more than 20%, with Bitcoin down about 18% and Ether down 24% in seven days.
10-year U.S. bond yields turn lower intraday, still off four-month lows
U.S. 10-year benchmark Treasury yields in the European stock market had regained 1.50% to refresh this week’s high, up nearly 2 basis points during the day, and then fell back, U.S. stocks retracted all gains in early trading to turn down, during Powell’s hearing, once fell below 1.47% at lunchtime, but clearly out of the four-month intraday trough set by Monday’s drop to below 1.36%, to about 1.46% at the close of U.S. stocks, down 3 basis points during the day 3 basis points.
The 30-year U.S. bond yield touched just 2.08% even as European stocks set a new daily low during the session, a clear break from the four-month trough set by Monday’s intraday drop below 2.00%, which had approached 2.08% during Powell’s hearings. By the end of the day in New York, the 10-year, 30-year and 2-year U.S. bond yields had all fallen by more than 2 basis points during the day, and the 5-year by more than 3 basis points.
European Treasuries continued their collective price decline on Tuesday, with yields rising further. British 10-year benchmark government bond yields rose 1.1 basis points during the day to 0.78%; German bond yields rose 0.7 basis points to -0.164% during the same period. Marginal zone countries Greece and Italy government bond yields rose by 2.9 and 2.2 basis points, respectively.
Domestic iron ore day fell more than 2% overnight closing up International crude oil ended two consecutive positive down two-and-a-half-year highs
Most of the domestic black futures continue to fall during the day, iron ore, which closed down nearly 9% on Monday, fell nearly 5% during the day on Tuesday, closing down nearly 2.7%. Rebar and hot-rolled coil also closed down more than 2%, the intraday drop of more than 2% coke closed up more than 0.4%, coking coal rose nearly 0.4%. Most of the overnight black rebound, coking coal rose more than 2%, coke rose 1.8%, iron ore closed up 0.8%, threads rose 0.12%, hot rolls fell slightly.
International crude oil futures said goodbye to two days of consecutive increases.
U.S. WTI July crude oil futures closed down 0.81% at $73.06 per barrel, falling off the highest closing level for the immediate-month contract since Oct. 10, 2018, set on Monday. Brent August crude oil futures closed down 0.12% at $74.81/barrel, down from a new closing high for the same-month contract since Oct. 31, 2018, set on Monday.
London-based copper hits biggest gain in nearly three weeks with two straight gains Gold retreats, down three times in four days, towards two-month lows
London base metals futures rose across the board on Tuesday for the first time since June 8. Copper, aluminum, zinc, nickel and tin rose for the second day in a row. Copper closed up 1.3%, the biggest gain in nearly three weeks, at $9,301 per tonne, regaining $9,300 for the first time in the last three sessions. Aluminum and zinc further out of more than three weeks and nearly eight weeks of lows, respectively; nickel and tin continue to come out of three-week lows. LunLead erased Monday’s losses.
New York gold futures retreated, falling for the third day in the last four sessions. COMEX August gold futures closed down 0.3% at $1,777.40 per ounce, after closing up nearly 0.8% on Monday, just out of the low hit on Friday since April 15 this year.
New York silver futures ended a two-day streak of gains, closing down nearly 0.7% on Tuesday, all but giving back Monday’s 0.2% gain. Platinum rose for a second day, closing up 1.8% on Tuesday, further off the March 5 trough hit on Friday. Monday just ended a two-day losing streak of palladium resumed its decline, closing down 0.02% on Tuesday.
From the point of view of gains and losses, gold, silver, copper and oil four major commodities, copper futures on Tuesday the best performance.