The U.S. ISM services index fell more than expected in June, with the employment sub-index turning from expansion to contraction, hitting a six-month low. U.S. stocks fell off their highs, with the three major stock indexes falling intraday under the drag of energy, banking and industrial stocks, with the S&P ending a seven-day streak of gains, and the Dow both posting their biggest losses in more than two weeks. Blue-chip technology stocks, although Tesla once fell 4%, but Apple retained the gains, is expected from the Department of Defense cloud big order a share of Amazon also record highs, supporting the Nasdaq turned up in late trading.
Small-cap stocks and most popular mid-cap stocks underperformed the broader market. The China Office and the State Office issued “Opinions on cracking down on illegal securities activities in accordance with the law” referring to strengthening regulation of mid-cap stocks. DDT, which was taken down from the app and required to rectify due to illegal and illegal collection of personal information, fell more than 20% intraday; BOSS Direct and Man Gang, the first digital freight stock, also plunged due to cybersecurity review, while Weibo, which was rumored to be privatized, bucked the market and rose more than 15% at the beginning of the session, before gradually giving back more than half of its gains.
After the release of ISM data, U.S. bonds are more sought after, 10-year U.S. Treasury yields accelerated downward, once down to test 1.35% to hit a new low in more than four months, intra-day drop of more than 7 basis points; 30-year U.S. bond yields hit a two-week low; the dollar index rose further, the largest intraday gain in more than two weeks.
Most cryptocurrencies, such as bitcoin, continued to sink under the pressure of a higher dollar. In commodities, crude oil futures turned lower intraday as the dollar strengthened, with U.S. oil and Brewer’s oil falling off six-year and three-year highs, respectively; most industrial metals, including copper, fell, with copper falling more than 2% for the first time in more than two weeks. Precious metals were mixed, with silver retreating, but gold continued to rise, fueled by the decline in U.S. bond yields, with the most approaching the $1,800 mark for the first time in about three weeks.
In addition to the U.S. ISM data, Europe also had inferior economic data released: Germany’s ZEW economic sentiment index in July unexpectedly fell beyond expectations, Germany’s May factory orders grew more slowly than expected year-on-year, the ringgit did not increase but fell. Investors worried about the risk of economic recovery, selling stocks, into the arms of the bond, European bond prices rebounded, yields fell sharply, bank stocks were affected. Banks and the automotive sector, which is trapped by supply chain bottlenecks, led the decline in European stocks.
S&P ended seven consecutive positive energy sector led the decline Amazon rose over 4% to a record high Tesla fell over 2% to lead the decline in leading technology stocks Weibo rose over 6%
The three major U.S. stock indexes collectively fell in early trading record highs to turn down, the Dow Jones Industrial Average performed the worst, up nearly 28 points at the beginning of the session briefly after a new intraday high quickly turned down, down close to 430 points in early trading, a percentage drop of more than 1.2%. The S&P 500 index opened slightly higher after also quickly turned down, and the Dow continued to move down, down nearly 0.9% at lunchtime when the new daily low. The Nasdaq Composite Index rose more than 0.3% in early trading to a new intraday high, and turned lower about an hour after the opening, down more than 0.7% in midday trading to a new daily low.
Since then, the three major indices have narrowed their losses, the Nasdaq is in Amazon rose to expand to 4% after the end of the turn up. The final Nifty rose three days in a row, closing up 0.17% at 14,663.64 points, the second consecutive trading day to a new closing high. The S&P and the Dow Nasdaq ended seven days and four consecutive gains, respectively. The S&P closed down 0.2% at 4343.54 points and the Dow closed down 208.98 points, or 0.6%, at 34,577.37 points, both falling from the record highs set on Friday, the largest closing losses since June 18. The S&P also ended its streak of record highs, which as of Friday was the first time in 1997 that the S&P had a seven-day streak of record highs.
Small-cap stocks performed significantly worse than the broader market, with the value-cap-dominated small-cap index Russell 2000 falling more than 2% at midday to close down 1.28%. Technology stocks for the heavy Nasdaq 100 index turned up at midday to stay up, closing up 0.4%, outperforming the broader market.
Dow components, Dow Chemical closed down more than 2% to lead the decline, Caterpillar and the only energy stock Chevron fell nearly 2%, Honeywell fell more than 1%. Most of the 11 major sectors of the S&P 500 closed up, only four closed down, including a drop of more than 3% in energy led the decline, finance fell more than 1.5% decline, materials fell more than 1.4%, telecommunications services fell slightly. Rising sectors, non-essential consumer goods rose more than 1% to lead, followed by more than 0.9% rise in health care and 0.8% rise in industrial, essential consumer goods and utilities closed slightly higher than 0.1%.
Blue-chip technology stocks were mixed, Tesla had fallen 4% at lunchtime, closing down more than 2%, the worst performance in the leading technology stocks. six major technology stocks in FAANMG, closing up more than 4% of Amazon’s best performance, shares rose above $ 3670 for the first time in history, Apple and Nifty were up more than 1.4%, the early turn down Facebook and Microsoft had fallen more than 1%, Microsoft finally closed flat, Facebook fell more than 0.5%. Facebook fell more than 0.5%, Google parent company Alphabet more than once to turn down, after the lunchtime turn up to close up more than 0.7%.
Big bank stocks fell, Wells Fargo and Citi fell more than 3%, Bank of America fell more than 2%, Morgan Stanley fell nearly 2%, JPMorgan Chase, Goldman Sachs fell more than 1%. Energy stocks, Occidental Petroleum fell more than 6%%, Schlumberger fell nearly 5%, Continental Resources fell more than 4%, Exxon Mobil fell more than 2%.
Most popular Chinese stocks underperformed the broader market, with Chinese ETFs KWEB and CQQQ falling more than 5% and 3%, respectively. Among individual stocks, Drip closed down nearly 20%, and by the close of trading had fallen nearly 11% from the issue price, while Pupu Culture, which has been listed for four trading days as Drip, fell more than 40%, Full Help fell more than 17%, BOSS Direct Employment fell nearly 16%, Zhihu fell more than 15%, Tiger Securities fell more than 14%, Futu Securities fell more than 9%, and Dingdong Buy food fell nearly 8% on its fifth day of listing; while RuiXing Coffee, which rose more than 10% during the session, closed up more than 7%, and Weibo closed up more than 3%. The company closed up more than 7%, Weibo closed up more than 6%, highway education and ideal car closed up about 2.8%.
In Europe, the pan-European stock index Euro Stoxx 600 ended a three-day streak of gains, falling away from more than two weeks of highs. Various sectors, down nearly 2.9% of the automotive and parts led the decline, banks and basic resources are down more than 2.5% decline, while Monday’s deficit in technology, media, health care have rebounded, up between 0.3% and 0.7%. Major European stock indexes fell on Tuesday, with the British mid-cap index FTSE 250, which hit a record high on Monday, closing down 0.55%.
The 10-year U.S. bond yield fell more than 7 basis points below 1.35% The 30-year yield fell below 2% for the first time in two weeks
U.S. 10-year benchmark Treasury yields in the Asian market, European shares before the market had been at 1.44% above, refreshing the daily high rose more than 2 basis points, since the European stock market turned down after the continued downward movement, ISM data released, U.S. stocks fell below 1.35% in early trading, hitting a new intraday low since February 24 this year, the intra-day drop of more than 7 basis points.
The 30-year U.S. bond yield once approached 1.97% after the ISM data was released, dropping close to 7 basis points intraday and testing the 200-day average, falling below 2% for the first time since June 21.
By the close of U.S. equities, the 10-year U.S. bond yield was above 1.35%, and after-hours it was back below 1.35%, setting a new more than four-month low. By the end of the day in New York, the 10-year U.S. bond yield fell 7.57 basis points during the day to 1.3481%; the 30-year fell nearly 9 basis points to 1.8991%, and the 2-year yield, the smallest decline in U.S. bonds of all maturities, fell 1.37 basis points to 0.2179%.
European government bonds on Tuesday prices rebounded collectively, yields all back to Monday’s gains, the British bond yields fell first. British 10-year benchmark government bond yields fell 8 basis points to 0.634% during the day; German government bond yields fell 6.5 basis points to -0.268% during the same period.
Dollar index hits biggest intraday gain in more than two weeks Most cryptocurrencies, including bitcoin, continue to fall, coinancoin ethereum rallies
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, has continued to move upward since the European stock market opened, with U.S. stocks once rising above 92.60 at midday, returning to intraday levels from Friday, July 2, up nearly 0.5% during the day, the largest intraday gain since June 18.
By Tuesday’s U.S. stock market close, the dollar index was above 92.50, up more than 0.3% on the day; the Bloomberg Dollar Spot Index rose 0.4%, the largest gain since June 17, erasing most of the losses after the release of the U.S. June nonfarm payrolls report on Friday.
Bitcoin (BTC) rose more than $35,000 in early European shares when it set a new daily high, and has since retreated, falling below $33,600 at lunchtime in the U.S. to set a new daily low, down more than $2,000 from the intra-day high, a percentage drop of more than 4%, and closing close to $34,000 in the U.S., down nearly 0.6% in the last 24 hours. Bitcoin has shaken to the downside since a short intraday rise above $36,000 on Sunday EST.
Ether (ETH), the second-largest cryptocurrency by market capitalization after bitcoin, approached a new daily high of $2,350 in early European trading and has since fallen below $2,300, before reentering $2,300 at midday in the U.S. and closing above $2,300 in the U.S., up more than 3% in 24 hours.
CoinMarketCap data show that most of the mainstream cryptocurrencies continued to fall on Tuesday, but the rate of decline moderated compared to Monday, to the closing of U.S. stocks, market capitalization down one to the seventh cryptocurrency dogcoin (DOGE) the recent 24-hour cumulative decline of nearly 1.7%, the fifth, 12th and 13th largest cryptocurrency Cardano (ADA), Bitcoin Cash (BCH) and Litecoin (LTC ) are down more than 1%, cryptocurrency Ripple (XRP), the sixth largest cryptocurrency by market capitalization, is down nearly 0.8%, while coin (BNB), the fourth largest cryptocurrency by market capitalization, is up more than 4.8%.
Crude Oil Hits Biggest Drop in Seven Weeks U.S. Oil Turns Down After Hitting More Than Six-Year Highs, Cloth Oil Falls Off Near Three-Year High
International crude oil futures turned lower during the session. U.S. WTI crude oil had pushed $77 up to $76.98 in early European shares, hitting a new intraday high since November 2014, up more than 2.4% intraday, before continuing to fall and turning lower in the U.S. pre-market. Brent crude oil had risen above $77.80 in early European shares, setting a new nearly three-year high, up nearly 0.9% intraday, also turning lower in European shares intraday.
Finally, WTI August crude oil futures closed down $1.79, or 2.38%, at $73.37 per barrel, a new closing low since last Thursday, June 29; Brent September crude oil futures closed down $2.63, or 3.41%, at $74.53 per barrel, falling off the more than two-and-a-half-year high set on Monday, and U.S. oil both hit their biggest closing losses since May 19. Bu oil closed at $77 on Monday for the first time since Oct. 29, 2018, in the main contract.
U.S. gasoline and natural gas futures also both fell.
NYMEX August gasoline futures closed down 3.1% at $2.2282 per gallon, falling off the closing high for the spot month contract since Oct. 28, 2014, set on Friday, while NYMEX August natural gas futures closed down 1.7% at $3.637 per million British thermal units, falling off the high set on Friday since Oct. 21, 2018, ending a four-day streak of record of new highs since October 2018.
Copper hits biggest drop in more than two weeks and a two-week low Tin hits another 10-year high Gold approaches $1,800 for a near three-week high and longest streak in more than six weeks
London base metals futures were mostly lower on Tuesday. Copper and nickel ended a two-day winning streak, with copper plunging more than 2 percent to $9,312 per tonne on Monday, the biggest drop since June 18 and a new low since June 22, after rising above $9,500 for the first time in nearly three weeks. Lunar nickel closed below $18,000 for the first time in two weeks. Zinc and aluminum fell for the second day in a row, with aluminum falling further off the more than three-year highs set on Friday. However, lead rebounded and moved back closer to a near three-year high. Tin rose for the fourth day in a row to close close close to $31,700,000, a two-day streak of new 10-year highs.
In precious metals, New York gold futures closed up for four consecutive trading days, the longest streak since May 20. COMEX August gold futures closed up 0.6% at $1,794.20 per ounce, a new closing high since June 16, closing so close to the $1,800 mark for the first time since June 16, roughly recovering from the June 16 Fed post-meeting dot plot release suggesting an early half of the decline since the rate hike. New York silver futures retreated, closing down 1.2% on Tuesday. Platinum ended a three-day streak of gains, closing down 0.3%. Palladium rose for the second day in a row, closing up 0.1%.