Following the ECB’s hint to maintain super easing for longer, China’s central bank made a direct move to cut rates across the board, boosting market expectations of an economic recovery, as U.S. and European stocks rebounded and prices of U.S. Treasuries, which had been rising for eight days, finally fell, with yields coming off their February lows and the dollar index falling further off its three-month high.
U.S. stocks were led higher by the financial sector, which benefited from the fall in U.S. bond yields. Small-cap stocks and popular mid-caps, which have continued to underperform the broader market this week, raised their eyebrows. Drops ended a four-day losing streak with the second-largest closing gain in seven days since its IPO. New Oriental, which had fallen more than 9 percent for two consecutive days, had gained more than 7 percent intraday. Alibaba and Poundland, which were named by regulators on Thursday, also both rallied. European stocks were led higher by mining, auto and banking stocks.
All three major U.S. and pan-European stock indexes were up for the week, but U.S. small-cap stocks and many European stock indexes except Germany were still down. European and U.S. Treasury yields remained cumulatively lower.
Most industrial metals, including copper, and gold, which benefited from lower U.S. bond yields, rallied on Friday, fueled by a falling dollar, with gold holding steady at the $1,800 psychological barrier; crude oil also advanced further, surging for the first time this week, but still accumulated losses for the week. Copper reversed its full-week decline with the help of Friday’s high, and gold fell only one day this week on Thursday, its best single-week result since late May.
Cryptocurrencies were mixed on Friday and throughout the week, with bitcoin holding steady at $33,000 on Friday and briefly rising above $34,000, while ethereum hit a one-week low intraday. Dogcoin, which led Friday’s gains, led losses for the week.
The three major U.S. stock indexes are at record highs, with the Nasdaq up the most in five weeks and the S&P Dow up the most in nearly three weeks, while the Chinese outperformed the broader market for the first time in a week.
The three major U.S. stock indexes collectively opened higher. The three major U.S. stock indexes collectively opened higher, all hitting new intraday highs at midday. The S&P 500 index rose nearly 1.2% on the day when it reached a new high; the Dow Jones Industrial Average rose more than 470 points on the day when it set a new intraday high at midday, up nearly 1.4%, and the S&P both hit the biggest intraday gain since last Monday, June 21. Nasdaq composite index at noon when the new daily high, up about 1% intraday, the largest intraday gain since June 4.
In the end, the three major indices all hit new closing highs, with the Dow closing up 448.23 points, or 1.3%, at 34870.16 points, and the S&P 500 closing up 1.13%, at 4369.55 points, both the largest closing gains since June 21. The Nasdaq closed up 0.98% at 14,701.92 points, the largest closing gain since June 4. By Friday, the S&P had made record highs for three days this month.
Small-cap stocks outperformed the broader market for the first time in the last five trading days, with the value-cap-dominated small-cap index Russell 2000 closing up 2.17 percent. The technology-heavy Nasdaq 100 index closed up 0.71%, underperforming the broader market but closing at a new high.
This week, the three major stock indexes are the third consecutive week of cumulative gains, the Dow rose 0.24%, the S&P rose about 0.4%, the Nasdaq rose about 0.43%; Russell 2000 fell 1.12%, down two weeks in a row; Nasdaq 100 rose 0.67%, up eight weeks in a row.
The S&P 500’s 11 major sectors rose on Friday, led by Thursday’s decline in finance rose nearly 2.9% led by gains, followed by about 2% rise in energy and materials, the smallest increase in utilities rose less than 0.2%.
Dow components, Goldman Sachs and JPMorgan Chase rose more than 3% to lead, the Philadelphia Bank Index rose more than 4%. Caron Oil rose more than 5%, leading the oil stocks. Leading technology stocks mostly rose, Tesla rose more than 0.6% for two consecutive days. six major technology stocks FAANMG, Facebook and Apple rose more than 1%, Nifty rose nearly 1%, Google parent Alphabet rose nearly 0.4%, Microsoft rose nearly 0.2%, while three consecutive days of record highs Amazon fell more than 0.3%.
Top Chinese stocks beat the broader market for the first time in a week, with Chinese ETFs KWEB and CQQQ up more than 4% and nearly 2.9%, respectively. On its seventh day of trading, Drops closed up more than 7%, the second-largest closing gain after last Thursday, erasing Thursday’s 6% drop, while Popmay continued to sink, closing down more than 8%, easing from Thursday’s more than 25% decline. Among education stocks, Good Future rose more than 8%, and New Oriental, which closed down more than 9% for two consecutive days, closed up more than 5%, while High Way rose nearly 4%. Thursday were down more than 3% of the three BAT giants, Tencent ADR rose more than 4%, Baidu rose more than 3%, Alibaba rose nearly 3%. E-commerce giants, Jingdong rose more than 3%, Poundland rose more than 2%. The performance of new energy auto stocks was relatively poor, Peng car and Azera car fell about 0.2%, ideal car slightly up. In addition, BOSS direct employment rose nearly 16%, RuiXing coffee rose more than 15%.
In Europe, pan-European stock indices rebounded strongly, with the Euro Stoxx 600 index hitting its biggest closing gain since May 5. The sectors, led by mining stocks in the sector based on resources rose 4%, the largest gain in two months, followed by more than 3.4% rise in automotive and parts, banks rose more than 2% to roughly erase Thursday’s losses. Major European stock indexes Friday, a big rebound across the board, Germany, Britain, Italy stocks are the biggest gains since May 5, French stocks and Western stocks are the biggest gains since March 8.
Stoke 600 index this week, a small accumulation of gains, but has been enough to erase last week’s cumulative losses. Despite Friday’s big rally, both the auto and banking sectors were down more than 1% for the week, and oil and gas fell more than 2%, the biggest drop among the sectors. Basic resources were up more than 2% for the week, leading the gainers. In addition to German stocks, the week’s stock indexes have accumulated losses, German stocks rose for three weeks in a row, the United Kingdom, Italy and Western stocks fell for two weeks in a row, French stocks ended two weeks of gains.
U.S. bond yields out of more than four months low, still falling this week
U.S. 10-year benchmark Treasury yields U.S. stocks rose above 1.36% at midday to refresh the daily high, back to Wednesday’s European stock market before the level, completely goodbye to Thursday’s intraday fall below 1.25% set by the intraday low since February 16.
The 30-year U.S. bond yield, which fell below 1.90% intraday for the first time since February on Thursday, also recovered significantly on Friday, approaching 2.00% at lunchtime and rising nearly 6 basis points during the day.
By the close of the U.S. stock market, the 10-year U.S. bond yield was about 1.36%, up about 7 basis points during the day, and still fell by more than 6 basis points this week; the 30-year U.S. bond yield was close to 1.99%, up more than 5 basis points during the day, and fell by about 5 basis points this week, both for two consecutive weeks of cumulative decline.
European government bonds fell in price on Friday, yields rose, but still fell cumulatively this week. British 10-year benchmark bond yields rose 4.3 basis points to 0.655% during the day; German bond yields rose 1.4 basis points to -0.293% during the same period. This week, British bond yields fell 4.8 basis points, German bond yields fell 5.8 basis points, both for two consecutive weeks of cumulative decline, but the rate of decline than last week’s German bond fell more than 8 basis points, the largest single-week decline since December last year.
Dollar index moves further off three-month highs Bitcoin briefly rises above $34,000 Dogcoin leads Friday’s gains but leads losses for the week Coin is up more than 10% for the week
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies of the U.S. dollar, once again staged an intraday turn lower, after having risen above 92.50 to a new daily high before the European session on Friday, up more than 0.1% during the day, and continued to move lower after the European session turned lower in early trading, with the U.S. stock market falling below 92.10 to a new daily low at midday, further moving away from the intraday high set by Wednesday’s rise above 92.80 since early April, extending the intraday decline to The day’s decline extended to more than 0.3%.
By Friday’s close, the dollar index was below 92.10 at 92.093, at its lowest level since June 29 at the same time, down more than 0.3% intraday and down nearly 0.16% for the week, giving back some of last week’s gains; the Bloomberg Dollar Spot Index fell 0.4%.
Bitcoin (BTC) Friday shock upward, the U.S. stock closed above $ 33,000, up more than 1% in the last 24 hours, once rose above $ 34,000 after the bell, compared with the early Asian market intraday low rose nearly $ 1,800, a percentage increase of more than 5%.
The second-largest cryptocurrency after Bitcoin in terms of market capitalization, Ether (ETH), fell below $2,050 in early Asian trading to hit a one-week low, and U.S. stocks had approached $2,190 in early Asian trading to refresh the daily high, up nearly 7% from the early Asian intraday low, with U.S. stocks closing below $2,200, down nearly 0.9% in 24 hours.
CoinMarketCap data shows that mainstream cryptocurrencies were mixed on Friday, by the end of the U.S. stock market, the seventh largest cryptocurrency by market capitalization Dogcoin (DOGE) accumulated more than 4% in the last 24 hours, the best intraday performance, the sixth, 12th and 14th largest cryptocurrency Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) rose about 1%, while the fifth largest cryptocurrency The fifth largest cryptocurrency, Cardano (ADA), fell more than 1%, and the fourth largest cryptocurrency, BNB, dropped more than 0.6%.
Cryptocurrencies were also mixed throughout the week, with BNB up more than 11.2% in the last seven days, BCH up nearly 3.3%, ETH up more than 2.1%, BTC up nearly 0.6%, LTC up more than 0.1%, and DOGE down nearly 9% in the worst performance, ADA and XRP both down more than 1.7%.
U.S. oil and oil prices rose the most in the past three weeks and seven weeks, but the first week in seven weeks of cumulative losses
International crude oil futures rose for the second consecutive day, but failed to reverse the cumulative decline for the entire week.
U.S. WTI August crude oil futures closed up 2.22% at $74.56/barrel, the largest closing gain since June 21 that month contract, the first close this week rose above $74; Brent September crude oil futures closed up 1.93% at $75.55/barrel, the largest closing gain in the main contract since May 24, the last four days for the first time to close on $75.
Both U.S. oil and Brewer’s oil fell about 0.8 percent for the week, ending a six-week streak of gains. This mainly stems from Tuesday, U.S. oil and oil prices fell more than 2% and 3%, respectively, the largest closing decline since May 19, and on Wednesday, both fell more than 1%.
NYMEX August gasoline futures closed up 1.6% at $2.929/gallon, up two days in a row, but down 0.3% for the week, up nearly 1.8% last week. 5.7%.
Copper hits biggest two-month gain and three-week high Gold hits $1,810 for first time in more than three weeks, up three weeks in a row
London base metals futures mostly rebounded on Friday. Copper closed up 2.1% at $9,520 per tonne, the biggest gain since May 7, and lead hit a new high since June 16; aluminum ended a four-day losing streak, out of a two-week low; lead rose for two days, hitting a three-year high. Lunnickel rose for three days in a row, up more than 2%, a new high of more than four months. However, the Lun tin fell for two days in a row, falling further away from the ten-year high.
Most base metals accumulated gains this week, with zinc, lead and tin rising for three weeks in a row, and copper and nickel erasing last week’s cumulative losses with Friday’s more than 2% surge. However, aluminum is down, ending a two-week streak of gains.
Thursday just ended a five-day streak of gold futures in New York rebounded to stand firm at the $1,800 mark. COMEX August gold futures closed up 0.6% at $1,810.60 per ounce, following Wednesday’s record high this week since June 16, is also the first time since June 16 closed above $1,810.
This week’s gold rose 1.53%, the third consecutive week of gains and the largest single-week gain since the week of May 21, thanks to two days throughout the week both hit a new high of about three weeks. New York silver futures ended a three-day losing streak, closing up 1%, but fell 1% for the week, ending a two-week winning streak. Platinum also left a three-day losing streak, ending up 0.7% for the week as it closed up 2%. Palladium rebounded, closing up less than 0.1%, up 0.7% for the week, and platinum are up two weeks in a row.