Vietnam and other places forced to strengthen the prevention of the epidemic to make investors more worried about the new crown pneumonia epidemic threatens the global economic recovery, coupled with the tension between the two economies, the European and American stock markets fell together, none of the sectors were spared, the energy sector dragged down by the fall in crude oil continued to lead the decline in U.S. stocks, the impact of Treasury yields led by the decline in bank stocks.
Investors flocked to the bond market to seek safe-haven, European and American Treasury prices surged, yields fell sharply, 10-year U.S. bond yields fell through 1.2% for the first time since February. The dollar also surged amid market panic, with the dollar index standing at the 93.00 mark intraday for the first time in more than three months. Cryptocurrencies fell in tandem under upward pressure from the dollar, with bitcoin falling toward the $30,000 mark.
OPEC+ reached an agreement over the weekend to increase production on a month-by-month basis starting in August and raised the benchmark for oil production in Saudi Arabia, the UAE, Russia and Iraq. International crude oil futures, which rallied on Friday, resumed their downward trend, accelerating downward in the European and US trading sessions along with a stronger dollar, with US WTI crude oil futures falling more than 7% for the first time since September last year. In other commodities, copper and other industrial metals fell in general under the concern of economic recovery; gold and other precious metals all continued to sink under the pressure of a stronger dollar.
The three major U.S. stock indexes hit a near-month low, with the Dow falling more than 700 points and the Nasdaq hitting its biggest drop in two months. The energy sector led the decline for the fourth consecutive day, with Nvidia up more than 3% against the market.
The three major U.S. stock indexes opened lower collectively, with the Dow Jones Industrial Average and the S&P 500 Index opening lower. U.S. stocks during the midday session, the Dow fell more than 930 points at one point, hitting a new low since June 22, a percentage drop of nearly 2.7%; the S&P fell nearly 2.2% at one point, hitting a new intraday low since June 22. The Nasdaq Composite Index fell more than 1.7% when it hit a new intraday low since June 22 in early trading, before narrowing its losses and expanding again to more than 1% at lunchtime.
In the end, the three major stock indexes collectively closed lower for the second consecutive day, all hitting new lows since June 23 to close. The Dow closed down 725.81 points, or 2.09%, at 33,962.04 points, the largest closing decline since October 28 last year. The S&P 500 closed down 1.59% at 4258.49 points, while the Nasdaq closed down 1.06% at 14274.98 points, and the S&P both posted their biggest losses since May 12 this year.
Value stocks dominated the small-cap index Russell 2000 closed down 1.51%, although it did not continue to lose the Dow and S&P, but has fallen for five days in a row, closing at a new low since Jan. 28. The technology-heavy Nasdaq 100 index closed down 0.9%.
Measure the volatility of U.S. stocks “panic index” – Cboe’s volatility index VIX rose more than 30% during the day, closing up nearly 22%, closing above 19.00 points for the first time since May 21.
Dow components, Boeing closed down nearly 5% led the decline, three financial stocks American Express, JPMorgan Chase and Goldman Sachs fell more than 4%, 3% and 2%, respectively. The S&P 500’s 11 sectors fell on Monday, the energy sector fell more than 4% during the session to close down more than 3%, the fourth consecutive trading day led the decline, the financial sector, which had fallen about 3% during the session, closed down 2.8% followed by materials and industrial also fell more than 2%, in addition to a decline of about 0.3% of essential consumer goods, the other remaining sectors fell more than 1%.
Tesla and FAANMG six major technology stocks fell at least 1% during the session, most closed lower, the session had fallen more than 3% Apple closed down more than 2%, Facebook, Google parent company Alphabet, Microsoft fell more than 1%, Amazon fell nearly 0.7%, while Nifty closed up nearly 0.4%, the end of the turn up Tesla closed up 0.3%. Other technology stocks, although the semiconductor ETF SOXX closed down 0.1%, but the chip stocks Nvidia opened low and high, once up more than 4.8% in early trading, closed up more than 3%, becoming the best performing S&P 500 components.
Airline, cruise and energy stocks sensitive to the economic recovery fell in tandem. Norwegian Cruise Lines and Carnival Cruise Lines closed down more than 5%; United Airlines fell more than 5%, American Airlines fell more than 4%, Delta Air Lines fell more than 3%; Marathon Oil closed down more than 5%, Exxon Mobil fell more than 3%, the only energy stocks in the Dow components Chevron fell more than 2%.
Most of the popular Chinese stocks continued to sink. Chinese ETFs KWEB and CQQQ fell more than 2% and 1%, respectively. Pu Pu culture fell more than 21%, New Oriental fell more than 9%, Drip travel fell more than 7%, High Way fell more than 6%, Good Future fell more than 5%, Douyu fell more than 3%, Poundland, Tencent Music and Tencent ADR fell more than 2%, Alibaba fell more than 1%, while Zhihu turned up in early trading after retaining the gains, closing up 1.9%, three new energy vehicle stocks also turned up in the session, Azera and Xiaopeng car closed up more than 1%, ideal car rose more than 0.7%.
In Europe, the pan-European stock index Euro Stoxx 600 index fell for the fourth consecutive session, hitting a new low since May 20 and the biggest closing decline since December 21 last year. Of the 19 sectors of the Stoxx 600, only five fell less than 2% on Monday, with banks, oil and gas, insurance, mining stocks in the basic resources, travel and leisure sectors all down more than 3%, but Sumo Group, the British game developer that Tencent agreed to buy for £919 million, surged 40.5%. Major European stock indexes fell at least 2%, British and Western stocks hit the biggest closing losses since May 11 and April 20 this year respectively, German stocks hit the biggest drop since December 21 last year, French and Italian stocks hit the biggest drop since October 28 last year.
10-year U.S. bond yields fell 10 basis points a day for the first time since February fell below 1.20% British and German bond yields also hit a new low in more than May
U.S. 10-year benchmark Treasury yields continued to fall on Monday, U.S. stocks in the morning session, for the first time since February fell below 1.20%, once approaching 1.17%, a new intraday low since February 12, down 12 basis points during the day. 30-year U.S. bond yields had fallen to 1.80% in U.S. stocks in the morning session, a new low since late January, also fell by more than 10 basis points during the day.
By the time U.S. stocks closed, the 10-year U.S. bond yield was about 1.19%, down 10 basis points during the day, the largest drop since November last year; the 30-year U.S. bond yield was about 1.82%, still down more than 10 basis points during the day.
European government bonds continued to rise in price on Monday for the most part, but Italian and Greek government bond prices fell back slightly, with yields picking up slightly. British 10-year benchmark Treasury yields intra-day 6.6 basis points at 0.56%, the U.S. stocks had fallen to 0.516% at the beginning of the day, a new intraday low since February 12, an intra-day drop of more than 10 basis points; German government bond yields fell 3.2 basis points to -0.386% during the same period, the U.S. stocks had fallen to -0.402% at the beginning of the day, also a new intraday low since February 12, an intra-day drop of nearly 5 The US stocks had fallen to -0.402% at the beginning of the session, also hitting a new intraday low since February 12, with an intra-day drop of nearly 5 basis points.
Crude Oil Hits Nearly Two-Month Low U.S. Oil Hits Biggest Decline in Ten Months Natural Gas Hits Two-and-a-Half-Year High
International crude oil futures, which just ended a two-day losing streak on Friday, plunged on Monday.
U.S. WTI August crude oil futures closed down 7.50% at $66.42/barrel, a new closing low since May 28 this year and the biggest closing drop in the spot contract since September 8 last year; Brent September crude oil futures closed down 6.75% at $68.62/barrel, a new closing low since May 24 this year and the biggest closing drop in the main contract since March 18 this year .
U.S. gasoline and natural gas futures were mixed. nymex August gasoline futures closed down nearly 6.4% at $2.11/gallon, a new low since May 21, while nymex August natural gas futures rose for a second day, closing up 2.9% at $3.78 per million British thermal units, a new high since Dec. 21, 2018.
The dollar index rose above 93 intraday for the first time in more than three months, and bitcoin fell toward $30,000 to a three-week low
The ICE Dollar Index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, stood above the 93.00 mark for the first time since April 5 during the European session, approaching 93.04 at one point and rising nearly 0.4% during the day, after U.S. stocks had turned lower before the session and quickly turned higher early in the session, remaining generally above 92.80 at midday. By Monday’s U.S. stock market close, the dollar index was above 92.80 at 92.842, up nearly 0.2% intraday; the Bloomberg Dollar Spot Index rose 0.3%, both extending last week’s gains.
Bitcoin (BTC) fell below $30,500 in early U.S. trading, hitting a new low since June 26 after Friday, down more than $1,000 from the intraday high in the European session, a percentage drop of more than 4%, and closing below $30,800 in the U.S., down more than 3% in the last 24 hours.
Ether (ETH), the second largest cryptocurrency by market capitalization after Bitcoin, approached the $1,800 mark during the European session, also hitting a new intraday low since June 26, down more than 6% from its intraday high, and closing below $1,900 in the U.S., down more than 4% in the last 24 hours.
CoinMarketCap data shows that mainstream cryptocurrencies all fell on Monday, with the fourth largest cryptocurrency by market capitalization, BNB, down more than 7% in the last 24 hours, the fifth, eighth and 12th largest cryptocurrencies, Cardano (ADA), Dogcoin (DOGE) and Bitcoin Cash (BCH), all down more than 5%, and the seventh and 13th largest cryptocurrencies, Ripple (XRP) and Litecoin (LTC) fell nearly 5%.
Copper and nickel hit their biggest losses in a month, while tin ended its five-game positive streak and left record highs.
London base metal futures fell across the board on Monday, with copper and lead falling for two days in a row, with copper closing down about 2.2%, the biggest drop since June 17, at $9,222 per ton, the first time since June 21 to close below $9,300; lead hit a new low since the first of the month. Lunar aluminum fell for four consecutive days, hitting a new low of nearly one month. Zinc and nickel ended a two-day winning streak, falling to one-month and four-month highs, respectively, with nickel closing down 3.2%, the biggest drop since June 17. Lun tin ended a five-day streak of gains, falling away from the all-time high set on Friday, still above $33,000.
In precious metals, New York gold, silver and platinum futures all fell for a second straight session. comex August gold futures closed down 0.3% at $1,809.20/oz, a new low since last Monday and further off the June 16 high set last Thursday. comex September silver futures closed down 2.5% at $25.14/oz, a new low since April 12. NYMEX October platinum futures closed down nearly 3.4% at $1,071.4/oz, a new low since June 29. Palladium fell for five days in a row, with NYMEX September palladium futures closing down 1.7% at $2,592.7/oz, a new low since June 22.