The major U.S. stock indexes took a break from their gains after record highs and closed slightly lower. JOLTS job openings hit a two-year high, economic data continued to support the outlook for a positive recovery, and U.S. bond yields continued to retreat. But some leading technology stocks such as Google fell, dragging down the Nasdaq and S&P turned down, while the Dow fell back under the chain of drugstore giant Walgreens, Boeing and other constituents.
Although most blue-chip technology stocks fell, but Tesla and three Chinese new energy auto stocks closed against the market, Vipshop and other three Archegos recently rumored to be dumped by Credit Suisse burst victim stocks collective big rally. Top Chinese outperformed the broader market, with the most prominent performance of the new Chinese stock Lian Dai Technology, which rose over 1000% intraday.
Among commodities, crude oil, which plunged on Monday, rebounded. Market concerns about talks related to the Iran nuclear deal look to be making little progress, with the threat of a big increase in Iranian crude exports taking a break. Iran called Tuesday’s consultations “constructive” after talks aimed at restarting the deal were scheduled to continue on Friday, but insisted that the U.S. first withdraw all sanctions, arguing that real progress could then be made.
Thanks in part to a further drop in the dollar index, precious metals such as gold rose, and industrial metals, led by copper, also moved higher.
In Europe, the pan-European stock index hit a record high, led by mining and travel stocks, with German shares reaching another record high and Credit Suisse European shares falling slightly.
Dow indexes fell away from record highs Vipshop and other Archegos pop stocks sold by Credit Suisse rebounded strongly, while new Chinese stock Lian Dai Technology rose over 800%
The three major U.S. stock indexes opened collectively lower, with mixed performance in the session. The S&P 500 and the Nasdaq Composite Index, which opened slightly lower, turned up at the beginning of the session, after which the Nasdaq maintained a modest increase, near midday when a new daily high, up more than 0.5%, the S&P at the end of the morning session for the fourth consecutive day of new intraday highs, up 0.2% during the day, and had turned down at midday. The Dow Jones Industrial Average fell nearly 90 points at the beginning of the session when it set a new daily low, and had turned up briefly in early trading, but fell for most of the day.
The end of the three major stock indexes collectively down to refresh the daily low, the S&P and the Nasdaq turned down, respectively, once fell nearly 0.24% and more than 0.2%, the Dow’s largest intra-day decline of nearly 150 points.
The final three indices collectively closed lower, the S&P and the Nasdaq ended a three-day streak of gains. The Dow closed down 96.95 points, or 0.29%, at 33,430.24 points, ending a two-day winning streak, falling from the closing high set on Monday. The S&P closed down 0.1% at 4073.94 points, closing at a new high for the second consecutive day as of Monday. The Nasdaq closed down 0.05% at 13698.38, falling away from the closing high set on Monday since Feb. 19.
The value-oriented small-cap index Russell 2000 turned lower at midday, closing down 0.25%, falling from the high set on Monday since March 22, down more than the S&P and Nasdaq. The tech-heavy Nasdaq 100 index closed down 0.14%.
The S&P 500’s 11 major sectors, five closed down on Tuesday, including a decline of nearly 0.4% in information technology led the decline, health care fell more than 0.3%, industrial and energy fell more than 0.2%, finance fell about 0.1%. Rising sectors, up more than 0.5% of the utilities led the way, essential and non-essential consumer goods were up more than 0.3%, the bottom of the rise was a slight increase of less than 0.1% of telecommunications services. The first two days of the week in general, energy performance is the worst, non-essential consumer goods performance is the best.
Dow components, Walgreens fell nearly 2% led by declines, commercial health insurance giant UnitedHealth, Intel, Boeing, Caterpillar, IBM fell more than 1%, the only energy stocks Chevron continued to fall, closing down nearly 0.9%, while, Nike and McDonald’s rose more than 1%.
Most of the leading technology stocks fell. FAANMG six major technology stocks, only up more than 0.2% of Apple, up 0.7% of Nifty two closed up, Facebook fell nearly 0.9%, Microsoft fell nearly 0.5%, Google parent company Alphabet fell more than 0.4%, Amazon closed down less than 0.1%. Tesla had fallen 1.4% at the beginning of the session, turned up more than once after the early session turned down, and turned up at lunchtime, closing up less than 0.1%.
Chip stocks among technology stocks fell prominently. Philadelphia Semiconductor Index fell more than 1%, AMKR fell more than 3%, Applied Materials, KLAC, MKSI, ASML, Microchip Technology and others fell more than 2%, but CYBE rose about 4%.
Top Chinese outperformed the broader market, with Chinese ETFs KWEB and CQQQ up more than 2% and 1%, respectively. Among individual stocks, cell phone maker United Generation Technology (UTME) opened at $11 on its first day of trading in the U.S. on Tuesday, up 175% from the issue price, rising to $46 when it set a new intraday high, up 1,050% at one point during the day, and finally closing at $39, up 875%.
Like Tesla, the three Chinese electric car stocks rose generally, with Ideal Auto and Xiaopeng up more than 2% and Azera up more than 1%. Other Chinese, with who learns rose about 14%, Aiki Yi rose about 10%, Touniu and Tiger Securities rose more than 8%, Tencent Music rose more than 6%, Vipshop rose more than 5%, Alibaba rose more than 2%, Baidu rose nearly 2%, Tencent ADR and Jingdong rose more than 1%, happy car is down about 5%, the thing agricultural network fell about 10%, Yibang International fell about 13%.
In Europe, the pan-European stock index closed up for the fourth time in the last five trading days, led by mining stocks and tourism stocks in the sector, the German stock index closed at a record high for the fifth time in the last six trading days. Among individual stocks, although the loss of 4.4 billion Swiss francs due to Archegos burst blow, forced to suspend share buybacks, cut dividends, but last week’s cumulative decline of more than 18% of Credit Suisse on Tuesday fell significantly moderated, closing down nearly 0.4%.
10-year U.S. bond yields fell to a more than one-week low
Unlike Monday’s intraday turn down, the U.S. 10-year benchmark Treasury yield stayed down all day Tuesday, U.S. stocks fell to a new daily low below 1.66% at midday, back to the level last Friday, March 26, down more than 4 basis points during the day.
By the time U.S. stocks closed, the 10-year U.S. bond yield was about 1.65%, down 5 basis points during the day; the 30-year U.S. bond yield was reported at 2.32%, down 3 basis points during the day; the 2-year U.S. bond yield fell 1 basis point to 0.16% during the day.
The 5-year U.S. bond continues to lead the way in terms of maturities, and its yield decline continues to lead the way.
European Treasuries performed mixed on Tuesday, with British bonds essentially closing flat and German bond prices falling and yields rebounding. British 10-year benchmark Treasury yield of about 0.79%, roughly unchanged from the previous trading day last Thursday; German bund yield rose 1 basis point to -0.32% during the same period.
Crude oil rose more than 3% intraday U.S. oil came out of a nearly two-week low but failed to close to recover $60
International crude oil futures, which plunged on Monday, rebounded on Tuesday. U.S. WTI crude oil had risen to a new daily high of $60.90 in early U.S. trading, up more than 3.8% intraday, Brent crude oil approached $64.30 in early U.S. trading, up more than 3.4% intraday, and has since gradually retraced more than half of its gains, with U.S. oil and Brent oil returning to $60 and $63 below, respectively.
WTI May crude oil futures closed up $0.68, or 1.16%, at $59.33/barrel; Brent June crude oil futures closed up $0.59, or 0.95%, at $62.74/barrel, respectively, out of the lows hit on Monday since March 23 and March 25, both closed down more than 4% on Monday, both the largest closing decline since March 23.
The dollar index hit a two-week low, bitcoin once fell more than $2,000, and ethereum hit a record high.
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies of the U.S. dollar, had approached 92.80 in the European stock market to refresh the daily high, up 0.2% during the day, after U.S. stocks turned down before the market all the way down, U.S. stocks had approached 92.30 at midday, a new low since March 23, down about 0.3% during the day, U.S. stocks once fell below 92.28 after the market, down more than 0.3% during the day.
By Tuesday’s U.S. stock market close, the dollar index was slightly above 92.30, down more than 0.3% intraday, down two days in a row; the Bloomberg Dollar Spot Index fell 0.2%, setting a new two-week low.
Mainstream cryptocurrencies mostly continued to rise on Tuesday, except for Bitcoin. Bitcoin (BTC) fell below $57,300 in early U.S. trading, dropping more than $2,200 from its intra-day high in early Asian trading, before closing back above $58,400 in the U.S., down more than 1% in the last 24 hours.
Ether (ETH), the second largest cryptocurrency after Bitcoin in terms of market capitalization, had risen above $2,150 in early Asian trading, refreshing the intraday record high set on Friday, but has since fallen back, once below $2,050 in early U.S. trading to refresh the daily low, down more than 5% from the intraday high, back on $2,100 at midday, with U.S. stocks closing above $2,100, up nearly 0.5% in 24 hours.
London-based copper hit its biggest gain in more than six weeks and a new two-week high Gold’s four consecutive positive days hit the longest streak in nearly two months and a new high in more than five weeks
London base metals futures rose collectively on Tuesday, the first trading day of the week, led by a percentage gain of nearly 3% for copper. Recently released positive U.S. non-farm payrolls and services data, coupled with the risk of supply disruptions in Chile, copper rose for the third consecutive session, the largest one-day gain in more than six weeks, and regained the $9,000 mark for the first time in two weeks. Aluminum and nickel also rose for three consecutive days, hitting a one-week and one-month highs, respectively. Lead, zinc and tin rallied, with tin hitting a two-week high.
New York gold futures rose for the fourth consecutive session, with COMEX June gold futures closing up 0.8% at $1,743.00 per ounce, a new closing high for the main contract since Feb. 25 and the longest streak of rising days since Feb. 10. Platinum also rose four days in a row, just ended a two-day streak of gains in New York silver futures rebounded.
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