The annualized number of new housing starts in the U.S. hit a new high of nearly fifteen years in March, and the preliminary April consumer confidence index of the University of Michigan hit a new high since the outbreak of the epidemic in March last year. The two major U.S. stock indexes, the S&P and the Dow, continued to reach record highs driven by optimism about the global economic recovery, but leading technology stocks fell in tandem during the session, dragging the Nasdaq down intraday before finally reversing its losses in late trading.
Morgan Stanley’s first-quarter revenue and profit exceeded expectations by a large margin, but last month the family office Archegos’s fund burst on the bank caused losses of more than $ 900 million, more than two-thirds of the losses stemmed from the sale of related collateral at a discount to repay the fund’s equity financing loans. The bank’s shares turned lower at the beginning of the session, becoming one of the few big U.S. bank stocks to buck the market’s decline.
Coinbase, the No. 1 cryptocurrency exchange, rallied on its third day of trading, and is still far from its intraday high on its first day of trading. However, some investors see an opportunity to get in on the ground floor. As mentioned in the Wall Street Journal article, “bull queen” Cathie Wood’s ARK fund has bought about $352 million of the division’s shares in two days.
In Europe, European stocks also rose on the back of China’s economic data, with national stock indexes gaining throughout the week and the pan-European and German stock indexes both rising for the seventh week in a row. European government bond prices fell but were mixed throughout the week.
As U.S. stocks moved higher, U.S. bond prices fell, with 10-year U.S. bond yields coming out of a one-month low, and yields still accumulated a significant decline throughout the week. The dollar index fell further, gold and other precious metals rose, while most cryptocurrencies such as bitcoin stopped rising, with only dogcoin continuing to surge. Crude oil retreated as the epidemic worsened in parts of the world led by India, fueling demand concerns. Most industrial metals such as copper also resumed their decline. Industrial metals such as crude oil, gold, silver and copper all accumulated gains this week, with gold, silver and oil all posting their biggest weekly gains in recent memory.
The S&P hit a record high on Wednesday, with the energy and technology sectors bucking the market and the Nasdaq closing with a shocking gain.
The three major U.S. stock indexes opened collectively higher, with mixed performance during the session. The S&P 500 and Dow Jones Industrial Average both opened higher, but both rallied more moderately than Thursday. In early trading, the S&P hit a new intraday high for the seventh consecutive session, with the largest intraday gain of 0.4%, and the Dow hit a new intraday high for the third consecutive day. The Nasdaq Composite Index performed the worst, turning down at the beginning of the session, down nearly 0.44% in the early session when the new daily low, and had a short turn up at lunchtime.
The end of the three major indices ushered in a wave of pull-up, the Nasdaq again turned up, refreshing the intraday high set on Thursday since February 16, up nearly 0.17% during the day. The Dow rose more than 220 points when the new intraday high, and the S&P rose 0.5% when the new high.
Finally the three major indices closed up for the second consecutive day. The Dow rose for three consecutive days, closing up 164.68 points, or 0.48%, at 34,200.67 points, the S&P closed up 0.36%, at 4,185.47 points, two consecutive days of record closing highs, the S&P’s third day this week to close a new high. The Nasdaq closed up 0.1% at 14,052.34 points, a new high since February 12, Tuesday and Thursday both closed at a new high since February 16.
Small-cap stocks still failed to outperform the broader market on Friday, with the value-cap-dominated small-cap index Russell 2000 turning down more than once during the session to close up 0.25%, inferior to the S&P and Dow. The technology-heavy Nasdaq 100 index closed up 0.11%, also less than the S&P and Dow.
This week, the major U.S. stock indexes are cumulative gains, the S&P rose 1.37%, the Dow rose 1.18%, both up four weeks in a row; the Nasdaq rose 1.09% for three weeks in a row; Nasdaq 100 rose 1.42%; Russell 2000 rose 0.85%, continuing to lose the three stock indexes throughout the week.
It is worth mentioning that this week, the Dow Jones Transportation Average for the 11th consecutive week of cumulative gains, the longest streak of weeks since February 1989.
The S&P 500’s 11 major sectors, only down 0.9% on Friday, energy and a slight decline of 0.03% in information technology two closed lower. Up in the sector, up more than 1% of the materials led the way, up more than 0.1% of telecommunications services, up about 0.2% of real estate and industrial rose to the bottom, other sectors rose 0.6% to 0.8% or so.
Dow components, Cisco rose more than 2% led, Home Depot, Verizon, Goldman Sachs, Johnson & Johnson, American Express, Mercer rose more than 1%; and Boeing fell more than 1%.
Leading technology stocks had fallen collectively in early trading. six major technology stocks in FAANMG, only the plate turned up Amazon and Microsoft closed up, up 0.6% and nearly 0.5%, Facebook fell more than 0.5%, Nifty fell nearly 0.5%, Apple fell more than 0.2%, Google parent company Alphabet fell more than 0.1%. Tesla once fell nearly 2% in early trading, turned up at midday and closed up more than 0.1%.
Large U.S. bank stocks, only Citi and Friday just announced a quarterly report of Morgan Stanley closed lower, down more than 0.1% and 2.8%, respectively, both opened lower and turned lower in the session; Wells Fargo rose more than 3% performance best, Goldman Sachs and Bank of America rose more than 1%, JPMorgan Chase rose more than 0.7%. Wells Fargo also performed best throughout the week, accumulating gains of more than 8%, with Morgan Stanley accumulating the largest losses.
While most cryptocurrencies such as bitcoin retreated, Coinbase, which closed down more than 1% on Thursday, opened higher and had gained 7.2% during the day, closing up nearly 6%, but its closing price and the first day of its IPO on Wednesday rose above the high of $429 is still a 20% difference.
Shares of companies that invest in bitcoin or support bitcoin payments fell, with MicroStrategy (MSTR) down more than 6% and Coinbase down more than 16% in three days since its IPO. PayPal fell more than 1% and Square fell more than 2%, down nearly 2% and more than 6% respectively in the last three days, and Tesla fell more than 2% in three days.
Most of the popular Chinese stocks rose, with Jia Nan Cai Zhi and Who Learn up more than 6%, Zhi Zhi up more than 5%, Baidu, Stranger, Tiger Securities, Tencent ADR, Weibo, Weilai Auto and Ctrip up more than 1%. While the interesting headlines, ideal car fell 2%, fog core technology, Xiaopeng car fell more than 1%, Alibaba fell nearly 0.2%.
In the European market, the pan-European stock index three days in a row of record highs, announced a quarter of better-than-expected earnings of Mercedes-Benz parent Daimler rose nearly 3%, driving the auto sector rose more than 2% to lead the pack. Among the national stock indexes, another record high in German stocks rose more than 1% to lead the pack. The pan-European stock index rose more than 1% for seven consecutive weeks throughout the week, the longest streak since May 2018. German stocks also rose for seven weeks.
The dollar index hit another four-week low and the offshore yuan hit another three-week high Ether fell off record highs but dogcoin surged Multiple cryptocurrencies jumped double digits this week
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies, had risen above 91.80 in early Asian trading to set a new daily high, up more than 0.15% during the day, and has since moved all the way down, with European shares turning lower in early trading, and European shares once fell below 91.49 during the session, hitting a new intraday low for the third day in a row since March 18, down 0.2% during the day, before the decline narrowed, with U.S. stocks staying above 91.50 during the trading session. 91.50 above.
By Friday’s U.S. stock market close, the dollar index was below 91.55, down nearly 0.14% intraday and down nearly 0.7% for the week, a two-week losing streak; the Bloomberg Dollar Spot Index was down 0.1%, still at a four-week trough.
Offshore yuan (CNH) rose for five days against the U.S. dollar to 6.5261 yuan at 5:59 p.m. GMT on the 17th, hitting a new high for the second consecutive day since March 23 at the same time, up 5 points from Thursday’s late New York session and up 323 points from Friday’s late New York session, up two weeks in a row.
Most of the mainstream cryptocurrencies fell on Friday, bitcoin (BTC) had nearly fallen below the $60,000 mark during the European stock market, retreating more than $3,000 from the intra-day high in early Asian trading, a percentage drop of more than 5%, the U.S. stock market continued to rally after the opening, narrowing intra-day losses, the U.S. stock market closed above $61,900, down nearly 1.7% in the last 24 hours.
Ether (ETH), the second-largest cryptocurrency after Bitcoin in terms of market capitalization, had fallen below $2,300 before the U.S. stock market, falling nearly 10% from the record high of $2,550 set in early Asian trading, before regaining $2,400 during the U.S. stock market and closing above $2,430 in the U.S. stock market, down more than 1.5% in 24 hours.
CoinMarketCap data shows that by the close of U.S. stocks, the third largest cryptocurrency by market capitalization, coinancoin (BNB), dogcoin (DOGE) was up nearly 123.5% in the last 24 hours, far outpacing other cryptocurrencies. Mainstream cryptocurrencies are up across the board this week, with DOGE up 444% in the last seven days for the best performance, Bitcoin Cash (BCH) and Ripple (XRP) both up over 60%, Litecoin (LTC) up about 40%, ETH up nearly 17%, BNB up 16.4% and BTC up 5.8%.
10-year U.S. bond yields off one-month lows still down 8 basis points this week for the biggest drop in 10 months
U.S. 10-year benchmark Treasury yields fluctuated slightly on Friday, European stocks had fallen to 1.56% below a new daily low during the day, down about 2 basis points during the day, U.S. stocks had touched 1.59% before the day, up 1 basis point during the day, U.S. stocks had fallen to 1.58% below the afternoon to give back all the gains, the end of the day and back on 1.58%.
By the time U.S. stocks closed, the 10-year U.S. bond yield was above 1.58%, off the intraday trough set by Thursday’s intraday drop through 1.53% since March 11. Commentary suggests that Friday’s recovery in U.S. bond yields and price weakness may stem from the fact that Bank of America issued $15 billion in debt, a new high for banks in a single issuance, surpassing Thursday’s $13 billion issuance by JPMorgan Chase.
By the end of New York, the 10-year U.S. bond yield slightly below 1.58%, up nearly 0.4 basis points intra-day, a cumulative decline of nearly 8 basis points this week, the largest single-week decline since June last year; 30-year U.S. bond yield intra-day down 0.45 basis points to 2.2648%, a cumulative decline of more than 6 basis points this week; 2-year U.S. bond yield intra-day up more than 0.2 basis points, a cumulative increase of 0.6 basis points this week. 5-year U.S. bond yields rose more than 1 basis point during the day, this week’s cumulative decline of more than 3 basis points.
European government bond prices fell collectively on Friday, with yields rising back. British 10-year benchmark Treasury yields rose nearly 3 basis points to 0.764% during the day; German bund yields also rose nearly 3 basis points to -0.26% during the same period. British bond yields fell by about 1 basis point this week, falling for two consecutive weeks, while German bond yields rose by about 4 basis points, climbing for three consecutive weeks.
Crude oil ended a four-game winning streak falling off one-month highs but rose more than 6% for the week for the biggest gain in six weeks
International crude oil futures closed lower for the first time this week and still accumulated big gains for the whole week, mainly thanks to positive U.S. economic data, while the dollar sank.
WTI May crude futures closed down $0.33, or 0.52%, at $63.13/barrel; Brent June crude futures closed down $0.17, or 0.25%, at $66.77/barrel, both falling off the closing highs for the main contract set on Thursday since March 17.
However, this week, U.S. oil and cloth oil rose 6.42% and 6.09%, respectively, the largest one-week gain since the week of March 5, erasing last week’s losses.
Lund copper ended three consecutive gains fell seven-week highs gold, silver and copper rose two weeks in a row gold hit another seven-week high hit the largest one-week gain in four months
London base metals futures fell on Friday, except for tin, which rose for four consecutive days and hit a new high of more than a month and a half for three consecutive days. Copper, zinc, lead and aluminum ended a three-day streak of gains, and nickel fell for two days. Copper fell from a seven-week high, but closed above $9,200 for the second day in a row. Zinc and lead fell to more than three-week and six-week highs, respectively. Aluminum fell off a three-year high. All base metals except Lunnickel accumulated gains this week, with Lunn Copper up more than 3%, and Lunn Zinc, Lunn Tin and Lunn Aluminum all up for two consecutive weeks, with Lunn Nickel giving back some of last week’s gains.
New York gold futures rose for the second day in a row, but not as much as Thursday. COMEX June gold futures closed up 0.8% at $1780.20 per ounce, a new closing high for the main contract since February 24, up about 2.0% cumulatively this week, the largest single-week gain since the week of December 18, 2020. New York silver futures rose four days in a row, Friday rose above $ 26 to a new four-week high, up 3.08% for the week, the largest single-week gain since the week of January 29. Gold and silver are up two weeks in a row.
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