The 10-year U.S. bond yields had been approaching the four-week trough set last week, but in the European stock market has stopped falling and turned up, temporarily out of the trough.
The A-share auto sector led the way after Huawei joined forces with BAIC to launch a car brand, and the new energy vehicle industry chain exploded, but European and US auto stocks fell in tandem, with most new energy vehicle stocks down. Last weekend Tesla car crash caused two deaths, the U.S. regulators launched an investigation; Shanghai Auto Show has a car owner fussed Tesla booth, Tesla led the S&P down.
In the European market, the pan-European stock index and German stock index previously hit record highs for several days in the drag of auto and technology stocks, but the joint European soccer giants to build a European super league Juventus shares soared, thanks to the eurozone bond yields upward banking stocks pulled the Spanish stock index rose more than 1% to a new high of more than a year.
Rumors over the weekend that the U.S. Treasury Department will charge a number of financial institutions such as Credit Suisse with using cryptocurrencies to launder money, bitcoin-led cryptocurrencies fell below $52,000 on Sunday fell 15% intra-day, Asian and European stocks rebounded during the day on Monday, U.S. stocks continued to fall after the opening bell and turned down again. Bitcoin concept stocks such as Coinbase and MicroStrategy, the No. 1 cryptocurrency exchange, sank collectively.
The dollar weakened further. Among commodities, most industrial metals such as crude oil and copper rallied, while precious metals such as gold, which had been rising for days, resumed their losses.
The Dow fell off its highs, led by Tesla, with tech stocks leading the decline. Bitcoin concepts fell en masse, while tobacco giants fell hard.
The three major U.S. stock indexes opened lower. The S&P 500 and the Dow Jones Industrial Average both fell off their intraday all-time highs set on Friday, with the Nasdaq Composite falling the most during the day, falling off its two-month high set on Friday. The S&P opened more than 0.1% lower and was down more than 0.8% at midday when it set a new daily low. The Dow opened down more than 18 points, down more than 100 points in less than an hour of trading, down slightly more than 220 points at lunchtime when the new daily low, a percentage drop of more than 0.6%. The Nasdaq opened nearly 0.5% lower, down more than 1% in less than an hour and a half after the opening, and down nearly 1.5% at lunchtime when it refreshed its daily low.
In the end, the three major stock indexes closed down collectively for the first time since last Monday, April 12, with the Dow ending a three-day streak and the S&P and Nasdaq ending a two-day streak. The Dow closed down 123.04 points, or 0.36%, at 34,077.63, while the S&P closed down 0.53% at 4,163.26, both falling from the closing highs set on Friday. The Nasdaq closed down 0.98% at 13,914.77, falling away from the closing high set on Friday since Feb. 12.
Small-cap stocks underperformed the broader market for the second consecutive session, with the value-cap-dominated Russell 2000, which had fallen nearly 2% intraday, closing down 1.36%. The tech-heavy Nasdaq 100 index closed down 0.96%.
S&P 500’s 11 major sectors, Monday only rose nearly 0.3% of real estate a close fell more than 1% of non-essential consumer goods and fell nearly 0.9% of the information technology sector led the decline, other sectors fell less than 0.5%, the bottom of the decline was a slight drop of 0.01% of health care and down 0.06% of energy.
Leading technology stocks, Tesla performed the worst, down more than 6% during the day, closing down 3.4%. FAANMG six major technology stocks fell during the day, and finally half closed down, Facebook closed down more than 1%, Amazon fell more than 0.8%, Microsoft fell nearly 0.8%, while Nifty closed up more than 1.4%, Apple rose more than 0.5%, Google parent company Alphabet rose more than 0.3%.
Other technology stocks, chip stocks fell across the board, the semiconductor sector ETF SOXX fell 2.6%, the largest one-day decline in a month; by the United Kingdom to intervene in the acquisition of ARM on national security grounds, Nvidia fell more than 4% during the day, closing down more than 3%, British Broadcom, Ram Research fell more than 3%, TSMC, Micron Technology, Texas Instruments, NXP, Qualcomm fell more than 2%.
In addition to Tesla, most other new energy vehicle concept stocks also fell, Tucson Future fell about 13%, solid-state battery company QuantumScape fell more than 11%, Lordstown fell 8%, the ideal car fell nearly 0.2%; however, Azera Motors rose nearly 2%, Peng car rose nearly 1%.
In addition, closing down nearly 0.4% of IBM after hours announced that first-quarter earnings and revenue were higher than market expectations, revenue unexpectedly hit the fastest growth rate in nearly three years, its shares rose more than 4% after the bell.
Among bitcoin concept stocks, Coinbase, the largest U.S. cryptocurrency exchange, fell more than 2.6 percent. Shares of companies that invest in bitcoin or bitcoin payments fell in tandem, with Overstock (OSTK) and MicroStrategy (MSTR) down more than 8%, PayPal down more than 0.7% and Square down more than 4%. Blockchain concept stocks among Chinese stocks also fell collectively, with Yibang International down more than 10%, Jia Nan Cai Zhi down nearly 9%, and China Network Carrier down more than 8%.
In addition, media news that the Biden administration is considering a new policy to reduce the nicotine content in tobacco, tobacco giant OCHA (MO) dived at midday, once down 7.7% during the day, closing down more than 6%, Philip Morris International (PM) closed down more than 1%.
Top Chinese stocks rose and fell in different ways. China Green Agriculture rose 28%, Futu Securities rose 16%, Tiger Securities rose more than 5%, with who learns, NetEase Youdao rose more than 4%, Jinshan Cloud, Beili Beili rose more than 2%, Azure, Vipshop rose more than 1%.
While Tucson Future fell more than 12%, Doodle Smart fell more than 11%, Dada fell more than 5%, Sohu fell more than 4%, Tencent ADR, Baidu, Alibaba, Aqiyi, Tencent Music, Tiger, and Meitou fell more than 1%.
In Europe, three consecutive days to close a record high pan-European stock index closed slightly lower, technology and automotive sector fell more than 1% led by the decline, the banking sector rose more than 0.7% against the market to lead the rise. Most of the major European countries fell on Monday, the German stock index fell to a record high. But the Spanish stock index rose more than 1% to a new high since March 4 last year, French stocks rose for five days, hitting a new high in more than 20 years. Among individual stocks, shares of Milan-listed Juventus closed sharply higher by nearly 18%.
The dollar index hit a six-week low and the offshore yuan hit a four-week high. Bitcoin once regained $57,000, up more than $5,000 from the weekend
The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major U.S. dollar currencies, rose above 91.70 in early Asian trading to refresh its daily high, up 0.2% during the day. European stocks continued their downward movement after turning lower before the bell, with U.S. stocks approaching 91.03 before the bell, hitting a new intraday low since March 3, with the largest intraday drop of 0.57%, and U.S. stocks slightly narrowing their losses after the opening bell.
By the close of U.S. stocks on Monday, the dollar index was slightly below 91.10, down 0.5% intraday; the Bloomberg Dollar Spot Index fell 0.4%, at a low since late February.
The offshore Chinese yuan (CNH) was at 6.5090 yuan against the dollar at 5:59 p.m. Beijing time on the 20th, rising above the 6.51 mark late in New York for the first time since March 22, the sixth consecutive session of gains.
Mainstream cryptocurrencies were mostly higher on Monday. Bitcoin (BTC) fell below $52,000 on Sunday, hitting a new intraday low of more than three weeks since March 25, down more than $13,000 from the intraday record high set last Wednesday, and had tested $57,600 during the European session on Monday to set a new daily high, up more than $5,000 from last Sunday’s low. More than $ 3,000, the midday session back on $ 56,000 erased intra-day losses to turn up, U.S. stocks closed at $ 56,200 above, up more than 0.9% in the last 24 hours.
Market value after bitcoin, the second largest cryptocurrency ethereum (ETH) on Sunday had fallen below $ 2,000, a new intraday low since April 8, compared with Friday’s intraday record high of nearly $ 2550 fell by more than 21%, the Asian market on Monday regained $ 2,200, the U.S. stock market opened lower, once fell below $ 2080 during the day, compared with the intraday high fell by nearly 10%, midday Once again back on $2,200, U.S. stocks closed slightly above $2,200, up nearly 0.6% in 24 hours.
CoinMarketCap data shows that by the end of the U.S. stock market, the third largest cryptocurrency by market capitalization, BNB, rose nearly 7.9% in the last 24 hours, Ripple (XRP) rose more than 5%, and Dogcoin (DOGE) rose more than 25%.
10-year U.S. bond yields turn up intraday after approaching four-week lows
U.S. 10-year benchmark Treasury yields stopped rising and fell in early Asian trading, European shares once fell below 1.56% during the day to refresh the daily low, to last Thursday fell through 1.53% set by the intraday trough since March 11 close, the maximum intraday decline of more than 2 basis points, U.S. stocks before the market regained 1.58%, erasing all declines to turn up, once rose above 1.61% to refresh the daily high, up 3 basis points during the day, U.S. stocks After the opening back below 1.60%, giving back some of the gains.
The price of U.S. bonds varied on Monday, with long bonds down and short bonds up, and the yield curve steepening. By the close of the U.S. stock market, the 10-year U.S. bond yield was at 1.601%, up 2.1 basis points during the day. By the end of New York, the 10-year and 30-year U.S. bond yields rose by more than 2 and 3 basis points, while the 2-year and 5-year yields fell by 0.16 and 0.5 basis points, respectively.
European government bond prices were mixed on Monday, with German and other eurozone countries’ government bonds continuing to fall and yields rising further, while British government bond prices rebounded. British 10-year benchmark Treasury yields fell nearly 1 basis point to 0.755% during the day; German government bond yields rose nearly 3 basis points to -0.24% during the same period. Eurozone countries in the Italian government bonds led the decline, yields rose more than 4 basis points rose the most.
Copper surges to $9,400, nearing a nine-year high. Gold ends a two-day winning streak and falls to a seven-week high
London base metals futures rose on Monday, except for nickel and zinc, which fell for three days to a new low this month, and zinc, which fell for two days. Copper erased Friday’s losses and surged to $9,400, a new high since Feb. 25, approaching the more than nine-year high set on Feb. 25. Aluminum rallied, approaching a three-year high. LunLead rose for three days in a row, hitting a new high of more than a month. LON tin rose for five days in a row, hitting a four-day streak of more than seven-week highs.
New York gold futures ended a two-day streak of gains after last week’s biggest one-week gain in four months. COMEX June gold futures closed down 0.5 percent at $1,770.60 per ounce, down from the main contract closing high set on Friday since Feb. 24. New York silver futures also ended a four-day rally after last week’s high, closing down 1% off a four-week high.
Crude Oil Rallies, Cloth Oil Rises Above $67 to New One-Month High
International crude oil futures rallied. U.S. WTI crude is nearing a one-month high and Brent crude is at a new one-month high.
WTI May crude oil futures closed up $0.25, or 0.41%, at $63.38/barrel, approaching the closing high for the main contract set last Thursday since March 17; Brent June crude oil futures closed up $0.28, or 0.42%, at $67.05/barrel, refreshing the closing high for the main contract set last Thursday since March 17.
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