Market analysis on April 8

In last week's trading, the S&P 500 index and the Nasdaq index each closed up more than 1%, recording the biggest one-day gain in more than three weeks. Despite this, the two major indices recorded declines throughout the week. Among them, the Dow Jones Industrial Average fell more than 2% in a week, the worst performing week in the past year. In the technology sector, Tesla's stock price fell, falling by more than 6% at its peak, while Nvidia's and Meta's shares rose by more than 2% and 3%, respectively. Among them, Meta hit record highs, rising close to 9% throughout the week. AMD's stock also rose by nearly 3%, while Intel fell by more than 2%. In Europe, the pan-European stock index fell and fell back to a low of more than two weeks. The weekly decline was more than 1%, the biggest weekly decline in more than two months.

Strong US employment reports weakened market expectations for interest rate cuts, causing the 10-year US Treasury yield to rise by 10 basis points, close to a four-month high; the US dollar index hit a new high, breaking away from a two-week low. The price of gold rebounded after experiencing a brief decline and hit a record intraday high for six consecutive days.

In the energy market, the rise in oil stocks such as ExxonMobil shows that despite geopolitical uncertainty, energy stocks still provide investors with new options to hedge against the risk of slowing economic growth. US non-farm payrolls data for March showed that the number of new jobs far exceeded expectations. The unemployment rate declined, but the average hourly wage growth rate slowed down. This prompted the market to adjust expectations for the Fed's first interest rate cut, which was postponed from July to September. Federal Reserve Governor Bauman stated that if inflation continues to be high, further interest rate hikes may be needed.

Crude oil prices hit a five-month high for five consecutive days, rising nearly 5% throughout the week. The price of gold rose by nearly 5% throughout the week, recording the biggest weekly increase in nearly half a year. Although copper and zinc prices have recovered somewhat, they have risen by more than 5% and 8%, respectively, throughout the week. The price of Bitcoin, on the other hand, was estimated at 66,000 US dollars amid fluctuations, falling by nearly 3,000 US dollars compared to the daily high.

In the Asian market, the dive in the US stock market dragged down the Asia-Pacific stock market, causing the Nikkei 225 Index to close down 2%, while Hong Kong stocks recorded a slight decline. Despite falling for three consecutive days, the China Securities Index continued to rise cumulatively throughout the week. Among them, NIO Auto's stock price fell by more than 2%.

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