Market analysis on May 9

The US stock market showed mixed dynamics during the past week's trading. Although the Dow Jones Industrial Average successfully achieved six consecutive gains, the Nasdaq index fell for two consecutive days, while the S&P 500 remained basically flat. Tesla's stock price experienced sharp fluctuations. At one point, it fell by more than 4%, and finally closed down 1.7%. In the latest earnings season, Shopify's stock price plummeted by nearly 19%, the biggest one-day decline in history, while the performance of Uber and Arm was similarly weak. On the other hand, Robinhood rose more than 7% in after-hours trading, boosted by a 232% surge in cryptocurrency revenue and higher-than-expected net profit.

Meanwhile, the pan-European stock index and the UK stock market continued to hit record highs. Siemens Energy's stock price surged nearly 13%, driving the German stock market to a new high. In terms of repurchase activities, the total amount of repurchases by US companies is expected to reach 934 billion US dollars this year, an increase of 13% over last year. Of these, about 155.5 billion US dollars of stock repurchase plans will be implemented in May and June.

The US Treasury recently auctioned off 42 billion US dollars of 10-year Treasury bonds. Although demand has improved, the final spread still exists. As demand picked up after the auction, 10-year US Treasury yields also rebounded. The dollar index rose for three consecutive days, and the yen fell for three consecutive days despite an intervention warning from the Bank of Japan.

In the commodity market, crude oil prices rebounded after hitting a new low of more than eight weeks. At one point, the price of U.S. crude oil rose by more than 3%. Meanwhile, gold prices continued to fall, and zinc and copper prices on the London Metal Exchange also ended their previous upward trend, respectively.

In the Chinese market, China Securities generally declined. Among them, Xiaopeng Motor and NIO Auto fell by more than 6% and 5%, respectively, while Xiaomi reversed the market and rose 7%. The exchange rate of RMB against the US dollar continued to decline, but coal stocks showed strong performance in the AH share market, and Xiaomi increased by more than 6% in the Hong Kong stock market.