The Dow NASDAQ closed at a one-week low; the tech giant “Seven Sisters” fell once again, while Tesla closed up more than 1%; the chip stock index fell more than 1%, losing out of the market, and Nvidia fell more than 1%; AI concept stocks fell. SoundHound, which rose nearly 20% on Tuesday, once surged more than 10%, but jumped more than 10% after the C3.AI earnings report and rose more than 10% after the market; Bitcoin concept stocks surged, MicroStrategy closed up more than 10%, and Jianan Technology rose nearly 6%. China's stock index fell more than 1%, ending five consecutive gains. Xiaopeng Motor fell nearly 7%, NIO and JD fell more than 5%, and Ideal Auto fell by more than 1%, the first drop since earnings reports were announced. German stocks hit record highs for five consecutive days. ASML fell more than 1%, leaving the record high. After US GDP, US bond yields declined and hit a new low.
The US dollar index rebounded to a one-week high, and GDP later regained most of its gains. The offshore RMB fell five times in a row, falling below 7.22 in the intraday period and hit a new low of more than a week. Bitcoin surged more than 7,000 US dollars in the intraday period and surged 64,000 US dollars, rising above 60,000 US dollars for the first time in more than two years. The US oil market turned down and fell to a high of more than a week. The oil contract narrowly closed higher and hit a three-month high. Gold turned up after GDP, and futures eventually fell. Lun copper fell back to a low of more than a week, and lun nickel rose to a three-month high for two consecutive years.
Prior to the announcement of the PCE price index, a major inflation indicator, on Thursday, the US economic data released on Wednesday was mixed: actual GDP annualized slightly fell to 3.2% in the fourth quarter, lower than expected. Personal consumption expenditure remained strong during the quarter, but inventory levels declined. The economy grew 2.5% last year, exceeding Wall Street's expectations at the beginning of the year; the core PCE unexpectedly rose slightly to 2.1% in the fourth quarter, highlighting that inflationary pressure still exists.
After the revised data on US GDP was released, European and US bond prices rose, and yields fluctuated downward and reached a new low. The yield on ten-year US bonds, which had rebounded over the past few days, fell for the first time this week, and did not continue to be close to the two-month high level set last week; the US dollar index, which had previously rebounded to a high level in the past week, returned most of the gains in the market, and the overall rebound trend remained unchanged throughout the day. Analysts expect the PCE price index to grow faster in January than in December, in line with the signs of rising US inflation shown by the January CPI and PPI announced two weeks ago.
Major US stock indexes opened lower across the board, and Nvidia and other tech giants “Seven Sisters” once again fell sharply in the intraday market. Some AI concept stocks that were high on Tuesday also went out of business, and Soundhound.AI, which Nvidia owns, once fell by more than 10%. China Securities also declined, with Ideal Auto falling on the first day since announcing its earnings report, ending a sharp double-digit rise in the past few days; after announcing AI technology to drive marketing business, revenue for the fourth quarter increased 6% year over year, but after AI investment dragged down profits and net profit fell 48% beyond expectations, Baidu's stock price fell to a high level for more than a month.
Meanwhile, Bitcoin continues to enjoy, breaking through the 60,000 US dollar mark for the first time in more than two years. At one point, it surged more than 7,000 US dollars, and has continued to hit a new high of more than two years since entering this week. As a result, Bitcoin concept stocks soared. After the Bitcoin spot ETF was officially listed and traded in the US more than a month ago, many institutions intend to issue a new cryptocurrency ETF, which will reduce Bitcoin by half due to a slowdown in supply growth. The FOMO mentality of fear of missing out on this wave of market is the driving force behind this round of Bitcoin's sharp rise.
Among commodities, international crude oil, which rebounded over the past few days, turned down in the intraday market, and US oil fell to the high level set on Tuesday for more than a week. Investors are worried that the Federal Reserve is slowly cutting interest rates, and the US Department of Energy announced that US EIA crude oil inventories surpassed expectations by about 4.2 million barrels last week, increasing for five consecutive weeks, sending a signal of low demand. It also hit oil prices, offsetting the impact of news that OPEC+ may extend voluntary production cuts until the second quarter. After the EIA inventory was announced, oil prices, which had turned upward in the intraday period, returned to a downward trend, and the oil contract for the month finally narrowly continued to rise. Gold turned up after the US GDP was announced. Spot gold maintained its gains since then, but gold futures eventually closed down and failed to stay close to the two-week high set last Friday.
The Dow NASDAQ closed at a new low for a week, the chip stock index outperformed the market, AI concept stocks fell back, and Bitcoin concept stocks reversed the market
The three major US stock indexes collectively opened lower and maintained an intraday decline. At a new low in early trading, the Nasdaq Composite Index fell nearly 0.7%, the Dow Jones Industrial Average fell about 230 points, down 0.6%, and the S&P 500 index fell nearly 0.4%, eventually. On the second day of this week, they collectively closed down. The Dow fell for three consecutive days, and the S&P and NASDAQ indices, which rebounded on Tuesday, fell.
The Dow closed down 23.39 points, or 0.06%, to 38949.02 points, and the NASDAQ closed down 0.55% to 15947.74 points, all breaking the closing low since last Wednesday, February 21. S&P closed down 0.17% to 5069.76 points.
The small-cap stock index Russell, which is mainly value stocks, fell 0.8% at the beginning of the 2000 session and closed down 0.23%, falling to its closing high since February 15, which was refreshed for four days. The Nasdaq 100 Index, which focuses on technology stocks, closed down 0.54%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, fell more than 1% in early trading and closed down 0.91%, none of which continued to approach the historic closing level set last Thursday.
Of the major S&P 500 sectors, four closed down on Wednesday. Google's communications services fell more than 0.9%, IT, where chip stocks such as Nvidia are located, fell more than 0.5%, healthcare fell about 0.5%, and energy fell 0.2%. Among the seven sectors that closed, real estate rose more than 1%, and the copper sector rose less than 0.4%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the seven major technology stocks fell sharply in the intraday session for four consecutive trading days. However, after CEO Musk's electric sports car Roadster will be launched at the end of the year, Tesla basically maintained its upward trend. It only turned down in the short term in early trading. It rose about 2.8% when it hit a daily high in early trading, and closed up nearly 1.2%, rising continuously from the 3rd until January 24.
Among FAANMG's six major technology stocks, after being accused by 32 media groups of Google's digital advertising business and being involved in a 2.3 billion euro lawsuit, Alphabet fell more than 2% in midday trading, closing down 1.9%, falling back to a low level since January 5; Apple, which fell more than 1% in the midday session, closed down nearly 0.7%, approaching the closing low since November 6, 2023, which was refreshed on Monday; Meta closed down 0.6%, Amazon closed down 0.2%, and Netflix closed up slightly.
Chip stocks generally continued to fall and outperformed the market. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX both closed down 1.1%, falling two consecutive weeks to a one-week low since February 21. Nvidia fell 2% in early trading and turned up at the end of early trading, closing down 1.3%, falling below the record closing level set on Monday for two consecutive days; at the close, Arm fell nearly 3%, Applied Materials fell more than 2%, Intel fell 1.7%, and AMD fell 0.8%.
AI concept stocks generally declined, and some concept stocks that surged on Tuesday fell sharply. Soundhound.ai (SOUN), which closed up nearly 20% on Tuesday, fell more than 10% and 7.6% at the beginning of the session; BigBear.ai (BBAI), which closed up 38% on Tuesday, fell more than 10% and closed 8.5% at the beginning of the session; the ultra-microcomputer (SMCI), which reversed the market and fell nearly 3% on Tuesday, fell more than 4%, and Palantir (PLTR), which rose more than 4% on Tuesday, turned down several times in the intraday, closing down 0.1%; while C3.ai (AI), which rose more than 4% on Tuesday, fell 0.1% in early trading Over 3%, closing down Nearly 1.4%. After the after-market announcement that revenue for the third fiscal quarter increased by 18%, it quickly turned higher after the market, rising by more than 10%.
Bitcoin concept stocks reversed the market. Coinbase (COIN), the largest cryptocurrency exchange in the US, rose more than 6% and closed up 0.8%; MicroStrategy Inc. (MSTR), one of the listed companies holding the most Bitcoin, rose nearly 16% in the intraday period, closing up about 10.5%; and Bitcoin mining giant Canan Technology (CAN), rose 13% intraday to close 5.7%.
Popular Chinese securities followed the general decline in the general market. The Nasdaq Golden Dragon China Index (HXC), which rose for five consecutive trading days, closed down nearly 1.7%, leaving the closing high since December 29, 2023, which was refreshed on Tuesday. KWEB and CQQQ closed down about 3.1% and 4.7%, respectively. Among individual stocks, Baidu, which released its earnings report before trading, fell about 8%, falling to the high level set since January 11, which was set on Tuesday. Xiaopeng Auto fell nearly 7%, Station B fell more than 6%, NIO Auto and JD fell more than 5%, Alibaba and Tencent fans fell nearly 4%, Pinduoduo fell more than 2%, and Ideal Auto, which closed up nearly 19% and 12% on Monday and Tuesday, respectively. For the first time since announcing earnings on Monday, NetEase fell nearly 0.8%.
Among the individual stocks that announced financial reports, artificial meat giant Beyond Meat (BYND), which declined less than expected in the fourth quarter and plans to drastically cut costs this year, closed up 30.7%; e-commerce eBay (EBAY) closed up 7.9% after announcing a dividend increase of $0.02 and an additional repurchase of $2 billion; fashion retailer Revolve (RVLV), which had higher revenue and profits in the fourth quarter than expected, closed 22.1%; while EPS unexpectedly reported losses in the fourth quarter, profit guidance for the first quarter fell short of expectations, and announced 350 layoffs, dating app Bumble (BMBL) closed down 14.8%; vaccine stock Novavax (NVAX), which had lower revenue and earnings for the fourth quarter than expected, closed down 26.7%; insurance company Lemonade (LMND), which lost less than expected in the fourth quarter but had poor guidance for the first quarter and full year, closed down 27.7%; Salesforce, a cloud software company that closed less than 0.1% higher than expected, announced that revenue for the fourth quarter was higher than expected, but fell 1.7% after the announcement of product revenue guidance for the first quarter was lower than expected and the CEO would leave Cloud computing data company Snowflake (SNOW) fell more than 20% after the market
In terms of European stocks, the pan-European stock index retreated and closed down on the second day of this week. The European Stoxx 600 Index hit a new low since last Wednesday. Stock indices of major European countries had mixed ups and downs. German stocks closed at record highs for five consecutive trading days. French stocks rebounded over the past few days and remained close to the historic closing levels set last Friday, while British stocks and Western stocks fell for 3 and 2 consecutive days, respectively, and Italian stocks, which rebounded on Tuesday, fell.
Among various sectors, real estate closed down more than 1.8%, leading the decline, due to the decline in annual profits and the decline in housing construction this year, London-listed Taylor Wimpey closed close to 4.8%; the technology sector fell 1.4%, and ASML, the Dutch-listed European chip stock with the highest market capitalization, fell 1.1%, falling back after hitting a record closing record high on Tuesday; personal and household goods 1.2%, mainly due to the decline in net sales of the British FMCG giant Reckitt (Reckitt) in the fourth quarter after the Middle East business was investigated, falling below expectations. Maximum day Decline.
The decline in US bond yields hit a new daily low after US GDP
The price of European treasury bonds has risen sharply, and yields have followed the decline in US bonds. By the end of the bond market, the yield on the UK 10-year benchmark treasury bond was about 4.18%, down about 1 basis point during the day; the yield on 2-year British bonds was about 4.32%, down about 1 basis point during the day; the yield on the benchmark 10-year German treasury bond was about 2.46%, down about 1 basis point during the day; and the yield on 2-year German bonds was about 2.91%, down about 1 basis point during the day.
The yield on the US 10-year benchmark treasury bond was 4.31% higher in early Asian trading. After the US stock market was announced, it first rebounded to a new daily low of 4.27%, then rebounded to a new high of 4.71. US stocks continued to fall after opening and did not continue to fall close to the high level since December 1, 2023, which pushed 4.35% on Friday. US stocks fell 4.27% at the end of the session. By the end of the bond market, it fell about 4 basis points during the day, falling about 4 basis points during the day.
The 2-year US bond yield, which is more sensitive to interest rate prospects, rose 4.70% when it hit a new high in early Asian trading. The decline accelerated after the announcement of US GDP. US stocks fell 4.64% at the end of the session and continued to break away from the high level since December 11 last year, which rose 4.74% last Friday. By the end of the bond market, it was about 4.64%. By the end of the bond market, it had fallen by more than 5 basis points during the day, falling for 2 consecutive days.
The US dollar index rebounded to a one-week high GDP, then regained most of its gains, and Bitcoin rose above $60,000 for the first time in more than two years
The ICE dollar index (DXY), which tracks the exchange rate of the dollar against a basket of six major currencies, including the euro, turned up rapidly at the beginning of the Asian session. European stocks rose above 104.20 before the market, breaking the high level since February 20, rising nearly 0.4% during the day. US stocks accelerated growth after the announcement of US GDP before the market. US stocks returned below 103.90 when the midday session rose less than 0.1%. The increase in midday trading increased slightly.
By the close of the US stock market on Wednesday, the US dollar index was slightly below 104.00 and rose 0.1% during the day; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose nearly 0.2% and rebounded to the same high level since February 19.
Among non-US currencies, the yen failed to maintain Tuesday's rebound. The dollar rose above 150.80 against the US stock market in early trading, breaking the high level since February 13 set on Monday, rising more than 0.2% during the day and more than 0.1% at the close of the day; EUR/USD fell below 1.0800 in early European trading, breaking the low since last Wednesday, falling more than 0.4% during the day; US stocks fell less than 0.1% at the close of the day; GBP/USD was close to 1.2620 in the European stock market, falling close to 0.5% during the day, not close to what was recorded last four weeks At a high level since February 2, US stocks fell nearly 0.2% at the close.
The offshore renminbi (CNH) reached a new daily high of 7.2115 against the US dollar in early Asian trading. After falling in early Asian trading, European stocks fell to 7.2203. For the first time since February 16, they fell 7.22 in the intraday market, falling 88 points from the daily high. European stocks turned up several times during the intraday period, and US stocks maintained a downward trend after falling in early trading. At 5:59 Beijing time on February 29, the offshore RMB was 7.2,141 yuan against the US dollar, down 2 points from the end of the New York session on Tuesday, and falling for five consecutive days after six consecutive days of gains.
Bitcoin (BTC) surged above $60,000 before the US stock market, breaking through this mark for the first time since November 2021, and then rose further. The US stock market rose above $63,900 and surged above $64,000 for three consecutive days. It surged more than $7,000 and rose more than 10% from the low level below $56,700 in early Asian trading. It later fell below $59,000 in midday trading, then climbed more than $60,000. The US stock closed above $60,000 and below $61,000 in the last 24 hours..
US oil fell to a high level of more than a week, and the current month's contract narrowly rose to a three-month high
International crude oil futures turned down in the middle of the day. When European stocks hit a new daily low before the market, US WTI crude oil fell below 77.80 US dollars and fell nearly 1.4% during the day. The main contract for Brent crude oil fell below 81.60 US dollars and fell more than 1.3% during the day. When US stocks rose to a new high in early trading, US oil rose above 79.60 US dollars, rose nearly 1% during the day, oil rose above 83.10 US dollars, and rose nearly 0.6% during the day. US EIA crude oil inventories continued to fall after the announcement and fell at the end of early trading.
In the end, crude oil closed with mixed ups and downs. WTI crude oil futures for April, which had been rising for two days, closed down 0.42% to 78.54 US dollars/barrel, falling from the closing high since February 16, which was refreshed at $79.19 on Tuesday. Brent crude oil futures for April closed up 0.03 US dollars, or 0.04%, to 83.68 US dollars/barrel. They rose for three consecutive days, breaking the closing high since November 2023. Meanwhile, Brent crude oil futures, the main contract, closed down 0.6% to $82.15 per barrel in May.
US gasoline and natural gas futures continued to fluctuate. NYMEX's March gasoline futures, which had been rising for two days, closed down 3.1% to 2.271 US dollars/gallon, breaking the closing low since February 7; NYMEX April natural gas futures, which fell back on Tuesday, closed up 4.26% to 1.885 US dollars/million British thermal units, breaking the high level since February 9.
After Luntong fell back to a three-month high, and gold futures finally closed down after rising to a three-month high GDP
London basic metals futures mostly fell on Thursday. Luntong, which rebounded slightly on Tuesday, fell back to a low level for more than a week. Lunzine and lunzine continued to fall slightly from the highs they had set on Monday for nearly three weeks and more than two weeks, respectively. On Tuesday, after breaking out of its low level since late January, Lunaluminum fell slightly. Meanwhile, Lunxi and Renxi rose two times in a row. Lunnickel set a new high since November last year, which was set last Friday, and Lunxi hit a new high of over a week.
New York gold futures fell to a new daily low of 2033.4 US dollars at the beginning of the European session, falling more than 0.5% during the day. US GDP turned up after the announcement. US stocks reached a new daily high of 2047.4 US dollars before the market, rising nearly 0.2% during the day. They have not returned to the decline until the opening of the US stock market.
In the end, COMEX's April gold futures closed down 0.07% to 2042.70 US dollars/ounce. After rebounding on Tuesday, they fell back and failed to stay close to the closing high since February 7, which was refreshed last Friday.
Spot gold fell below $2024.60 in early trading in European stocks, breaking its low of nearly 0.3% during the day. US GDP turned up after the announcement. US stocks rose above 2037.90 US dollars at the beginning of the session and rose nearly 0.4% during the day. US stocks turned down in early and mid-day trading, then turned up again at the end of the session. At the end of the day, it was in the $2033.50 line, rising more than 0.1% during the day.
Editor/Somer