The three major US stock indexes closed down at least 1%, the NASDAQ hit a new low in nearly two weeks, and the Dow index hit a new low in two weeks. Tesla closed down nearly 4%, continuing to lead the “Seven Sisters” of technology, with Apple falling nearly 3% and falling five times in a row; Nvidia turned up after falling more than 2% in the intraday; AMD equalized most of its losses after falling 3%; TSMC's US stock fell more than 2%, all falling to record highs; the AI concept stock SoundHound fell more than 10%, and Super Micro (SMCI) fell more than 9% before turning up; regional bank NYCB rose nearly 19%, the first increase since the storm last Friday; Target rose 12% after the financial report. The China Securities Index fell 1.5%, two consecutive declines, and the NIO Auto Market closed up nearly 3% after falling 10% at the beginning. European stocks ASML fell 1.5%, and Novo Nordisk fell 2.5%, all falling to record highs.
After the US ISM Index was announced, the 10-year US Treasury yield hit a new low of more than three weeks, falling more than 10 basis points; the US dollar index quickly fell and hit a new low of more than a week; and the offshore RMB rose and recovered 7.21 in the short term. Bitcoin rose above $69,000 to a record high in the intraday period, then fell by more than $9,000, or more than 10%. US oil fell to a one-week low for two consecutive days, oil fell close to a four-month high in two days, and turned upward in the short term after US ISM. Gold futures hit record highs for three days, rising more than 1% intraday. Luntong stopped three times in a row, and Lunnickel fell 1%, leaving a four-month high.
Before Federal Reserve Chairman Powell testified in Congress this week, blue-chip technology stocks repeatedly hit the US stock market: Tesla continued to lead the decline of the tech giant “Seven Sisters” after supposedly being attacked by arson and forced to shut down production; the agency estimates that after iPhone sales in China fell sharply by 24% in the first six weeks of this year, Apple fell further to a four-month low.
The overall gains of chip stocks, which have outperformed the market over the past few days, have come to an end, and artificial intelligence (AI) concept stocks have generally declined. Global Network quoted reports that AMD's sales of “customized AI chips” to China were blocked by the US government, and US officials thought their performance was “too powerful.” AMD fell to a record high set over the past few days, and its rival Nvidia evaded an intraday decline of more than 2%, and thrillingly hit a record closing high.
Popular Chinese securities generally continued to decline, but NIO Auto, which announced financial reports, staged a major reversal, plummeting 10% at the beginning of the session and then turning up. NIO announced higher revenue for the fourth quarter before the market, but gross margin fell short of expectations, and operating losses far exceeded expectations. At the subsequent results conference call, NIO CEO Li Bin said that the Alps sub-brand will launch its first model in the third quarter of this year. The sub-brand will focus on the home market. The first car will compete directly with Model Y. NIO will redouble its software capabilities this year, and the company is confident that the monthly delivery volume will return to 20,000 units.
The rise in chip stocks fueled by the AI boom has come to a standstill, and Bitcoin, which is enjoying a bout, has also experienced ups and downs. After breaking through $60,000 last week, Bitcoin hit the $70,000 mark further this week. It surged above $69,000 in the intraday session on Tuesday, reaching a record high for the first time in more than two years. However, since then, it quickly recovered its intraday gains and collapsed, falling below 60,000 US dollars at one point.
The US ISM non-manufacturing index for February, which was released on Tuesday, fell beyond expectations, reflecting a faster than expected slowdown in the expansion rate of service companies contributing to most of the US GDP. Poor economic data fueled expectations that the Federal Reserve would cut interest rates. After the data was released, the price of US Treasury bonds rebounded at least once to a new low. The yield on the benchmark 10-year US Treasury bond once fell more than 10 basis points from its intraday high; the US dollar index quickly fell and fell to a low level for more than a week, and the offshore RMB rose against the US dollar and recovered 7.21 in the short term.
Among commodities, gold repeated intraday gains, driven by declining US dollar and US bond yields. New York futures closed above $2,100 for the first time on Monday and continued to set a new closing record. Some analysts believe that the recent record high in gold prices is due to an increase in speculative betting, and there has been no gold mining boom in either spot or futures gold.
After the US ISM data was released, international crude oil rose in the short term and reached a new daily high, but in the end, it failed to successfully rebound and continued to fall below the high level of nearly four months. Some commentators say that the market's expectation that the Federal Reserve will not start cutting interest rates until the middle of this year supports the strengthening of the US dollar, which is not conducive to crude oil exports and puts downward pressure on oil prices. At the same time, risk aversion in the market on Tuesday hit oil prices, while technical support from the US oil 200-day EMA on Tuesday helped limit the decline in oil prices.
The three major US stock indexes closed down at least 1%, Tesla continued to lead the decline, technology “Seven Sisters”, Apple fell five times in a row, and chip stocks generally stopped, and regional banks rebounded
The three major US stock indexes generally opened lower and moved lower. At a new low in midday trading, the Nasdaq Composite Index led the decline for two consecutive days. It once fell 2.1% in midday trading, the S&P 500 index fell more than 1.4%, and the Dow Jones Industrial Average fell more than 530 points and nearly 1.4% at the end of early trading. In the end, they collectively closed down for two consecutive days, both of which were the biggest declines since the US announced the January CPI growth rate exceeded expectations on February 13.
The NASDAQ closed down 1.65% to 15939.59 points, breaking its closing low since February 21. The Dow closed down 404.64 points, or 1.04%, to 38585.19 points, breaking its closing low since February 20. S&P closed down 1.02% to 5078.65 points, continuing to fall from the all-time closing high set last Friday.
The small-cap stock index Russell 2000, which is dominated by value stocks, closed down 0.99%, falling to its closing high for two consecutive days; the tech-heavy Nasdaq 100 index closed down 1.8%, the biggest daily decline since January 31, falling for two consecutive days after closing at a record high last Friday; the NASDAQ Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 Index, closed down 1.87% after three consecutive days of record highs.
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 market. It is uncertain when the German factory will resume production. Tesla fell 5.6% in early trading, closing down nearly 4%. After falling more than 7% on Monday, it hit a closing low since May 2023. Tesla CEO Musk's net worth was surpassed by Amazon founder Bezos and lost his status as the richest man in the world.
Among the six major FAANMG technology stocks, Apple fell more than 3% in early trading, closing down 2.8% for five consecutive trading days, and will set a new closing low since the end of October 2023; Microsoft closed down nearly 3%, falling two times to a low level since February 21; Meta closed down 1.6% and Amazon closed down nearly 2%, respectively, continuing to fall below their respective closing historical highs refreshed last Friday and their highs since November 2021; Alphabet closed down 0.5%, falling three times to December 14, 2023; Netflix closed down 2.8% last Friday, refreshing 2021 It fell two times in a row after a high since December.
Chip stocks retreated after three consecutive trading days of overall gains. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX closed down slightly more than 2% and nearly 2% respectively, falling from the highest closing record set for three consecutive days. Among chip stocks, Nvidia fell more than 5%, Arm fell by more than 2% in early trading, and closed up nearly 0.9%, reaching a record closing record high for four consecutive trading days. AMD fell 3% at the beginning of the session, closing down 0.1%, leaving the record high for three consecutive days; TSMC US stocks, which also hit record highs on Monday, fell more than 2%; at the close, Intel fell more than 5%, Arm fell nearly 3%, and Broadcom and Scantech in the Apple supply chain fell more than 4%, Qualcomm fell more than 3%, and Micron Technology fell more than 4%, Qualcomm fell more than 3%, and Micron Technology fell more than 4%, Qualcomm fell more than 3% in the Apple supply chain.
On Monday, AI concept stocks, which had mixed ups and downs, plummeted intraday. At the close, SoundHound.ai (SOUN), which closed 25% higher on Monday, fell nearly 12%, C3.ai (AI) fell more than 8%, BigBear.ai (BBAI) fell more than 13%, Adobe (ADBE) fell more than 4%, and Palantir (PLTR) fell nearly 1%; while ultra-micro computers (SMCI), which closed up nearly 19% against the market on Monday, fell more than 9% in early trading and turned up 1.5% in late trading.
Popular Chinese securities generally continued to decline. The Nasdaq Golden Dragon China Index (HXC) fell more than 2% and closed down 1.5% at the beginning of the session, falling for two consecutive days, breaking the closing low since February 13. China's general ETFs KWEB and CQQQ closed down more than 2% and 1%, respectively. The performance of the three new car builders was mixed. NIO Auto fell 10.3% at the beginning of the market and turned up less than half an hour after opening. It rose 5.4% and closed up 2.8% in early trading, Xiaopeng Auto closed down after falling 2.6% at the beginning, and Ideal Auto rose more than 2% in early trading and closed up 0.4%. Among other individual stocks, by the close, Dingdong Grocery Shopping fell nearly 4%, NetEase fell nearly 3%, Baidu fell more than 2%, JD and B stations fell 2%, Tencent Fandan fell nearly 2%, Pinduoduo fell more than 0.6%, while Alibaba, which turned up in early trading, rose 0.1%.
The bank stock index turned up at the beginning of the session, outperforming the market, and regional banks rebounded sharply. The overall banking index KBW Bank Index (BKX) closed up nearly 1.4%, rising for two consecutive days, and will continue to break the closing high since March 8, 2023, leveling off the decline since Silicon Valley Bank went out of business last year; the regional bank index KBW Nasdaq Regional Banking Index (KRX) and regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed up 4.3% and 4%, respectively, and rebounded after two consecutive days of decline.
Among regional banks, New York Community Bank (NYCB), which fell more than 20% for two consecutive trading days after the storm last Friday, rebounded and closed up 18.6%. By the close, Alliance Western Bank (WAL) had risen more than 7%, Zions Bancorporation (ZION) had risen 4.5%, and Keycorp (KEY) had risen 3%.
Among the individual stocks that announced financial reports, retail giant Target (TGT) closed 12.1%; payment technology company Paymentus Holdings (PAY), whose fourth quarter revenue and profit were higher than expected, closed up 20.2%; military stock AeroVironment (AVAV), which had higher than expected fourth-quarter sales and full-year guidance, closed 27.9%; while software company GitLab (AVAV), which had better than expected results for the fourth quarter but poor guidance for the first quarter and full year ) Closed down 21%; personal styling service company Stitch Fix (SFIX), which lowered its full-year revenue guidance, closed down 21%; online ticketing platform Vivid Seats (SEAT) closed down 10.4% after announcing a 10% drop in net profit for the fourth quarter that exceeded expectations and lowered the 2024 profit guidance.
Among individual stocks with high volatility, after announcing the issuance of 600 million US dollars of convertible bonds in private placement to buy more bitcoins and meet general corporate needs, Microstrategy (MSTR), the listed company that holds the most bitcoins, closed down 21.2%; after starting to sell US$1.75 billion worth of depository shares and raise funds to expand its business in China and Australia, lithium mining company Albemarle (ALB) closed down 17.8%; and SoFi Technologies (SOFI), a financial services company that issued US$750 million convertible bonds ) closed down 15.3%.
In terms of European stocks, the pan-European stock index fell sharply. The European Stoxx 600 index, which closed down slightly on Monday, continued to fall from the high closing record set last Friday. German stocks closed down slightly for 2 consecutive days, and are still close to the historical closing high set for the 8th consecutive trading day last Friday. French stocks fell for 2 days in a row, while the Spanish stock index rose for 3 consecutive days, and British stocks and Italian stocks, which fell back on Monday, rebounded.
Among the various sectors, technology, which led the rise on Monday, closed down 1.6%, following the decline in US technology stocks. Among the constituent stocks, ASML, the Dutch-listed European chip stock with the highest market capitalization, closed down 1.5%, falling the highest closing record for two consecutive days. Investors are concerned about China's economic growth target this year. The basic resources of the mining sector fell nearly 0.9%, and the personal and household goods of luxury giants fell more than 0.7%, and the constituent stocks LVMH and Hermès both fell more than 1%.
Among other individual stocks, despite announcing clinical trial results showing that its diabetes drug Ozempic can reduce the risk of patients suffering from severe heart disease and death by 24%, the highest market capitalization pharmaceutical company in Europe, Novo Nordisk, which is marketed in Denmark, closed down 2.5%, falling to the historic closing level set on Monday. After starting a new intraday record high, it turned down 7.6% in early trading; Swedish car company Volvo, whose sales fell below expectations in February; German chemical and pharmaceutical giant Bayer, which delayed plans to split the group for three years, also fell 7.6%.
The yield on 10-year US Treasury bonds hit a new low of more than three weeks after ISM and once fell by more than 10 basis points
The price of European treasury bonds rose sharply, and yields followed the intraday decline in US bonds. By the end of the bond market, the yield on the UK 10-year benchmark treasury bond was about 4.01%, down about 11 basis points during the day; the yield on 2-year British bonds was about 4.27%, down about 3 basis points during the day; the yield on the benchmark 10-year German treasury bond was about 2.32%, down about 7 basis points during the day; and the 2-year German bond yield was about 2.84%, down about 5 basis points during the day.
The yield on the US 10-year benchmark treasury bond rose above 4.22% in early Asian trading and fell 4.20% during the pre-market trading period. After the US ISM service index was announced, the US stock market quickly fell 4.11%, breaking the low since February 8, falling about 11 basis points from the daily high. It was about 4.15% at the end of the bond market, falling about 6 basis points during the day.
The 2-year US Treasury yield, which is more sensitive to interest rate prospects, rose 4.61% to a new high in early Asian trading. The US ISM index fell to a new low of 4.53% after the announcement, approaching its low since February 15, which was refreshed last Friday. It fell more than 8 basis points from today's high. By the end of the bond market, it was about 4.56%, down about 4 basis points during the day, taking back part of Monday's rebound.
After ISM, the US dollar index quickly fell, and Bitcoin fell back more than $9,000 after rising above $69,000
The ICE US Dollar Index (DXY), which tracks the exchange rate of the US dollar against a basket of six major currencies including the euro, reached a new daily high of 104.00 before the European stock market, rising about 0.1% during the day. The US stock market turned slightly down and fell below 103.60 after the announcement. The US ISM Service Industry Index quickly declined and fell below 103.60 in early trading, breaking its low since February 22, falling more than 0.2% during the day.
By the close of the US stock market on Tuesday, the US dollar index was below 103.80, falling slightly during the day, falling for three consecutive days; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell less than 0.1% during the day, falling for 3 consecutive days, breaking the low level of the same period since February 2.
Among non-US currencies, the euro and British pound rose rapidly after the announcement of the US ISM Index. The euro and the US dollar were close to 1.0880, breaking the high level since last Thursday on February 22, rising 0.2% during the day, and rising above 1.2730 against the US dollar, breaking the high level since February 2, and rising more than 0.3% during the day; the yen rebounded after two consecutive losses, and the US dollar reached a new low of 149.70 after the release of the US ISM Index. It fell more than 0.5% during the day, and is still far from the low level since February 12, which was refreshed by 149.20 last Thursday.
The offshore renminbi (CNH) fluctuated slightly against the US dollar for two consecutive days. It reached a new high of 7.2059 after turning up in early Asian trading on Tuesday, falling 7.21 after falling before the market. The European stock market hit a record low of 7.2137, falling 78 points from the daily high. The US ISM index rose and recovered 7.21 in the short term after the announcement. At 5:59 Beijing time, the offshore renminbi reported 7.2,121 yuan against the US dollar, down 20 points from New York's late Monday. Decreased on the 7th day of the trading day.
Bitcoin (BTC) rose above $69,000 in early trading in the US stock market, breaking the record high set in November 2021. Some platforms rose above $692,000, then quickly dived. US stocks fell below $60,000 in midday trading, falling more than $9,000 and falling more than 10% from the daily high. US stocks hovered around $62,000 at the close of trading and fell more than 8% in the last 24 hours.
US oil fell to a one-week low for two consecutive days, and oil fell close to a four-month high for two days, then turned up in the short term after ISM
International crude oil futures were mostly in a decline on Tuesday. The US ISM index rose and reached a new high in early trading. At that time, US WTI crude oil was close to $79.50 and rose more than 0.9% during the day. Brent crude oil rose above $83.10 and rose 0.4% during the day. After turning down in early trading, the decline widened in midday trading. At the low of the refresh day, US oil was close to $77.50, falling more than 1.5% during the day.
In the end, crude oil closed down for two consecutive days. WTI crude oil futures for April closed down nearly 0.75% to $78.15 per barrel, breaking the low since last Monday, February 26; Brent crude oil futures for May closed down nearly 0.92% to $82.04 per barrel, continuing to fall from the closing high since November 6, 2023 last Friday.
US gasoline and natural gas futures continued to rise and fall with mixed results. NYMEX's April gasoline futures closed down about 2% to 2.5,328 US dollars/gallon, breaking the low level since February 23; NYMEX April natural gas futures closed up 2.14% to 1.9570 US dollars/million British thermal units, breaking the high level since February 7, rising for 2 consecutive days.
Luntong stopped three times in a row, Yang Lun Nickel bid farewell to nearly four months of high gold futures and three consecutive days of record highs
London basic metals futures mostly fell on Tuesday. Lun Ni, which led the decline, fell about 1%, taking back most of Monday's gains, and Renxi both fell to the highs they had set on Monday for nearly four months and more than two weeks, respectively, after rebounding on Monday. Luntong, which had been rising for three days, fell back, saying goodbye to its high position for more than a week. Lunn lead, which had been low for more than two weeks, fell slightly on Monday. However, Lunzinc, which rebounded on Monday, closed slightly higher, hitting a new high in a month for two consecutive days.
New York gold futures, which rose above $2,100 on Monday, were above $2,100 throughout the day. They reached a record low of $2118.5 in the Asian market on Tuesday, falling nearly 0.4% during the day. European stocks maintained their gains after turning up before the market. US stocks rose to 2150.5 US dollars before the market, rising 1.1% during the day.
In the end, COMEX gold futures closed up 0.73% to $2,141.9 per ounce in April, rising for four consecutive trading days, reaching record closing highs for three consecutive days.
Spot gold was close to $2,142 before the US stock market, and continued to be close to the record intraday high set on December 4, 2023. It rose 1.3% during the day. US stocks closed above $2,130 and rose more than 0.7% during the day.
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