The three major US stock indexes, which have reached record highs over the past few days, paused their gains on Friday, and fell all at once in the intraday period. Blue-chip technology stocks are dragging down the market. Most of the big seven tech companies have fallen during the intraday period.

According to the media, Tesla's Shanghai plant cut production due to slow sales growth and fierce competition in the Chinese market, and Tesla dropped nearly 4% at the beginning of the market. Apple, which was sued by the US Department of Justice for violating antitrust laws and the biggest revenue source, the iPhone, which plummeted after facing the threat of a spin-off, rebounded slightly, but S&P's weight has fallen to a low point of nearly three years. Nvidia got out of the decline at the beginning of the market. Since the opening of the GTC conference where the most powerful AI chip Blackwell was launched, it has maintained its upward trend this week, setting another record for the longest continuous rise. This year, it only fell in the first week of the new year. The financial report highlights that Micron Technology, which has strong demand for artificial intelligence (AI) servers, failed to continue its sharp rise of more than 10% on Thursday, and fell more than 2% before turning upward in Friday's session.

Some companies have poor quarterly reports, curbing general market gains. After announcing that sales in China were still growing slowly in the fourth quarter, and that revenue guidance for the first quarter only increased slightly, falling short of analysts' expectations, sneaker and apparel giant Nike once fell 9%, leading the decline in the Dow's constituent stocks. However, in the week when the Federal Reserve and other major central banks released dovish signals, major stock indexes rose all week, and the Dow recorded its biggest weekly gain in three months. The pan-European stock index also continued to rise at a time when the central bank's interest rate cut expectations were heating up, setting the record for the longest weekly increase in more than ten years.

The Federal Reserve maintains expectations of cutting interest rates three times this year. After the meeting, Federal Reserve Chairman Powell said that recent inflation data is heating up compared to expectations, but inflation will gradually decline on a bumpy path. Expectations that the Federal Reserve will start cutting interest rates in the middle of the year have strengthened, and the price of US Treasury bonds has rebounded. US Treasury yields fell back, which soared after CPI and PPI surpassed expectations last week. Interest rate-sensitive two-year US bond yields fell by more than 10 basis points throughout the week, and the benchmark 10-year US Treasury yield also fell by more than 10 basis points from the three-week high set on Monday.

The US dollar index reached a one-month high on Friday, and fell only on Wednesday the day the Federal Reserve announced its resolution throughout the week. The SNB's unexpected interest rate cut was the driving force that triggered the decline of various non-US currencies and the strengthening of the US dollar. Analysts believe that the SNB's actions indicate that inflation is under control, other central banks will soon adopt easing policies, and the US dollar's advantage in the context of strong growth in the US economy is once again showing.

Non-US currencies generally declined throughout the week. The Bank of England kept interest rates unchanged. Two hawkish voting commissioners gave up their support for interest rate hikes. The pound plummeted 1% on Thursday, then fell further to a one-month low. The Bank of Japan removed negative interest rates and the YCC policy, but the prospects for future interest rate hikes are uncertain. The yen hit a four-month low three days after the central bank meeting. Although it turned up after reaching a new low on Friday, reversing an eight-day decline, this week will still hit its worst weekly performance in two months. Cryptocurrency pulled back this week. Bitcoin, which hit a record high last week, hit a new low for two more weeks this Monday. It fell below 61,000 US dollars on Wednesday, far from last week's record high approaching 74,000 US dollars, the biggest weekly decline in half a year.

Among commodities, the Swiss central bank's interest rate cut boosted risk appetite in the global market. Gold dramatically reversed, and the continued upward trend of the Federal Reserve came to an abrupt end, falling to the historical intraday high level set on Thursday. For the first time in a month, New York futures closed down more than 1% in one day, returning all gains in the previous few days, and changed from rise to decline throughout the week; international crude oil continued to decline. US Secretary of State Brinken said negotiations in Qatar could reach a cease-fire agreement in the Gaza Strip. The prospect of an end to the conflict between Palestine and Israel is putting a damper on oil prices. Crude oil was initially boosted by the geopolitical situation where Ukraine attacked Russian refineries this week. It closed for two consecutive days and hit a new high of more than four months. Since then, the upward momentum was insufficient, and eventually surged slightly. The prospect of the Fed cutting interest rates is certainly favorable to rising oil prices, but some commentators point out that the signal conveyed by the Federal Reserve is still expected to cut interest rates three times this year is not unexpected, and the impact on the oil market is limited.

The S&P Dow fell back to a record high on the 3rd, Nvidia rose more than 3% to a new high for 11 weeks, and the Pan-European stock index recorded the longest weekly rise in more than 10 years

The three major US stock indexes fluctuated slightly at the beginning of the session, falling sharply at the beginning of the session, and the decline narrowed in the midday session. The decline of the slightly lower Dow Jones Industrial Average widened in the midday session, falling more than 310 points at the end of the day's low. The S&P 500 index, which opened slightly higher, fell more than 0.2% when it hit a new low in early trading, and turned higher in midday trading. The low-opening Nasdaq Composite Index fell more than 0.2% at the beginning of the session, turned up at the end of early trading, and rose 0.4% when it hit a new high in midday trading.

In the end, of the three major indices, only the NASDAQ closed higher, up 0.16% to 16428.82 points, closing at a record high for three consecutive days. For the third day in a row, S&P, which had reached a record closing record high on the 20th of this year, closed down 0.14% to 5234.18 points. After four consecutive gains, the Dow closed down 305.47 points, or 0.77%, to 39475.9 points, falling to a record closing high for two consecutive days.

The small-cap stock index Russell 2000, which is mainly value stocks, closed down 1.27%, falling after three consecutive gains to a high level since April 2022. The Nasdaq 100 Index, which focuses on technology stocks, turned up in midday trading and closed up 0.1%. It rose for five consecutive days and set a new closing record for two consecutive days. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the Nasdaq 100 Index, closed up 0.68% for five consecutive days, and reached a record high.

Major stock indexes will collectively rise this week. S&P rose 2.29%, the NASDAQ rose 2.85%, and the NASDAQ 100 rose 2.98%. They all rebounded after two consecutive weeks of decline, and continued to rise for the eighth week within 12 weeks of the beginning of 2024. After three weeks of continuous decline, the Dow rose 1.97%, the biggest weekly gain since the week of December 15, 2023. Russell 2000, which stopped rising for two weeks last week, has accumulated 1.6% growth.

Among the major sectors of the S&P 500, only three closed higher on Friday. Google's communications services rose nearly 0.9%, Nvidia's IT rose nearly 0.5%, and utilities rose nearly 0.2%. Of the eight sectors that closed down, real estate and finance fell by about 1.2%, while the other sectors fell less than 0.7%. Only one sector, the real estate sector, which fell by more than 0.4%, declined this week. Communications services rose nearly 4.8%, IT rose nearly 3%, industrial and non-essential consumer goods rose nearly 2.9% and 2.8% respectively, and finance, energy, and utilities all rose more than 1%.

Of the seven major technology stocks, including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, only Alphabet did not fall in the intraday session, and most of them rose in midday trading. After the media said that Tesla's Shanghai plant cut production, Tesla fell nearly 3.8% at the beginning of the market, then narrowed the decline, closing down by nearly 1.2%, falling for two consecutive days, rising 4.4% this week, and rebounding after two weeks of continuous decline.

Among the six major FAANMG technology stocks, Apple, which recorded the biggest decline in seven months on Thursday, fell nearly 0.8% in early trading and closed up 0.5%; Alphabet, which turned down in trading on Thursday, closed up about 2% and rebounded to a high level since January 30; Amazon, which fell nearly 0.8% at the beginning of the session, closed up 0.4%, breaking the closing high since November 2021 set last Thursday; Meta, which turned upward in midday trading, rose nearly 0.4% for two days, breaking the high level since March 7 on Thursday; 0.9%, rebounding since November 2021 High; Microsoft, which rose for four days in a row on Thursday and set a new record high for closing, closed down nearly 0.2%.

Among these six major technology stocks, Apple, which fell more than 4% on Thursday, fell 0.2%, Alphabet rose nearly 6.8%, Meta rose about 5.3%, Netflix rose nearly 3.7%, Microsoft rose nearly 3%, and Amazon rose nearly 2.6%.

Chip stocks generally turned up in the intraday session. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX turned up in midday trading, closing up about 0.2% and 0.1%, respectively. They continued to rise for 3 days and hit closing highs since March 12 on the 2nd. They have accumulated gains of nearly 3.2% and 3.1%, respectively, this week. Nvidia, which opened low at the beginning of the session, turned up at the beginning of the session, rising to more than 3%, closing up 3.1%. Five days in a row since the opening of the GTC conference, it set the highest closing record. This week, it has been rising nearly 7.4%, and has been rising for 11 weeks, setting a record for the longest consecutive week of gains; AMD, which had fallen by more than 1% in early trading, turned up more than 0.5% in midday trading, rebounded after falling nearly 8% last week; after falling nearly 8% last week, it had a cumulative decline of about 6%. Over 2.5%, turning up in midday trading and closing up more than 0.3%; by the close, Intel rose more than 0.3 %, Broadcom rose 0.4%, and TSMC's US stock rose nearly 0.8%.

Most AI concept stocks fell. By the close, SoundHound.ai (SOUN) fell more than 8%, BigBear.ai (BBAI) fell more than 3%, Adobe (ADBE) fell more than 2%, C3.ai (AI) fell nearly 2%, Palantir (PLTR) fell more than 1%, and Oracle (ORCL) fell nearly 1%, continuing to fall from the closing record high that was continuously refreshed from Monday to Wednesday and hit a record high for three consecutive days. Known as “Little Nvidia”, Astera Labs (ALAB), which sells data center interconnect chips, rose more than 9%. SMCI) rose about 0.1%.

Popular Chinese securities generally continued to decline. The Nasdaq Golden Dragon China Index (HXC) closed down 1.8%, falling for two consecutive days until the closing low since March 8. It has declined by about 2.8% this week. After rebounding last week, it has declined for the second week in six weeks since entering the Year of the Dragon. KWEB and CQQQ closed down about 1.4% and 1.1%, respectively. Among individual stocks, Xiaopeng Auto fell nearly 8%, and after being cut by Alibaba's subsidiary on Wednesday by 33 million US shares and cashed out about US$314 million, the decline accelerated. Ideal Auto fell more than 3%, Alibaba, NIO Auto, and Station B fell more than 2%, JD fell 2%, and NetEase fell more than 1%; while Pinduoduo rose nearly 0.6% and Tencent Pink rose nearly 0.2%. The media said that after Apple discussed using Baidu's AI technology in Chinese iPhones and other devices, Baidu had initially risen by nearly 4%, closing up 0.5%.

The bank stock index has declined, and this week's gains have not changed. The KBW Bank Index (BKX), an overall banking index that has been high since March 3, 2023, closed down 1.5% for the past five days and rose 3.7% this week; the regional bank index KBW Nasdaq Regional Banking Index (KRX), which rose three times in a row to a high level since March 7, closed down nearly 2.1%, and rose three times to a high level since March 8, SPDR S&P Regional Bank ETF (KRE) closed down nearly 2.2% this week.

Among the individual stocks that announced financial reports, FedEx Express (FDX), which had higher earnings for the third fiscal quarter and repurchased shares of 5 billion US dollars, rose 10% at the beginning of the session, and closed up 7.4%; while Nike (NKE), which had slow sales growth in the fourth quarter and lower than expected revenue growth guidance for the first quarter, fell 9% in early trading, closing down 6.9%, leading the Dow's component stocks; the sportswear brand Lulu Lemon (LULU), which had sluggish sales in the fourth quarter and whose overall sales guidance fell short of expectations in the first quarter, closed down 15.8%.

Among individual stocks with high volatility, the “American Tieba” Reddit (RDDT), which is concentrated among retail investors, fell 10.1%, and closed down 8.8% in early trading, after closing up nearly 50% on Thursday, the first day of listing; after shareholders voted to approve the merger with Trump Media & Technology Group (TMTG), the parent company of Trump's social media, Truth Social, and TMTG is likely to be listed using DJT as this next week, the short check company Digital World Acquisition Corp. (DWAC) turned lower in early trading, closing down 13.7%.

The pan-European stock index's gains abated. The European Stoxx 600 index closed down slightly, generally stabilizing the record high of the closing record as refreshed on Thursday. Most of the major European countries' stock indexes continued to rise. The German, Italian, and Spanish stock indexes rose for four consecutive days, setting new closing records for the fourth day in a row. British stocks rose for two days, hitting a record high in a year. However, French stocks, which were dragged down by luxury goods stocks, retreated after a slight rebound on Thursday, falling short of the closing record high set by Tuesday's rebound.

Among the various sectors, utilities in the defensive sector led the rise by nearly 1.1%, while interest-rate sensitive real estate rose nearly 0.8%, while technology led the decline by 0.8%. The personal and household goods sector of luxury giants following the decline in the Chinese stock market fell by more than 0.7%. Among constituent stocks, LVMH fell 2.3%, and Kering fell 1.8%. Among individual stocks, due to Nike's performance, London-listed JD Sports fell 6.3%; after announcing that dividends and repurchases are expected to exceed 6 billion euros in 2024, Santander, the second-highest bank in the Eurozone, rose nearly 2.1%, supporting the Spanish stock index to lead the rise among countries.

The Stoxx 600 Index surged about 1% this week, rising for nine consecutive weeks, making it the longest consecutive week since 2012. Most of the stock indexes of various countries have been rising. Italian stocks, German stocks, Western stocks, and British stocks have been rising for eight, seven, three, and two weeks respectively, while French stocks, which have been rising for two weeks, have declined. Among various sectors, real estate, which fell more than 3% last week, led the way with a cumulative increase of more than 5% this week; retail sales, which rose more than 4% last week, led the rise by nearly 3%; technology, which fell 3.5% last week, led the decline by more than 2%; basic resources, oil and gas of banks and mining stocks all rose by more than 2%; while personal and household goods fell 2.5%, becoming the cause of the decline in French stocks.

Ten-year US Treasury yields hit a record low for a week, and two-year yields fell more than 10 basis points throughout the week

ECB President Lagarde said that the slowdown in Eurozone inflation is expected to continue. ECB Governing Council Scicluna said “April is not impossible, or even unlikely.” European treasury bond prices continued to rise sharply, and yields declined faster than Thursday. By the end of the bond market, the yield on the UK 10-year benchmark treasury bond was about 3.93%, down about 7 basis points during the day; the yield on 2-year British bonds was about 4.11%, down about 5 basis points during the day; the yield on the benchmark 10-year German treasury bond was about 2.32%, down about 8 basis points during the day; and the yield on 2-year German bonds was about 2.82%, down about 5 basis points during the day.

European bond yields may have declined sharply this week. The 10-year British bond yield, which rose by about 13 basis points last week, fell by a cumulative total of about 17 basis points. German bond yields fell by about 12 basis points this week and fell by about 12 basis points this week, falling for the fourth week in the last seven weeks.

The yield on the US 10-year benchmark treasury bond rose at 4.27% when it hit a new high in early Asian trading. The decline in European stocks accelerated at the end of the session. It broke 4.20% at the end of the session, breaking the low level since last Thursday, March 14 for two consecutive days, away from the high level since February 23, when it rose 4.34% on Monday. At the end of the bond market, it fell nearly 7 basis points during the day. After recovering about 24 basis points last week, it fell by a total of about 11 basis points this week. line.

The 2-year US bond yield, which is more sensitive to interest rate prospects, measured 4.64% in early Asian trading, and fell 4.59% to a new daily low in early trading. It was close to the low since March 12, which was refreshed by 4.56% before moving up on Thursday. It was about 4.59% at the end of the bond market. It fell by nearly 5 basis points during the day. After stopping two consecutive declines on Thursday, it fell by a total of about 14 basis points this week, with a slight decline of more than half of the increase in the last four weeks.

The US dollar index hit a one-month high, the pound hit a one-month low, and the yen hit the biggest weekly decline in February, Bitcoin's weekly decline the biggest in half a year

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, fell below a new daily low of 104.00 in early Asian trading, then rapidly rebounded and maintained gains. US stocks approached 104.50 in midday trading, breaking the high level since February 16, and rose nearly 0.5% during the day.

By the close of the US stock market on Friday, the US dollar index was above 104.40, up about 0.4% during the day, and had risen nearly 1% this week; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose by about 0.4%, and was rising nearly 0.9% this week. The US dollar index both rose for two consecutive days, and fell on the day the Federal Reserve announced its decision on Wednesday only this week.

Among non-US currencies, the pound fell below 1.2580 against the European stock market, a new low since February 20. It fell more than 0.6% during the day, easing from Thursday's decline of more than 1%. US stocks hovered at the 1.2600 level at the close and fell 0.5% during the day; EUR/USD dropped 1.0800 in the midday session of the US stock market, breaking the low level since March 1. US stocks closed close to 1.0810, falling nearly 0.5% during the day; the Japanese yen traded higher for eight consecutive trading days, and still recorded the biggest weekly decline in two months this week. The market was close to 151.90 in early trading, refreshing what was created on Wednesday The high level since November 13, 2023, soon turned down. The pre-market decline hit a new daily low of 151.00, falling 0.4% during the day. US stocks closed slightly below 151.40, and accumulated nearly 1.6% this week, breaking the biggest weekly decline since January 19, which was recorded last week.

The offshore renminbi (CNH) reached a new high of 7.2177 against the US dollar at the beginning of the Asian session, then quickly turned down and continued to decline. European stocks approached 7.28 to 7.2799 in the intraday session, breaking the intraday low since November 13, 2023. It fell 583 points during the day and 622 points from the daily high. At 4:59 Beijing time on March 24, the offshore renminbi reported 7.2,761 yuan against the US dollar, down 545 points from Thursday's New York session. It fell on the 8th day of the last nine trading days. This week it has been falling 704 points, falling for two weeks in a row, and falling for the third week in six weeks since entering the Year of the Dragon.

Bitcoin (BTC) rose above $66,000 to a new daily high before the US stock market, then continued to decline. After the US stock fell below $63,000 in early trading, the trading price of some platforms fell below $62,700, down about $4,000 from the daily high, down more than 6%. Although it is not close to the low since March 5, which fell below $60,900 on Wednesday and was refreshed for two consecutive days, it is far from the historical intraday high level created by rising above $73,700 last 24 hours. The daily decline was more than 6%, and this week hit the end of August 2023 The biggest weekly decline since then.

Crude oil fell from a three-day high of more than four months and rose slightly throughout the week

International crude oil futures were in a downward trend for most of Friday. At a new intraday low in the Asian market, US WTI crude oil was close to 80.40 US dollars, falling 0.8% during the day. Brent crude oil fell below 84.60 US dollars, falling nearly 1.4% during the day. European stocks nearly smoothed out all of their losses when they hit a new daily high. US oil rose above 81.40 US dollars when it hit a new daily high and rose nearly 0.5% during the day. US stocks turned down again at the beginning of the session, turned up in the short term in early trading, and failed to rise again in midday trading.

In the end, crude oil closed down for three consecutive days and continued to fall from the high level since the end of October last year, when it closed continuously on Monday and Tuesday. WTI crude oil futures for May closed down $0.44, or more than 0.54%, to $80.63 per barrel; Brent crude oil futures for May closed down $0.35, down about 0.41% to $85.43 per barrel.

US oil surged slightly by more than 0.06% this week, while oil rose by more than 0.10%. It barely continued to rise for two weeks, and continued to rise for the 7th week in the last ten weeks. In the 24 weeks since the outbreak of the conflict between Palestine and Israel, crude oil has been rising for 12 weeks.

After falling for 3 days from Wednesday to Friday, US WTI crude oil almost evened all gains in the first two days of this week

US gasoline and natural gas futures had mixed ups and downs. NYMEX April gasoline futures closed up nearly 0.5%, at $2.7398 per gallon, and did not continue to fall from the high level since the end of August 2023, which was refreshed on Tuesday, rising 0.7% this week, rising for two weeks; NYMEX April natural gas futures closed down more than 1.42% to 1.659 US dollars/million British thermal units, falling for three consecutive days, and continued to fall from the high level since March 11, which was refreshed on Tuesday. This week, it rose more than 0.24% and rebounded after two weeks of continuous decline.

Lunnickel stopped at a new low in the past four weeks, and gold fell more than 1%, and the historical high in the intraday market changed from rise to decline throughout the week

London basic metals futures mostly fell on Friday. Lunnickel, which led the decline, fell nearly 2% and fell back to a low level of nearly four weeks. Helen Zinc both stopped rising two times in a row, and Lunzinc hit a new low in more than two weeks. Renxi, who had just broken out of a four-week low on Thursday, also retreated. Luntong fell back to its low level for more than a week and closed down on the 3rd day of this week. Lunn lead fell three times in a row to a three-week low since March 1. Meanwhile, Lunan Aluminum rose three times in a row, continuing to hit a new high since the beginning of January.

Most of the basic metal stocks declined this week. Lunnickel, which led the decline, fell more than 4.6%, and Lunxi, which fell 3%, fell more than 3% after five weeks of continuous gains. Lun lead, which had been rising for two weeks, fell by more than 4%. Luntong turned down throughout the week due to Friday's decline, falling by more than 2%, and not rising for three weeks in a row, while Lunn Lead rose more than 1.5% for two weeks.

New York gold futures generally maintained their decline on Friday. In the Asian market alone, they rose to a new high of 2,188 US dollars in early trading, and as low as 2,1584 US dollars in mid-day trading, falling 1.2% during the day, falling 1.2% during the day, falling from the record intraday high set above $2,225 on Thursday.

In the end, COMEX April gold futures, which had been rising for two days, closed down 1.13%, the biggest drop since February 13, at $2,160.00 per ounce, and failed to continue to approach the closing high since last Monday, March 11.

Due to the sharp drop on Friday, gold fell slightly by 0.07% during the current cycle, falling for two consecutive weeks. This is also the eighth week in 24 weeks since the outbreak of the Israeli-Palestinian conflict. The biggest decline during this period was the week of December 8, which fell nearly 3.6%. In that week and the week of February 16, spot gold fell below the $2,000 mark in the intraday period.

Spot gold maintained its decline after turning down in early Asian trading on Friday. US stocks were close to 2,157 US dollars in mid-day trading and fell 1.1% during the day, taking back Thursday's rise to the intraday level on Wednesday, March 20, falling from the historical intraday high set by rising above $2022 on Thursday. US stocks closed below $2,170 and fell nearly 0.7% during the day.

Editor/Somer