The three major US stock indexes hit a one-week low during the intraday period, and the S&P Dow fell three times in a row. Among the “Seven Sisters” of technology, Tesla never fell in the intraday period. Nvidia closed down 2.6% after rising more than 1% in early trading; the chip stock index fell two times in a row; the AI “Demon Stock” Super Micro (SMCI) closed down nearly 2% after rising 6% at the beginning of the market; and Trump's social media debut closed up 16%. China's stock index fell four times in a row, with NIO falling more than 2%, Baidu falling nearly 2%, and Ali rising slightly.
The pan-European stock index and German, Italian and Western stocks both hit record highs. Maersk once fell 7.6%. After a record 5-year US bond bid sale, 10-year US bond yields declined intraday. The US dollar index rebounded slightly and was close to a one-month high. The offshore renminbi rose more than 100 points in the intraday period to recover 7.24. Bitcoin rose above $71,500 to hit a new high of more than a week before falling back more than $2,000 and falling below $70,000.
Crude oil retreated and closed down on the fourth in five days. Gold rose more than 1% in the intraday period to an all-time high, closing slightly higher after falling back. Lun lead fell to a new low in the past six weeks for five consecutive years, while Luntong fell back to a two-week low.
Including Apple, Google, and Meta, the subjects of the EU's anti-monopoly investigation on Monday, many blue-chip technology stocks that fell back on Monday rebounded and lost in the intraday market, continuing to put pressure on the US stock market. The three major stock indexes all fell to their lowest level in a week.
Nvidia, which bucked the market higher on Monday, turned down in the intraday market, leading the decline among tech giants “Seven Sisters.” However, after Musk announced that it would provide free use of the fully automatic driving function FSD for Tesla vehicles in the US market for one month, Tesla once rose by nearly 7%. A number of artificial intelligence (AI) concept stocks retreated. The “monster stock” ultra-microcomputer (SMCI), which has surged more than 270% since the beginning of this year, opened high and went low, taking back some of the sharp increase on Monday after J.P. Morgan initially covered the purchase rating. Trump's social media company Trump Media & Technology Group surged by double digits on the first day of disguised “backdoor listing” through mergers and acquisitions of special purpose acquisition companies (SAPC).
Some commentators say that by this Thursday, the last trading day in March, the first quarter of US stocks will come to an end. The end of the quarter is approaching the end of the quarter, and the market is mainly affected by end-of-quarter position adjustments and asset allocation rebalancing. Morgan Stanley estimates that due to the excellent performance of the stock market, pension funds may need to sell about $22 billion in global stocks and buy $17 billion in fixed income assets in order to return to the previous level of asset allocation.
Regardless of changes on the 4th of this week, it is a foregone conclusion that the three major US stock indexes will rise for the fifth month in a row in March. The S&P 500 index will rise for the first time in five months since 2013, and the second year since the beginning of the 21st century to achieve this achievement. Currently, S&P has risen nearly 10% in March. If it rises more than 10%, it will create a rare achievement that has only been seen five times since 1950: it has risen more than 10% for two consecutive quarters.
On the bond market side, the US Treasury bid for $67 billion of five-year US Treasury bonds, which set a new high in the size of US bonds during the same period. The results showed that demand was steady, the bid interest rate was lower than the pre-issue interest rate, and the ratio for overseas investors exceeded 70%, setting a new high during the year. After the bid results were announced, the price of the benchmark ten-year US bond turned up intraday, and the yield leveled off the increase and fell, unable to continue to break away from the low level of more than a week set before Monday's rise. The decline in two-year US Treasury yields widened, and yields also fell after rebounding on Monday.
In the foreign exchange market, the US dollar index, which fell back on Monday, rebounded slightly and began to approach the one-month high set last Friday. The day after Japan's senior foreign exchange official and Deputy Finance Minister Masato Kanda warned of preparations to crack down on speculative activities that weakened the yen, the yen failed to maintain its rebound momentum and began falling to the low of more than four months set last Friday. The offshore renminbi continued to rebound, recovering at 7.24 in the intraday period, further breaking away from the low level set before Monday's big rebound. Meanwhile, on Monday, Bitcoin, which surged above the 70,000 US dollar mark, surged back. After rising above 71,500 US dollars and hitting a new high for more than a week, it fell below 70,000 US dollars in the intraday market, and once fell back more than 2,000 US dollars.
Among commodities, when the US dollar rebounded, gold surged higher and fell. It rose more than 1% in the intraday period, approaching the historical intraday high level set last week, then took back most of its gains and turned down at one point; international crude oil turned down in the intraday market. After stopping three consecutive declines on Monday, it returned to its decline, and was unable to continue to approach the high level set a week ago since the end of October last year. However, according to some analysts, from a technical perspective, the so-called gold cross between the 50-day EMA is close to the 50-day EMA above the 200-day EMA, which may support speculative interest in increasing crude oil. Furthermore, oil refining facilities in Russia, one of the world's top three oil producers and major oil exporter, were attacked by Ukraine, and Russia's refining capacity will not return to last year's level even in the second half of the year.
The three major US stock indexes hit a one-week low tech “Seven Sisters”, only Tesla did not fall in the intraday session, and the chip stock index fell two times in a row
The three major US stock indexes collectively opened higher and maintained intraday gains. The Nasdaq Composite Index rose nearly 0.6% in early trading, the S&P 500 index rose more than 0.3%, and the Dow Jones Industrial Average rose more than 120 points and rose more than 0.3% near midday trading. US stocks all fell at the end of the session and hit a new low. In the end, the three major indices collectively fell for two days.
The S&P and Dow fell for three consecutive trading days. Not only did they continue to fall from the all-time high levels they each set last Thursday, but they also closed at one-week lows since March 19. S&P closed down 0.28% to 5203.58 points. The Dow closed down 31.31 points, or 0.08%, to 39282.33 points. The NASDAQ closed down 0.42% to 16315.7 points.
The small-cap stock index Russell 2000, which is mainly value stocks, closed down 0.19%, falling back to its low since March 19 after rebounding on Monday. The Nasdaq 100 Index, which focuses on technology stocks, closed down 0.36%, and the Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 Index, closed down 0.7%, both of which fell to their lowest level since March 19.
Among the major sectors of the S&P 500, only three closed on Tuesday: healthcare, which rose more than 0.3%, finance, and essential consumer goods that rose less than 0.1%. Utilities led the decline by more than 1.1%, the IT sector where energy and Nvidia are located fell nearly 0.8%, other sectors fell less than 0.5%, and Tesla's non-essential consumer goods fell less than 0.1%, the smallest decline.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the seven major technology stocks all rose in the intraday session. Most of them fell in midday trading; only Tesla did not fall in the intraday session. After announcing that all FSD vehicles equipped with its fully automated driving function in the US market can be tried for free for one month, Tesla went high. It rose more than 6.7% in early trading and returned more than half of its increase in midday trading, closing 2.9%, rising two consecutive days until the closing of March 11.
Among the six major FAANMG technology stocks, Meta, which fell to its high position since March 7 after the EU initiated an antitrust investigation on Monday, rose more than 1%, turned down 1.4% in mid-day trading. The media quoted data from the China Academy of Information and Communications Technology as saying that iPhone shipments in China fell by about 33% in February, and Apple closed down nearly 0.7% after being investigated by the European Union on Monday; Microsoft closed down nearly 0.8% in the middle of the session, closing down nearly 0.3% for three days to a week; Amazon closed down nearly 0.8% for two consecutive days, closing down for three consecutive days to a week.; And on Monday it was hit by the European Union After the investigation, Alphabet, which fell to a high level since January 30, maintained gains after the beginning of the market. It rose more than 1% in early trading and closed up nearly 0.4%; Netflix turned up in early trading and closed up nearly 0.3%.
Chip stocks generally fell for two days, and the intraday rebound was unsuccessful on Tuesday. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX both turned down in early and mid-day trading. The decline widened after turning down at the end of the session, closing down about 0.8% and nearly 0.8%, respectively, and continued to fall below the closing high since March 12, which was refreshed last Friday.
Among chip stocks, Nvidia rose more than 1.4% at the beginning, turned down less than an hour after opening, and closed down nearly 2.6%, falling the highest closing record set for two consecutive days; AMD and Qualcomm, which had risen more than 1% in early trading, turned down about 0.4% and 0.3% at the end, respectively, Arm closed down more than 7%, Broadcom fell more than 1%, and TSMC US stocks fell about 1%. While Maywell Technology closed up more than 3% and was upgraded by Morgan Stein due to optimism about profit drivers such as generative AI After overmatching, Seagate closed up more than 7%, and Mizuho reaffirmed the purchase rating and raised the target price After seeing 4.8% as a leader in the AI computer market, Micron Technology rose more than 2% in midday trading and closed up 1.4%; Intel closed up nearly 0.4%.
AI concept stocks generally declined during the intraday period, and many turned down during the intraday period. Ultramicrocomputer (SMCI), which rose more than 7% on Monday after being initially covered by J.P. Morgan Chase, rose slightly more than 6% at the beginning of the session and closed down 1.7% after turning down at the end of the session; at the close, BigBear.ai (BBAI) fell more than 3% C3.ai (AI) fell more than 2%, Astera Labs (ALAB), known as “Little Nvidia” and sells data center interconnect chips, fell nearly 2%, and SoundHound.ai (SOUN) fell nearly 0.9%, while Palantir (PLTR) rose more than 1%, Adobe (Adobe (AI) ADBE) rose less than 0.1%, and Oracle (ORCL) rose 0.3%.
Most of the popular Chinese securities market continued to fall. The Nasdaq Golden Dragon China Index (HXC) quickly turned down after rising at the beginning of the session, closing down nearly 0.6%, falling for four or three consecutive days, breaking its closing low since March 8. KWEB and CQQQ closed down nearly 0.2% and 1.1%, respectively. Among individual stocks, NIO Auto and Station B fell by more than 2%. The media said that after Apple and Baidu had reached AI cooperation, Baidu fell nearly 2%, JD fell more than 1%, and Xiaopeng Motors fell slightly, while Alibaba, which announced the withdrawal of Cainiao's listing application, closed up slightly. Tencent fan rose nearly 3%, NetEase rose 0.6%, and Ideal Auto rose by nearly 0.5%, and Pinduoduo rose 0.2%.
The bank stock index continued to rise and fall with mixed results. The overall banking index KBW Bank Index (BKX) closed up less than 0.1% and did not continue to fall from its high since March 3, 2023; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed down 0.6%, and the regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) also fell 0.6%, all falling back to the low level since March 19.
Among individual stocks with high volatility, after the merger and acquisition of Viking World Acquisition, Trump Media & Technology Group, a social media company under the DJT code, rose nearly 59% at the beginning of the session. Early trading was suspended due to extreme fluctuations. After resuming trading, it rose more than 40% in the midday session, accelerated the rise in the late session, and closed up 16%; after announcing that its experimental diet drug had positive effects in a small trial, biotech company Therapeutics ( (VKTX) closed up 16.8%; seasoning producer McCormick (MKC), whose earnings and revenue for the first fiscal quarter were higher than expected, closed up 10.5%; “American Tieba” Reddit (RDDT), which went public last Thursday, closed 9%, continuing a sharp rise of 30% on the day the options were launched on Monday.
Pan-European stock indexes, which rose slightly on Monday, accelerated their upward trend. The European Stoxx 600 Index hit a record closing high of last Thursday for two consecutive days, rising nearly 1.2% in the last four trading days. Stock indices from major European countries rose sharply. German, Italian, and Spanish stock indexes rose for six consecutive trading days, setting a new closing record for six consecutive days. French stocks, which closed roughly on Monday, began to approach the closing record high set on Thursday, March 19, and British stocks, which fell back on Monday, set a new one-year high as set last Friday.
Among various sectors, retail sales rose by more than 1.6%, mainly due to the fact that Rubis, an operator of petroleum products such as asphalt, closed up 12.5% after French wealthy Vincent Bolloré raised its shareholding ratio to more than 5% through its subsidiaries; the banking sector rose by nearly 1%. Among the constituent stocks, the rating of which was raised by Goldman Sachs from neutral to purchased BNP Paribas rose 1%. Among individual stocks, the Danish-listed shipping giant Maersk fell 7.6% in the market after its leased freighter crashed into the Baltimore Bridge in the US, and closed down 2.6%.
The yield on 10-year US Treasury bonds declined in the intraday period after the 5-year record-scale US bond standard was sold
The yield on the US 10-year benchmark treasury bond broke 4.22% in early Asian trading, leveling off the decline before the Asian market. US stocks rose above 4.27% to a new daily high in early trading, then continued to decline. US stocks leveled their gains and fell 4.24% in midday trading, about 4.23% at the end of the bond market, falling close to 2 basis points during the day. It is not close to breaking 4.19% on Monday and the low since March 14, which was refreshed for three consecutive trading days.
The yield on 2-year US Treasury bonds, which are more sensitive to interest rate prospects, fell to 4.57% in the Asian market, close to breaking the low level since March 12, which was refreshed by 4.56% last Thursday. At the beginning of the session, US stocks rose above 4.61%. The midday decline widened, falling 4.60%, to about 4.59% at the end of the bond market, falling nearly 4 basis points during the day, and falling by nearly 4 basis points during the day.
The US dollar index rebounded slightly, and Bitcoin once fell back more than $2,000 and fell below $70,000
The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, approached a new daily low of 104.00 in early trading, fell 0.2% during the day, and continued to rebound. After turning up at the end of early morning trading, US stocks rose above 104.30 in mid-day trading and rose about 0.1% during the day to a high of 104.672 close to the 104.50 update on Friday.
By the close of the US stock market on Tuesday, the US dollar index was close to 104.30, up less than 0.1% during the day; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, also rose less than 0.1% during the day, and the US dollar index both rebounded slightly after stopping two consecutive gains on Monday.
Among non-US currencies, the yen returned to its decline, which was roughly flat on Monday. USD/JPY reached a new low of 151.20 against the European stock market, falling more than 0.1% during the day. The US stock market completely escaped the decline in early trading, reaching a high of 151.60 near midday trading, and began to approach the high level since November 13, 2023, which was refreshed by 151.90 last Friday. US stocks closed close to 151.60 and rose 0.1% during the day; EUR/USD rose 0.1% during the European stock market; EUR/USD rose to a new high of 1.0860 per day in the European stock market. The US stock market closed and fell close to 1.0860. The US stock market closed and fell close to 1.1.60. 0830, less than 0.1% intraday decline It is close to the low since March 1, when 1.0800 was measured on Monday; GBP/USD was close to a new daily high of 1.2670 against the European stock market, and US stocks turned down in early trading. US stocks were below 1.2630 at the close, falling less than 0.1% during the day, and not close to the low since February 20, which fell below 1.2580 last Friday.
The offshore renminbi (CNH) fell to a new low of 7.2543 against the US dollar in early Asian trading, then quickly turned up and maintained gains. Early Asian trading reached a fresh daily high of 7.2377, rebounded 166 points from the day's low, then fell 7.24. Beijing time at 4:59 Beijing time on March 27, and the offshore renminbi was 7.2487 yuan against the US dollar, up 44 points from late Monday in New York. It fell below the mid-day low since November 13, 2023, which was set at 7.28 before Monday's rebound.
Bitcoin (BTC) rose above 71,500 US dollars before the European stock market, breaking the intraday high since March 15, when it rose above the 70,000 US dollar mark on Monday. After US stocks fell below 70,000 US dollars in early trading, some platforms fell below 69,400 US dollars, falling nearly 3% from the daily high. US stocks fell below 70,000 US dollars at the end of the session. US stocks hovered at the end of the session and fell below $70,000 at the end of the session.
Crude oil fell back and closed down on the fourth in five days
International crude oil futures declined several times in the Asian, European, and US stock markets. US stocks did not rise again after falling in midday trading. At a new low in midday trading, US WTI crude oil fell below $81.40, falling nearly 0.7% during the day. Brent crude oil fell below $86.00 and fell nearly 0.9% during the day.
In the end, crude oil, which closed higher than 1% on Monday, fell, and closed down on the fourth day of the last five trading days. WTI crude oil futures for May closed down 0.40% to $81.62 per barrel, falling short of the high level since the end of October last year, which rose above $83 last Tuesday; Brent crude oil futures for May closed down 0.57% to $86.25 per barrel, not close to the high level since the end of October last year, rising above $87 last Tuesday.
US gasoline and natural gas futures fell sharply. NYMEX April gasoline futures, which rose for two days, closed down about 1.74%, the biggest drop since March 5, at 2.7006 US dollars/gallon, breaking the low level since March 13; NYMEX April natural gas futures closed down more than 2.47% to 1.5750 US dollars/million British thermal units, falling for five days and continuing to hover at a one-month low.
Lundian lead fell five times in a row to a new low in the past six weeks, and copper fell back, and gold rose slightly after rising more than 1% in the intraday period and approached a historical high
London basic metals futures fell sharply on Tuesday. Lunzinc, which led the decline, fell more than 2%, equalizing Monday's rebound gains and falling to the second lowest level in the month after March 1. Lunn lead fell five times in a row to its lowest level since mid-February. Luntong, which rebounded on Monday, fell back to a two-week low. Lunxi fell nearly 1.8% for two consecutive days, hitting a new low since late February for two consecutive days, and both fell for three consecutive days. Runcey continues to approach the four-week low set last Wednesday. Lunlu, which had risen four times in a row, fell to its high level since the beginning of January.
New York gold futures reached a new daily high of 2,200.60 US dollars in early trading, approaching a record intraday high of 2,220 US dollars last Thursday. They rose 1.1% during the day. Since then, they have continued to decline, and US stocks have declined slightly in early trading.
In the end, COMEX's April gold futures closed up 0.8 US dollars, or 0.04%, to 2177.2 US dollars/ounce. They barely rose two times in a row, and are still far from the closing record high set close to 2,189 US dollars on March 11.
Spot gold hit 2,200 US dollars in the European stock market, approaching the historical intraday high above 2022 US dollars last Thursday. It rose 1.3% during the day. US stocks took back all gains and turned down in the short term in early trading. US stocks closed slightly below 2,180 US dollars and rose nearly 0.3% during the day.
Editor/Somer