The S&P Dow ended three consecutive declines. The Dow rose more than 1.2% to record the biggest increase in three months. The NASDAQ closed higher but turned down several times in the intraday period. MSD closed up nearly 5%, and Intel rose more than 4%, leading the Dow. Among the “Seven Sisters” of technology, only Apple did not fall in the intraday market. Apple closed up more than 2%, while Nvidia closed down more than 2% on both days. On the two days of its listing, Trump Media closed up more than 10% daily. The Pan-European stock index and German, Italian and Western stocks continued to hit record highs, and French stocks also reached new highs, rising 15% after H&M's earnings report. China's stock index narrowly stopped four consecutive declines. Station B rose more than 5%, JD rose more than 3%, and Xiaopeng Motor fell more than 8%.
The US dollar index fell after being close to a five-week high. The yen is approaching 152 in the intraday period, sounding the alarm for Japanese intervention. After senior Japanese officials warned of possible action, the yen jumped. At one point, the offshore renminbi fell more than 100 points and fell below 7.26. Bitcoin rose above $71,600 to hit a new high of nearly two weeks, then fell below $70,000 and once fell back more than $3,000. The 10-year US Treasury yield hit a new low in nearly two weeks. Crude oil fell two times in a row, narrowing the decline by more than half after falling more than 1% in the intraday period. Gold rose three times in a row, hitting a record high for closing. Luntong hit a new low for two weeks, and Lun lead fell to a six-week low for six straight weeks.
The US stock market, which has declined over the past few days, made every effort to rebound. Financial reports or product reports from some companies supported the Dow and Dow to end the three-day continuous decline, but some technology stocks continued to pull back. At one point, Nvidia fell close to 4%, further falling below its historical high, once again suppressing the NASDAQ's rebound.
Earnings and revenue surged beyond expectations in the third fiscal quarter and the uniform industry leader Cintas, which raised guidance for the full fiscal year, rose more than 10% in the intraday period, leading the way for S&P. After its life-threatening lung disease drug Winrevair was approved for adult patients with pulmonary hypertension, MSD recorded the biggest intraday gain in more than two years, leading the Dow and helping S&P rise. Among the tech giants “Seven Sisters,” Apple, which officially announced that it held a global developer conference in June or will reveal its AI strategy, performed the best. It has not declined since opening, and has become a major driver of S&P's record high revenue. Nvidia led the decline since Monday when the European Union announced that it would launch an antitrust investigation against it under the new digital law. Nvidia led the decline, causing the chip stock index to decline for a while.
Some commentators say that investors are adjusting their portfolios near the end of the first quarter, which is the source of recent fluctuations in US stocks. US stocks experienced a wave of decline within 30 minutes at the end of Tuesday. Many traders believe this is due to many institutional investors checking risk exposure at the end of the quarter to ensure that they meet strict distribution restrictions between stocks and bonds and between domestic and international stocks.
On the foreign exchange market, Bank of Japan officials unexpectedly released pigeons, saying that the financial environment will remain relaxed. The yen is extremely close to 152.00 against the US dollar, falling to a low point since 1990, sounding the alarm that the Japanese government may intervene. Japan's Ministry of Finance, the central bank, and the Financial Services Agency held a tripartite meeting for the first time in ten months. Deputy Finance Minister Masato Kanda, who is in charge of foreign exchange affairs, issued a warning of possible action this Tuesday, saying that the 4% fluctuation in the yen exchange rate over the two weeks is not moderate, and it is not ruled out that any measures should be taken to deal with disorderly foreign exchange fluctuations. The yen jumped intraday after Kanda's statement. Most traders believe that 152.00 may be a trigger point for the Japanese government's intervention in the market. Strategists believe that a drop to 152 indicates a further decline in the yen.
An intraday rise in the yen weighed on the dollar's rise. The US dollar index quickly fell and reached a new daily low after the yen jumped. Later, it was close to the one-month high set last week. US stocks regained their gains in midday trading and eventually settled down. Bitcoin once again surged and fell. In the intraday period, it first boosted by thousands of US dollars, rose above 71,600 US dollars to a new high in the past two weeks, then spat back its gains and turned back down. At one point, it fell back more than 3,000 US dollars and fell back below 70,000 US dollars.
On the bond market side, Wednesday was the last full trading day of the week for the US bond market. US Treasury bond prices continued to rise, and yields declined further. US durable goods orders for February, which were announced on Tuesday, grew more than expected, but the Chamber of Commerce's consumer confidence index continued to point to weakness. Based on this, Dongwu Securities believes that the Federal Reserve will cut interest rates as early as the end of the second quarter, and that the general direction of cutting interest rates three times during the year will not change.
Among commodities, gold continued to rise before the Federal Reserve announced on Friday that the PCE price index favors inflation. It did not reach a record high in the intraday period, but it set a new closing record. The US Department of Energy announced that US EIA crude oil inventories did not drop but increased by nearly 3.2 million barrels last week. The increase was far lower than the increase of more than 9.3 million barrels of API crude oil inventory last week announced by the Petroleum Association. The review said that refining activity picked up, but the momentum of imports boosted inventories. International crude oil continued to decline, and the decline narrowed at an accelerated pace after the EIA data was released. Although it was not close to the four-month high set last week, the first quarter is already likely to have a cumulative surge of more than 10%, partly reflecting the impact of geopolitical uncertainty and OPEC+'s extended supply reduction actions.
The S&P Dow ended three consecutive declines, MSD led the way, and among the “Seven Sisters” of Dow Technology, only Apple did not fall in the intraday market. Nvidia closed down more than 2% on both days
The three major US stock indexes collectively opened higher. The Dow Jones Industrial Average and the S&P 500 index have maintained their gains since then. At the end of the session, the Dow rose nearly 490 points and the S&P rose nearly 0.9%. The Nasdaq Composite Index rose 0.7% at the beginning of the market and fell about half an hour after opening. At one point, it fell more than 0.2%. After a slight increase, it turned slightly several times during the intraday period, completely breaking away from the decline at the end of the session.
In the end, the three major indices collectively closed higher for the first time this week. The Dow and S&P, which fell for three days, and the NASDAQ, which fell two days in a row, rebounded. S&P closed up 0.86% to 5248.49 points, setting the highest closing record set last Thursday. The Dow closed up 477.75 points, or 1.22%, the biggest increase since December 13, 2023, at 39760.08 points, approaching the all-time high of closing recorded last Thursday. The NASDAQ closed up 0.51% to 16399.52 points.
The small-cap stock index Russell 2000, which is mainly value stocks, closed up 2.13%, outperforming the market and rebounding to its closing high since January 2022. The Nasdaq 100 Index, which focuses on technology stocks, closed up 0.39%, and the Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 Index, closed up 0.04%, both rebounded after falling to a low level since March 19.
All major sectors of the S&P 500 closed up, with utilities leading the rise of nearly 2.8%. Interest rate sensitive real estate rose more than 2.4%. Following that, finance, Tesla's non-essential consumer goods, medical care, industry, and materials all rose by more than 1%. Nvidia's IT and Meta communications services all rose more than 0.1%, bottoming out.
Among the Dow's constituent stocks, MSD (MRK), the leader, rose 6% at the beginning of the session, the biggest intraday gain since October 2021, closing up nearly 5%. After the US Food and Drug Administration (FDA) approved Winrevair, a rare and life-threatening lung disease drug for adults with pulmonary hypertension, its stock price rose on Wednesday; Intel's increase was second only to MSD; among the few falling constituent stocks, customer relationship management software giant CRM (CRM) fell more than 2% and closed down nearly 1.5% in midday trading.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the seven major technology stocks had mixed ups and downs. Apple alone did not turn down in the market. Tesla, which closed up nearly 3% against the market on Tuesday, turned down in early trading, falling more than 0.9% at a new low. After turning up, it maintained its upward trend, closing up 1.2%, rising for 3 consecutive days until March 5.
Among the six major FAANMG technology stocks, Apple, which opened high, rose more than 1% in early trading, and rebounded to a one-week high after two consecutive days of decline; Amazon, which stopped two consecutive gains on Tuesday, turned down in early morning trading, closed up 0.9% and rebounded to a closing high since November 2021; Alphabet turned up in early trading and closed up 0.2% at the end of trading, refreshing the high level since January 30; while Netflix closed down 2.5% in early trading and fell back to a low level since March 15; Meta turned down in early trading and fell to a low level since March 15 It fell more than 1% and closed down 0.4%, falling for three consecutive days until March 15 Since then, it has been low. Microsoft turned down in early trading, closing down less than 0.1%, falling four times in a row until March 19.
Most chip stocks rebounded. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX rose more than 1% at the beginning of the session. When Nvidia hit a new low, they fell nearly 0.8% and 0.7%, respectively, during the day, and soon turned higher, closing up about 1% and nearly 1.3% respectively, stopping two consecutive declines.
Among chip stocks, Nvidia turned down at the beginning of the session. After opening, it fell more than 3.7%; the mid-day session decline narrowed to less than 3%, closing down 2.5%, closing more than 2% daily for two consecutive days, continuing to fall below the closing record set on Monday; Broadcom and TSMC's US stocks turned down at the beginning of the market and closed down nearly 1% and 1.6% respectively; while high-opening Intel maintained gains throughout the day, closing up 4.2%; Qualcomm closed up more than 1% in the afternoon session; Micron Technology, which fell more than 1% in early trading, turned up at the end of the session and closed up nearly 0.4%, continuing to hit a record high in closing.
Most AI concept stocks reversed the market and fell. At the close, Astera Labs (ALAB), known as “Little Nvidia,” which sells data center interconnect chips, fell more than 4%, Palantir (PLTR) fell 1.5%, Oracle (ORCL) fell nearly 1%, ultra-microcomputers (SMCI) fell 0.2%, Adobe (ADBE) fell 0.6%, while BearBig.AI (BBAI) rose nearly 3%, SoundHound.ai (SOUN) rose more than 2%, and C3.ai (AI) rose 0.7%.
Some of the popular Chinese securities market continued to fall, and some rebounded. The Nasdaq Golden Dragon China Index (HXC) fell close to 1.2% at the beginning of the session, leveling off the decline at the end of the session and closing up less than 0.03%. It is still close to the closing low since March 8, which was set by four consecutive days of decline on Tuesday. KWEB closed up 0.1%, while CQQQ fell more than 1%. The three new car builders plummeted in early trading. Xiaopeng Motor, which fell more than 9% in early trading, closed down more than 8%; NIO Auto, which lowered its delivery forecast for the first quarter to 30,000 vehicles, fell nearly 7% in early trading, closing down more than 2%; while Ideal Auto, which had dropped nearly 4% in early trading, closed down 1.5%. Among other individual stocks, Pinduoduo fell nearly 3%, NetEase fell nearly 0.5%, while Alibaba, which fell more than 1% at the beginning of the session, rose nearly 0.2%, Baidu, which fell 1% at the beginning of the session, rose more than 1%, Station B rose more than 5%, JD, which turned up at the beginning of the session, rose more than 3%, and Tencent Fan rose more than 2%.
Among individual stocks with high volatility, Trump's social media Trump Media & Technology Group (DJT), which closed up 16% on the first day of listing, rose 24% at the beginning of the next day, narrowing to less than 20% in early trading and closing 14.2%; after revenue for the third fiscal quarter exceeded expectations by more than 22% and raised fiscal year 2024 revenue and profit guidelines, Cintas (CTAS) rose more than 11% in early trading, leading the rise of S&P 500 constituent stocks by nearly 8.3%; announced that revenue for the fourth quarter exceeded expectations by 10% month-on-month to a new high in a single quarter After turning losses into profit at $24 million, high-resolution digital lidar sensor manufacturer Ouster (OUST) closed up 34.5%; cloud software company nCino (NCNO), whose revenue in the fourth fiscal quarter exceeded expectations by 13% and profits were higher than expected, rose nearly 19%.
However, after announcing a sharp drop of nearly 20% year-on-year in revenue for the fourth quarter, video game retailer GME (GME) closed down 15%; after being listed as a shorting target by market research firm Hedgeye, the “American Tieba” Reddit (RDDT), which was listed last Thursday, closed down 11.3%, and fell after closing 30% and 9% on Monday and Tuesday, respectively.
In terms of European stocks, the pan-European stock index rose for three consecutive days. For the third day in a row, the European Stoxx 600 index hit a record closing high of last Thursday. The stock indexes of major European countries continued to rise overall. German, Italian, and Spanish stock indexes continued to rise for seven consecutive trading days, setting new closing records for 7 consecutive days. French stocks and British stocks rose for 2 consecutive days. French stocks broke the closing record high set last Thursday, March 19, and British stocks, which closed slightly, continued to hit new highs in the past year.
In various sectors, retail sales rose nearly 2.5%, benefiting from the announcement that operating profit for the first fiscal quarter far exceeded expectations, and the CEO said consumers loved the company's new spring series, and Swedish fast fashion giant H&M surged 15.2%. Among other individual stocks, Deutsche Bank, which was upgraded to an overrated rating by Morgan Stanley, closed up 2.7%; after Standard & Poor's downgraded its credit rating to selective default, Swedish real estate giant SBB closed down 4%.
The US dollar index fell back after being close to a five-week high, and the yen jumped after approaching 151, Bitcoin once fell back more than $3,000
As the yen rose before the European stock market, the ICE dollar index (DXY), which tracks a basket of exchange rates between the US dollar and the euro, quickly fell. It was close to a new daily low of 104.20, falling less than 0.1% during the day. European stocks continued to rise after the mid-day rise. US stocks rose above 104.40 in early trading and rose nearly 0.2% during the day, close to the high level since February 16, which was refreshed at 104.50 last Friday. Since then, US stocks have declined slightly after closing.
By the close of the US stock market on Wednesday, the US dollar index was slightly below 104.30, roughly flat at the same time level on Tuesday; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell slightly, and the US dollar index failed to maintain Tuesday's rebound.
Among non-US currencies, the yen, which fell to a new low since 1990 on Tuesday, jumped intraday. The dollar rose to 151.975 and close to 152.00 in early Asian trading, a new high since mid-1990, rising nearly 0.3% during the day. After Japan's Deputy Minister of Finance Masato Kanda warned against actions to deal with foreign exchange fluctuations, the dollar rapidly fell against the yen, which was above 151.80. The European stock market fell more than 0.3% to a new daily low. The US stock market closed below 151.40 and fell more than 0.1% against the euro during the day; The US dollar is in the European stock market Turning down, US stocks reached a new low of 1.0810 at the beginning of the session, close to the low level since March 1, when 1.0800 was hovering on Monday, and close to 1.0830 at the close of trading; GBP/USD turned up in early trading, and US stocks closed close to 1.2640, up 0.1% during the day, not close to the low since February 20 caused by falling below 1.2580 last Friday.
The offshore renminbi (CNH) reached a new high of 7.2464 against the US dollar in early Asian trading. After turning down, European stocks rose in the short term. US stocks fell 7.26 and fell to 7.2605 in early trading, falling 141 points from the daily high. They are not close to falling below 7.28 to 7.2820 on Monday to an intraday low of 7.3108 on November 13, 2023. At 4:59 Beijing time on March 28, the offshore RMB was 7.2539 yuan against the US dollar, down 52 points from the end of Tuesday's New York session, and fell after two consecutive days of gains.
Bitcoin (BTC) rose above $71,600 before the US stock market, and the trading price of a few platforms rose above $71,700, and continued to decline since March 14. US stocks fell below 70,000 US dollars at the beginning of the session. US stocks fell below 68,400 US dollars in midday trading. The trading price of some platforms fell below $68,300, down more than $3,000, or nearly 5% from the daily high.
10-year US Treasury yields hit a new low in nearly two weeks
The yield on the US 10-year benchmark treasury bond reached a new high of 4.24% in early European stock trading, then continued to decline. US stocks fell 4.18% in midday trading, breaking the low since March 14, which broke 4.19% on Monday. By the end of the bond market, it was about 4.19%, down about 4 basis points during the day.
The 2-year US bond yield, which is more sensitive to interest rate prospects, rose above 4.60% before the European stock market, and fell 4.56% in the intraday market, approaching the low level since March 12, which was refreshed last Thursday. At the end of the bond market, it was about 4.57%, falling about 2 basis points during the day, and the yield on other maturing US bonds fell for 2 consecutive days after rebounding on Monday.
Crude oil narrowed its decline by more than half after falling more than 1% in two consecutive declines
International crude oil futures generally maintained a downward trend on Wednesday. When European stocks hit a new daily low before the market, US WTI crude oil fell below 80.60 US dollars and fell 1.3% during the day. Brent crude oil fell below 85.20 US dollars, falling nearly 1.1% during the day. After the US EIA crude oil inventory was announced, the decline in US stocks accelerated intraday narrowing.
In the end, crude oil fell for two days and failed to get back close to the high level set last Tuesday since the end of October last year. WTI crude oil futures for May closed down $0.27, or 0.33%, to $81.35 per barrel; Brent crude oil futures for May closed down $0.16, or 0.19%, to $86.09 per barrel. Based on the monthly contract price, US oil has accumulated a cumulative increase of nearly 14% in the first quarter, and oil has risen by nearly 12%.
US gasoline and natural gas futures continued to fall sharply. NYMEX's April gasoline futures closed down about 0.6% to 2.6847 US dollars/gallon, falling for two days, breaking the low level since March 13 on the 2nd; NYMEX May natural gas futures fell more than 3.91% to 1.7180 US dollars/million British thermal units, falling for four consecutive days.
Luntong hit a new low for two weeks, and lead fell to a six-week low, and gold rose three times in a row to hit a record high in closing
Most London basic metals futures continued to fall on Wednesday. The overall decline was moderated compared to Tuesday, with no metals falling more than 1%. Lunzinc and Luntong fell twice in a row, continuing to hit new lows since March 1 and two weeks respectively, while Lunlu fell to one-week lows in a row. Lunn lead fell six times in a row, hitting a new low since mid-February on two days. Lun Ni fell four days in a row, hitting a new low since late February for the third day in a row. However, after three consecutive losses, Renxi's rebound did not continue to approach the four-week low set last Wednesday.
The main contract for New York gold futures maintained gains after European stocks turned up before the market. European stocks reached a new daily high of 2218.3 US dollars in the intraday market, rising nearly 0.9% during the day.
In the end, futures rose for three days in a row. COMEX's April gold futures rose 0.62% to $2,190.6 per ounce, breaking the closing record high set on March 11. The main contract COMEX gold futures closed up 0.61% to 2212.70 US dollars/ounce in June, also breaking the high level set on March 11.
Spot gold, which hit 2,200 US dollars in intraday trading on Tuesday, rose to a new high above $2,197 in the European stock market on Wednesday, rising nearly 0.9% during the day, approaching the historical intraday high above $2022 for two consecutive days. US stocks closed above $2,190 and rose nearly 0.7% during the day, like futures.
Editor/Somer