The three major US stock indexes turned down in unison during the session. The S&P Dow fell to a record high closing level, and the NASDAQ almost lost two times in a row. Google closed up nearly 3%, a record high; Tesla fell more than 3% in the intraday period to smooth out most of the losses; Nvidia almost flat, once falling more than 1%; the chip stock index rose three times in a row, with Micron rising more than 5%; and after the earnings report, Trump Media fell more than 21%, taking back the increase since listing. China's stock index outperformed the market, rising nearly 2% and rising three times in a row. Xiaomi's US stock had risen nearly 7%. After announcing a sharp increase in deliveries in March, “Wei Xiaoli” rose sharply, and NIO rose more than 3%.
After the ISM manufacturing index was released, US bond yields generally rose more than 10 basis points in the intraday period. The two-year yield rose above 4.70% for the first time in nearly two weeks; the US dollar index jumped to a new high of more than four months. The yen fell to 152, close to its low since 1990; the offshore renminbi fell by more than 100 points in the intraday period and fell below 7.26. Bitcoin fell more than $3,000 in the intraday period and fell below $69,000 to a one-week low. Crude oil rose two times in a row, and oil hit a five-month high. Gold continued to reach record highs, but after more than half of the intraday gains, spot gold declined in the short term.
The US ISM manufacturing index for March, which was announced on Monday, rebounded to 50.3, rising to 50.00 for the first time since September 2022. After 16 consecutive months of manufacturing activity falling into a contraction range below 50, it returned to the expansion range.
After Federal Reserve Chairman Powell reiterated on Friday that he was not in a hurry to cut interest rates, manufacturing data strengthened the market's expectations that the Federal Reserve would not be in a hurry to cut interest rates. The market predicted that the possibility that the Fed would cut interest rates in June fell back to less than 50%. The price of US Treasury bonds dived in the intraday period, yields rose, and the US dollar index jumped, and major US stock indexes fell sharply in the intraday period.
After the ISM data was released, the yield of 3-year to 30-year US bonds all increased by more than 10 basis points. The interest-sensitive two-year yield rose above 4.70% for the first time since late March; the first intraday intraday rise above 105.00 in more than four months; the major US stock indices that surged in the first quarter turned down intraday and failed to get off to a good start in the second quarter. The Dow and S&P fell to record highs, and the NASDAQ fell for two consecutive trading days.
Some blue-chip technology stocks fell, putting pressure on the market during the intraday period. Among the tech giants “Seven Sisters,” Wall Street analysts worried about demand in the Chinese market have successively lowered their delivery expectations for the first quarter, and Tesla led the decline. Tesla, which plummeted by nearly 30% in the first quarter, fell further. It coincided with the price increase of all Model Y models sold in China after the launch of pre-sales of Xiaomi cars was popular last Thursday. Nvidia had the highest volatility. Early trading erased gains of more than 2% at the beginning of trading, leveling the decline in midday trading, and Tesla narrowed most of its losses to ease downward pressure on the market.
Meanwhile, the chip stock index continued to rise. After the Bank of America, which is optimistic about the prospects of high-bandwidth memory (HBM) products, raised its target price,$Micron Technology (MU.US) $Lead the way. According to the media last Friday$ Microsoft (MSFT.US) $After planning to spend 100 billion dollars to jointly develop artificial intelligence (AI) supercomputing with OpenAI, chip stocks$Western Digital (WDC.US) $and the AI concept “demon stock”$Ultra Microcomputer (SMCI.US) $rising. Popular Chinese securities generally outperformed the market. In March, the three new car builders “Wei Xiaoli”, which surged double-digit year-on-month in terms of new car deliveries, surged sharply at the beginning of the market. The pre-sale of the first car, the SU7, was popular, and Xiaomi's US stock continued to rise high in the intraday period.
On the foreign exchange market, while the US dollar strengthened, non-US currencies fell further. The yen began to approach the 152.00 mark that market participants saw as a possible trigger for the Japanese government to interfere in the foreign exchange market, approaching the intraday low since 1990, which was created before Japan's Deputy Finance Minister warned last Thursday to prepare for action. Bitcoin, which surged more than 20,000 US dollars in the first quarter, “had a bad start” in the second quarter. Not only did it return below 70,000 US dollars, but as the US dollar's intraday rise expanded, the currency price fell below 69,000 US dollars in the intraday period. At one point, it fell more than 3,000 US dollars from a daily high, and fell to a low level in the past week.
Among commodities, the prospects for the Federal Reserve to cut interest rates are favorable for gold. Both spot gold and New York futures hit record intraday highs. The upward pressure on US dollar and US bond yields during the day was upward. Although gold continued to hit new closing highs, gold prices recovered most of the day's gains, and spot gold temporarily declined.
International crude oil maintained last week's gains. Leading manufacturing indicators in both China and the US have both entered an expansion range, boosting demand prospects in the oil market. Combined, the market expects that OPEC+ will keep production reduction policies unchanged at this week's OPEC+ meeting, the attack on Russian refineries by Ukraine will tighten global supply, Israel attacks Iran's embassy in Syria, and the geographical situation in the Middle East is even more tense. After the US ISM data was released, the increase in oil prices widened. Following the release of oil, US oil also recorded a new high since the end of October last year.
The three major US stock indexes turned down together in the intraday period, Google rose four times in a row to a record high, and Nvidia once fell more than 1%, and the Chinese stock index rose three times in a row
The three major US stock indexes had mixed ups and downs in early trading, and fell sharply in early trading. The decline continued to widen after the Dow Jones Industrial Average, which opened slightly higher, quickly turned down. At the beginning of the session, it had risen nearly 0.2%$S&P 500 Index (.SPX.US) $It turned down about half an hour after opening. At the beginning of the session, it had risen nearly 0.7%$NASDAQ Composite Index (.IXIC.US) $It also declined at the end of morning trading. At a new daily low in midday trading, the Dow fell nearly 320 points, down 0.8%, and S&P fell nearly 0.5%. The NASDAQ index fell more than 0.3% close to midday trading and then turned up several degrees in the short term until it turned up at the end of the session to lock in gains.
In the end, of the three major indices, only the NASDAQ closed higher, up 0.11% to 16396.83 points, closing down for almost two consecutive trading days. The Dow and S&P, which have been rising for two consecutive days, fell from their respective closing records set last Thursday on the previous trading day. The Dow closed down 240.52 points, or 0.6%, to 39566.85 points. S&P closed down 0.2% to 5243.77 points.
The small-cap stock index Russell, which is mainly value stocks, turned down at the beginning of the 2000 session. It fell more than 1% in the intraday period and closed down 1.02%, falling to its closing high since January 2022, which was refreshed for two days. Technology stocks are important$NASDAQ 100 Index (.NDX.US) $After rising more than 0.7% at the beginning of the session, both early and midday trading turned down, closing up 0.21%, and began to approach the closing record high set on March 22; the NASDAQ Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 Index, maintained gains throughout the day. It rose more than 1.5% in early trading to close 0.79%, and both rebounded after falling back last Thursday.
Among the major sectors of the S&P 500, only three sectors closed higher on Monday. Google's communications services rose nearly 1.5%, energy driven by rising crude oil rose by nearly 0.8%, and IT, where Microsoft and chip stocks are located, rose more than 0.2%. Among the eight sectors that closed down, real estate, which is sensitive to interest rates, led the decline by nearly 1.8%, while the copper futures sector rose less than 0.9%, and the material with the smallest decline fell less than 0.3%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet,$Amazon (AMZN.US) $Including Facebook's parent company Meta and Tesla, the tech giant “Seven Sisters” had mixed ups and downs in the intraday period. Tesla, which had the worst intraday performance, fell nearly 3.2% in early trading and gradually narrowed most of its decline in midday trading, closing down 0.3%, falling for two consecutive trading days.
Among FAANMG's six major technology stocks, Alphabet closed up nearly 2.8%, rising for four consecutive days, a record high for closing; Meta closed up nearly 1.2%, rebounding after falling for four consecutive days to a low closing level since March 15; Microsoft closed up 0.9%, breaking out of the closing low since March 18, which was created by five consecutive days of decline; and the one that closed low since March 11$Netflix (NFLX.US) $At the beginning of the session, it turned up and closed up nearly 1.2%; after rising more than 1% at the beginning of the market, Amazon turned down several times, closing 0.3%, breaking the closing high level since November 2021 for three consecutive days; while Apple, which opened low, maintained a decline throughout the day. It fell more than 1% in early trading and closed down nearly 0.9% for two consecutive days.
Chip stocks generally continued to rise.$Philadelphia Semiconductor Index (.SOX.US) $SOXX, an ETF for the semiconductor industry, rose more than 2% at the beginning of the session, closing up nearly 1.2% and nearly 1.1% respectively, rising for three consecutive days until closing on March 12. Among chip stocks, Nvidia rose more than 2% at the beginning of the session, turned down at the end of early trading, and fell nearly 1.3% during the day. In the end, it closed slightly and closed down roughly. House's rebound was still weak after closing 0.1% last Thursday; Bank of America expects demand for HBM technology to break through $20 billion by 2027, and Micron Technology has risen more than 6% in the market and closed more than 5%; by the close,$TSMC (TSM.US) $US stocks rose 4%, and Western Digital rose nearly 4%.$Broadcom (AVGO.US) $Up nearly 2%, AMD$Qualcomm (QCOM.US) $, Arm rose more than 1%, and Intel rose 0.8%.
AI concept stocks declined overall. By the close, SoundHound.ai (SOUN) fell more than 5%, and BigBear.ai (BBAI) and the one known as “Little Nvidia” that sells data center interconnect chips$Astera Labs (ALAB.US) $It fell more than 4%,$C3.ai (AI.US) $It fell more than 2%,$Palantir (PLTR.US) $It fell nearly 0.7%,$Adobe (ADBE.US) $fell 0.5%,$Oracle (ORCL.US) $It fell 0.1%, and ultra-micro computers (SMCI) rose more than 2%.
Popular Chinese securities generally rose further. The Nasdaq Golden Dragon China Index (HXC) rose more than 2% in midday trading and closed up 1.9%, outperforming the market, rising for three consecutive days until March 21. China's general ETFs KWEB and CQQQ closed up more than 2% and nearly 2%, respectively. The three new car builders rose high at the beginning of the market, then declined somewhat. At the beginning of the market, they had a rise of nearly 5.6%$NIO (NIO.SG) $Automobiles closed up more than 3%, and rose 4% at the beginning of the session$Xiaopeng Motors (XPEV.US) $It closed up 1%, and was up 6% at the beginning of the session$Ideal Auto (LI.US) $It closed up more than 1%. Among other individual stocks, Millet Pink rose nearly 6.9% at the beginning of the market and closed up nearly 1.9%. At the close of trading,$Baidu (BIDU.US) $A 3% increase,$Pinduoduo (PDD.US) $An increase of more than 2%,$Alibaba (BABA.US) $, JD rose more than 1%, Tencent fan rose 1%, and$NetEase (NTES.US) $It fell more than 4%, and Station B fell nearly 0.4%.
Bank stock indices fell all at once, underperforming the general market. The high overall banking index since March 3, 2023 was updated for two consecutive days last Thursday$KBW Bank Index (.BKX.US) $(BKX) closed down nearly 1.2%; the regional banking index KBW Nasdaq Regional Banking Index (KRX), which has risen for 2 consecutive days on Thursday to a high level since January 30, closed down about 2%. Last Thursday, it refreshed the high level of regional bank stock ETF SPDR S&P region since January 30 for 2 consecutive days$Bank ETF (512800.SH) $(KRE) closed down nearly 2%.
Among individual stocks with high fluctuations, after announcing a net loss of 58 million US dollars in 2023 and annual revenue of only 4.1 million US dollars, Trump's media company$Trump Media Technology Group (DJT.US) $ Group (DJT) closed down about 21.5% on the fourth trading day of listing, falling for two consecutive days; after Bank of America downgraded its rating from buying to low, believing that its long-term growth opportunities were limited,$interDigital (IDCC.US) $It closed down nearly 8.6%; after Wells Fargo downgraded its rating to a low rating, believing that the division's growth expectations were too high, the financial software company$BILL Holdings (BILL.US) $It closed down 6.1%; after disclosing that subsidiary Pavilion Behavioural Health was ordered to pay $60 million in compensatory compensation and $475 million in punitive damages, which is expected to ultimately have a “significant adverse impact” on the company's business, the healthcare company$Universal Health Services (UHS.US) $It closed down nearly 4%.
US bond yields generally rose by more than 10 basis points in the intraday market after ISM data
US bond yields generally rose for two consecutive trading days. The yield on the US 10-year benchmark treasury bond fell 4.19% in the Asian market, approaching the low level since March 14, which was refreshed by 4.18% last Wednesday. After the US ISM data was released, the increase rapidly expanded. After the US ISM data was released, the increase expanded rapidly. US stocks rose above 4.30% in early trading and then rose 4.33%, breaking the high level since March 19, rising more than 13 basis points during the day.
The 2-year US bond yield, which is more sensitive to interest rate prospects, fell 4.60% in the Asian market and reached 4.5931% on the new day. After the US ISM data was released, US stocks also rose above 4.72% in early trading, rising above 4.72% after rising 4.70%, breaking the high level since March 19. The intraday increase was slightly more than 10 basis points. By the end of the bond market, it was about 4.71%, rising about 9 basis points during the day.
After ISM data, the US dollar index jumped to a new high of more than four months, and the yen was approaching its low since 1990, Bitcoin fell below 69,000 US dollars
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, turned down and fell below a new daily low of 104.50 in early trading. The increase expanded rapidly after the US ISM manufacturing data was released. The US stock market rose above 105.00 and close to 105.10 in early trading, breaking the high level since November 14, 2023, and rose nearly 0.6% during the day (closing 104.487 last Friday).
By the close of the US stock market on Monday, the US dollar index was slightly below 105.00, rising nearly 0.5% during the day, and rebounded after two consecutive days of slight decline; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose nearly 0.3%, at the same time high since February 13, second only to February 13 this year, and also rebounded after a slight drop last Friday.
Among non-US currencies, the yen fell for two days in a row, approaching its low since 1990. USD/JPY was close to 151.80 in early trading, close to the high level since mid-1990, which was set at 152.00 on Thursday. It rose nearly 0.3% during the day, and US stocks closed above 151.60; EUR/USD fell below 1.0730 in early US trading, breaking the low level since February 15. It fell nearly 0.6% during the day, and US stocks closed above 1.0740; GBP/USD fell below 1.0740 in early trading on February. Low since 14th, falling close to intraday At 0.7%, US stocks closed slightly below 1.2550.
The offshore renminbi (CNH) reached a new daily high of 7.2481 against the US dollar in the Asian market. The decline accelerated after the US ISM data was released. After falling in early trading, the US stock market hit a new daily low of 7.2625, falling 144 points from the daily high. It is not close to the intraday low since November 13, 2023, which fell below 7.28 last Monday. At 4:59 Beijing time on April 2, the offshore RMB was 7.2595 yuan against the US dollar, up and down 23 points from the end of last Friday in New York. It fell after stopping two consecutive declines last Friday.
$Bitcoin (BTC.CC) $In the early Asian market, it rose above 71,000 US dollars to a new daily high. European stocks fell to the 70,000 US dollar mark before the market. After falling below 69,000 US dollars, it once fell below 68,200 US dollars, breaking the low since last Monday, March 25. It fell more than 3,000 US dollars and more than 4% from the daily high. US stocks were above 69,600 US dollars at the close, and fell about 2% in the last 24 hours.
Crude oil rose two times in a row, and oil hit a five-month high
International crude oil futures turned upward in the intraday period. When US stocks hit a new daily low before the market, US WTI crude oil fell to 82.6 US dollars, and Brent crude fell to 86.4 US dollars. The average intraday average fell 0.7%, then turned higher in early trading. At noon trading, US oil surged $84.50, rising more than 0.9% during the day, rising more than 0.9% during the day, rising more than $88.00, and rising more than 1.1% during the day.
In the end, crude oil, which rebounded strongly last Friday, continued to close higher. WTI crude oil futures for May closed up nearly 0.65% to $83.71 per barrel, breaking the closing high since October 27, 2023 set on March 19; Brent crude oil futures for June closed up more than 0.48% to $87.42 per barrel, breaking the high level since October 27, 2023 for two consecutive trading days.
US gasoline and natural gas futures had mixed ups and downs. NYMEX gasoline futures for May, which rebounded nearly 3% on Thursday, closed down nearly 0.4% to $2.71 per gallon, falling back after breaking from the low level since March 13 last Thursday; NYMEX's May natural gas futures closed up more than 2.85% to $1.8370 per million British thermal units, rising for two consecutive days to March 20. The rise in gas prices is due to the fact that the long-weekend weather forecast shows that this week will usher in cold weather at the end of the season, which will boost demand for natural gas this week and may help offset inventory surpluses.
Gold hit a record high but regained more than half of the intraday gains, and spot gold declined in the short term
Like European stocks, London Basic Metals was closed on Monday due to the Easter holidays.
In the Asian market on Monday, New York gold futures rose to 2286.40 US dollars, rising more than 2.1% during the day. Spot gold rose above 2265.70, and rose nearly 1.5% during the day, all breaking the record intraday highs set last Thursday. However, US stocks accelerated their decline in early trading. Futures fell as low as $2249.1 on the new day, rising less than 0.5% during the day. Spot gold fell below 2,230 US dollars and turned down in the short term.
In the end, futures and spot gold both hit record closing records for three consecutive trading days, rising for five consecutive trading days. COMEX June gold futures closed up 0.84% to $2257.1 an ounce. Spot gold was above $2,240 at the close of the US stock market, rising about 0.5% during the day.
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