The US Federal Reserve's core PCE price index, which favors inflation indicators, unexpectedly rebounded in the first quarter, while the March core PCE price index released on Friday was generally unsurprising. The year-on-year growth rate was slightly higher than economists' expectations, and remained flat from month to month. The review said that the March data was not enough to further dampen the market's expectations for the Federal Reserve to cut interest rates this year.

After the data was released, the market is betting that the probability that the US Federal Reserve will cut interest rates in September rose from 60% to 65%, and the total rate cut this year is expected to rise slightly; the price of US Treasury bonds jumped, and the yield accelerated break away from the five-month high set on Thursday. The yield on the benchmark 10-year US Treasury bond once fell 10 basis points from Thursday's high, and the interest rate sensitive two-year US Treasury yield returned below 5.0%. However, the yield on 10-year US bonds continued to rise throughout the week, reflecting the impact of the current threat of stagflation, repeated setbacks in market interest rate cuts, and poor demand for the five-year US bond bid this week.

US stocks received strong earnings reports from tech giants, and the NASDAQ recorded the biggest daily increase since Nvidia handed over its impressive fourth quarter report card. The revenue of the three major businesses surged by double digits in the first quarter, and Google, which repurchased 70 billion US dollars and paid dividends for the first time in history, surged 10% in one day for the first time since 2015, and its stock price reached a record high; Microsoft, which surged double-digit revenue from cloud to Office software with the support of AI assistants, also rose, leading the Dow to the upward trend. Intel, whose second-quarter guidance fell short of expectations and sounded the alarm of a slower recovery, fell by more than 10% in the intraday market, while Nvidia, which rebounded sharply on Thursday, continued to rise, supporting the continuous rise in the chip stock index. China Securities followed the rise of A-shares and Hong Kong stocks that broke out on Friday, and the China Securities Index outperformed the market throughout the week.

After the worst weekly decline in history last week, tech giants fought a turnaround this week and became the main drivers of the rebound in the US stock market. Both the NASDAQ and S&P recorded the strongest weekly gains since the Federal Reserve hinted at ending the interest rate hike cycle and released a turnaround signal in November last year. Nvidia, which plummeted by 10% last Friday, evened out all of last week's losses, and recorded the biggest weekly increase since the financial report released in May last year showed that demand for AI chips far exceeded expectations. Four of the “Seven Sisters” of the tech “Seven Sisters” that released financial reports this week have all risen. Meta, which is the only one that has declined, is betting heavily on AI as Google and Microsoft, but while “burning money” for AI, CEO Zuckerberg warned that it will take some years to profit from AI, raising concerns about the prospects for AI to monetize. Tesla's performance in the first quarter was poor, but it surged more than 10% in a week, due to the emphasis on the prospects for the launch of low-cost cars.

The foreign exchange market focused on the yen on Friday. The Bank of Japan meeting decided to stay on hold, implying that monetary easing will be maintained. Central Bank Governor Ueda Kazuo later said that the impact of foreign exchange on the Japanese economy included positive factors, and that the weak yen had a positive impact on demand. The review said that Ueda's speech brought little support to the yen. The yen fell below 156, 157, and 158 in succession against the US dollar, hitting new lows since 1990 this Friday, falling to the 160 mark that some analysts see as likely triggering intervention by the Japanese government. Furthermore, PCE data did not show a slowdown in inflation, and the intraday rise in the US dollar index increased, speeding up the break from the two-week low set earlier on Friday, which also contributed to the weakening of the yen and extending the intraday decline in US stocks to more than 1%.

Among commodities, after the US PCE was announced, international crude oil declined and declined slightly. Surprisingly, it continued to hit a new high of more than a week, reversing the trend of two weeks of continuous decline. Crude oil fluctuated this week due to geopolitical risks. After the risk of direct conflict between Israel and Iran abated, crude oil fell to a low level for more than three weeks on Monday. Risks in the Middle East reignited, and crude oil rebounded to a high level of more than a week on Thursday. US natural gas, on the other hand, fell for three consecutive years to a low point since 1995. Commenting that the previous warm winter weather caused a large backlog of natural gas stocks, and crude oil was at a high level to stimulate drilling activities, which also led to overproduction of natural gas as a by-product.

Metals showed mixed performance: Gold, a precious metal, also declined in the short term. Although it eventually closed higher, it still fell for the first time in more than a month due to a sharp fall on Monday after the Middle East risk mitigated, making it the worst weekly performance since the employment report was released in December last year to strongly hit expectations of interest rate cuts; Renxi, which surged after Britain and the US sanctioned some Russian metals last week, fell for the first time in two years, and continued to rise above the 10,000 dollar mark for the first time in two years. Gains.

The Nasdaq Index recorded the biggest increase in February, Google's record high, Nvidia hit the biggest weekly rise in 11 months, Tesla's earnings report increased by more than 10% on the week, and the Chinese stock index outperformed the market on the 5th

The three major US stock indexes collectively opened higher, then generally maintained an upward trend. The Nasdaq Composite Index rose more than 2% in early trading and maintained an increase of more than 2% in midday trading. The S&P 500 index has risen more than 1% in early trading and 1.3% in midday trading. The Dow Jones Industrial Average, which turned down in the short term at the beginning of the session, rose more than 250 points and rose nearly 0.7% in midday trading. The three major indices that fell sharply on Thursday collectively closed higher on the 3rd day of this week.

S&P closed up 1.02% to 5099.96 points, breaking the closing high since April 12, which rose more than 1% on Tuesday. The NASDAQ closed up 2.03%, the biggest increase since February 22, at 15927.90 points, rebounding to the high level since April 12. The Dow, which had two consecutive losses, closed up 153.86 points, up 0.4%, to 38239.66 points, and did not continue to fall from the closing high since April 9, which was refreshed on Tuesday.

The Nasdaq 100 Index, which focuses on technology stocks, closed up 1.65%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology constituents in the Nasdaq 100 Index, closed up 3.16% and increased 6.13% this week, all rebounding to the closing high since April 12. The small-cap stock index Russell 2000, which is mainly value stocks, closed up 1.05%, approaching its high since April 12, when it was refreshed on Tuesday.

Major US stock indexes all rose this week, and none of the stock indexes that fell sharply last week were able to smooth out the decline. However, both the S&P and NASDAQ recorded their biggest weekly gains since the week of November 3, 2023. S&P, which fell by more than 3% last week and recorded the biggest weekly decline in more than a year, rose 2.67%, and Russell 2000 surged 2.79%, both rebounded after three weeks of continuous decline. The NASDAQ index, which fell 5.5% last week and recorded the biggest weekly decline in two years, rose 4.23%. The Nasdaq 100, which also fell more than 5% last week, surged 3.99%, all rebounded after four weeks of continuous decline. The Dow, which had a slight increase last week, has been rising 0.67% for two consecutive weeks.

Among the constituent stocks of the Dow, Amazon and Microsoft led the way. Intel had the highest decline among the constituent stocks, while other falling constituents fell less than 1% of the market. Among the major sectors of the S&P 500, a total of six closed higher on Friday. Google's communications services rose 4.7%, Nvidia's IT rose nearly 1.9%, Amazon's non-essential consumer goods rose 1.3%, and among the five sectors that closed down, utilities fell more than 1% and energy fell 1%.

All sectors rose sharply this week. The top three gains showed outstanding rebound in technology stocks. IT, which fell by more than 3% last week, surged about 5.1% this week; non-essential consumer goods, which fell 1.9% last week, communications services rose 2.7% last week; the materials sector rose less than 0.7%, the smallest increase. Energy rose by more than 0.7%, and healthcare rose nearly 0.8%.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants “Seven Sisters” mostly rose. Only Apple closed down. Alphabet and Microsoft, which announced better than expected earnings after the Thursday market, rose even higher, and Nvidia, which had a big rebound on Thursday.

Tesla, which opened low, fell 1.7% in early trading. After turning up, it fell again, closing down 1.1%. It fell for the first time since the earnings report was announced. It fell to a high closing level since April 12, which was refreshed for two consecutive days. It rose 12% on Wednesday, the first trading day after earnings. After falling sharply by about 14% last week, it had a cumulative increase of 14.4% this week.

Among the six major FAANMG technology stocks, Alphabet rose nearly 12% at the beginning of the session, 10.2%, the biggest increase since July 2015, and rebounded to a record high of closing history; Microsoft, which fell back to its low closing position since January 31 on Thursday, rose 3.5% at the beginning of the session, closed up more than 1.8%; Amazon closed up 3.4%, rebounded to a closing high since April 17; and fell more than 1% in early trading from Thursday to February 1; while Thursday continued to rise from April 4 to April 15 Apple, which closed at a high level, turned in midday trading It fell, closing down nearly 0.4%; Netflix, which rebounded on Thursday, closed down 0.6%.

Most of these six technology stocks rose this week. Alphabet rose 10.4%, Amazon rose nearly 2.9%, Apple rose 2.6%, Microsoft rose 1.8%, and Netflix rose 1.1%, while Meta, which plummeted 10% on Thursday, fell by nearly 7.9%.

Chip stocks accelerated their upward trend after generally reversing the market on Thursday. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX closed up 2.6% and 2.1%, respectively, rising for five consecutive days and outperforming the market for five days. The two days broke the closing high since Tuesday, April 16, and climbed about 10% and 9.3% this week, respectively, reversing last week's decline of at least 9%. Among chip stocks, Nvidia closed up about 6.2%, the highest level since April 12, this week, rising more than 15.1% this week, the biggest weekly gain since May 26, 2023. At the close, Arm rose more than 4%, Broadcom rose nearly 4%, Micron Technology rose nearly 3%, AMD rose more than 2%, and TSMC's US stock rose more than 1%, while Intel, which published its financial report, fell 12.7% in early trading and closed down 9.2%.

Many AI concept stocks surged and outperformed the market. By the close, Astera Labs (ALAB), known as “Little Nvidia,” which sells data center interconnect chips, rose nearly 19%, ultra-micro computers (SMCI) rose nearly 9%, BigBear.ai (BBAI) rose more than 8%, SoundHound.ai (SOUN) nearly 6%, Palantir (PLTR) rose nearly 4%, C3.ai (AI) rose 3%, Oracle (ORCL) rose 2%, and Adobe (ADBE) rose 0.9%.

Popular Chinese securities generally followed the sharp rise of A-shares and Hong Kong stocks. The Nasdaq Golden Dragon China Index (HXC) rose more than 3% at the beginning of the session and closed up nearly 2.5%. It has been rising for five consecutive days, breaking the high level since March 20, and has accumulated 8.8% this week. New car builders are on the rise. At the close, Xiaopeng Motor rose more than 10.7%, NIO Auto rose 8.7%, Ideal Auto rose nearly 6.7%, and the Xiaomi fan market rose 4.7%. Among other individual stocks, Jinshan Cloud rose 10% at the close, Tiger Securities rose more than 8%, Futu Holdings Ltd. rose more than 5%, Weibo rose more than 4%, JD rose more than 6%, Station B rose nearly 5%, New Oriental rose more than 4%, Tencent Fandan and Land Control rose more than 2%, NetEase rose 2%, and Alibaba and Baidu rose 0.6%.

Among the individual stocks that announced financial reports, ExxonMobil (XOM), which had lower earnings than expected in the first quarter due to falling refining profits and falling natural gas prices, fell more than 4% in early trading and closed down about 2.8%. Its old rival Chevron (CVX), whose first-quarter revenue was lower than expected but profit was higher than expected, rose nearly 0.4% in midday trading; after first-quarter revenue was higher than expected but warned that streaming service distribution activities were very difficult to compare year-on-year growth rates, Roku (ROKU) closed down 10.3%; a blood sugar monitoring system manufacturer with first-quarter revenue and better-than-expected profits Com (DXCM) It closed down 9.9%; biomedical company ABBV (ABBV) closed down 4.6% despite higher-than-expected first-quarter earnings and higher full-year guidance; broadband and cable TV operator Charter Communications (CHTR), which had lower-than-expected earnings and revenue for the first quarter, closed down 1.7%.

Meanwhile, social media Snap (SNAP), whose revenue in the first quarter exceeded expectations by 21%, rose more than 27.6%; medical equipment company Resmed (RMD), which had higher revenue and earnings than expected in the third fiscal quarter, closed 18.9%; shoe company Skechers (SKX), which had higher earnings and revenue than expected in the first quarter; T Rowe Price Group (TROW), an asset management company with higher-than-expected revenue and profits in the first quarter, rose 4.8%; military stocks with better performance than expected in the first quarter and raised full-year guidance L3Harris Technologies (LHX) closed up 3.5%.

In terms of European stocks, the pan-European stock index, which had declined for two consecutive days, rebounded and rose more than 1% on the second day of this week after Tuesday. The European Stoxx 600 Index updated its biggest closing gain since January 26, which was set on Tuesday, and its closing high since April 8, which was set on Tuesday. Stock indices of major European countries rose sharply. British stocks rose for two consecutive days, and British stocks closed at record highs on the fourth day of this week. German, French, Italian, and Western stocks rebounded for two days in a row.

Among the various sectors, when European bond yields declined, interest-rate sensitive real estate rose nearly 1.9%; the technology sector, which followed the rise in US stocks, closed up more than 1.8%. Among the constituent stocks, the Dutch-listed European technology stock with the highest market capitalization, ASML (ASML), closed up 3.2%; the industrial sector closed up 1.8%, mainly due to Finland-listed engineering group Wartsila, which had higher orders and core profits than expected in the first quarter, surged 11.4%; the banking sector rose nearly 0.9%, to a nine-month high, thanks to lower than expected losses in the first quarter 1%; and The chemical sector reversed the market and fell by nearly 0.4%, due to fertilizer giant Yara International, which had lower profits than expected in the first quarter, falling 6.2%. Among other individual stocks, Danish shipping giant Maersk closed up 6.2% as the Shanghai Container Freight Index (SCFI) spot rate rose 6.2%; Swedish home appliance manufacturer Electrolux, which had lower operating losses than expected in the first quarter, rose 6.5%.

The Stoxx 600 Index surged more than 1.7% this week, the biggest weekly gain since January 26, ending four weeks of continuous decline. Stock indices from all countries have been rising. British stocks have risen by more than 3%, and German stocks, which have risen by more than 2%, have stopped falling for three weeks, and French, Italian and Western stocks have been rising for two weeks.

Among the various sectors, technology, which fell 5.8% last week, rose 4.8%, and the constituent stock Asmack rose 4.6% this week after falling more than 9.5% last week; the commodity sector rebounded, reversing the market and surged by more than 3% on Thursday, and the oil and gas sector, which fell more than 3% last week, rose more than 1% this week; the real estate and industrial sector was able to rise more than 1% this week due to Friday's rise; while the chemical industry fell nearly 2% this week.

US bond yields hit a new low day after PCE and accelerated out of a five-month high

The yield on US 10-year benchmark treasury bonds was above 4.71% at the beginning of the Asian session, and continued to decline. The decline expanded rapidly after the US PCE was announced, falling 4.64%, falling about 10 basis points from the high level since November 2, 2023, which rose 4.73% on Thursday. By the end of the bond market, it was about 4.66%, falling about 4 basis points during the day, and falling by about 4 basis points during the day.

Prior to the PCE announcement, the 2-year US Treasury yield, which is more sensitive to interest rate prospects, had risen above 5.0%, close to the high level set by 5.02% on Thursday. US stocks quickly fell 5.0% to 4.96% below a fresh daily low of 4.9559% after the pre-market PCE announcement. At the end of the bond market, it was about 4.99%, falling nearly 1 basis point during the day. It remained roughly the same level as last Friday, and stopped rising for four weeks.

The US dollar index rose after hitting a new low for two weeks, and the yen fell more than 1% after the Bank of Japan meeting to hit a new low since 1990 for 5 days

The ICE dollar index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, was close to 105.40 before the European stock market, falling close to 0.2% during the day. After the rise, the European and US trading sessions maintained gains. After the US PCE was announced, it slightly regained gains in the short term and then accelerated upward. After rising above 106 in early trading, US stocks reached a new high of 106.20, rising nearly 0.6% during the day.

By the close of the US stock market on Friday, the US dollar index was slightly below 106.10, rising nearly 0.5% during the day and falling by about 0.06% this week; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose nearly 0.3% during the day and fell 0.07% this week. It all rebounded, rose on the second day of this week, and stopped rising for two weeks.

Among non-US currencies, the yen hit a new low since 1990 for 5 consecutive days, falling more than 1% against the dollar against the yen. After the Bank of Japan meeting, the US dollar quickly rose and rose above 156.00. European stocks turned down in the short term before the Bank of Japan, US stocks rose above 157.00 in early trading, and rose by about 1.7% during the day, breaking the high level since 1990 for the fifth day; EUR/USD rose above 1.0750 in early trading, breaking the high level set on Thursday since April 11, and then continued to fall back and fall in early trading. Breaking 1.0680 as low as% of the new day; GBP/USD traded early in European stocks It rose above 1.2540, breaking the high since April 12 set on Thursday. European stocks also turned down in the intraday period. In early trading, the US stock market dropped to a new low of 1.2450.

The offshore renminbi (CNH) reached a new daily high of 7.2521 against the US dollar when European stocks rose in the short term before the market. US stocks approached 7.2690 in midday trading and fell to 7.2700 after closing. It was close to the low since April 16, which was refreshed after falling 7.27 on Thursday, and fell 147 points during the day. At 4:59 Beijing time on April 27, the offshore renminbi reported 7.2687 yuan against the US dollar, down 134 points from the end of Thursday in New York. It fell after stopping two consecutive declines on Thursday. After a rebound last week, it fell 175 points this week, and fell sharply in the second week of the last five weeks.

Bitcoin (BTC) rose above $65,200 at the beginning of the Asian session, rose above $65,300 on some platforms, and then fluctuated downward. After falling below $64,000 in early trading, it fell to a new daily low below $63,400. It fell about $2,000 from the daily high, falling more than 3%, far from the high since April 13, which was refreshed by rising above $67,200 on Tuesday. US stocks closed above $63,800, falling more than 1% in the last 24 hours, and about 0.8% in the last 7 days.

Crude oil hit a new high for more than a week, ended a two-week decline, and US natural gas hit a new low since 1995

International crude oil futures generally maintained their upward trend, but the US PCE returned most of the gains after the announcement. When European stocks hit a new intraday high, US WTI crude oil was close to $84.50, up nearly 1.1% during the day, and Brent crude rose above $89.80 and rose more than 0.9% during the day. After the PCE announcement, US stocks declined slightly in early trading. At the new low of the day, US oil fell below $83.40 and oil fell below $88.80, all falling nearly 0.3% during the day.

In the end, crude oil closed higher for two consecutive days and the third day of this week. WTI's June crude oil futures closed up $0.28, or 0.34%, to $83.85 per barrel; Brent crude oil futures for June closed up $0.49, or 0.55%, to $89.50 per barrel, and both hit closing highs since April 16 for two consecutive days.

US gasoline and natural gas futures. NYMEX's May gasoline futures closed up about 0.2% to 2.7646 US dollars/gallon, rising for four consecutive days, breaking the high level since April 16, rising by about 2% this week and rebounding after stopping three consecutive gains last week; NYMEX's May natural gas futures closed down 1.53% to 1.6140 US dollars/million British thermal units, falling for three consecutive days, hitting a new low since August 1995.

Luntong hit a two-year high, once breaking through 10,000 US dollars, and Renxi fell 9% in a week, and gold rebounded in two days and still hit the biggest weekly decline in four months

London basic metals futures showed mixed results on Friday, with most closing lower. Lun Xi, which rebounded on Thursday, fell more than 1% and failed to break out of more than a week's low. Both lun nickel, which stopped falling two times in a row on Thursday, and lun zinc, both fell. They were not close to the high since September last year set on Monday and the high since April last year, which had been rising for three days, and did not continue to approach the high level since November last year set last Friday.

Meanwhile, Luntong rose for three days, closing up about 1%, breaking the high since April 2022 set last Friday. It broke through the 10,000 US dollar mark for the first time in two years during the intraday period. Lunlu, which fell back to a low level of more than a week on Thursday, rebounded slightly.

Most of the basic metals fell this week. Lunxi, which rose nearly 10% last week, fell by about 9%, and Lunzinc, which fell nearly 0.3%, ended three weeks of continuous gains. Last week's rise of about 7% and Lun Al fell nearly 4% in the sixth week. Last week's rebound of more than 8%, ln nickel, which rebounded more than 8% last week, fell by more than 1%, and ln lead, which rose nearly 2% last week, fell nearly 0.5%. Meanwhile, Luntong surged 0.9%, rising for four consecutive weeks.

Gold continued to rise overall on Friday. New York gold futures rose above 2,360 US dollars in early trading for European stocks, and spot gold rose above 2,350 US dollars. They all set new intraday high levels since Monday, April 22, and rose nearly 0.9% during the day. After the US PCE was announced, it fluctuated downward, and US stocks declined in the short term in early trading.

By the close, COMEX June gold futures closed up 0.2% to $2347.2 per ounce, continuing to break from the closing low since April 4, which was refreshed on Wednesday. Due to a decline of about 2.8% on Monday, the biggest closing drop since February 2023, gold fell by about 2.76% this cycle. After four weeks of continuous growth, it fell for the first time since late March.

At the close of the US stock market, spot gold was slightly below $2,340 and rose about 0.3% during the day, still far from the closing record high set by slightly below $2,390 last Friday. As a result of falling more than 2% on Monday, spot gold, which had been rising for two days, still fell more than 2% this week, ending five weeks of continuous gains. Both futures recorded their biggest weekly decline since the week of December 8, 2023.

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