Market analysis for April 3

The US stock market, bond market, and foreign exchange market suffered a “triple blow” last night, and the three major indices all fell significantly. The Dow Jones Industrial Average and the S&P 500 both recorded their biggest one-day decline in four weeks, while Tesla's decline reached its biggest in a month. After falling close to 7%, it finally closed down nearly 5%. The semiconductor sector was also under pressure. The three-game winning streak came to an end, falling 1.5%. Nvidia closed down 1% after falling 3% in the intraday period, and Intel even dropped more than 4% after the market. The European stock market had a “bad start” in the second quarter. The German stock market fell by more than 1%, ending a record high trend.

In the US, job vacancies in February were slightly higher than expected, the voluntary turnover rate reached its lowest point since 2020, and the number of layoffs hit the highest level in nearly a year. Tesla's delivery volume in the first quarter fell 8.5% year on year to 386,800 vehicles, far below analysts' expectations. This was the first time in four years that there was a year-on-year decline. At one point, its stock price fell nearly 7%. Intel disclosed financial data for its foundry business for the first time. Losses expanded to 7 billion US dollars last year, revenue fell 31%, and the stock price fell by more than 4% after the market.

It is worth noting that today's economic data includes the US service sector PMI for March, changes in the number of people employed in ADP in the US in March, and Federal Reserve Chairman Powell's speech.

On the bond market side, the 10-year US Treasury yield hit a four-month high and the biggest two-day increase in two months. The two-year yield declined after hitting a new high for nearly two weeks. The US dollar index turned down in the intraday period after hitting a new high for more than four months, and hit a new low after the release of US job vacancy data. Bitcoin plummeted by more than $5,000 in the intraday period, falling below $65,000. Crude oil and gold prices continued to rise. Crude oil closed up nearly 2%, hitting a five-month high for several days. Gold hit a record closing high for four consecutive days, and the price of silver rose by more than 3%. London copper prices rose for two consecutive days, reaching a two-week high.

In the Chinese market, A-shares experienced volatile adjustments throughout the day. Cyclical stocks strengthened collectively, while Hong Kong stocks surged, the Hang Seng Index rose more than 2%, and Xiaomi closed up 9% in the Hong Kong stock market. At one point, it rose more than 15%, the biggest intraday gain in two years. After surpassing the market for two consecutive days, the China Securities Index rose for four consecutive days. Ideal Auto rose more than 1%, while Xiaomi fell more than 3% in the US stock market, and NIO and Xiaopeng Motors fell more than 2%. The offshore renminbi rose more than 100 points in the intraday period, breaking through 7.26.

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