Market analysis on May 17

The US stock market experienced a day of ups and downs, and the Dow Jones Industrial Average turned down after breaking through the 40,000 point mark, showing market uncertainty. Meanwhile, after Game Station continued to fall sharply, Alibaba reversed the market and rose 7%, while JD and Baidu also achieved profits amid the turmoil.

Although the three major indices all hit record highs in the intraday period, they all fell at the close. Meta fell 1.7%, and continued gains in chip stocks and Nvidia came to an end. On the other hand, the stock price of Game Station, which was organized by retail investors, plummeted 30%, yet Walmart unexpectedly closed up 7% after reporting earnings.

In Europe, the pan-European stock index ended nine days of continuous gains, and the German, French, and British stock markets also fell from historic highs. Siemens and Ubisoft stock prices plummeted 6.8% and 13.5%, respectively, after announcing financial reports. Furthermore, Buffett's recent increase in Chubb's stock price increased by nearly 5%.

In terms of economic data, after US unemployment and other data were released, the 10-year US Treasury yield rose for a short period of time, while the US dollar index, which hit a new low for five consecutive weeks, ushered in a rebound. Bitcoin retreated more than $66,000 after breaking through $2,000.

In the raw materials market, crude oil continued to rise. U.S. crude oil prices hit a new weekly high, while gold turned down. London copper prices rose 2%, hitting a two-year high, and although New York copper prices fell after rising nearly 2% in the intraday period, they eventually fell below the two-year high.

In the Chinese market, the performance of A-shares and Hong Kong stocks fluctuated, and real estate stocks rallied strongly. Tencent surged 4%, while the premium between A shares and H shares fell to a low of more than a year. The performance of Chinese securities listed in the US was strong. JD and Baidu finally achieved a rise in turbulent trading. Despite falling 10% at the beginning of the session, iQiyi finally surged 12% in the end. The offshore renminbi fell sharply in the intraday period and fell below the 7.22 level.