部分电动汽车股盘中巨震。获沙特主权财富基金PIF关联公司10亿美元投资的Lucid一度涨超20%，而现金告急的Fisker寻求同一家大型汽车制造商合作的谈判破裂，股价暴跌近30%。多只人工智能（AI）概念股逆市走高。被摩根大通认为其处于AI革命的前沿而给予超配评级、预计股价将大涨近20%后，超微电脑（SMCI）曾涨10%。将被特朗普旗下社交媒体公司并购而变相“借壳上市”的特殊目的收购公司（SAPC）Digital World Acquisition（DWAC）曾飙涨逾40%。The S&P Dow fell two times in a row, and the NASDAQ stopped rising for five consecutive years. The “Seven Sisters” of technology fell sharply in the intraday market. Apple, Google, and Meta, which were surveyed by the European Union, all fell more than 1% in the intraday period, and Nvidia rose more than 2% after rising; the chip stock index ended two consecutive gains, and AMD and Intel both fell more than 4% in the intraday; AI concept stock Super Micro (SMCI) closed up more than 7%; and Trump's social media closed up the merger and acquisition company DWAC by 35%. China's stock index fell three times in a row. Pinduoduo fell more than 2%, while Baidu rose more than 3%. The pan-European stock index rebounded to a record high, and German, Italian and Western stocks hit record highs for five consecutive days.
The 10-year US Treasury yield rose after hitting a new low for more than a week. The US dollar index fell from a one-month high. The offshore RMB fell below 7.28 in the intraday period and hit a new low of nearly four months, then rose by nearly 500 points. Bitcoin reached 70,000 US dollars for the first time in more than a week, rising nearly 5,000 US dollars in the intraday period. Crude oil rose more than 1% to reverse three consecutive declines, while US oil rose more than 2%. Gold rebounded and did not continue to fall below its all-time high in the intraday market. Lun Ni fell nearly 2% to a four-week low, and Lun Tung bid farewell to a one-week low.
In the last week of this month, the US stock market didn't get off to a good start. For the first time, the European Union launched an antitrust investigation against Apple, Google, and Meta under the new digital law that came into effect at the beginning of this month. US tech giants have plummeted in the intraday market. The media said that China restricted the use of US chips in some computers, and AMD and Intel both fell by more than 4% at the beginning of the market. Meanwhile, Nvidia repeated the rise at the beginning of the session last Friday and continued to reach record closing highs, helping to offset the decline in some technology stocks.
Some electric vehicle stocks experienced a huge intraday shock. Lucid, which received an investment of 1 billion US dollars from Saudi sovereign wealth fund PiF affiliates, once rose more than 20%, while Fisker, who was in a hurry with cash, broke down in negotiations seeking cooperation with the same major automobile manufacturer, and the stock price plummeted by nearly 30%. A number of artificial intelligence (AI) concept stocks reversed the market. After J.P. Morgan thought it was at the cutting edge of the AI revolution and gave it an overrated rating, and the stock price was expected to soar by nearly 20%, the ultra-micro computer (SMCI) rose 10%. The special purpose acquisition company (SAPC) Digital World Acquisition (DWAC), which will be merged and acquired by Trump's social media company and disguised as a “backdoor listing”, has soared more than 40%.
On the bond market side, the price of US Treasury bonds fell back last week after the Federal Reserve released a signal that it would cut interest rates three times this year. The benchmark 10-year US bond yield hit an intraday low of more than a week before rising. Federal Reserve Chairman Powell, who delivered a pigeon speech last week, will speak out publicly again this Friday. On Friday, he will also announce the PCE price index, the inflation index favored by the Federal Reserve. Investors will pay attention to the clues that may be revealed in the Federal Reserve's actions. However, the bond market will be closed on Friday due to Good Friday, and the impact of Powell's speech and economic data will be revealed next week.
On the foreign exchange market, Japan's Deputy Minister of Finance, Masato Kanda, who is in charge of the yen exchange rate, warned against speculation that would depress the yen, saying that they should be prepared to take action and not consider specific foreign exchange levels, but instead focus on the direction of exchange rate changes. If foreign exchange fluctuates excessively, it is not ruled out that any measures will be taken. Although it has since declined, it has not reached the four-month low set last Friday. Analysts said that Kanda's statement clearly made traders wary of the Japanese government interfering in the foreign exchange market. An intraday rise in the yen helped the US dollar index fall back, falling from the high level set last Friday for more than a month.
Other non-US currencies other than the yen generally rose, and the offshore renminbi once rose by nearly 500 points after falling below 7.28 in the Asian market. Bitcoin rebounded last week, which recorded its biggest weekly decline in half a year. For the first time in more than a week, it hit the 70,000 US dollar mark in the intraday market. At one point, it surged nearly 5,000 US dollars from its low intraday level.
Among commodities, a terrorist attack occurred at a concert hall near Moscow, Russia. Geopolitical risks intensified, and the dollar fell back. They all supported a rebound in gold and did not continue to fall below the high intraday record set last Thursday. The tense relationship between Russia and Ukraine also supports a rebound in international crude oil. The media said that due to the Ukrainian drone bombing last weekend, Russian oil company Rosneft's Kuibyshev refining company stopped production at a major refinery in Samara. Analysts estimate that the new attack will affect Russian refining capacity of about 350,000 b/d. Meanwhile, media said that the Russian government ordered domestic companies to control oil production in the second quarter to ensure that supply restrictions under the OPEC+ agreement are met. Crude oil reversed three days of continuous decline, and US oil rose more than 2% in the intraday market.
The S&P Dow fell two times in a row, and the NASDAQ stopped rising for five consecutive years. After Nvidia turned up, it rose more than 2%, and AI concept stocks surged 10% at one point
The three major US stock indexes collectively opened lower. The Nasdaq Composite Index fell more than 0.7% at the beginning of the session, the S&P 500 index fell more than 0.3%, and fell less than 0.2% at the end of early trading. The Dow Jones Industrial Average fell more than 100 points in early trading. The Nasdaq index rose slightly in midday trading; the S&P and Dow continued to fall. At the end of the session, the Dow fell nearly 180 points when it hit a new low.
In the end, the three major indices collectively closed down. The Dow closed down 162.26 points, or 0.41%, to 39313.64 points, and S&P closed down 0.31% to 5218.19 points. They all fell for two consecutive trading days, continuing to fall below the historical closing levels each set last Thursday. After five consecutive trading days, the NASDAQ closed down 0.27% to 16,384.47 points, falling to the highest closing record set for three consecutive days.
The tech-heavy Nasdaq 100 index closed down 0.34%, falling after five consecutive days of rising and breaking the highest closing record for two consecutive days. The NASDAQ Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 Index, closed down 0.5%, leaving the historic closing high created by five days of continuous gains. However, the small-cap stock index Russell 2000, which is mainly value stocks, closed up 0.1%, outperforming the market, and did not continue to fall below the high level since April 2022 set last Thursday.
Among the major sectors of the S&P 500, only three did not close down on Monday. Energy, affected by the rebound in crude oil, rose 0.9%, utilities rose nearly 0.5%, and materials rose slightly. Among the eight sectors that closed down, the United Airlines sector, which fell by more than 3%, led the decline by nearly 0.7%. IT, where Microsoft and Apple are located, fell by more than 0.5%, real estate fell by more than 0.4%, other healthcare fell by nearly 0.2%, and other sectors fell by between 0.2% and 0.4%.
Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, all seven major technology stocks fell in early trading. Tesla, which was downgraded by Mizuho from buying to neutral, rose nearly 2.6% after turning up at the beginning of the session. It turned down a few times in early trading. After turning up at the end of early trading, it did not turn back down. It closed up about 1%, and rebounded after two days of continuous decline.
Among FAANMG's six major technology stocks, after the European Union initiated antitrust investigations against Apple, Google, and Meta, Alphabet fell nearly 2% at the beginning of the session, Meta fell more than 1.8%, and Apple fell more than 1.6%. At the close, Alphabet, which had a high position since January 30, fell nearly 0.5% last Friday. Meta, which refreshed its high level since March 7, fell 1.3% for two consecutive days. Apple, which rebounded slightly last Friday, fell more than 0.8%; Microsoft closed down nearly 1.4%, continuing to fall from the high closing position set last Thursday; last Friday's rebound Until 2021 Netflix, which has been high since November, closed down less than 0.1%; while Amazon, which fell more than 0.9% at the beginning of the session, turned up in early trading and closed up nearly 0.5%, breaking the closing high since November 2021 for two consecutive days.
Chip stocks generally rose in the intraday period. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX fell nearly 1.5% and 1.7% respectively at the beginning of the session. Early and midday trading both turned slightly, and turned down at the end of the session, closing down about 0.3% and 0.3%, respectively. They fell after three days of continuous gains and two days of rising to close levels since March 12. Among individual stocks, after the media said that China restricted the use of US chips on some computers, AMD fell nearly 4.3% at the beginning of the session, Intel fell by about 4.7%, and after turning up by more than 1% in early trading, then turning down by more than 0.6% in midday trading, and Intel closed down 1.7%. After being reconfirmed by Bank of America and placed it on the list of the best stock selection lists for the second quarter, Nvidia quickly turned up after falling more than 0.8% in early trading. It rose more than 2.6% in early trading, and closed up nearly 0.8%. The highest record in the game.
Most AI concept stocks rose. After being initially covered by J.P. Morgan Chase and a target price of $1,150, which was more than 18% higher than the closing price of last Friday, the ultra-micro computer (SMCI) rose 10.2% in early trading and closed 7.2%; after being reaffirmed by Morgan Stanley and optimistic about the prospects of productive AI functions, Adobe (ADBE) rose nearly 2% in early trading and closed up 1.5%; known as “Little Nvidia”, Astera Labs (ALAB), which sells data center interconnect chips, closed 21.4%, and BigBear.ai (BBAI) closed up 8.5% Palantir (PLTR) rose more than 1%; while Soundhound.ai (SOUN) closed down more than 4%, Oracle (ORCL) fell more than 1%, and C3.ai (AI) fell nearly 0.7%.
Most popular Chinese securities declined in early trading. The Nasdaq Golden Dragon China Index (HXC) rose nearly 1% at the beginning of the session and turned down in early trading. It closed down less than 0.1%. It fell for three days, breaking its closing low since March 8 on the 2nd. KWEB and CQQQ closed down about 0.5% and 1%, respectively. Among individual stocks, by the close, Pinduoduo, which had turned down at the beginning of the session, fell by more than 2%, and Alibaba, which turned down in early trading, fell nearly 1%, while Baidu rose more than 3% and JD rose more than 1%; none of the three new car builders closed down. Xiaopeng Motors, which rose more than 3% at the beginning of the session, closed up 0.6%, and NIO Auto, which rose more than 4% at the beginning of the session, closed down 0.4%.
Cryptocurrency concept stocks rose strongly; MicroStrategy rose nearly 22%, CleanSpark rose nearly 20%, Coinbase and Riot Platforms rose more than 9%, and Marathon Digital rose slightly.
Among the volatile individual stocks, electric vehicle manufacturer Lucid (LCID) rose nearly 21% in early trading after announcing that the majority shareholder, Ayar Third Investment Company, will invest $1 billion in the form of convertible preferred shares, and later regained most gains and closed up 5.4%; after announcing the termination of cooperative negotiations with the same major automobile manufacturer and seeking strategic options including in-court or out-of-court restructuring and capital market transactions, another electric vehicle company, Fisker (FSR) closed down 28.2%; probably Tuesday Digital World Acquisition (DWAC), which was listed after being merged by Trump's social media company Trump Media & Technology Group (TMTG), using DJT as the code, rose 40.1% and closed up 35.2% in the midday session; “American Tieba” Reddit (RDDT) closed 30% on the third trading day of listing; after Evercore was upgraded to outperform the market due to optimism about its prospects of turning losses into profits and reinvesting in growth Foot Locker (FL) closed up nearly 6.1%; before the fourth quarter earnings report was announced on Tuesday, Game Stop (GME) rose more than 10% in the intraday period; after announcing a management reshuffle in the face of the 737 Max security crisis, the chairman left office in May, and the CEO resigned at the end of the year, Boeing (BA) rose nearly 3.9% at the beginning of the session and closed up 1.4%.
In terms of European stocks, the pan-European stock index closed slightly higher. The European Stoxx 600 Index, which fell slightly last Friday, rose slightly to a new record closing record high set last Thursday. Most of the major European countries' stock indexes continued to rise. German, Italian, and Spanish stock indexes rose for five consecutive trading days, setting a new closing record for five consecutive days, while French stocks, which fell slightly last Friday, closed down 0.32 points, roughly flat, falling short of the high closing record set last Thursday; after two consecutive gains, British stocks, which had been high in the past year, fell.
Among the various sectors, energy earnings, driven by higher crude oil, led a rise of more than 0.9%, while the media declined by nearly 0.7%. Among individual stocks, Swedish real estate giant SBB rose 10.4% after announcing that it would buy back the debt at a 60% discount; after a terrorist attack at a concert hall near Moscow, European military stocks generally rose 10.1%; German-listed Hensoldt closed up 10.1%, Italian-listed Leonardo rose 2.7%, and French-listed Thales rose 1.4%; while Belgian insurer Ageas, which was rejected twice, said it had no intention of making further bids to buy, British real estate and auto insurance company Direct Line fell 11.3%.
Ten-year US Treasury yields rose after hitting a new low for more than a week
The yield on the US 10-year benchmark treasury bond fell below 4.19% in the Asian market, hitting a low level since March 14 for three consecutive trading days, and soon recovered. US stocks rose 4.26% to a new daily high in midday trading. By the end of the bond market, it was about 4.25%, rising about 5 basis points during the day, and rebounded after returning to a downward trend last Friday.
The 2-year US bond yield, which is more sensitive to interest rate prospects, fell 4.59% to a new low in the Asian market. The US stock market rose to a new daily high of 4.64% and continued to break away from the low level since March 12, which was refreshed by 4.56% last Thursday. It was about 4.63% at the end of the bond market. It rose about 4 basis points during the day, and rebounded after falling back last Friday.
The US dollar index fell from a one-month high, and then the offshore renminbi fell to 7.28, then once rallied by nearly 500 points, and Bitcoin rose more than 7% in the intraday period
The ICE US Dollar Index (DXY), which tracks the exchange rate of a basket of six major currencies including the US dollar against the euro, remained declining for most of Monday. It was close to 104.50 after rising in early Asian trading, approaching the high level since February 16, which was refreshed last Friday. After the decline, European stocks only turned up in the short term before the market. US stocks fell below a fresh low of 104.20 in early trading and fell nearly 0.3% during the day.
By the close of the US stock market on Monday, the US dollar index was above 104.20, falling nearly 0.2% during the day; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, fell more than 0.2%, falling to the same high level since February 14, and the US dollar index fell after two consecutive days of gains.
Among non-US currencies, the yen, which stopped falling for eight days last Friday, failed to maintain its rebound. USD/JPY reached a new daily low of 151.00 in early Asian trading and fell more than 0.2% during the day. US stocks rose above 151.50 to a new daily high at the end of early morning trading, then regained most of their gains. US stocks closed above 151.40, roughly the same level as the same period last Friday. It did not approach the high level since November 13, 2023, which was refreshed by 151.90 on Friday; EUR/USD broke 1.1.early in the US market. 0840 hit a new daily high, rising more than 0.3% during the day, leaving Asia The low level since March 1, when 1.0800 was hovering at the beginning of the market; the pound rose above 1.2650 in early Asian trading and rose 0.4% during the day, leaving the low level since February 20 caused by falling below 1.2580 last Friday.
The offshore renminbi (CNH) fell to 7.2820 against the US dollar in early trading in the Asian market, breaking the intraday low since November 13, 2023 set last Friday, and rebounded soon thereafter. The Asian market had risen above 7.24 to 7.2325 in early trading, rising 495 points from the daily low, and later regained some of its gains, falling below 7.25 during the European and US trading session. At 5:59 Beijing time on March 26, the offshore RMB was 7.2531 yuan against the US dollar, up 230 points from the end of last Friday in New York. It rebounded after two consecutive days of decline, and rose on the second day of the last ten trading days.
After falling more than 6% last week to the biggest weekly decline since the end of August last year, Bitcoin (BTC) continued to rise this Monday. US stocks rose above 70,000 US dollars in midday trading, hitting this level for the first time since March 15. At the end of the session, US stocks surged 71,000 US dollars, continuing to break the high level since March 15, and rebounded more than 4,800 US dollars and rose more than 7% from the intraday low of 66,200 US dollars in early Asian trading.
Crude oil rose more than 1%, reversed three consecutive declines, and US oil rose more than 2%
International crude oil futures rose throughout the day on Monday. When US stocks hit a new daily high in early trading, US WTI crude oil was close to $82.50, up 2.3% during the day, and Brent crude was close to $87.20, up slightly more than 2% during the day.
In the end, crude oil, which had been falling for three days in a row, rebounded. WTI crude oil futures closed up $1.32 in May, or nearly 1.64%, to $81.95 per barrel. They are not close to the high level since the end of October 2023, when they rose above $83 last Tuesday. Brent crude oil futures for May closed up 1.32 US dollars, up more than 1.54%, to 86.75 US dollars/barrel, and are close to the high level since the end of October 2023, which rose above $87 on Tuesday.
US gasoline and natural gas futures continued to rise and fall with mixed results. NYMEX's April gasoline futures closed up about 0.3% to 2.7484 US dollars/gallon, rising for two consecutive days; as warm weather in the southern US hit natural gas demand, NYMEX April natural gas futures closed down 2.65%, the biggest drop since March 15, at 1.6150 US dollars/million British thermal units, falling for four consecutive days, breaking the low since February 23.
Lunnickel fell nearly 2% to a four-week low, and Lun Copper bid farewell to a one-week low gold rebound
London basic metals futures had mixed ups and downs on Monday. Renxi fell nearly 1.8%, leading the decline for two consecutive trading days. It closed below US$17,000 for the first time since late February, and both fell for two consecutive days. Runcey is starting to approach the four-week low set last Wednesday. Lunn lead fell four times in a row, continuing to hit a new low since March 1. Meanwhile, Lunan aluminum rose four times in a row, hitting a new high since the beginning of January. Luntong, which fell back to a low level of more than a week last Friday, rebounded slightly, and Lunzinc, which fell back to a low level of more than two weeks last Friday, also rebounded.
New York gold futures, which stopped two consecutive days last Friday, maintained gains throughout the day. US stocks reached a daily high of $2,182.5 in early trading, with an intraday increase of slightly more than 1%, still far from the record intraday high set above $2,220 last Thursday.
In the end, COMEX April gold futures, which fell more than 1.1% on Friday to the biggest drop since February 13, closed up 0.76% to 2176.4 US dollars/ounce, and are yet to approach the closing record high of 2,189 US dollars set on March 11.
Spot gold rose to a new daily high above $2,181 at the beginning of the session on Monday. It rose more than 0.7% during the day and later recovered some of its gains. US stocks were above $2,170 at the close of the day and rose close to 0.3% during the day, not approaching the historical intraday high set above $2022 on Thursday.
Editor/Somer
