European and US bond prices generally fell on Wednesday, and rising yields collectively put pressure on the stock market. The initial value of Germany's adjusted CPI slightly exceeded expectations and accelerated growth by 2.8%, raising concerns that the Eurozone's largest economy is facing high inflationary stickiness. The yield on the benchmark ten-year German bond rose by more than 10 basis points in the intraday period. Following poor demand for both two-year and five-year treasury bonds on Tuesday, the $44 billion seven-year US bond bid was still weak. US Treasury yields continued to rise intraday. The 10-year US Treasury yield rose above 4.60% for the first time in nearly four weeks, and the two-year US Treasury yield was close to 5.0% to a four-week high.

The commentator said that investors are worried about the massive issuance of US bonds and the increase in bond market supply boosting yields. US bond tenders are having an increasing impact on US stocks, highlighting that uncertainty about the Fed's interest rate prospects continues to plague the market. Treasury yields in the US and the rest of the world have generally risen, which is not good news for the stock market, which has reached 22 times the price-earnings ratio.

European and American stock indexes fell sharply on Wednesday. Pan-European stock indexes performed their worst in more than a month, and the Dow fell to a one-month low. American Airlines, which lowered its sales forecast for the second quarter and announced that its CEO would leave office next month, fell nearly 16% in a sharp decline, the biggest decline in nearly four years, leading to a sharp decline in airline stocks. However, some tech giants rebounded tenaciously in the intraday market: Nvidia rolled back from an initial 2% decline, maintaining the trend of continuous revenue reaching record highs after releasing earnings reports last week; Apple, which announced the World Developers Conference (WWDC) schedule two weeks after announcing its World Developers Conference (WWDC) schedule, once rose more than 1%. Resource stocks involved in mergers and acquisitions showed mixed results: after BHP Billiton abandoned its nearly $50 billion acquisition effort, Anglo-American Resources fell by more than 3%, while Marathon Oil, which reached a $22.5 billion premium acquisition with ConocoPhillips, rose more than 10%.

In the foreign exchange market, the US dollar index continued to follow the rise in US bond yields and rose intraday, reversing the decline since it was announced more than two weeks ago that US CPI inflation cooled down in April. The yen fell to a one-month low against the US dollar, boosting the strength of the US dollar. Cryptocurrency continues to decline. Bitcoin once fell nearly 2,000 US dollars from a daily high, falling back below 68,000 US dollars. Ethereum fell nearly 4% intraday and continued to fall below the high level of more than two months set on Monday.

Among commodities, China's energy saving and carbon reduction plan proposed strict control of additional production capacity in the smelting of copper, alumina, etc., and Luntong declined, while most industrial metals in London, led by Lun Aluminum, continued to rise. At a time when the US dollar strengthened, gold fell. After reversing four consecutive declines at the close of the day, the New York Futures King Kong returned to a low level for more than two weeks. International crude oil turned down in the middle of the day, and oil fell to the high level set on Tuesday during the month.

The review said that investors are worried that weak demand for gasoline in the US and economic data may cause the Federal Reserve to maintain high interest rates for a longer period of time, overwhelming the impact of tension in the Middle East. The cracking price difference for petroleum products such as crude oil and gasoline hit a five-month low. The difference between the monthly gasoline contract and the next month's contract continued to narrow, sending a signal of unfavorable demand. Furthermore, industry insiders speculate that Saudi Arabia may lower the price of the main crude oil sold to Asia in July, partially hitting oil prices.

The Dow fell twice in a row, and Nvidia hit a record high for the fourth day, American Airlines saw its biggest decline in the past four years, Salesforce dived and C3.ai surged after the financial report

The three major US stock indexes collectively opened lower, and the early trading decline eased somewhat. The Dow Jones Industrial Average fell nearly 440 points and fell more than 1.1% at the beginning of the session. Later, the decline narrowed to more than 300 points, and the decline widened to more than 400 points at the end of the session. The S&P 500 index fell more than 0.8% in early trading, less than 0.6% in early trading, and was close to a daily low at the end of the session. The Nasdaq Composite Index fell nearly 0.9% at the beginning of the session, narrowed by more than half in early trading, fell less than 0.2% in midday trading, and the decline widened at the end of the session.

In the end, the three major indices collectively closed down. The Dow closed down 411.32 points, or 1.06%, to 38441.54 points, falling for two consecutive days, breaking the closing low since May 2. After two consecutive gains, S&P closed down 0.74% to 5266.95 points, breaking the closing low since May 14 set last Thursday. The NASDAQ closed down 0.58% to 16920.58 points, falling after hitting record closing highs for two consecutive trading days.

The S&P and Dow related ETFs SPDR S&P 500 ETF (SPY) and SPDR Dow Jones Industrial Average ETF (DIA) closed down 0.7% and 1%, respectively, and the latter hit new lows since May 2.

The small-cap stock index Russell 2000, which is dominated by f value stocks, closed down 1.48%, outperforming the general market and falling for two consecutive days until May 3. The tech-heavy Nasdaq 100 Index closed down 0.7%, and the related ETF Invesco QQQ Trust Series 1 (QQQ) also fell 0.7%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology components in the NASDAQ 100 Index, closed down 0.58%, all falling to the historical closing levels set by each on Tuesday.

Among the constituent stocks of the Dow, only Apple, Johnson & Johnson, and Salesforce did not close down, leading the decline on Wednesday, with Unitedhealth (UNH), which closed down nearly 3.8%, while cloud software giant Salesforce (CRM), which closed up nearly 0.7%, announced after the market that both revenue for the first fiscal quarter and fiscal year guidance fell short of expectations. The stock price dived by nearly 18% after the market. All major sectors of the S&P 500 were completely destroyed, with energy leading the decline of nearly 1.8%. Industry, materials, and utilities all fell by more than 1%, and IT, where Nvidia is located, fell nearly 0.4%, the smallest decline.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Facebook's parent company Meta, and Tesla, the tech giants “Seven Sisters” fell together at the beginning of the market, with mixed ups and downs. Tesla, which fell back on Tuesday, fell nearly 1.6% at the beginning of the session. It turned slightly higher in midday trading, closing down 0.3%, and began to approach the new closing low since May 13, which was set last Thursday.

Among the six major FAANMG technology stocks, Meta, which rebounded on Tuesday to close at a high level since May 15, closed down nearly 1.2%; the Microsoft market, which had two consecutive gains, fell nearly 1.1% at the beginning of the session. It had a slight increase of close to 0.3% in the intraday market, and failed to continue to approach the closing record high set last Wednesday; Alphabet, which had two consecutive gains of 1%, turned up in the short term, after falling close to 0.4%, and did not continue to break away from the closing low since May 15, which was refreshed last Thursday; Amazon, which rebounded on Tuesday, turned early after early trading It once rose 1%, turned down at the end of the session, and closed down less than 0.1%; however, after the beginning of the Apple market's rise It rose 1.1% in early trading, closing up nearly 0.2% for three days, and began to approach the closing high since January 26, which was set last Tuesday; Evercore ISI, which is optimistic about its potential as a new revenue source such as live streaming events, raised its target price by 7.7% to $700 and maintained a rating that outperformed the market, and after initially rising, Netflix rose more than 2% in early trading and closed by nearly 0.9% in early trading.

Chip stocks generally declined. The Philadelphia Semiconductor Index and semiconductor industry ETF SOXX, which had been rising for two days, fell more than 2% at the beginning of the session. The decline narrowed to less than 2% in early trading, and widened at the end of the session, closing down nearly 1.9% and nearly 2.1%, respectively, and falling to the historic closing levels set for two consecutive trading days. Among chip stocks, Nvidia fell more than 2.6% at the beginning of the session, turned slightly down a few times after turning up nearly 0.9% in early trading, and closed up 0.8%. After announcing financial reports last week, it reached a record closing record high for four consecutive trading days, rising more than 20% on the fourth day; at the close, AMD fell nearly 3.8%, Arm and TSMC US stocks fell more than 3%, Intel fell 3%, Qualcomm fell more than 2%, and Broadcom fell more than 1%.

AI concept stocks mostly fell. AI and robotics stock ETF Glb X Robotics & AFL Intelligence ETF (BOTZ) closed down 1.6%. By the close, SoundHound.ai (SOUN) and BigBear.ai (BBAI) fell more than 4%, Ultramicrocomputer (SMCI) fell 4%, Astera Labs (ALAB) fell more than 2%, Oracle (ORCL) fell 0.6%, Palantir (PLTR) fell 0.5%, while Dell (DELL) rose nearly 8%. After the market announced that losses for the first quarter were lower than expected, and that the current quarter's revenue and full-year guidance were higher than expectations, C3.ai, which closed down nearly 0.8%, rose more than 10% after the market

Popular Chinese securities generally declined. The Nasdaq Golden Dragon China Index (HXC) fell 1.7% at the beginning of the session, and the associated ETF Invesco Golden Dragon China ETF (PGJ) closed down nearly 0.9 and 0.8% respectively, breaking the closing low since May 1 set last Friday after reversing five consecutive declines on Tuesday. KWEB and CQQQ closed down 1.4% and 0.7%, respectively. New car builders generally declined. At the close of the market, Extreme Krypton fell 4.5%, Xiaopeng Motors fell 2.7%, Ideal Auto fell more than 1%, and NIO Auto, which had risen at the beginning of the market, rose 0.6%. Among other individual stocks, Station B fell 2% at the close, Alibaba, JD, and Tencent fans fell nearly 2%, NetEase once fell 1.8%, Baidu fell more than 1%, and Pinduoduo, which turned up at the beginning of the session, rose 1%.

Bank stock indices all fell for two consecutive days. The overall banking index KBW Bank Index (BKX) closed down nearly 1.2%, breaking its low since May 2; the regional banking index KBW Nasdaq Regional Banking Index (KRX) closed down 2.1%, breaking the low since April 18. The regional bank stock ETF SPDR S&P Regional Bank ETF (KRE) closed down 2.4%, breaking the low since April 30.

Among individual stocks with high volatility, after announcing that unit revenue for the second quarter would drop by as much as 6% year on year, American Airlines (AAL) fell more than 15.8% in early trading, the biggest intraday decline since June 2020, closing down 13.5%, dragging down other airlines. By the close, Southwest Airlines (LUV) fell 3.8%, JetBlue (JBLU) fell 3.5%, and Delta Air Lines (DAL) fell nearly 0.8%. The global aviation industry ETF JETS closed down 2.3%, while United Airlines (UAL), which fell 4.7% at the beginning of the session, turned close to 2.2% higher in midday trading 4%; announced After losing $286 million in business in 2023 and withdrawing its 2024 production guidelines, Faraday Future (FFIE) closed down 62%; Game Station (GME), which closed 25% higher and fell 10.7% on Tuesday after raising more than $900 million in additional sales last Friday; after the post-market announcement that the CEO would leave office on June 1 and step down as a director, the software company UiPath (PATH) fell more than 30% after the market.

However, after ConocoPhillips agreed to acquire it through an all-stock transaction worth US$17.1 billion, Marathon Petroleum (MRO) rose nearly 11%, closing up 8.4%, and ConocoPhillips (COP) closed down 3.1%; after announcing that same-store sales growth of 5.3% in the first fiscal quarter far exceeded expectations and raised full-year profit guidance, sneaker and apparel retailer DICK'S Sporting Goods (DKS) closed 15.9%; after the market announced that profits and revenue for the second fiscal quarter were higher than expected, HP (HPQ) rose more than 5% after the market.

In terms of European stocks, Germany's CPI accelerated growth in May, causing the market to worry that the central bank's high interest rate will remain high for longer. The pan-European stock index fell for two days in a row, and the decline was significantly larger than on Tuesday. The European Stoxx 600 index closed down 1.08%, the biggest closing drop since April 16, breaking the closing low since May 6. Stock indices of major European countries fell sharply for two consecutive days. German, French, Italian and Western stocks fell more than 1%, and British stocks, which were closed on Monday, fell for six consecutive trading days.

In various sectors, mining stocks closed down 2% in basic resources, and utilities, which fell 1.8%, led the decline. Among individual stocks, Bank of Italy Monte dei Paschi di Siena (BNPS) fell 5.4% after abandoning the acquisition of nearly 50 billion US dollars and said that it would not make an official takeover offer, and BHP Billiton closed up more than 0.1%. After the media revealed that the judge requested government prosecutors to investigate and bail out the bank's suspected fraud in 2017, BHP Billiton dropped 5.4%.

The 10-year German bond yield rose 10 basis points, and the 10-year US bond yield hit a new high in nearly four weeks

After Germany's May CPI was announced, the price of European treasury bonds fell at an accelerated pace, and yields rose further. Eurozone treasury bond yields rose for two consecutive days. By the end of the bond market, the yield on the UK 10-year benchmark treasury bond was about 4.40%, up about 12 basis points during the day; the yield on 2-year British bonds was about 4.54%, up about 5 basis points during the day; the yield on the benchmark 10-year German treasury bond was about 2.69%, up about 10 basis points during the day, at the same time high since November last year, driving 2.70% intraday. The 2-year German bond yield was about 3.09%, up about 4 basis points during the day.

The US Treasury Bond ETF Asus US Treasury Bond ETF (GOVT) closed down 0.38%, the lowest level since May 2 for two consecutive days. Yields on US 10-year benchmark treasury bonds were all on the rise. They were as low as 4.54% on the early Asian market refresh date. US stocks rose 4.60% in early trading, and rose above 4.63% after the seven-year US bond market in midday trading, breaking the high level since May 2. At the end of the bond market, they were about 4.61%, rising by about 6 basis points during the day.

The 2-year US Treasury yield, which is more sensitive to interest rate prospects, fell 4.95% before the US stock market and fell by about 3 basis points during the day. After the seven-year US bond bid in midday trading, it was close to 5.0%, breaking the high level since May 1 for 2 consecutive days, rising more than 2 basis points during the day, then gradually rebounded. It was about 4.97% by the end of the bond market. It fell less than 1 basis point during the day, falling less than 1 basis point during the day and falling back after four consecutive days of increase.

The US dollar index hit a two-week high, the yen reached a four-week low, and the offshore renminbi fell below 7.27 in the intraday period

The ICE dollar index (DXY), which tracks the exchange rate of the dollar against a basket of six major currencies including the euro, remained strong throughout the day. Only European stocks had a short-term decline before the market and fell below a new daily low of 104.60. US stocks accelerated their upward trend before the market. US stocks rose above 105.00 in early trading, above 105.10 in midday trading, and rose 0.5% during the day, breaking the intraday high level since May 13, which was announced on May 15.

By the end of the foreign exchange market on Wednesday, the US dollar index was above 105.10, rising nearly 0.5% during the day and rising after roughly closing on Tuesday; the Bloomberg US Dollar Spot Index, which tracks the exchange rate of the US dollar against ten other currencies, rose nearly 0.5% during the day, rising for two consecutive days, breaking the high level of the same period since May 8.

Among non-US currencies, the yen fell to a low level for two to four weeks. The dollar rose above 157.70 against the US stock market in midday trading, breaking the high level since May 1, rising more than 0.3% during the day; EUR/USD dropped 1.2800 at the end of the session, falling from the high level since May 16, which was close to 1.0890 refreshed on Tuesday. GBP/USD hit 1.2700 at the end of the US stock session, falling nearly 0.5% during the day.

The offshore renminbi (CNH) reached a new high of 7.2632 against the US dollar at the beginning of the Asian session. US stocks fell to 7.2758 in early trading, breaking the intraday low since April 16. At 4:59 Beijing time on May 30, the offshore renminbi was 7.2735 yuan against the US dollar, down 99 points from the end of the New York session on Tuesday, falling for two consecutive days.

Bitcoin (BTC) fell for two days in a row. The Asian market surged above $68,800, and hit a new daily high of $69,000 on some platforms. The decline continued. US stocks fell below $67,200 in the intraday period, falling below $67,300 on some platforms, breaking the low since last Friday, May 24, falling more than $1,700, or more than 2%, from the daily high. US stocks closed above $67,300, and fell more than 1% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency with market capitalization after Bitcoin, rose above $3,880 to a new daily high in the Asian market. US stocks fell below $3,750 in midday trading, falling nearly 4% from the daily high. US stocks hovered at the $3,750 level at the close, falling more than 2% in the last 24 hours, and continued to fall from the high level since March 14, when it rose above $3,970 on Monday.

Oil oil stopped rising for two consecutive years and fell to a high level this month

International crude oil futures turned lower in the intraday session on Wednesday. When European stocks reached a new intraday high, US WTI crude oil rose above $80.60 and rose nearly 1% during the day. Brent crude rose above $85, rising more than 0.9% during the day, and continued to decline. US stocks turned down early trading. At the end of the day, when the day hit a new low, US oil fell below $79. The intraday decline was slightly more than 1%, while oil fell below $83.30 and fell 1.1% during the day.

In the end, crude oil declined. WTI's July crude oil futures closed down 0.75% to 79.23 US dollars/barrel, leaving the closing high since May 17, which stopped four consecutive losses on Tuesday; Brent crude oil futures for July, which had been rising for 2 consecutive days until April 30, closed down 0.73% to $83.60 per barrel.

The US oil ETF United States Oil Fund LP (USO) and the cloth ETF United Sttes Brent Oil Fund LP (BNO) closed down 1.4% and 1.3% respectively, both falling after two consecutive gains and closing highs since April 30.

US gasoline and natural gas futures declined in unison. NYMEX's June gasoline futures closed down about 1.8% to close at 2.4644 US dollars/gallon, breaking the low since May 14 set last Wednesday; NYMEX's June natural gas futures closed down more than 3.74% to 2.4930 US dollars/million British thermal units, breaking the low since May 15.

In the past two years, New Gaolun copper has fallen back, and gold has fallen to a two-week low

London basic metals futures continued to rise on Wednesday. Lun Aluminum, which led the rise, rose more than 1%, rising for three consecutive trading days, hitting a new high since June 2022 for 2 consecutive days. Lunxi has been rising for three days, while Lunxi has been rising for two consecutive days, both hitting one-week highs. Lunzinc closed slightly higher and continued to break away from the one-week low set last Friday. However, Luntong fell back after just stopping four consecutive losses on Tuesday, and was unable to start getting close to the historic high level set last Monday. Lun lead fell 1%, taking back half of Monday's rebound and falling to a one-week low set last Friday.

New York copper declined. On Tuesday, COMEX July copper fell 1.3% to 4.791 US dollars/pound, breaking away from the low level since May 10 set last Friday. It had fallen by nearly 2.2% in the intraday period. The US Copper Index Fund (CPER), which rebounded more than 2% on Tuesday, closed down 1.84%, close to the low since May 10 set last Friday.

When the Asian market hit a new high in early trading, New York gold futures rose to $2363.7. Spot gold was above $2,362. After that, futures fell to $2334.2, falling more than 0.9% during the day. Spot gold fell below $2,335, down 1.1% during the day, falling to a new low since May 9 after falling below $2,330 last Friday.

By the end of midday US stock futures trading, COMEX's June gold futures closed down 0.65% to 2341.2 US dollars/ounce on Tuesday, which had been falling for 4 consecutive days last Friday, and began to fall to the closing low since May 8, which was refreshed on Friday. SPDR Gold Trust (GLD), which had two consecutive gains, closed down 0.93% and began to approach its low since May 8, which was refreshed last Thursday. At the close of the US stock market, spot gold was below $2,340, falling nearly 1% during the day.

New York Futures closed higher for three consecutive trading days. COMEX silver futures closed up 0.73% to $32.373 per ounce in July, breaking the high level since May 20 for two consecutive days. The SLV of Asus Silver Trust, which had been rising for two consecutive days, closed down 0.24%.

Editor/Jeffrey