Last week, the number of initial jobless claims in the United States was higher than expected, and the Philadelphia Fed manufacturing index in May was much lower than expected, and US stocks were still under downward pressure. The Dow, which fell more than 1,000 points on Wednesday, and the S&P suffered the biggest drop in nearly two years, further fell to its lowest point in more than a year. Walmart, a component stock, fell for the third consecutive day after the thunderous results, hitting a new low in more than two years. Another roaring retail giant, Target, also continued to tumble, though the drop was a near two-year low, albeit easing from Wednesday’s 25% drop, the biggest since 1987.

Raw materials stocks, medical and health stocks and some leading technology stocks rebounded, driving the Nasdaq and the S&P, which wiped out a market value of $1.5 trillion on Wednesday, to rise during the session, but they all closed down. Close to falling into a bear market. Amazon, which fell more than 7% on Wednesday, rose 2.7% in intraday trading, as its sector bucked the market trend after leading losses on Wednesday. Cisco, whose first-quarter revenue fell short of expectations and whose second-quarter revenue guidance unexpectedly fell instead of increasing, fell sharply by double-digits, and its sector fell second only to Walmart’s. While many popular Chinese concept stocks rebounded strongly, the four Nasdaq 100 stocks led by Pinduoduo rose by at least nearly 2%.

European stocks also continued to fall. Affected by the thunderous performance of Walmart and Target, British fast-moving consumer giant Unilever, British wine giant Diageo, and Swiss-listed food giant Nestle fell by at least 4%, with the food sector leading the decline in European stocks. The French pharmaceutical company Valneva, which was accepted by EU regulators for its new crown vaccine marketing authorization application, rose by double digits.

Investors’ concerns about the economic outlook continued to stimulate safe-haven demand, and the prices of European and American government bonds rose further and yields continued to fall. The benchmark 10-year U.S. Treasury yield fell below 2.80 percent for the first time since late April, down more than 20 basis points from a one-week high set on Wednesday; German bond yields fell by more than 8 basis points for the first time in a week during the same period. Most non-US currencies are more attractive to buyers, and the US dollar index also fell sharply, the largest intraday decline in more than a year, and fell below 103.00 intraday for the first time in two weeks. The offshore renminbi also rose during the session, once regaining the 6.72 mark, hitting a new high since last Tuesday on the second day of the week.

Investors are concerned about the resumption of work and production in Shanghai and the overweight of China’s policy of stabilizing growth. Among the commodities, London base metals rose across the board for the first time since the end of March. The leader, London Nickel, rose by more than $2,000 in one day for the first time since Tsingshan Group suffered an “epic short squeeze” in late March this year. The latest data shows that LME nickel inventories have declined. 1.1%, the 10th consecutive day of decline, to a new 29-month low. The international crude oil staged a V-shaped reversal in the intraday session. The U.S. WTI crude oil, which once fell more than 4%, closed up more than 2%, avoiding the danger of falling to a one-week low. Gold also rebounded strongly, with the biggest one-day gain since early April, helped by the fall in the yields of the U.S. dollar and U.S. Treasury bonds.

S&P Dow hit a 14-month low;

The three major U.S. stock indexes collectively opened lower and refreshed their daily lows less than half an hour after the market opened. The Dow Jones Industrial Average fell more than 470 points or 1.5%, while the S&P 500 and Nasdaq Composite fell 1.2% and 0.9%, respectively. Since then, the Nasdaq took the lead in turning up in early trading, rising by nearly 1.3% at the end of the morning session.

In the end, the three major indexes closed down collectively for two consecutive days, and the decline was significantly slower than Wednesday. The Dow, which closed down nearly 1,160 points and 3.6% on Wednesday, closed down 236.94 points, or 0.75%, at 31,253.13 points, hitting a new low since March 4 last year for two consecutive days and the seventh day in the last nine trading days. 14-month low. The S&P, which closed down 4% on Wednesday, closed down 0.58% at 3900.79 points, a new closing low since March 24, and the fourth day in the past seven days. The lowest level since March 25 last year. The Nasdaq, which closed down 4.7% on Wednesday, closed down 0.26% at 11,388.5 points, hitting a new closing low since last Thursday, May 12.

The value-heavy small-cap Russell 2000 closed up 0.08% on Wednesday, outperforming the broader market despite giving back most of its gains of more than 1%. The tech-heavy Nasdaq 100 closed down 0.44%, closing at a new low since November 12, 2020, falling for two consecutive days, but four Chinese concept stocks including Pinduoduo bucked the trend and closed up .

Of the major S&P 500 sectors, only health care, which rose nearly 0.7 percent, materials, which rose more than 0.2 percent, and Amazon, which rose more than 0.1 percent, closed higher on Thursday. Walmart’s consumer staples sector, which fell nearly 2%, led the decline, followed by Cisco’s IT sector, which fell more than 1%. Industrials fell more than 0.9%, and real estate and utilities fell about 0.2%.

Most of the leading technology stocks continued to fall. Tesla, which had risen more than 3% during the session, closed down slightly, continuing to hit a new low since October last year. Among the six major technology stocks in FAANMGA, Apple closed down nearly 2.5% to the lowest level since July last year, Google parent company Alphabet fell nearly 1.4%, hitting a new low since April last year, Facebook parent company Meta fell nearly 0.5%, Microsoft fell nearly 0.4% To the low since June last year, Netflix closed up nearly 3.6%, getting rid of the danger of refreshing the low since September 2017, Amazon closed up nearly 0.2%, out of the low point since April last year.

The market value of the big four FANG tech stocks has lost $2 trillion from its record high in November.

Among the stocks that announced earnings, Cisco (CSCO) closed down 13.7%, hitting a new low since November 2020; although first-quarter profits and revenue were higher than expected, Bath & Body Works (Bath & Body Works), which lowered its full-year profit guidance due to inflation and increased investment, BBWI) closed down 6.8%; first-quarter EPS earnings were well below expectations and cut annual profit and sales guidance, but said that potential buyers are expected to announce a final takeover bid within a few weeks. Department store giant Kohl’s (KSS) closed up 4.4%; Canada Goose (GOOS) and software company Synopsys (SNPS), which had higher-than-expected quarterly earnings and revenue, closed up 10% and more than 10.2%, respectively; BJ’s Wholesale (BJ), which had higher-than-expected quarterly earnings and better-than-expected same-store sales growth, closed up 7.4 percent. %. In addition, Walmart (WMT) and Target (TGT), which released financial reports on Tuesday and Wednesday, closed down more than 2.7% and 5.1%, respectively, closing at new lows since March 2020 and September 2020, respectively, and neither fell as much as Wednesday. of nearly 25% and nearly 7%.

Among other volatile stocks, Harley-Davidson (HOG ), which suspended most vehicle shipments for two weeks due to supplier-related parts issues, closed down 9.3%; announced that its CEO will step down on June 1 and has since been sacked by Morgan Under Armour (UAA), which Stanley downgraded to hold from overweight, closed down 11.9%.

Most of the popular Chinese concept stocks that fell on Wednesday rebounded and far outperformed the broader market. Chinese concept ETFs KWEB and CQQQ closed up about 3% and 4% respectively. The Nasdaq Golden Dragon China Index (HXC) closed up 3.2%. Among the four constituent stocks of the Nasdaq 100, Pinduoduo closed up nearly 9%, JD.com rose nearly 5.7%, Baidu rose nearly 5.5%, and NetEase rose nearly 1.9%. Among other stocks, TAL rose more than 13%, New Oriental rose more than 11%, iQiyi rose more than 8%, Dada rose more than 7%, Kingsoft Cloud rose nearly 6%, NIO rose more than 5%, Station B, Douyu rose by more than 4%, Tencent Fanlist rose by more than 3%, Vipshop, Xiaopeng Motors, Ideal Auto, and e-cigarette first fog core technology rose by more than 2%, Alibaba rose by more than 0.4%, and NetEase Youdao It fell more than 5%, and Ctrip fell more than 2%.

In terms of European stocks, the pan-European stock index fell for two consecutive days after rising for three consecutive days. The Stoxx Europe 600 index fell more than 1% for two consecutive days, hitting a new closing low since May 12. Major European stock indexes fell across the board. Among individual stocks, wine giant Diageo fell by nearly 5.1%, Swiss-listed Nestle fell by about 5%, and British fast-moving consumer giant Unilever fell by 4.8%. fall. However, French pharmaceutical company Valneva rose 16.9%.

The 10-year U.S. Treasury yield fell below 2.8% intraday, hitting a three-week low, down more than 20 basis points from Wednesday’s high

Most European government bond prices continued to rise, with German yields falling the most in a week. By the end of the European market, the yield on the benchmark 10-year British government bond was largely unchanged at the same time on Wednesday, at 1.865%, away from the daily low of 1.774% recorded before the US stock market; the yield on German government bonds fell by 8.1 basis points on the day during the same period, at 0.949% , intraday trading in the 1.046%-0.901% range.

The yield on the benchmark 10-year U.S. Treasury bond once rose above 2.92% in the Asian market, setting a new daily high, and rose about 3 basis points within the day. European stocks gave up all the gains and turned down before the market, and then fell all the way down. The U.S. stocks fell below 2.80 before the market % and tested 2.78% at one point, falling below 2.80% for the first time since last Thursday on April 28, falling more than 20 basis points from the high since last Wednesday on May 11, which broke 3.00% intraday on Wednesday. , and then the decline eased, and by the close of US stocks, it was about 2.85%, down 4 basis points within the day.

The U.S. dollar index posted its biggest drop in more than a year and a new two-week low. Offshore yuan hit a new high in more than one week

The ICE U.S. Dollar Index (DXY), which tracks the exchange rate of a basket of six major U.S. currencies, failed to repeat Wednesday’s intraday turnaround. It approached 103.90 at the beginning of the European market to refresh the daily high, and rose less than 0.1% within the day. European stocks continued to decline after the opening bell, and U.S. stocks It fell below 103.00 in early trading, and U.S. stocks fell below 102.70 in midday trading, down 1.1% on the day, the largest decline since November 2020. As of Wednesday, it hit a new low since last Friday on May 6 for two consecutive days.

By the close of U.S. stocks on Thursday, the U.S. dollar index was at the 102.80 line, down nearly 1% on the day; the Bloomberg U.S. dollar spot index fell 0.9%, the lowest since May 4 for the same period.

The offshore RMB (CNH) rebounded in the intraday after ending its three-day winning streak on Wednesday. European stocks approached the 6.79 mark in early trading to refresh the daily low, fell 77 points within the day, and then continued to recover. US stocks rose above 6.72 when they refreshed the daily high in early trading, refreshing this week. The second set a new intraday high since last Tuesday on May 10, up 715 points from the intraday low. By 4:59 on the 20th, Beijing time, the offshore RMB was quoted at 6.7253 yuan against the US dollar, up 554 points from the late New York session on Wednesday. .

U.S. oil, which fell more than 4% during the session, closed up more than 2%, getting rid of the danger of falling to a one-week low for three consecutive yin

International crude oil futures reversed sharply during the session, ending a two-day losing streak. When U.S. stocks refreshed the daily low before the market, U.S. WTI crude oil fell below $105.20, down nearly 4.2% on the day, and Brent crude oil fell to $105.7, down more than 3.1% on the day, and then continued to rise. U.S. stocks erased all losses and turned up in early trading.

In the end, WTI June crude oil futures closed up 2.39% at $112.21 per barrel; Brent July crude oil futures closed up 2.68% at $112.04 per barrel. Like U.S. oil, if the daily low level is maintained, it will hit a record high in May. 10th closing low.

U.S. gasoline and natural gas futures continued to trade mixed. NYMEX June gasoline futures closed up 3% at $3.832 per gallon, closing down 2% and 5.6% on Tuesday and Wednesday after closing at a record high on Monday; NYMEX June natural gas futures closed up 0.77% at $8.3680/million The British thermal unit closed down 0.7% at $8.308 per million British thermal units, falling from the high since last Thursday on May 5, set for two consecutive days as of Wednesday, and halting a three-day winning streak.

European natural gas fell. ICE British natural gas futures closed down 7.28% at 168.74 pence/kcal, a two-day losing streak; TTF benchmark Dutch natural gas futures closed down 3.72% at 91.024 euros/MWh, ending a two-day winning streak.

Shanghai Nickel rose more than 5% in overnight trading, London Nickel ended a four-day losing streak, the largest gain in nearly two months, Gold recorded the largest gain in more than five weeks and a new high in more than one week

London base metal futures closed higher on Thursday for the first time since March 30 across the board. London Nickel, which led the rise, not only ended the four-day losing streak and got rid of the four-day low since the beginning of March, but also rose more than 2,000 US dollars in one day and closed up more than 7.9%, setting a record when Qingshan Group encountered an “epic pressure” in late March this year. The biggest one-day gain in nearly two months since the “empty”, the first closing since last Tuesday to recover the $ 28,000 mark.

Lun Lead, Lun Zinc, and Lun Tin all rebounded after falling back on Wednesday. Lun Lead bid farewell to the low since late April last year. Lun Zinc closed above $3,700 for the first time in nearly two weeks. London’s tin rose above $34,000 for the first time in more than a week, escaping Wednesday’s trough since September last year. London copper and aluminum, which bid farewell to the three-day winning streak on Wednesday, also rebounded. London copper closed above $9,400 for the first time in two weeks, and aluminum also hit a new two-week high.

The surge in London nickel also drove domestic nickel futures higher. Shanghai nickel rose as much as 6% in overnight trading on Thursday, and closed up 5.11%. Shanghai tin closed up 2.87%, Shanghai aluminum closed up 2.06%, Shanghai zinc closed up 1.29%, Shanghai lead closed up 0.78%, and Shanghai copper closed up 0.66%.

Gold futures in New York continued to rise after European stocks turned higher in early trading, easily wiping out all the losses from Wednesday’s retreat. COMEX June gold futures closed up about 1.4%, the biggest one-day gain since April 12, at $1,841.20 an ounce, a new closing high since last Wednesday, May 11.

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