S&P ends six consecutive gains, Google releases a major drop in technology giants on the day, Tesla rebounds stubbornly, and the US oil market jumps early in the Asian market

**Source**: Wall Street Journal

The rally in U.S. stocks paused, with the S&P 500 ending its six - day winning streak. Google's developer conference saw the release of various models, yet its stock price continued to decline, leading the decline among tech giants. Among the seven major U.S. tech stocks, only Tesla closed higher. The demand for Japan's long - term government bond auctions was extremely weak, and long - term bonds in Europe and the U.S. both declined. After the market closed, news broke that Israel was preparing to attack Iran's nuclear facilities, boosting U.S. crude oil to jump at the opening of the Asian market.

U.S. stocks fell on Tuesday, ending the S&P index's six - day winning streak. The decline in large - cap tech stocks dragged down the major indexes:

In the early trading of U.S. stocks, the subscription multiple for Japan's 20 - year government bond auction hit a new low since 2012, the price of Japan's long - term bonds hit a multi - year low, and the yield on the 30 - year Japanese bond reached a record high. The weakness in the bond market exacerbated the overall market uncertainty. The yields on long - term bonds in Europe and the U.S. generally rose.

During the trading session of U.S. stocks, the three major U.S. stock indexes opened lower across the board, and most tech stocks fell. Among the seven major tech stocks, only Tesla closed higher. Musk said he would remain as Tesla's CEO for at least another five years and would no longer invest heavily in political elections. At the beginning of the session, Tesla's stock price rose, once rising more than 3%.

In the late trading of U.S. stocks, investors who bought on the dip returned in the last 30 minutes, narrowing the decline of the three major indexes. Despite the release of various AI models and the launch of a new AI - mode search at Google's developer conference, the stock price continued to decline, leading the decline among the six major tech stocks.

After the close of U.S. stocks, according to CCTV News, on May 20th, local time, several U.S. officials revealed that the intelligence obtained by the U.S. showed that Israel might be preparing to launch a strike on Iran's nuclear facilities. After the report, gold, which had risen for two consecutive days, continued to rise, and spot gold once rose above $3,300. U.S. crude oil jumped more than 2%, firmly breaking through the $63 integer mark and quickly approaching $64.

The three major U.S. stock indexes all declined, and the S&P 500 ended its six - day winning streak. Among the seven major tech stocks, only Tesla closed higher and once rose more than 3% at the beginning of the session. Musk said he would remain as the CEO of Tesla within five years. The quantum - computing stock D - Wave rose nearly 26%; the former silicon - carbide giant Wolfspeed prepared to file for bankruptcy and plunged 50% after the market closed; the China stock index fell for two consecutive days, but Xiaomi rose more than 4%. Bilibili, whose Q1 gaming revenue increased 76% year - on - year, once rose nearly 7% at the beginning of the session but later gave up most of its gains.

**The three major U.S. stock indexes**:

- The S&P 500 index fell 23.14 points, or 0.39%, ending its six - day winning streak and closing at 5,940.46.

- The Dow Jones Industrial Average fell 114.83 points, or 0.27%, to 42,677.24.

- The Nasdaq Composite Index fell 72.75 points, or 0.38%, to 19,142.71. The Nasdaq 100 index fell 79.68 points, or 0.37%, to 21,367.37.

- The Russell 2000 index rose 0.05% to 2,105.58.

- The VIX fear index fell 0.22% to 18.10.

**U.S. stock - sector ETFs**:

- The Energy Select Sector SPDR Fund fell 0.92%, the Global X U.S. Airlines ETF fell 0.88%, the First Trust Dow Jones Internet Index Fund fell 0.63%, the iShares PHLX Semiconductor ETF fell 0.19% with the smallest decline, and the iShares Nasdaq Biotechnology Index Fund rose 1.76%.

**The "Magnificent 7"**:

- The index of the seven major U.S. tech stocks (Magnificent 7) fell 0.71% to 160.66.

- Google A fell 1.54%, Amazon fell 1.01%, Apple, Nvidia, Meta, and Microsoft fell at most 0.92%, and Tesla rose 0.51%.

**Chip stocks**:

- The Philadelphia Semiconductor Index fell 0.14% to 4,890.78.

- AMD fell 1.07%, and Taiwan Semiconductor Manufacturing Company ADR fell 0.03%.

**AI - concept stocks**:

- Tempus AI fell 2.06%, Palantir fell 0.59%, and Applovin fell 2.04%.

**China - concept stocks**:

- The Nasdaq Golden Dragon China Index fell 0.65% to 7,330.00.

- Among the popular China - concept stocks, Pony.ai rose 5.7%, Xiaomi rose 4.2%, Alibaba and NetEase rose at most 1.7%, and Xiaopeng Motors, WeRide, FangDD, NIO, and Yum China fell more than 1%.

**Other individual stocks**:

- Berkshire Hathaway's Class B shares under Buffett fell 0.71%, and Eli Lilly fell 1.07%.

- The former silicon - carbide giant Wolfspeed prepared to file for bankruptcy and plunged 50% after the U.S. stock market closed.

The European STOXX 600 index rose more than 0.7%. Trump's attitude towards New York's offshore wind - power project reversed 180 degrees, and the component Orsted rose more than 14%. The German stock index continued to hit a new all - time high, the Italian banking index rose about 1%, and the Danish stock index rose more than 2.5%.

**Pan - European stocks**:

- The European STOXX 600 index rose 0.73% to 554.02.

- The Euro Stoxx 50 index rose 0.51% to 5,454.65.

**National stock indexes**:

- The German DAX 30 index rose 0.42% to 24,036.11, hitting a new all - time closing high for four consecutive trading days.

- The French CAC 40 index rose 0.75% to 7,942.42.

- The British FTSE 100 index rose 0.94% to 8,781.12.

**Sectors and individual stocks**:

- Among the blue - chip stocks in the eurozone, Kering rose 3.97%, and Banco Bilbao Vizcaya Argentaria, Bayer, BMW, and Iberdrola rose 2.27% - 2.09% to be among the top five gainers.

- Among all the component stocks of the European STOXX 600 index, Diploma rose 15.11%, Orsted rose 14.52%, and Greggs rose 9.15%.

The yield on short - term U.S. Treasury bonds slightly declined, while the yield on long - term U.S. Treasury bonds rose more than 6 basis points as investors again focused on bond supply. The yield on the 30 - year German bond rose more than 5 basis points, and the yields on British bonds generally rose more than 3 basis points.

**U.S. Treasury bonds**:

- At the close in New York, the yield on the 10 - year benchmark U.S. Treasury bond rose 3.76 basis points to 4.4850%.

- The yield on the two - year U.S. Treasury bond fell 0.82 basis points to 3.9683%, trading in the range of 3.9958% - 3.9514% during the day.

- The yield on the 20 - year U.S. Treasury bond rose 6.24 basis points, and the yield on the 30 - year U.S. Treasury bond rose 6.67 basis points.

**European bonds**:

- At the close in Europe, the yield on the 10 - year German government bond rose 1.7 basis points to 2.606%, trading in the range of 2.555% - 2.627% during the day.

- The yield on the 10 - year British government bond rose 3.9 basis points, the yield on the two - year British government bond rose 3.5 basis points, the yield on the 30 - year British government bond rose 3.9 basis points, and the yield on the 50 - year British government bond rose 3.6 basis points.

- The yield on the 10 - year French government bond rose 0.4 basis points, the yield on the 10 - year Italian government bond rose 0.5 basis points, the yield on the 10 - year Spanish government bond rose 0.8 basis points, and the yield on the 10 - year Greek government bond rose 1.9 basis points.

Option traders' bearish view on the U.S. dollar rose to a record high. In recent months, as Trump's intermittent tax policies have hit the market, the market's view on the U.S. dollar has deteriorated, casting doubt on both the predictability of U.S. policy - making and the economic growth outlook. The U.S. dollar index approached 100, reaching a new low in more than a week; Bitcoin once rose more than $3,000, breaking through the $107,000 mark and reaching a four - month high.

**The U.S. dollar**:

- At the close in New York, the ICE U.S. dollar index fell 0.32% to 100.108, trading in the range of 100.580 - 100.050 during the day.

- The Bloomberg U.S. dollar index fell 0.15% to 1,223.17, trading in the range of 1,226.87 - 1,222.55 during the day.

**Non - U.S. currencies**:

- At the close in New York, the euro rose 0.34% against the U.S. dollar to 1.1281.

- The British pound rose 0.23% against the U.S. dollar to 1.3390.

- The U.S. dollar fell 0.76% against the Swiss franc to 0.8282.

**The Japanese yen**:

- At the close in New York, the U.S. dollar fell 0.26% against the Japanese yen to 144.90 yen.

**The offshore Chinese yuan**:

- At the close in New York, the offshore Chinese yuan was quoted at 7.2152 yuan against the U.S. dollar, down 5 points from the previous New York close, trading in the range of 7.2128 - 7.2263 yuan during the day.

**Cryptocurrencies**:

- At the close in New York, the CME Bitcoin futures BTC main contract rose 1.35% from the previous New York close to $107,000.

- The CME Ethereum futures DCR main contract fell 0.38% to $2,518.50.

After the close of U.S. stocks, according to CCTV News, on May 20th, local time, several U.S. officials revealed that the intelligence obtained by the U.S. showed that Israel might be preparing to launch a strike on Iran's nuclear facilities. U.S. crude oil jumped more than 2%, firmly breaking through the $63 integer mark and quickly approaching $64.

**Crude oil**:

- The WTI June crude oil futures fell $0.13, or nearly 0.21%, to $62.56 per barrel.

- The Brent July crude oil futures fell $0.16, or more than 0.24%, to $65.38 per barrel.

**Natural gas**:

- The NYMEX June natural gas futures rose more than 10.08% to $3.4270 per million British thermal units.

The risk - appetite sentiment subsided, and the gold price rose more than 1.8% approaching the $3,300 mark, with the Philadelphia Gold and Silver Index rising more than 2.9%.

**Gold**:

- At the close in New York, spot gold rose 1.89% to $3,290.52 per ounce.

- The COMEX gold futures rose 1.82% to $3,292.20 per ounce, trading in the range of $3,207.40 - $3,298.50 during the day.

**Silver**:

- At the close in New York, spot silver rose 2.28% to $33.1001 per ounce.

- The COMEX silver futures rose 2.35% to $33.270 per ounce.

**Copper**:

- At the close in New York, the COMEX copper futures rose 0.15% to $4.6775 per pound, showing a V - shaped reversal throughout the day, having fallen to $4.5855 at 15:28.

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