S&P has risen sharply for five consecutive times, Nvidia fell more than 2%, NXP fell sharply after the market, China Index rebounded, and NIO rose 7%

Source: Wall Street Insights

This week, the earnings season for technology stocks and US employment data arrived. Chip stocks such as NVIDIA pulled back, weighing on the broader US stock market, and the three major US stock indexes all fell during the session. Many Chinese-listed stocks in the US, led by NIO, rebounded strongly and outperformed the market. China once again denied having any consultations related to tariff issues with the United States. With a cloud of doubt hanging over the trade prospects, gold rebounded and international crude oil pulled back.

Investors' risk sentiment waned, technology stocks weighed on the market, and the S&P managed to close higher:

In the early trading of US stocks, before the heavyweight stocks announced their quarterly earnings reports, investors reduced their investments in technology stocks, and the US stock market indexes fluctuated and declined. After the lunch break, the share prices of the seven major technology companies all fell, with NVIDIA and Tesla leading the decline.

At the end of the US stock trading session, bargain hunters emerged one after another, and the stock market rebounded. The S&P 500 index recovered a 1% decline. Small-cap stocks outperformed the broader market on that day, while the Nasdaq index lagged behind. NIO, a Chinese-listed stock in the US, rose by more than 7%. Previously, Citigroup included the company's stock in the 30-day "Positive Catalyst Watch" list.

After the US stock market closed, the share price of NXP Semiconductors fell. Due to concerns about the impact of tariffs and the upcoming resignation of the CEO, NXP's share price fell by more than 7% after hours.

On Monday, the three major US stock indexes showed mixed performances. The S&P managed to close higher, technology stocks dragged the Nasdaq down by 0.1%, and small-cap stocks outperformed the broader market on that day. The share prices of technology stocks such as Apple, Microsoft, and NVIDIA fluctuated before the release of their quarterly earnings reports. Due to the uncertainty of performance guidance caused by Trump's tariff policy, Wall Street lowered its expectations for the second quarter and the whole year. The China stock index rebounded and outperformed the market, with NIO rising by more than 7%.

The three major US stock indexes:

The S&P 500 index closed up 3.54 points, or 0.06%, at 5528.75.

The Dow Jones Industrial Average closed up 114.09 points, or 0.28%, at 40227.59.

The Nasdaq closed down 16.81 points, or 0.10%, at 17366.13. The Nasdaq 100 index closed down 5.27 points, or 0.03%, at 19427.29.

The Russell 2000 index closed up 0.41%, at 1965.55.

The CBOE Volatility Index (VIX) closed up 1.25%, at 25.15.

US stock industry ETFs:

The Biotechnology Index ETF closed up 1.14%, the Global Airlines ETF rose 0.97%, the Energy ETF rose 0.7%, the Regional Banks ETF rose 0.59%, the Banks ETF rose 0.54%, and both the Global Technology Stock Index ETF and the Consumer Discretionary ETF rose less than 0.1%.

The Internet Stock Index ETF closed down 0.1%, the Technology Sector ETF fell 0.16%, and the Semiconductor ETF fell 0.62%.

"The Magnificent 7" of US technology stocks:

The seven major US technology stocks (Magnificent 7) fell 0.35%.

Tesla closed up 0.33%, Amazon fell 0.68%, Meta Platforms rose 0.45%, NVIDIA fell 2.05%, Google Class C fell 0.87%, Apple rose 0.41%, and Microsoft fell 0.18%.

Chip stocks:

The Philadelphia Semiconductor Index closed down 0.38%, at 4235.62.

AMD closed down 0.26%, and the ADR of Taiwan Semiconductor Manufacturing Company (TSMC) rose 1.01%.

AI concept stocks showed a divergent trend:

Applovin closed up 6.15%, and Tempus AI closed up 1.64%.

Chinese-listed stocks in the US:

The Nasdaq Golden Dragon China Index closed up 0.68%, at 7001.39, approaching the closing level of 7550.00 on April 3.

Among the popular Chinese-listed stocks, Pony.ai rose 42%, NIO rose 7%, Li Auto rose 3.6%, Yum China Holdings rose 2.6%. The ADRs of Xiaomi, Tencent, Baidu, Xpeng, Pinduoduo, and NetEase fell by at most 0.7%, and Alibaba fell 1.6%.

The European STOXX 600 index closed up more than 0.5% for five consecutive days. Blue-chip stocks in the eurozone such as Airbus and Kering Group rose more than 2%. The German stock index closed up more than 0.1% for five consecutive days, and the Italian banking index rose more than 1.2%.

Pan-European stocks:

The European STOXX 600 index closed up 0.53%, at 523.19.

The Euro Stoxx 50 index closed up 0.32%, at 5170.49.

Stock indexes of various countries closed up:

The German DAX 30 index closed up 0.13%, rising for the fifth consecutive trading day, at 22271.67.

The French CAC 40 index closed up 0.50%, at 7573.76.

The UK's FTSE 100 index closed up 0.02%, at 8417.34.

Sectors and individual stocks:

Among the blue-chip stocks in the eurozone, Airbus closed up 2.65%, Kering Group rose 2.29%, and Banco Santander of Spain rose 1.85%.

In terms of sectors, the STOXX 600 Healthcare Index rose 1.28%, the Banks Index rose 0.92%, the Personal & Household Goods Index rose 0.89%, the Food & Beverage Index and the Construction & Materials Index both rose 0.76%, the Travel & Leisure Index rose 0.62%, and the Utilities Index rose 0.60%.

The prices of US Treasury bonds continued to rise across the board, with short-term Treasury bonds performing particularly well. Due to the debt deadlock dragging down the cash balance, the US Treasury Department's borrowing estimate for the second quarter announced was significantly higher than that in February. Excluding the factor of the cash balance, the borrowing estimate was actually lower than the expectation in February. After the borrowing estimate was announced, the yield on US Treasury bonds accelerated its decline.

US Treasury bonds:

At the end of trading in New York, the yield on the 10-year US Treasury bond fell 2.13 basis points, to 4.2140%. The intraday trading range was 4.2952%-4.2044%.

The yield on the 2-year US Treasury bond fell 6.54 basis points, to 3.6846%. The intraday trading range was 3.7807%-3.6764%.

European bonds: The yields on medium- and long-term German bonds rose by more than 5 basis points, and the sovereign bond yields of France, Italy, Spain, and Greece in the eurozone rose by at least more than 4 basis points.

At the end of trading in the European market, the yield on the 10-year German bond rose 5.2 basis points, to 2.521%. The intraday trading range was 2.467%-4.525%.

At the end of trading in the European market, the yield on the 10-year UK bond rose 2.9 basis points, to 4.508%, and once rose to 4.529%, hitting a new daily high.

At the end of trading in the European market, the sovereign bond yields of France, Italy, Spain, and Greece in the eurozone rose by at least more than 4 basis points. Among them, the yield on the 10-year Spanish bond rose 5.0 basis points, to 3.173%.

The US dollar index pulled back, the Japanese yen rebounded by more than 1%, and Bitcoin rose by more than $2,000 intraday before turning down.

The US dollar:

At the end of trading in New York, the ICE US Dollar Index fell 0.52%, hitting a new daily low of 98.956. After hitting a new daily high of 99.838 at 14:57 Beijing time, it gave back its gains and has been fluctuating downward since the opening of the US stock market.

The Bloomberg Dollar Index fell 0.47%, hitting a new daily low of 1220.13.

Non-US currencies:

The euro rose 0.50% against the US dollar.

The British pound rose 0.93% against the US dollar.

The US dollar fell 1.01% against the Swiss franc.

Among the commodity currency pairs, the Australian dollar rose 0.57% against the US dollar, the New Zealand dollar rose 0.22% against the US dollar, and the US dollar fell 0.23% against the Canadian dollar.

The Japanese yen:

At the end of trading in New York, the US dollar fell 1.13% against the Japanese yen, to 142.05 yen. The intraday trading range was 143.89-141.99 yen, hitting a new daily low after the US stock market closed.

The euro fell 0.64% against the Japanese yen, to 162.26 yen; the British pound fell 0.15% against the Japanese yen, to 190.938 yen.

The offshore Chinese yuan:

At the end of trading in New York, the offshore Chinese yuan was quoted at 7.2846 yuan against the US dollar, up 39 pips from the end of trading in New York last Friday. The overall intraday trading range was 7.3026-7.2828 yuan.

Cryptocurrencies:

At the end of trading in New York, the main contract of CME Bitcoin futures BTC fell 1.07% from the end of trading in New York last Friday, to $95,175.

The main contract of CME Ether futures DCR fell 1.02%, to $1,800.

Crude oil turned down by more than 2% intraday, and US oil closed at a new two-week low. In the end, US crude oil futures closed down about 1%, and New York natural gas rose by more than 7.9%.

Crude oil:

WTI June crude oil futures closed down $0.97, or nearly 1.54%, at $62.05 per barrel.

Brent June crude oil futures closed down $1.01, or 1.51%, at $65.86 per barrel.

Natural gas:

NYMEX May natural gas futures closed up more than 7.93%, at $3.170 per million British thermal units.

As the risk appetite sentiment waned, gold rebounded, and gold futures once rose nearly 2%.

Gold:

At the end of trading in New York, spot gold rose 0.81%, to $3,346.65 per ounce.

COMEX gold futures rose 1.83%, to $3,358.90 per ounce. It traded around $3,300 for most of the day, showing an overall U-shaped trend.

Silver:

At the end of trading in New York, spot silver rose 0.15%, to $33.16 per ounce.

COMEX silver futures rose 0.21%, to $33.080 per ounce.

Other metals:

At the end of trading in New York, COMEX copper futures rose 0.37%, to $4.8545 per pound.

LME copper closed up $4, at $9,378 per ton. LME aluminum closed up $6, at $2,434 per ton. LME zinc closed down $13, at $2,634 per ton.

LME nickel closed up $70, at $15,615 per ton. LME tin closed up $41, at $32,021 per ton.

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