On Wednesday, the break-even inflation rate of US five-year inflation-protected treasury bonds (TIPS), an inflation indicator in the bond market, rose to 2.5%, the first time since the subprime mortgage crisis in 2008. At the same time, the yield of 5-year US bonds is close to 0.75%, which is called the second early warning signal of the stock and credit markets by analysts.
The number of ADP private employees in the United States, which is known as "small non-agricultural", increased by 65,438+065,438+07,000 in February, far below the expected increase of 200,000 in the market. According to the US ISM non-manufacturing index, the service industry activity reached the lowest expansion rate in nine months in February, and the sub-indexes such as new orders, business activities and employment all fell back in that month, while the price payment index hit a new high since September 2008, which also reflected the resurgence of inflation.
European and American government bond prices fell on Wednesday, and yields rose again. Under the pressure of inflation, industrial metals such as copper and precious metals such as gold fell collectively on Wednesday. According to media reports, OPEC+is considering maintaining the current scale of production reduction in April. Last week, the United States announced the biggest decline in gasoline inventories in more than 30 years, and international crude oil reversed its decline for several days, rising more than 3% in intraday trading.
The three major US stock indexes performed differently on Wednesday. The Nasdaq Composite Index continued to lead the decline, falling more than 1% in early trading and continuing to more than 2% in midday. The Standard & Poor's 500 index only rose briefly at the beginning of the session, and the decline in the late session expanded to more than 1%. The Dow Jones Industrial Average once fell more than 66 points when it briefly turned down in early trading, and rose more than 140 points when it was refreshed in midday. After S&P and Nasdaq hit new lows at midday, the Dow Jones index fell again in late trading.
In the end, the three major indexes collectively closed down for the second consecutive day. The Nasdaq closed down 2.7% at 12997.75, the lowest closing price since1October 6, and/kloc-0 fell below 13000 for the first time since October 6. The Dow closed down 1 19.98 points, or 0.38%, at 3 127 1.54 points, the lowest since February 5. The Standard & Poor's 500 Index closed down 1.30% and 38 19.80 points, approaching the lowest since February 1 set last Friday. Small-cap stocks dominated by value stocks refer to Russell 2000 and closed down 1.06%.
Among the Dow components, Boeing rose more than 2%, JPMorgan Chase rose nearly 2%, the best performance, Goldman Sachs and energy stock Chevron rose more than 1%, and technology stocks such as Intel, Apple and Microsoft all fell more than 2%.
FAANMG's six major technology stocks all fell, with Netflix leading the decline by nearly 5%, Amazon leading the decline by nearly 2.9%, Google's parent company Alphabet, Apple and Microsoft leading the decline by more than 2%, and Facebook leading the decline by more than 1%. Among other star technology stocks, Zoom fell more than 8% and Tesla closed down more than 4.8%. Biotechnology stocks PACB and NVTA fell more than 7%, while ADVM and NVCR fell more than 5%.
Among the S&P 500 1 1 sectors, the energy, finance and industry sectors, which rose by more than 1% and less than 0. 1% respectively, closed up on Wednesday. In the declining sector, information technology and non-essential consumer goods fell by more than 2%, except for essential consumer goods, which fell by more than 0.5%.
Cyclic stocks such as cruise ships, airlines, banks and energy generally rose. Among energy stocks, CPE rose more than 18%, Marathon Oil and Sinopec rose more than 3%, and PetroChina rose nearly 3%. Among the banking stocks, Bank of America and Citigroup rose more than 2%, while Wells Fargo and Deutsche Bank rose more than 1%. Among the cruise and aviation stocks, Norwegian cruise rose more than 6%, Carnival cruise and American Airlines rose more than 3%. Aluminum stocks rose, Alcoa of the United States rose more than 12%, and Alcoa of China listed in the United States rose more than 1 1%.
China's top stocks continued to underperform the broader market, while China's ETF KWEB and CQQQ fell more than 2%. Like Tesla, Weilai Automobile, Li and Xpeng Motors, the three major domestic new energy automobile stocks, all fell by more than 4%, while Baidu fell by nearly 8%. The ADR of Alibaba and Tencent increased by nearly 0.8% and 0.5% respectively.
In Europe, the impact of rising government bond yields offset the upward trend of the economic recovery sector, and the pan-European stock index closed slightly higher on Wednesday. The Stoxx Europe 600 Index closed higher for three consecutive days, hitting a new high for more than a week. Tourism, automobile and banking stocks, which rose more than 2%, led the decline, while technology stocks continued to fall against the market.
European government bond prices fell, and the yields of British and German government bonds, which just fell to a one-week low on Tuesday, rebounded. The yield of British 10 benchmark government bonds rose by 9 basis points to 0.779% in one day; In the same period, the yield of German government bonds rose by 6 basis points to 0.29%, completely erasing Tuesday's decline.
When US stocks approached the 1.50 mark in early trading on Wednesday, the yield of US 10 benchmark treasury bonds reached a new high, nearly 10 basis point higher than the intraday low of 1.40% in Asian markets in early trading, and still lower than the intraday high of1.6/kl set last Thursday.
At noon, Chicago Fed President Evans reiterated that the Fed does not need further monetary easing, saying that the increase in US bond yields last week reflected investors' optimism about economic recovery; If necessary, the Fed has the tools to curb higher yields; He will not consider supporting the Fed to introduce full-line yield control.
After Evans' speech, the yield of 10-year US bonds remained below 1.48%, and it was close to 1.47% at the close of the US stock market, rising by about 8 basis points in the day, and the US stock market recovered 1.48% after the close.
New york gold futures, which just ended a five-day losing streak, resumed its decline. Comex gold futures closed down 1.0% at1.71$5.80 per ounce, the lowest closing price of the main contract since June 8 last year, and the lowest in the same month after last Friday and this Monday. Other precious metals also fell, and silver and platinum futures ended two consecutive years.
London base metal futures fell collectively on Wednesday. LME nickel futures, which led the decline, closed down by US$ 65,438+0,255, with a percentage decrease of over 6.7% to US$ 65,438+0,746,5438+0.7/ton, a record low of US$ 65,438+0,654,38+0 in more than seven weeks. Luntong, who just walked out of the trough for more than a week, and Lunxi, whose G fell by more than $3,000 last Friday and this Monday and Tuesday, restarted the decline.
International crude oil futures reversed its three-day decline on Wednesday. In early trading, us energy information administration EIA announced that US EIA crude oil inventories increased by more than 265,438+0.5 million barrels last week, the largest weekly increase since 65,438+0.982, while gasoline inventories decreased by more than 654,380+0.36 million barrels last week, the largest weekly decline since 65,438+0.990, reflecting the impact of the sharp decline in refining capacity in the US Gulf of Mexico due to the winter storm at the end of February.
After the data was released, crude oil went up daily, and US WTI crude oil rose more than 3.7% in the day. Brent crude oil rose nearly 3.2% in the day.
Earlier on Wednesday, some media reported that OPEC+was considering keeping crude oil production unchanged in April and giving up its possible production increase plan because of concerns about the persistence of the COVID-19 epidemic and the fragility of the oil market and the global economic recovery.
In the end, which month crude oil futures closed up 1.53 USD, or 2.56%, to 6 1.28 USD/barrel, out of the closing trough set in February 19 on Tuesday. On Tuesday, US Oil closed below the $60 mark for the first time since February 19. In April, Brent crude oil futures closed up 1.37 USD, or 2. 18%, at 64.07 USD/barrel, the lowest closing price of the main contract since February 12 on Tuesday.
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