U.S. bonds sold weakly, U.S. stocks collapsed, Dow Jones fell nearly 2%, Xpeng Motors rose 13%, Bitcoin broke record intraday and gold rose more than 1%

Source: Wall Street News

The results of the 20-year U.S. bond auctions were poor, with long-term U.S. bond yields soaring and causing US stocks to collapse, risk aversion sentiment heated up, and gold rose. The stock price of Xiaopeng Motors, which has been well-guided in quarterly reports and guidance, rose sharply. U.S. stablecoin legislation has made progress, and Bitcoin has broken through historical highs intraday.

The surge in U.S. Treasury yields triggered widespread selling of U.S. stocks, with three major U.S. stock indexes hitting their biggest drop in a month:

In the early trading of the US stock market, Trump said that the tax cut plan was close to finalization, and investors were worried that the huge tax cut bill would increase the budget deficit, and the three major U.S. stock indexes opened lower collectively. Most of the industry sectors fell, with health care being the hardest hit.

In the afternoon of the U.S. stock market, the 20-year Treasury bond auction was bleak, with the bidding interest rate exceeding 5%, almost the worst performance of the deadline since it was launched five years ago. After the auction results were released, the declines of the three major U.S. stock indexes expanded, the yield on the 10-year U.S. Treasury rose by more than 10 basis points, the U.S. dollar index fell to a two-week low, approaching $110,000 to a record high of $3,000, gold rose by more than 1%, and crude oil fell by more than 1%.

After the US stock market, Navitas officially announced its cooperation with Nvidia to develop an 800V power structure. After the market, Navitas's stock price soared, once rising by more than 200%.

On Wednesday, the three major U.S. stock indexes hit their biggest drop in a month, with the Dow falling nearly 2%. Among the seven technology giants, Google rose the same level, with an increase of nearly 3%. Retail giant Targe fell by more than 5% after it announced its financial report. Navigation officially announced its cooperation with Nvidia to cooperate with the next generation of 800V power architecture, with a surge of 200% after the market. Baidu's Chinese stock market fell by more than 4% after the results. Xiaopeng Motors is expected to achieve profitability in the fourth quarter due to its impressive financial report in the first quarter, and its stock price rose by more than 12%.

Three major U.S. stock indexes:

The S&P 500 closed down 95.85 points, or 1.61%, to 5844.61 points.

The Dow Jones Industrial Average closed down 816.80 points, or 1.91%, to 41,860.44 points.

The Nasdaq closed down 270.07 points, or 1.41%, to 18,872.64 points. The Nasdaq 100 closed down 287.02 points, or 1.34%, to 21,080.36 points.

The Russell 2000 index closed down 2.80% at 2046.56 points.

The Panic Index VIX closed up 15.42% to 20.88.

U.S. stock industry ETFs fell across the board:

Regional bank ETFs closed down 3.54%, banking ETFs fell 3.52%, global aviation ETFs fell 3.06%, and biotech index ETFs, medical ETFs, financial ETFs, and optional consumer ETFs fell at most 2.39%.

"Seven Sisters of Technology":

The Magnificent 7 index closed down 1.17% at 158.79 points.

Tesla closed down 2.68%, Apple fell 2.31%, Nvidia fell 1.92%, Amazon fell 1.45%, Microsoft fell 1.22%, Meta Platforms fell 0.25%, and Google A rose 2.79%.

Chip stocks:

The Philadelphia Semiconductor Index closed down 0.14% at 4890.78 points.

AMD fell 1.28%, and TSMC ADR fell 0.87%.

AI concept stocks:

Tempus AI fell 6.87%, Palantir fell nearly 4%, and Applovin closed down 1.30%.

Chinese stocks listed in the United States:

The Nasdaq Golden Dragon China Index closed down 0.72% to 7277.42 points.

Popular Chinese stocks listed in the US closed down 4.2%, Pony Ma’s declined 3.6%, and Yum China and Fangduoduo fell by up to 2.9%. Ideal rose 3.2%, Xiaopeng rose 12.6%, and Wenyuan Zhixing rose 21.3%.

Other stocks:

Buffett's Berkshire Hathaway Class B shares fell 0.34%, while Eli Lilly closed down 2.95%.

Nawei soared by nearly 200% after the market, and officially announced its cooperation with Nvidia to develop the next-generation 800V power architecture.

The EU prepares trade proposals to inject impetus into trade negotiations between Europe and the United States. German stock index hit a record closing high for five consecutive days.

Pan-European European Stocks:

The European STOXX 600 index closed down 0.04% at 553.82 points.

The Eurozone STOXX 50 index closed roughly at 5454.46 points.

Stock indexes of various countries:

The German DAX 30 index closed up 0.36% to 24,122.40 points, hitting a record closing high for the fifth consecutive trading day.

The French CAC 40 index closed down 0.40% at 7910.49 points.

The FTSE 100 index closed up 0.06% to 8786.46 points.

Sectors and individual stocks:

Among the blue-chip stocks in the euro zone, Kering Group closed down 2.54%, LVMH Group fell 2.23%, and Hermes fell 2.12%, performing third from the bottom.

Among all the components of the European STOXX 600 index, JD Sports Fashion closed down 10.6%, Naster fell 6.77%, and Wendell Group fell 6.2%.

The auction of 20-year U.S. Treasury bonds was bleak, with the bidding rate exceeding 5%, almost the worst performance of the deadline since it was launched five years ago. After the auction results were released, the yield on the 10-year U.S. Treasury bonds expanded to 10 basis points.

U.S. debt:

At the end of New York, the yield on the 10-year benchmark US Treasury bond rose 11.16 basis points to 4.5985%. The U.S. Treasury Department opened a short-term significant pull-up when it disclosed the results of the 20-year US Treasury bid, which was the first rise since February 13 and crossed the 4.6% mark.

The 20-year U.S. Treasury yield rose 13.21 basis points, setting a new daily high of 5.1247%, and Bloomberg data shows that the latter is the highest in 2020 (since the U.S. Treasury resumes supply).

European debt:

At the end of the European market, the yield on Germany's 10-year government bonds rose 4.0 basis points to 2.646%, and intraday trading was in the range of 2.618%-2.671%.

The yield on the 10-year treasury bond rose by 5.4 basis points, the yield on the two-year treasury bond rose by 4.0 basis points, the yield on the 30-year treasury bond rose by 3.4 basis points, and the yield on the 50-year treasury bond rose by 5.7 basis points.

France, Italy and the Spanish 10-year government bond yields rose by more than 4 basis points, while Greece's 10-year government bond yields rose by 2.2 basis points.

The results of the 20-year U.S. Treasury auction hit investor confidence. The US dollar index fell to a year-to-date low, falling more than 0.5%. Bitcoin futures once rose to $110,000, and fell back after the auction results.

Dollar:

At the end of New York, the ICE US dollar index fell 0.55% to 99.569 points, and was in a downward state throughout the day, with an overall fluctuation and falling, and Beijing time hit a new daily low of 99.336 points at 01:27 Beijing time.

The Bloomberg US dollar index fell 0.40% to 1217.79 points, and 01:27 also hit a daily low of 1215.69 points.

Non-US currencies:

At the end of New York, the euro rose 0.4% against the US dollar to 1.1331.

The pound rose 0.2% against the US dollar to 1.3415.

The US dollar fell 0.39% against the Swiss franc to 0.8258.

JPY:

In the late New York trading, the US dollar fell 0.53% against the yen to 143.64 yen.

Offshore RMB:

In the late trading of New York, the offshore RMB was 7.2041 yuan against the US dollar, up 111 points from the late trading of New York on Tuesday, and the overall trading in the 7.2198-7.1991 yuan range was in the range of 7.2198-7.1991 yuan.

Cryptocurrency:

In the late New York trading, the main contract of CME Bitcoin futures BTC rose 1.07% from the late New York trading on Tuesday to $109,000.

The main contract of CME Ether Futures DCR rose 0.12% to $2,514.

The U.S. Energy Information Administration announced that U.S. EIA crude oil inventories unexpectedly increased by 1.33 million barrels last week, while analysts had expected a drop of 741.6 million barrels. U.S. crude oil futures closed down more than 0.7%, while New York natural gas fell more than 1.7%.

crude:

WTI July crude oil futures closed down $0.46, or 0.74%, at $61.57 per barrel.

Brent July crude oil futures closed down $0.47, down 0.49%, at $64.91 per barrel.

natural gas:

NYMEX June natural gas futures closed down 1.72% at $3.3680 per million British thermal units.

The US dollar continued to be weak, spot gold rose again to above $3,300, New York gold futures rose more than 1.1%, and US stocks approached $3,330 in the late trading.

gold:

In the late trading of New York, spot gold rose 0.75% to $3314.77 per ounce, and rose to $3324.88 at 03:26 Beijing time.

COMEX gold futures rose 1.01% to $3317.80 per ounce.

silver:

In the late trading of New York, spot silver rose 1.03% to $33.4237 per ounce.

COMEX silver futures rose 1.51% to $33.675 per ounce.

Other Metals:

At the end of New York, COMEX copper futures rose 0.11% to $4.6590 per pound.

LME copper futures closed up $14 to $9,534/ton.

LME tin futures closed down $229 to $32,854/ton. LME nickel futures closed up $84 to $15,602/ton. LME zinc futures closed down $18 to $2,693/ton.

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