Wall Street stocks rebounded significantly, with the S&P 500 rising 2%, leaving the brink of a bear market, and the Nasdaq rising 3.8%, its best single-day performance since November 2020. However, all of the losses were still recorded for the whole week. The Dow fell 2.14% for the whole week, the first seven consecutive weekly declines since 2001 and the longest weekly decline since 2001. The S&P 500 fell 2.4%, the 6-week losing streak, the longest weekly drop since 2011, while the Nasdaq fell 2.8% for the week, the 6-week losing streak, the longest losing market since 2012.
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Market conditions on May 13 (Friday)
l Dow Jones It was up 466.36 points, or 1.47 percent, at 32,196.66.
l S&P 500 Index It rose 93.81 points, or 2.39%, to 4,023.89 points.
l Nasdaq Index It was up 434.04 points, or 3.82%, at 11,805.00.
l New York June Oil Futures It closed at $110.49 a barrel, up $4.36 or 4.1%. It rose 0.66% for the week.
l New York June futures It closed at $1,808.20 an ounce, down $16.40, or 0.9%. The lowest closing price since February 4 this year. For the week, it fell 3.9%, the largest weekly decline since June 21.
l U.S. 10-year Treasury bond yield It closed at 2.935 percent, up 11.8 pips.
Bank of America strategist Michael Hartnett and others said that according to data from EPFR Global, funds are flowing out of all asset classes. In the week ended May 11, stocks, bonds, cash and gold all experienced capital outflows, and technology stocks experienced the largest outflow this year. , the scale reached 1.1 billion US dollars, second only to the financial stocks of 2.6 billion US dollars. “Fear and disgust suggest that a short-term bear market rally is likely, but we don’t think the ultimate low has been reached,” Hartnett wrote.
The probability of a recession in the next 12 months is now at 30%, the highest level since 2020, according to Bloomberg’s latest monthly survey of economists. The figure was slightly higher than April’s 27.5% and double what economists had expected three months ago.
The S&P 500 rebounded very comprehensively, with 95% of the shares rising. All industry categories rose, and the biggest gainer was consumer staples, which rose 4.1%.
Technology stocks, which had fallen the deepest earlier, also fared well. Among them, Apple, which has just fallen by more than 20% from its high level, rose 3.2%, successfully breaking out of the bear market. Amazon and Meta rose 5.7 percent and 3.9 percent, respectively.chip stocksNvidiaandAMDBoth rose more than 9%.Fintech stocksAffirmrose 31.4%,Upstartrose 16.3%,Paypalrose 6.1%.
Musk earlier tweeted that the $44 billion deal was on hold because Twitter had fewer fake accounts than expected, and Twitter plunged 25% before the market opened. Hours later, he tweeted once more, saying he was “still committed” to the deal. Twitter shares recovered some lost ground, but still closed down regarding 10%. Some analysts pointed out that this may be a strategy to reduce the acquisition amount.
Cryptocurrencies rebounded,bitcoinrose to nearly $31,000,etherIt rose above $2,100.The Terra stablecoin that triggered the recent currency disasterUSTand related projectsLunaAfter several days of plummeting, some platforms have been unable to trade.
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