2024-04-02 20:47:11
U.S. Stock Diary｜Stocks and bonds fell, Tesla missed half, and the Dow Jones Industrial Average fell nearly 400 points (Michael M. Santiago via Getty Images)
The three major U.S. stock indexes fell significantly. The Dow Jones Industrial Average fell more than 500 points in the early morning and recovered some of its losses in the followingnoon, closing down 385 points. Together with the Nasdaq Composite Index, which fell regarding 1%, the S&P 500 Index fell 0.7%. Tesla’s first-quarter deliveries fell far short of expectations and closed down nearly 5%. U.S. bond interest rates continue to rise, with the ten-year bond rate rising to this year’s high of 4.4%, putting pressure on the stock market. Oil prices continued to rise, a number of oil stocks rose, and global energy ETFs hit a ten-year high.
Real-time quotations of U.S. stocks and foreign currencies, multi-country news
Market conditions on April 2 (Tuesday)
l The Dow Jones Index fell 396.61 points, or 1.00%, to 39,170.24 points.
l The S&P 500 index fell 37.96 points, or 0.72%, to 5,205.81 points.
l The Nasdaq index fell 156.38 points, or 0.95%, to 16,240.45 points.
l New York May oil futures closed at US$85.15 a barrel, up US$1.44 or 1.7%.
l New York gold futures for June delivery closed at $2,297.7 an ounce, up 1.1%.
l The U.S. 10-year Treasury bond yield closed at 4.365%, up 3.6 points.
Tesla delivered 386,810 electric vehicles in the first quarter, which was far lower than the average estimate of nearly 450,000 vehicles by Wall Street analysts. It was the first year-on-year decline since the epidemic. In addition, Tesla’s first-quarter vehicle production was 433,000 units, which was also lower than expected. The company closed down 4.9%. UnitedHealth dragged down the Dow Jones Industrial Average significantly, with the company closing down 6.4%.
Global energy stocks hit near decade highs as oil prices rose. The iShares Global Energy ETF (IXC) rose 0.9%, reaching its highest level since September 2014. Canadian Natural Resources, ConocoPhillips and Marathon Petroleum hit new highs in at least a year on Tuesday, with Marathon closing up 3.4%, the highest single-day gain among the three.
Inflation was stubbornly stronger than expected, causing the market to postpone interest rate cut expectations. U.S. Treasury bond interest rates continue to rise, with the 10-year U.S. bond interest rate rising by more than 7 points to this year’s high of 4.4%. The likelihood of a rate cut starting in June has now fallen to around 58.8%, down from around 70% a week ago, according to interest rate futures trading.
San Francisco Fed Chairman Daly and Cleveland’s Mester both said on Tuesday they expected interest rates to be cut this year but did not expect to begin easing policy anytime soon.
JPMorgan Chase warned that market sentiment and several positioning indicators have reached high levels, and there are risks in U.S. stocks. The bank’s analysis team pointed out that since October last year, U.S. stocks have risen by nearly 30%, driven by expectations of a shift in Fed policy. However, those expectations have now been reversed, and “the next time bond yields fall, the market reaction may not be as positive as it was in November-December last year, and we may see a return to a more traditional correlation between Treasury rates and stocks.” .”
In terms of data, data from the U.S. Bureau of Labor Statistics showed that the number of job openings increased by 8,000 month-on-month in February this year, reaching 8.756 million, slightly higher than market expectations of 8.75 million.
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