Dow Jones index

U.S. Stock Diary｜The Dow fell for three consecutive times and gold prices hit new highs (Michael M. Santiago via Getty Images)

The trend of U.S. stocks fluctuated, and the three major indexes developed individually. The Dow Jones Index made a sharp recovery at the end of the market and closed down, falling for three consecutive days. The S&P 500 Index and the Nasdaq Index stabilized. Federal Reserve Chairman Powell and officials continued to downplay interest rate cuts, and market expectations have been adjusted; however, data showed signs of slowing in service industry activities, and the bond market fell first and then stabilized.

The U.S. dollar weakened, gold prices hit a record high, and New York gold futures closed above $2,300 for the first time. The Organization of the Petroleum Exporting Countries kept production unchanged and oil prices rose, with Brent oil approaching $90 a barrel.

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Market conditions on April 3 (Wednesday)

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$85.43 a barrel, up US$0.28 or 0.3%.

l New York gold futures for June delivery closed at US$2,315.0 an ounce, up US$17.3, or 1.4%.

l The U.S. 10-year Treasury bond yield closed at 4.357%, down 0.8 points.

Large-scale technology stocks developed individually, with Meta and Tesla rising by more than 1%, Nvidia rising first and then falling, and Apple holding steady. It is reported that it is developing robots that can follow users around the home, as well as desktop home equipment, etc. It is also said that home robots may be It is one of the company’s “next big projects.”

Intel fell 8%, dragging down the Dow Jones Industrial Average, as its chip manufacturing business recorded an operating loss. Disney fell 3%. The company held a shareholder meeting election. President Bob Iger defeated investor Nelson Peltz, who failed to obtain a seat.

Federal Reserve Chairman Powell reiterated that the Fed will decide to cut interest rates only if it is more confident that inflation will continue to fall back to the 2% target level.

He said that the data in the first two months of this year showed that inflation had indeed picked up from the low level in the second half of last year, but he believed that it was too early to conclude that inflation had picked up based only on recent data. He emphasized that the Fed has time to make decisions based on data and once again signaled that it is in no rush to cut interest rates.

Atlanta Fed President Raphael Bostic reiterated that he expects to cut interest rates only once this year, which is expected to occur in the fourth quarter.

Market expectations for interest rate cuts have further slowed. The interest rate futures market shows that investors believe that the chance of the first interest rate cut in June this year is only about half, which is a sharp drop from about 80% a few days ago.

Data showed U.S. service sector activity slowed last month, in contrast to a return to growth in the manufacturing sector. The services PMI produced by the Institute for Supply Management (ISM) fell to 51.4 in March from 52.6 in February this year, below expectations of 52.7 and the weakest in three months. Growth in new orders in the services sector slowed, inventories fell again and suppliers delivered faster.

The U.S. human resources services agency ADP announced that private companies added 184,000 jobs in March, the most since July last year and far more than market expectations of 148,000 and February’s 155,000.

2024-04-03 21:49:16
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