On Tuesday, rising U.S. Treasury yields weighed on U.S. stocks. The S&P and Dow Jones Industrial Average fell, briefly turned positive at the end of the day but failed, marking the S&P's first two-day losing streak in over a month. The Nasdaq Composite closed higher. The Russell Small Cap Index fell 0.7% and then cut its losses in half. Nvidia and Apple fell from new highs. Most semiconductor stocks fell, with Texas Instruments providing poor guidance and falling more than 2% after hours. Starbucks reported poor earnings and temporarily suspended guidance, falling about 7% after hours. General Motors, which reported good earnings, rose nearly 10%.
Chinese concept stocks rose more than 2% and then closed up nearly 1%, outperforming strongly throughout the day. Pinduoduo, which was increased by BlackRock, once rose more than 8%, while Tiger Brokers fell more than 13%. The offshore renminbi recovered its losses at the end of the day.
U.S. Treasury yields rose again, with the 10-year U.S. Treasury yield briefly breaking through 4.22%, reaching a three-month high.
The U.S. dollar hit a two-and-a-half-month high, while the yen broke through 151.
Oil prices rose more than 2%, gold hit a new high again, with spot gold approaching $2,749, and silver rose more than 3%, hitting a twelve-year high.
In the Asian session, China's three major stock indexes all closed higher, with AI application directions strengthening, the Beijing Stock Exchange 50 Index fell more than 7%, and Treasury futures closed lower.
Chinese market: On Tuesday, the A50 index rose slightly by 152 points, closing at 13,615, with a daily increase of 1.13%.
Yesterday, China's three major stock indexes maintained a volatile trend, with thematic stocks rotating actively. By the close, the Shanghai Composite Index rose 0.54%, the Shenzhen Component Index rose 0.85%, and the ChiNext Index rose 0.30%. In terms of sectors, the media and entertainment sector soared, with Chinese Online, Xinhua Media, China Broadcasting Network, and Huawen Group all hitting the daily limit. The nuclear power concept was active, with Nanfeng Shares, Chuanrun Shares, Shanghai Electric, and Rongfa Nuclear Power all hitting the daily limit. The rare earth permanent magnet concept strengthened, with Chuangxing Resources and Huayang New Materials hitting the daily limit. Public transportation, agriculture, forestry, animal husbandry, advertising packaging, food and beverage, and other sectors led the gains; digital currency, software services, cross-border payment, telecommunications operations, semiconductors, and other sectors led the declines.
U.S. market: The Dow Jones Industrial Average and the S&P 500 Index fell slightly, while the Nasdaq Composite rose 0.18%. Nvidia (NVDA.O) fell slightly, Trump Media Technology Group (DJT.O) rose 9.8%, and Pinduoduo (PDD.O) rose nearly 3%. The Nasdaq Golden Dragon China Index closed up 0.94%, Alibaba (BABA.N) fell 0.5%, iQIYI (IQ.O) rose 7%, and Li Auto (LI.O) rose 3%.European Market: Major European stock indices fell across the board, with the German DAX 30 index closing down by 0.2%; the UK's FTSE 100 index closed down by 0.14%; and the Euro Stoxx 50 index closed down by 0.04%.
Commodity Market: Perhaps due to factors such as the Middle East war stimulating investors' demand for safe-haven assets, spot gold rose by more than 1% during the day, setting a new record high, and approached the 2750 mark at one point, eventually closing up by 1.06% at $2748.55 per ounce. Spot silver closed up by 3.16% at $34.84 per ounce.
Traders downplayed hopes for a ceasefire in the Middle East and focused on the global supply and demand balance. Crude oil closed higher for the second consecutive day, with WTI crude oil briefly surpassing $72 during the US trading session, but then giving up some of its gains, eventually closing up by 2.17% at $71.21 per barrel; Brent crude closed up by 2.05% at $75.21 per barrel.
Foreign Exchange Market: On Tuesday, as the market anticipated that the Federal Reserve would slow down the pace of rate cuts, and investors adjusted their positions ahead of the closely contested US presidential election, the US dollar index surged above the 104 mark, reaching a two-and-a-half-month high, continuing its recent upward trend, and eventually closing up by 0.09% at 104.07. The benchmark 10-year US Treasury yield closed at 4.2140%; the two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.0430%.