Chip stocks outperformed the market for two consecutive days, with Nvidia leading the Dow Jones gains and reclaiming the top market capitalization position for the first time in over four months. Constellation Energy, a nuclear power stock, initially surged over 9% before reversing to losses. Wells Fargo rose up to 10% in after-hours trading, while the China-concept index extended its gains for the second day.
Following U.S. job openings data, Treasury yields turned higher, reaching daily peaks. The U.S. dollar index accelerated its rebound, moving away from recent three-year lows. Crude oil prices climbed 2% to a two-week high, while gold fell over 1% during the session. Strong employment data alleviated OECD concerns about potential economic damage from Trump-era tariffs. Chip stocks, led by Nvidia, drove U.S. equity gains, with the Dow Jones posting a four-day winning streak. Nvidia’s market capitalization surged to $3.444 trillion, surpassing Microsoft’s $3.441 trillion for the first time in over four months. The dollar rebounded from last week’s lows, and gold prices declined accordingly. Among sectors, technology stocks recorded the largest gains, while communication services led declines. Pre-market, OECD revised down U.S. economic growth to 1.6%, significantly lower than the previous 2.2% forecast. This marked the OECD’s second global economic downgrade this year, citing the U.S. as most vulnerable to Trump’s tariff policies. Growing economic worries led to pre-market declines. Constellation Energy rose over 9% pre-market on reports of Meta purchasing nuclear power from the company, boosting other uranium-related stocks. During early trading, U.S. April JOLTS job openings reached 7.391 million, exceeding expectations and supporting the Fed’s positive labor market assessment. Major U.S. indices rallied post-data, with the dollar index continuing its ascent and spot gold dropping 1.43% to daily lows. By the close, uranium-related stocks erased early gains, with Constellation and Meta both finishing lower. Discount retailer Dollar General surged nearly 16%, marking its best single-day performance ever, after reporting better-than-expected Q1 results and raising full-year revenue guidance. Tariff-driven price increases are enhancing the appeal of discount chains. After hours, the Federal Reserve lifted asset cap restrictions on Wells Fargo, driving its shares up 10%. All three major U.S. indices closed higher on Tuesday. The China-concept index extended its rally, with NIO reversing early losses of about 4.5% to close up 0.28%, despite Q1 revenue missing expectations.U.S. stock indices closed higher, with the S&P 500 gaining 34.43 points, or 0.58%, to finish at 5,970.37. The Dow Jones Industrial Average rose 214.16 points, or 0.51%, closing at 42,519.64. The Nasdaq Composite increased by 156.34 points, or 0.81%, ending at 19,398.96. The Nasdaq 100 Index advanced 170.83 points, or 0.80%, settling at 21,662.58. The Russell 2000 climbed 1.59% to close at 2,102.98. The CBOE Volatility Index (VIX) fell 3.65% to 17.69.
Semiconductor ETFs led sector gains, rising over 2.2%. The Semiconductor ETF increased by 2.26%, followed by Regional Bank ETFs, Technology Sector ETFs, Banking ETFs, Global Tech Stock Index ETFs, and Energy Sector ETFs, which gained between 1.58% and 1.19%. The Internet Stock Index ETF rose 0.46%. The ‘Magnificent 7’ index of major U.S. tech stocks advanced 0.55% to 163.30. Among the ‘Magnificent 7,’ Nvidia gained 2.93%, Apple rose 0.78%, Tesla increased 0.46%, and Microsoft edged up 0.22%. In contrast, Amazon fell 0.45%, Meta Platforms declined 0.60%, and Google (Class A) dropped 1.69%. In terms of market capitalization, Nvidia closed with a value of $3.45 trillion, Microsoft at $3.44 trillion, Apple at $3.04 trillion, while Amazon and Google (Class A) each slightly exceeded $2 trillion. Chip stocks performed strongly, with the Philadelphia Semiconductor Index rising 2.72% to 4,964.41. AMD increased by 2.34%, and TSMC ADR gained 1.42%. Among AI-related stocks, Tempus AI fell 2.38%, Applovin declined 0.85%, and Palantir rose 0.86%. Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index up 0.56% to 7,109.72. Notable movers included Li Auto, which surged 6.3%, while NetEase, Xiaomi, and Pinduoduo rose up to 2.5%. XPeng increased by 1.8%, whereas WeRide and Bilibili fell over 2%, and Pony.ai dropped 21.8%. Other individual stocks: Berkshire Hathaway Class B shares, under Warren Buffett, fell 0.99%. Discount retailer Dollar General (DG) saw its stock rise nearly 16% after reporting better-than-expected first-quarter results, as tariff-driven price increases are enhancing the appeal of discount chains. The Eurozone blue-chip stock index closed nearly 0% higher.European equities showed mixed performance, with Stellantis, Airbus, and SAP each gaining at least 2%. Germany’s DAX advanced nearly 0.7%, while Denmark’s benchmark declined approximately 1.3%.
Pan-European indices: The STOXX Europe 600 edged up 0.09% to 548.44 points, while the Eurozone STOXX 50 rose 0.38% to 5,375.70 points. National indices: Germany’s DAX 30 climbed 0.67% to 24,091.62 points. France’s CAC 40 gained 0.34% to 7,763.84 points. Britain’s FTSE 100 increased 0.15% to 8,787.02 points. Sectors and stocks: Among Eurozone blue-chips, Stellantis led with 2.58% growth, followed by Airbus (+2.37%), SAP (+1.99%), BMW (+1.86%), and Infineon (+1.57%). Within STOXX 600 constituents, CD Projekt surged 6.77%, UBS Group advanced 5.32%, and Acciona gained 4.83%. U.S. Federal Reserve updates: Atlanta Fed President Bostic maintains possibility of one 2025 rate cut. Strong job vacancy data lifted Treasury yields. Bond markets: The U.S. 10-year Treasury yield rose 1.39 basis points to 4.4537%, showing V-shaped recovery. Two-year yield increased 1.45 basis points to 3.9511%. Germany’s 10-year yield edged up 0.1 basis points to 2.525%, while UK 10-year gilt yields fell 2.9 basis points to 4.638%. French, Spanish, and Greek 10-year yields each rose 0.3 basis points.Italian 10-year government bond yields fell by 0.5 basis points. The U.S. dollar rebounded higher today, finding support above last week’s low. Bitcoin fluctuated widely within the range of $104,800 to $106,800.
U.S. Dollar: In late New York trading, the ICE U.S. Dollar Index rose 0.54% to 99.240, with an intraday trading range of 98.583-99.328, showing sustained upward movement throughout the day. The Bloomberg Dollar Index gained 0.38% to 1213.36, trading between 1207.93 and 1214.67. Non-U.S. Currencies: In late New York trading, EUR/USD fell 0.62%, GBP/USD declined 0.19%, and USD/CHF rose 0.82%. Among commodity currencies, AUD/USD dropped 0.50%, NZD/USD decreased 0.61%, and USD/CAD edged up 0.05%. Japanese Yen: USD/JPY advanced 0.92% to 144.02, with an intraday range of 142.38-144.11. EUR/JPY increased 0.28%, while GBP/JPY rose 0.73%. Offshore Yuan: The offshore yuan traded at 7.1917 against the U.S. dollar, up 199 points from Monday’s close, with intraday fluctuations between 7.2110 and 7.1856. Cryptocurrency: Spot Bitcoin rose over 0.83% to $105,800 in late New York trading. Oil & Gas: WTI crude futures closed up over 1.4%, breaking above $63 per barrel, driven by geopolitical tensions and strong labor market signals. NY natural gas gained over 0.7%. WTI July crude settled at $63.41/barrel, up $0.89, while Brent August crude rose $1.00 to $65.63/barrel. NYMEX July natural gas futures closed approximately 0.76% higher at $3.7220 per million British thermal units. Metals: Spot gold failed to breach $3400 and turned lower, declining over 0.8% amid the dollar’s rebound. COMEX copper futures performed a V-shaped reversal, hitting a daily low of $4.7185 at 13:30 before recovering. Spot gold fell 0.82% to $3353.88/ounce, after briefly reaching a daily high of $3392.20 at 07:26 Beijing time. COMEX gold futures declined 0.58% to $3377.40/ounce, trading between 3417.Silver: In New York’s late session, spot silver fell 0.73% to $34.5085 per ounce, rebounding significantly from the daily low of $33.9665 refreshed at 11:27. COMEX silver futures were largely flat at $34.690 per ounce, after hitting a daily low of $34.165 at 11:27.
Other Metals: In late New York trading, COMEX copper futures rose 0.13% to $4.8650 per pound, showing a V-shaped reversal throughout the day. LME copper settled up $18 at $9,634 per ton. LME tin gained $669 to close at $31,378 per ton. LME nickel declined by $99 to $15,438 per ton, while LME zinc edged up $8 to $2,706 per ton. Risk Disclaimer: Markets involve risks, and investments should be made cautiously. This article does not constitute personal investment advice and does not consider individual users’ specific investment objectives, financial situations, or needs. Users should assess whether any opinions, views, or conclusions herein align with their particular circumstances. Investments based on this content are undertaken at one’s own responsibility.
