S&P 500 experienced a three-day losing streak due to a late sell-off; Apple saw its seventh consecutive decline, being the only one among the tech giants to fall, while Tesla rebounded nearly 2%. Solar stock Sunrun plummeted by 37%; Fannie Mae surged over 50%; and nuclear energy stock Oklo jumped 17% in after-hours trading. Following the passage of a tax cut bill by the U.S. House of Representatives, U.
S. Treasury yields briefly rebounded. Bitcoin approached an all-time high of $112,000 during trading for the first time in history. Crude oil experienced a three-day losing streak. Gold, after reaching a two-week high, fell by over 1% at one point. The U.S. Treasury sell-off eased, and tech stocks bolstered a rebound in the U.S. stock market during trading, but the S&P 500’s late sell-off led to an unsuccessful rebound and a three-day losing streak. The tax bill passed by the U.S. House of Representatives proposes to eliminate tax incentives related to clean energy, severely impacting the solar sector. After progress in U.S. stablecoin legislation, Bitcoin set new intraday highs for two consecutive days. The U.S.’s ‘out-of-control deficit’ has become a focal point, with market sentiment being entangled. The S&P 500’s late sell-off led to a three-day losing streak: Before the European stock market opened, reports indicated that OPEC+ plans to continue increasing production in July, aiming to pressure member countries that overproduce. Crude oil fell for three consecutive days, and during the European trading session, the intraday drop once expanded to over 2%. After the U.S. House passed the tax bill, U.S. Treasury yields briefly rebounded, then quickly resumed their downward trend. The bill includes the cancellation of significant clean energy tax credits, impacting solar stocks. Several U.S.-listed solar stocks, including Sunrun, saw double-digit plummets. During the U.S. stock market’s early session, U.S. Treasury yields generally fell, and U.S. stocks that followed the Treasury’s decline on Wednesday struggled to rebound, led by most tech stocks. Among the tech giants, Apple was the only one to decline, while Tesla led the gains. However, the S&P 500 and Dow Jones Industrial Average both dived at the close, erasing intraday gains, with the S&P 500 slightly down and the Dow closing flat. In after-hours trading, reports stated that Trump would sign a nuclear energy order, causing nuclear energy concept stocks to rise. Nuclear energy stock Oklo surged after hours, currently up over 17%, and LEU rose over 18% after hours. On Thursday, U.S. stocks were mixed, with the Nasdaq struggling to rebound, and the S&P 500 experiencing a three-day losing streak due to a late sell-off. Apple saw its seventh consecutive decline, being the only one among the tech giants to fall, while Tesla rebounded nearly 2%; the tax law canceled significant clean energy tax credits, causing solar stock Sunrun to plummet by 37%. With the expectation of rising borrowing costs, Fannie Mae surged over 50%. Popular Chinese concept stock Xpeng closed down 7.3%. The three major U.S. stock indices: The S&P 500 closed down 2.60 points, a decrease of 0.04%, at 5842.01 points. The Dow Jones Industrial Average closed down 1.35 points, a decrease of 0.00%, at 41859.09 points. The Nasdaq Composite closed up 53.09 points, an increase of 0. 28%, at 18925.74 points. The NASDAQ-100 closed up 32.At 11 AM, the market saw a gain of 0.15%, closing at 2112.47 points. The Russell 2000 index closed down by 0.05%, at 2045.56 points. The Volatility Index (VIX) closed down by 2.87%, at 20.27. In terms of US industry ETFs: the US photovoltaic sector plummeted over 7%, utilities ETF closed down by 1.43%, healthcare ETF fell by 0.77%, and ETFs for consumer staples, energy, and semiconductors all fell by at least 0.
27%. The ‘Magnificent 7’, an index of the seven major US technology stocks, rose by 0.61%, closing at 159.75 points. Tesla closed up by 1.92%, Google A rose by 1.37%, Amazon increased by 0.98%, Nvidia by 0.78%, Microsoft by 0.51%, Meta Platforms by 0.17%, and Apple closed down by 0.36%. In photovoltaic stocks: due to the cancellation of significant clean energy tax credits, Sunrun fell by 37%, and SolarEdge by 24. 67%. Photovoltaic inverter supplier Enphase Energy fell by 19.63%. In chip stocks: the Philadelphia Semiconductor Index closed down by 0.57%, at 4775.47 points. TSMC ADR rose by 2.31%, while AMD fell by 1.2%. AI stocks: Tempus AI increased by 1.91%, Palantir by 1.42%, and Applovin closed down by 1.92%. In Chinese concept stocks: the NASDAQ Golden Dragon China Index closed down by 1.18%, at 7191.57 points. Popular Chinese concept stocks like Xiaopeng preliminarily closed down by 7.3%, while Alibaba, NIO, Li Auto, Baidu, New Oriental, Tencent, and NetEase all fell by over 1%, Pinduoduo rose by 2.9%, and Pony.ai increased by 19.6%. Other individual stocks: Berkshire Hathaway Class B shares, owned by Warren Buffett, closed down by 0.68%, and Eli Lilly fell by 1.34%. Reports suggest that Trump is considering listing Freddie Mac and Fannie Mae, with Fannie Mae rising by over 50%. Nuclear power stocks Oklo and LEU both rose by over 10% and 15% respectively after hours. Eurozone blue-chip stocks closed down by over 0.5%, with component stock Stellantis falling by about 3.9%, and Hermès falling by over 2.3%, ranking second to last. The German stock index ended its five-day trend of setting new closing highs, and the Danish stock index closed down by over 1.7%. Pan-European stocks: the EURO STOXX 600 index closed down by 0. 64%, at 550.27 points. The Eurozone STOXX 50 index closed down by 0.55%, at 5424.Global stock indices: The German DAX 30 closed 0.51% lower at 23,999.17, having previously set a record high for five consecutive trading days. The French CAC 40 closed 0.58% lower at 7,864.44. The UK’s FTSE 100 closed 0.54% lower at 8,739.26.
Sectors and individual stocks: Among Eurozone blue chips, Stellantis fell by 3.88%, Hermès by 2.36%, while Siemens, LVMH Group, and Ferrari saw declines ranging from 1.76% to 1.6%, entering the top five. In the European STOXX 600 index, Embraer fell by 17%, Freenet by 16.7%, Thule Group by 6.51%, and Vestas Wind Systems by 6.26%, ranking fourth in terms of decline. The tax cut bill of Trump’s 2.0 term has narrowly passed in the US House of Representatives, with a slim margin of one vote in favor over against, and is now heading to the Senate. US Treasury yields for the 10/20-year bonds fell by more than 7 basis points, continuing the Wednesday rally. German two-year bond yields fell by 4 basis points, and UK two-year bond yields fell by more than 5 basis points. US Treasuries: At the New York close, the US 10-year benchmark Treasury yield fell by 7.38 basis points, reaching a daily low of 4.5247%. The 20-year US Treasury yield fell by 7.22 basis points, to 5.0511%. European debt: At the European close, the German 10-year bond yield fell by 0.3 basis points, to 2.643%, trading within the range of 2.666%-2.635%. The UK 10-year bond yield fell by 0.6 basis points, and the two-year UK bond yield fell by 5.2 basis points. The 10-year bond yields for France, Italy, and Greece rose by about 1 basis point, while the Spanish 10-year bond yield fell by 0.4 basis points. On Thursday, the US Dollar Index rebounded from oversold levels, gaining nearly 0.4%. Spot Bitcoin reached a new high, with Bitcoin approaching a record intraday level of $112,000 for the first time. US Dollar: At the New York close, the ICE US Dollar Index rose by 0.39%, to 99.947 points, trading within the range of 94.440-100.118 points. The Bloomberg US Dollar Index rose by 0.19%, to 1221.19 points, trading within the range of 1216.80-1222.36 points. Non-US currencies: At the New York close, the Euro fell by 0.4% against the US Dollar, to 1.1277. The British Pound was flat against the US Dollar, at 1.3415. The US Dollar rose by 0.35% against the Swiss Franc, to 0.Japanese Yen: At the New York close, the US dollar rose by 0.29% against the Japanese yen, trading at 144.00 yen. Offshore Renminbi: At the New York close, the offshore renminbi was valued at 7.2041 against the US dollar, with minimal fluctuation compared to Wednesday’s New York close. Cryptocurrencies: At the New York close, the CME Bitcoin futures BTC main contract increased by 2.26% compared to Wednesday’s New York close, trading at $111,000. The CME Ethereum futures DCR main contract rose by 5.12%, trading at $2,649.50. US Crude Oil Futures closed down by 0.6%, with natural gas in New York falling by 3.4%. Reports indicate that OPEC+ plans to significantly increase production by 411,000 barrels per day in July, marking the third consecutive month of increased production, aiming to pressure member nations that are overproducing. Oil: WTI July crude oil futures closed down by $0.37, a decrease of 0.60%, trading at $61.20 per barrel. Brent July crude oil futures closed down by $0.47, with a drop exceeding 0.72%, trading at $64.44 per barrel. Natural Gas: NYMEX June natural gas futures closed down by over 3.41%, trading at $3.2530 per million British thermal units. Gold reached a two-week high and then fell by more than 1%. The US stock market briefly fell below $3,280, while the Asia-Pacific market once pierced through $3,340. Gold: At the New York close, spot gold fell by 0.59%, trading at $3,295.32 per ounce. COMEX gold futures fell by 0.57%, trading at $3,294.30 per ounce, with intraday trading ranging from $3,346.80 to $3,277.80. Silver: At the New York close, spot silver fell by 1.03%, trading at $33.0475 per ounce. COMEX silver futures fell by 1.39%, trading at $33.180 per ounce. Copper: At the New York close, COMEX copper futures rose by 0.15%, trading at $4.6790 per pound. LME copper futures closed down by $33, trading at $9,500 per ton. Risk Warning and Disclaimer: The market is volatile, and investment should be approached with caution. This article does not constitute personal investment advice and does not take into account individual users’ specific investment objectives, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their particular circumstances. Investment decisions based on this article are at the investor’s own risk.
