Financial Daily: Mag 7 stocks fell in unison, VIX fear index surged nearly 6%!

- Key Focus

– Iran warns of retaliation if the US launches an attack

– US officials held a trilateral meeting with the Danish and Greenlandic foreign ministers

– US President Trump had a phone conversation with Venezuelan leader Rodriguez

– The Fed's Beige Book indicated that economic activity increased in most Fed districts, with employment conditions remaining largely stable

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- Stock Market

[US Market] The three major US stock indexes closed lower on Wednesday, with the Nasdaq falling by 1%

The US stock market closed lower on Wednesday. Following JPMorgan's disappointing earnings report, several other bank reports also underperformed expectations, leading to declines in the banking sector. Investors pulled funds from highly valued tech stocks and shifted them to more defensive sectors. The Nasdaq fell by 1%, all seven stocks in the Mag 7 declined, and the VIX volatility index rose nearly 5.7%.

At the close, the S&P 500 Index fell 0.53% to 6,926.60 points; the Nasdaq Index dropped 1.00% to 23,471.749 points; and the Dow Jones Industrial Average declined 0.09% to 49,149.63 points. The VIX volatility index rose by 5.69%.

The Mag 7 index of US tech giants fell 1.32%, with Alphabet A shares down 0.02%, NVIDIA falling 1.44%, Tesla dropping 1.80%, Microsoft declining 2.40%, Amazon sliding 2.43%, and Meta decreasing 2.47%. The Nasdaq China Golden Dragon Index fell 0.23% to 7,856.78 points. Among popular Chinese stocks, Meituan fell approximately 4%, PDD Holdings dropped about 3.9%, Tencent rose roughly 1%, and Alibaba gained approximately 1.9%.

[European Markets] European major indices were mixed on Wednesday, with Germany's index ending its winning streak

European stock markets were mixed on Wednesday, with Germany’s index ending its winning streak. The pan-European STOXX 600 Index rose 0.18% to 611.56 points, hitting a new all-time high; while the pan-European STOXX 50 Index fell 0.41% to 6,005.05 points.

Germany’s DAX 30 Index fell 0.53% to 25,286.24 points; France’s CAC 40 Index dropped 0.19% to 8,330.97 points; and the UK FTSE 100 Index rose 0.46% to 10,184.35 points.

[Asian Markets] Japanese and Korean indices closed collectively higher, with the Nikkei 225 Index rising nearly 1.5%

On Wednesday, South Korea and Japan’s indices closed collectively higher, with the Nikkei 225 Index gaining nearly 1.5%. At the close, the Nikkei 225 Index rose 1.48% to 54,341.23 points; Japan’s TOPIX Index climbed 1.26% to 3,644.16 points; and South Korea’s KOSPI Index advanced 0.65% to 4,723.10 points.

[Hong Kong Market] Hong Kong’s three major indices collectively closed higher.

On Wednesday, Hong Kong’s three major indices closed collectively higher. At the close, the Hang Seng Index rose 0.56% to 26,999.81 points; the Hang Seng Tech Index climbed 0.66% to 5,908.26 points; and the Hang Seng China Enterprises Index increased 0.32% to 9,315.56 points. Ali Health surged nearly 19%, Alibaba and Bilibili jumped over 5%, Kuaishou and Hua Hong Semiconductor rose more than 4%; Trip.Com fell over 6% amid an investigation initiated by China’s State Administration for Market Regulation; and Tongcheng Travel declined over 3%.

[A-Share Market] China’s three major indices ended mixed

On Wednesday, China’s three major indices ended mixed. At the close, the Shanghai Composite Index fell 0.31%%The Shanghai Composite Index closed at 4,126.09 points; the Shenzhen Component Index rose by 0.56% to close at 14,248.60 points; the ChiNext Index rose by 0.82% to close at 3,349.14 points. The Shanghai, Shenzhen, and Beijing stock exchanges announced at noon that, with the approval of the China Securities Regulatory Commission, the minimum margin requirement for investors buying securities on margin will be increased. In terms of sectors, AI applications remained active, with several stocks like Leo Group and Meinian Health hitting their daily limit up; fintech, computing power hardware, smart wearables, and medical service concept stocks led the gains; lithium mining and commercial aerospace sectors retreated, while insurance, banking, and real estate sectors declined.

– Bonds

[US Bonds] US Treasury yields fell collectively, with the 10-year Treasury yield down by 3.93 basis points

US Treasury yields fell collectively as investors awaited the Supreme Court's ruling on the legality of Trump's tariffs. In late New York trading, the US 10-year Treasury yield fell by 3.93 basis points to 4.1399%; the US two-year Treasury yield dropped by 1.44 basis points to 3.5180%; and the US 30-year Treasury yield fell by 4.36 basis points to 4.7919%.

[Non-US Bond Markets] European government bond yields fell collectively

On Wednesday, European government bond yields fell collectively. In late European trading, Germany's 10-year government bond yield fell by 3.3 basis points to 2.814%; the UK's 10-year government bond yield dropped by 6.3 basis points to 4.336%; and the average decline in the 10-year government bond yields of France, Italy, and Spain was 2.9 basis points.

[China Bond Market] On Wednesday, government bond futures showed mixed results

On Wednesday, government bond futures showed mixed results. At the close, the 30-year main contract fell by 0.04%, the 10-year main contract rose by 0.08%, the 5-year main contract rose by 0.04%, and the 2-year main contract remained unchanged.

– Foreign Exchange

[US Dollar] The US dollar index fell, with the ICE US dollar index at 99.077 points

On Wednesday, the US dollar index fell. In late New York trading, the ICE US dollar index dropped by 0.06% to 99.077 points; the Bloomberg US dollar index fell by 0.10% to 1,210.52 points.

[Non-US Currencies] The US dollar fell against major currencies, with the US dollar against the Japanese yen dropping by 0.31%

The US dollar broadly declined against major currencies on Wednesday. In New York trading, USD/JPY fell 0.31% to 158.584 yen. EUR/USD was flat at 1.1641 dollars, while GBP/USD rose 0.17%.

[Renminbi] USD/CNH was at 6.9701 yuan

In late New York trading, USD/CNH rose 24 points from Tuesday's close to 6.9701 yuan. Onshore RMB strengthened by 31 points against the dollar from the previous session’s close, settling at 6.9734 yuan.

[Cryptocurrency] The cryptocurrency market extended its gains, with Bitcoin nearing $98,000

The cryptocurrency market continued to rise, with Bitcoin approaching $98,000. In late New York trading, Bitcoin surged 3.82% to $97,621, while Ethereum climbed 5.46% to $3,383.

- Commodities

[Energy] Crude oil futures prices continue to rise

Oil prices continued to rise as investors grew increasingly concerned about a drop in Iran's crude oil supply. Brent crude futures climbed about 1.6%, settling at $66.52 per barrel, while US crude futures rose approximately 1.42%, closing at $62.02 per barrel.

[Precious Metals] Heightened risk aversion drove gold and silver prices higher

Precious Metals:Escalating risk-off sentiment propelled gold prices to a new intraday high on Wednesday. In late New York trading, spot gold rose about 0.69% to $4,618.07 per ounce, while US gold futures gained 0.62% to $4,627.88 per ounce.

Metals Futures Market:Silver prices continued to rise, with spot silver climbing 6.68% to $92.7574 per ounce in late New York trading. US silver futures surged 7.28% to $92.620 per ounce. US copper futures rose 1.42% to $6.0910 per pound, while spot platinum increased by 2.45% and spot palladium edged down by 0.28%.

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