US stocks fell more than 1%, the Dow plunged for two weeks, Morgan Stanley plummeted 6.5% after its financial report, Middle East risks intensified, crude oil and US bonds rebounded, and gold plunged 4% during the trading session

The quarterly financial reports of Wall Street's major banks have raised investors' concerns about the impact of high interest rates on banks. The escalation of tensions in the Middle East has fueled the rise of commodities such as crude oil, further exacerbating concerns about persistent high inflation. Just as the U.S. stock market showed signs of rebound on Thursday, the major indices turned downward, with all three major indices falling by over 1%. Due to the retreat this week, the Nasdaq wiped out its accumulated gains for the week, while the S&P 500 and the Dow both fell for the second consecutive week, with the Dow experiencing its worst weekly decline since the Silicon Valley bank collapse after last week.

The financial reports released on Friday show that even the largest banks are facing higher interest rate challenges. In the first quarter, key indicators of net interest income (NII) for JPMorgan Chase, Wells Fargo, and Citigroup decreased by 4%, 4%, and 2% respectively. JPMorgan Chase's NII was slightly below expectations, ending its streak of seven consecutive record-breaking quarters. Despite a $1 billion upward adjustment in NII guidance excluding market business, it still fell short of expectations. CEO Jamie Dimon warned of the lasting impact of inflation on the economy, citing vigilance against "multiple significant uncertainties." JPMorgan Chase's stock price plummeted, marking its worst single-day performance in nearly four years.

On Thursday, most tech giants that had been supporting the market saw declines, with only Apple, which was rumored to be considering using AI-enhanced M4 chips across its Mac lineup, maintaining its gains in the morning session but turning negative in the afternoon. Reports indicate that Chinese telecom operators will implement domestically produced chips to replace core network components within three years. Chip stocks led the market lower, with AMD and Intel both falling by over 5%, and Nvidia giving back most of the gains from the big rebound on Wednesday and Thursday, almost ending the week in negative territory.

According to reports cited by Reference News, U.S. intelligence indicates that Iran may launch attacks on Israeli territory in the next 24 to 48 hours. In addition, the White House stated on Friday that Iran's retaliatory strike against Israel is a "real" and "credible" threat, with the U.S. closely monitoring the situation. According to CCTV, Israeli Defense Minister Benny Gantz met with visiting U.S. Central Command Commander Kenneth McKenzie on Friday to discuss how to respond to potential Iranian attacks.

Geopolitical risks have sparked risk aversion in the market, leading to a rebound in U.S. Treasury prices and a stronger U.S. dollar. The yield on the benchmark 10-year U.S. Treasury, which hit a near five-month high, continued to decline, with both the two-year and ten-year yields, sensitive to interest rates, falling by more than 10 basis points at one point. Despite a collective increase of over 10 basis points this week, reflecting another unexpected rise in March CPI and repeated hints from Fed officials that they are not in a hurry to cut rates, market expectations for a Fed rate cut have significantly cooled.

By the end of this week, the market expects the number of Fed rate cuts this year to be less than two.

The U.S. dollar index continued to rise to its highest level since November last year, while the euro and the pound both fell to five-month lows. With the European Central Bank hinting at a possible rate cut in mid-year and market expectations for the first Fed rate cut being pushed back to September, the U.S. dollar rebounded strongly this week. Japanese officials warned again on Thursday of possible intervention in the foreign exchange market, with Finance Minister Taro Aso stating that they do not rule out taking any measures to address excessive exchange rate fluctuations. The yen hit a new low on Friday for the third consecutive day since 1990, although it later erased its intraday losses.

However, the overall downward trend persisted throughout the week. Risk assets were sold off, and cryptocurrencies were not spared. Bitcoin plunged during the day, falling below the previous day's high by over $6,000 at one point, erasing all gains made earlier in the week despite reaching a historical high last month.

In the commodity market, various industrial metals rose, with London copper rebounding to nearly a two-year high after China reported strong copper ore imports and a growth of over 5% from January to March, expanding the year-to-date gain to over 10%. Analysts believe that investors are betting on a reduction in ore supply struggling to keep up with the continuously growing global demand. Geopolitical risks helped push gold to a new intraday historical high before falling, but both NYMEX gold and spot gold fell during midday trading in the US stock market, dropping by as much as 4% from their highs, maintaining a downward trend for the week.

Geopolitical tensions raised supply disruption risks, leading to a strong rebound in international crude oil prices during trading. US oil prices surged over 3% to near a six-month high, but later gave back more than half of the gains. The Friday rebound failed to reverse the overall weekly decline in oil prices, as factors such as delayed expectations of a Fed rate cut, the International Energy Agency (IEA) lowering its oil demand growth forecast for this year, and an increase in US crude oil inventories last week all weighed on oil prices.

The Dow Jones Industrial Average continued to experience its largest weekly decline in over a year, with only Apple closing higher among the "Big Tech Seven Sisters." JPMorgan Chase saw its largest drop in nearly four years, while small-cap stocks, chip stocks, and Chinese concept stocks underperformed the broader market.

The three major US stock indices opened lower and continued to decline. By midday, the Nasdaq Composite Index fell by over 1.9%, the S&P 500 Index dropped by nearly 1.8%, and the Dow Jones Industrial Average fell by over 580 points, a decline of more than 1.5%. This marked the second consecutive day of declines this week, with the Dow falling by over 1% for the second day in a row and extending its five-day losing streak.

The Dow closed down 475.84 points, a decrease of 1.24%, at 37,983.24 points, falling below the 38,000-point mark for the first time since January 24. The S&P, which rebounded on Thursday, fell by 1.46%, marking its largest decline since Powell's speech on January 31 that dampened expectations of a rate cut in March, closing at 5,123.41 points, hitting a low not seen since March 15. The Nasdaq, which hit a record high on Thursday, fell by 1.62%, marking its largest decline since March 5, closing at 16,175.09 points, reaching its lowest level in a week since April 4.

Value stocks led the decline in small-cap stocks, with the Russell 2000 falling by 1.93%, underperforming the broader market and dropping to its lowest level since February 21. The tech-heavy Nasdaq 100 fell by 1.66%, dropping from its high on Thursday to its lowest level since April 4 The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology sector components in the Nasdaq 100 Index, fell by 1.84%, dropping from the closing historical high set on Thursday's rebound, with a weekly gain of 0.01%.

Major U.S. stock indices fell across the board this week, with the Dow Jones down 2.37%, marking the largest weekly decline since the week of March 10, 2023, when Silicon Valley Bank collapsed. The S&P 500 fell by 1.56%, achieving the largest weekly decline since October 27, 2023, and the Russell 2000 fell by 2.92% for two consecutive weeks. The Nasdaq Composite Index fell by 0.45%, while the Nasdaq 100 fell by 0.58%, both declining for three consecutive weeks.

This week, major U.S. stock indices plummeted overall after the CPI was announced on Wednesday, rebounded slightly after the PPI was announced on Thursday, and then fell sharply again on Friday.

All major sectors of the S&P 500 suffered losses, with only utilities down more than 0.7% and essential consumer goods down 0.9%. Other sectors fell by at least 1%, with materials leading the decline at nearly 1.8%. The IT sector, which includes chip stocks, fell by nearly 1.9% at midday and closed down by over 1.6%. These sectors all experienced weekly declines, with all sectors except IT (down over 0.2%), communication services (down 0.5%), and non-essential consumer goods (down nearly 0.7%) falling by more than 1%. Financials led the decline with a 3.6% drop, while materials, real estate, healthcare, and industrials all fell by over 3%.

Financials led the decline in the S&P 500 sector ETFs this week.

Tech giants including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Meta (Facebook's parent company), and Tesla all experienced declines during the trading day, with only Apple closing higher. Tesla fell by over 2% at midday and closed down by about 2%, erasing the gains from Thursday's rebound. After a sharp drop of over 6% last week following disappointing first-quarter delivery figures, Tesla rebounded this week, gaining 3.73%.

Among the FAANMG six major tech stocks, Meta fell by nearly 2.2%, Microsoft fell by 1.4%, both falling to their closing lows since April 4. Amazon, which rose for four consecutive days to a record high on Thursday, fell by 1.5%. Alphabet, which rebounded to a record high on Thursday, briefly rose by over 0.4% during the day, reaching a market value of $2 trillion, before falling and closing down by 1%. Netflix fell by nearly 1% after turning lower in early trading on Thursday. Apple, which surged over 4% on Thursday, rose by nearly 1.9% in early trading, then gradually gave back gains, briefly turning lower at midday before closing up by nearly 0.9% The six major technology stocks had mixed performances this week. Apple, which fell alone last week, rose by 4.1% this week, performing the best. Alphabet rose by 3.4%, Amazon rose by nearly 0.6%, while Meta fell by nearly 3%, Netflix fell by over 2%, and Microsoft fell by nearly 0.9%.

Chip stocks overall fell, underperforming the broader market. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX both fell by about 3.3%, dropping to their lowest closing levels since March 19. They fell by nearly 1.6% and approximately 1.6% respectively this week. Among chip stocks, Nvidia fell by nearly 2.7% after reaching a high closing level since March 26 following two consecutive days of gains, with a weekly increase of 0.2%; Intel fell by nearly 5.2% after news of domestic chip substitution in the Chinese telecommunications sector, AMD initially fell by over 5% and closed down by 4.2%; at the close, Micron Technology fell by nearly 4%, Broadcom fell by nearly 3%, and TSMC's US-listed shares fell by over 3%.

Apple, Nvidia, and other seven major technology stocks rose slightly overall this week.

AI concept stocks generally fell, with most underperforming the broader market. SoundHound.ai (SOUN) fell by over 8%, C3.ai (AI) fell by over 5%, Super Micro Computer (SMCI) fell by over 4%, Astera Labs (ALAB), known as "Little Nvidia" and selling data center interconnect chips, fell by nearly 4%, Adobe (ADBE) fell by over 2%, Oracle (ORCL) fell by nearly 2%, Palantir (PLTR) fell by over 0.7%, and BigBear.ai (BBAI) fell by nearly 0.6%.

Banking stocks indices all fell. The overall banking industry index KBW Banking Index (BKX) fell by nearly 1.5%, falling for three consecutive days to its low since March 15, with a weekly decline of nearly 3.8%; the regional banking index KBW Nasdaq Regional Banking Index (KRX) fell by nearly 0.8%, and the regional banking stock ETF SPDR S&P Regional Banking ETF (KRE) fell by nearly 0.9%, both falling to their lows since November 30, 2023, after rebounding on Thursday, with weekly declines of approximately 3.4% and 3.5% respectively.

Among the major banks that reported earnings, JPMorgan Chase fell by nearly 6.5%, marking the largest decline since June 11, 2020; Wells Fargo fell by over 2% in early trading, fluctuating slightly higher before turning slightly lower to close down by nearly 0.4%; Citigroup, which reported a 2% year-on-year revenue decline and a 27% profit decline, initially rose by over 1% in early trading, turned lower in early trading, fell by over 3% at midday, and closed down by 1.7% Among other major banks, by the close, Goldman Sachs fell 2%, Bank of America fell 1.5%, and Morgan Stanley, which fell over 5% after reports of regulatory investigations into its wealth management business on Thursday, closed down nearly 0.8%. In addition, despite announcing a 15% year-on-year increase in assets under management to a record level in the first quarter, BlackRock saw its stock drop nearly 2.9% after the net inflow of funds almost halved.

Most popular Chinese concept stocks fell, underperforming the broader market. The Nasdaq Golden Dragon China Index (HXC) fell nearly 4.6%, accumulating a 3.22% decline this week due to Friday's decline, falling back after a rebound last week, marking the fourth consecutive week of decline since the beginning of the Dragon Year. Chinese concept ETFs KWEB and CQQQ fell over 3% and 2% respectively in the afternoon. Among the new energy vehicle companies, XPeng Motors fell nearly 9.8%, Nio fell nearly 7.9%, Li Auto fell 4.7%, while Xiaomi's fan base rose nearly 2% in the morning session and closed flat. Among other individual stocks, Bilibili fell over 6% at the close, JD.com fell nearly 6%, NetEase fell over 5%, Alibaba, Baidu, and Pinduoduo fell over 4%, and Tencent's fan base fell nearly 3%.

In stocks with significant fluctuations, after media reports of possible side effects of its arthritis drugs Librela and Solensia, pet pharmaceutical company Zoetis (ZTS) fell over 8% during the session, closing down 7.8%; following a short-selling report by Fuzzy Panda Research accusing it of insurance fraud, life insurance company Globe Life (GL) rose nearly 20.2% the next day, but still failed to erase the over 50% decline on Thursday, the day the report was released.

In European stocks, energy stocks supported a rebound in the pan-European index on Thursday. The STOXX 600 index temporarily moved away from the closing low since March 18 set on Thursday. Major European stock indexes saw mixed movements. The German and French stock markets fell for two and four consecutive days respectively, while the UK stock market approached the closing historical high set in February last year, and Italian stocks rebounded after falling on Thursday, and the Spanish stock index, which fell for five consecutive days, also rebounded.

In various sectors, oil and gas stocks supported by rising oil prices rose nearly 2.5%, reaching a new high since 2008. Among the constituents, BP listed in London rose nearly 3.7%, Shell rose 2.8%, Total listed in Paris rose over 2%, with stock prices hitting historic highs; benefiting from copper prices hitting a near two-year high, the basic resources sector where mining stocks are located rose 2.4%, with Glencore listed in London rising by about 5%, jointly supporting the UK stock index as the best performer among European countries, while the automotive and tourism sectors fell nearly 1.2%.

This week, the STOXX 600 index fell for two consecutive weeks after rising for ten weeks, but the decline was not as significant as the nearly 1.2% decline last week, the largest since January 19. Most national stock indexes fell for two consecutive weeks, with the UK stock market shining after falling last week. In various sectors, basic resources accumulated a rise of over 4%, oil and gas rose nearly 4%, highlighting the outstanding performance of commodities, while the tourism sector, affected by Friday's decline, fell over 2%, and the personal and household goods sector where banks and luxury goods giants are located fell nearly 2%, with the property sector sensitive to interest rates falling over 1% The yield on the 10-year US Treasury bond fell by 10 basis points from the high on Thursday during the day, but still rose by over 10 basis points this week.

The benchmark 10-year US Treasury bond yield rose to nearly 4.59% in early Asian trading, approaching the high set on Thursday since November 14, 2023, before continuing to decline. Pre-market, US stocks fell below 4.50%, with early trading reaching a low of 4.48%, dropping more than 10 basis points from the high of the day. By the end of the bond market session, it was around 4.52%, dropping nearly 6 basis points during the day after rising for two consecutive days, accumulating an increase of about 12 basis points this week, rising for two consecutive weeks.

The 2-year US Treasury bond yield, which is more sensitive to interest rate prospects, was above 4.95% in early Asian trading. Pre-market, US stocks fell below 4.86% to refresh the daily low, dropping more than 10 basis points from the intraday high and moving away from the high set on November 14, 2023, when it broke through 5.0%. By the end of the bond market session, it was around 4.90%, dropping about 6 basis points during the day, falling for two consecutive days. This week, it still accumulated an increase of about 15 basis points, rising for three consecutive weeks.

The US bond yields fell during the week, but rose collectively throughout the week, with short-term bond yields leading the way.

The US Dollar Index hit a five-month high, while the Japanese Yen hit a new low since 1990 for the third consecutive day. Bitcoin briefly fell by over $6,000.

The ICE US Dollar Index (DXY), which tracks the exchange rates of the US dollar against a basket of six major currencies including the euro, fell slightly in early Asian trading to approach 105.20, refreshing the daily low. During the European and American trading sessions, it continued to rise. In early trading, US stocks rose above 106.00 for the first time since November 10, 2023, and later rose above 106.10, refreshing the high since November 3, 2023, by nearly 0.8% during the day.

By the end of US stock trading on Friday, the US Dollar Index was slightly above 106.00, rising nearly 0.7% during the day. After falling last week, it rose by over 1.6% this week. The Bloomberg Dollar Spot Index, which tracks the US dollar against ten other currencies, rose by nearly 0.7% during the day, refreshing the high since November 13, 2023, for two consecutive days. After falling for two weeks, it rose by over 1.3% this week, along with the US Dollar Index, both rising for three consecutive days, marking the largest weekly gain since September 2022 Most non-US currencies fell, with the euro against the US dollar falling below 1.0630 in early US trading, hitting a low not seen since the end of October 2023, down more than 0.9% intraday, closing above 1.0640; the British pound against the US dollar fell below 1.2430 in early US trading, hitting a low not seen since November 2023, down nearly 1% intraday, hovering around 1.2450 at the US market close; while the yen rebounded slightly after hitting a new low since 1990, with the US dollar against the yen approaching 153.40 before the European stock market, hitting a new high since 1990 for the third consecutive day, up less than 0.1% intraday, falling below 152.60 before the US stock market, hitting a daily low, down more than 0.4% intraday, with a slight drop at the US market close.

Offshore Renminbi (CNH) against the US dollar hit a daily high of 7.2531 in early Asian trading, then fell during the Asian session, almost breaking below 7.27 to 7.2690 during the European stock market session, hitting a low not seen since March 25, dropping 159 points from the daily high. At 4:59 am Beijing time on April 13, offshore Renminbi against the US dollar was at 7.2673, down 115 points from the New York closing on Thursday, falling back after a rebound on Thursday, accumulating a decline of 195 points this week after two consecutive weeks of gains.

Bitcoin (BTC) briefly rose above $71,000 in early Asian trading, then accelerated its decline during the European stock market session, dropping below $70,000 at the beginning of the US stock market session, falling below $66,000 at midday, with some platforms dropping below $65,200, down over $6,000 from the daily high, nearly 9% lower, hitting a low not seen since last Thursday, April 4, far from the intraday high since March 14 when it rose above $72,700, then narrowing the decline, rising back above $67,000, above $67,200 at the US market close, down nearly 5% in the past 24 hours, accumulating a drop of less than 1% in the past seven days.

After Friday's plunge, Bitcoin erased gains from earlier in the week and turned into a decline.

Crude oil rebounds but ends the week with a decline, US oil rises over 3% before giving back more than half of the gains

International crude oil futures, which fell on Thursday, maintained gains throughout Friday, with US WTI approaching $87.70 in early US trading, hitting a high not seen since late October 2023, up about 3.1% intraday, while Brent crude approached $92.20, up about 2.7% intraday, before gradually giving back most of the intraday gains.

In the end, WTI May crude oil futures closed up $0.64, up more than 0.75%, at $85.66 per barrel, bidding farewell to the low of $85.02 on April 1, which was the lowest closing price since April 1; Brent June crude oil futures closed up $0.71, up 0.79%, at $90.45 per barrel, recovering the $90 level lost on Thursday This week, US oil fell by nearly 1.44%, while Brent oil fell by nearly 0.8% this week, both falling after two consecutive weeks of gains. It is the seventh week of decline in the past 13 weeks and the 15th week of decline in the past 27 weeks since the outbreak of the Israel-Palestine conflict. After a strong increase of over 10% in the first quarter, the second week of the second quarter failed to maintain the upward momentum.

International crude oil rose on Friday but fell back, with the rebound on Friday failing to reverse the overall weekly decline.

US gasoline and natural gas futures rebounded together. The NYMEX May gasoline futures, which had stopped for two consecutive days on Thursday, closed up by about 1% at $2.8029 per gallon, with a weekly increase of about 0.5% and three consecutive weeks of gains. The NYMEX May natural gas futures rose by 0.34% to $1.770 per million British thermal units, bidding farewell to the low point reached on March 28th after the fall on Thursday, with a weekly decline of 0.84% following last week's rebound.

London copper rebounds to near two-year highs, London tin rises by 12% in a week, gold hits consecutive intraday historical highs and then retreats from the high by 4%

London base metal futures mostly rose on Friday. London zinc rose by over 2.5%, rising for five consecutive days and hitting new highs since April last year for four days. London tin, which fell on Thursday, rose by over 2%, and both London copper, which fell for two consecutive days, rebounded to highs since June 2022. London aluminum, which fell for two consecutive days, rebounded to highs since February last year. London lead, which fell on Thursday, refreshed the new high since the end of January created on Wednesday. London nickel, which fell for two consecutive days, continued to fall from the high reached after eight consecutive days of gains over the past four weeks.

Most of these metals continued to rise this week, with London tin leading the way with a rise of over 12%, London zinc rising by over 7%, London copper rising by over 1%, all rising for two consecutive weeks. London aluminum rose by nearly 2%, rising for five consecutive weeks, London lead rose by over 2%, rising for three consecutive weeks, while London nickel, which rebounded by over 6% last week, fell slightly this week.

In early trading on Friday, New York gold futures approached $2449 to $2448.8, rising by about 3% intraday, while spot gold rose to above $2431, rising by nearly 2.5% intraday, both hitting consecutive intraday historical highs for the second day, before continuing to fall, with US stocks turning lower at midday.

Before the gold futures turned lower, COMEX June gold futures closed up by 0.06% at $2374.1 per ounce, hitting the highest closing record for the second consecutive day and the third day of the week, with a weekly increase of 1.23% and three consecutive weeks of gains. In the 27 weeks since the outbreak of the Israel-Palestine conflict, it is the 19th week of increase, with a much smaller increase compared to the nearly 4.8% increase last week, which was the largest weekly increase since the escalation of the Israel-Palestine conflict in October last year.

After the US stock market hit a daily low at midday, gold futures fell to $2350.6, down by over 0.9% intraday, while spot gold fell below $2334, down by over 1.6% intraday, both dropping by about 4% from the intraday high. At the close of the US stock market, spot gold was above $2340, down by over 1.2% intraday, still rising for four consecutive weeks Spot gold hit a historical high during the trading session before falling back 4% from the peak