Employment explosion triggers rate cut expectations! US bonds surge, US stocks rebound throughout the week, S&P posts strongest daily gain in two months, top performer Apple surges 6%, and Amgen rises nearly 12%

Wallstreetcn
2024.05.03 22:50
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The three major US stock indexes closed up by at least 1%, with the Nasdaq up by about 2%; Apple saw its largest gain in 17 months; Amgen led the S&P and Dow, while the weight-loss drug giants Eli Lilly and Novo Nordisk's European stocks once fell by over 3%; the chip index closed up by over 2%, but still fell for the whole week, with Nvidia up by 3.5%, Qualcomm soaring the next day and then falling, and AMD's financial report leading to a weekly drop of over 4%; the energy sector fell by over 3% for the week; Chinese concept stocks index closed up by 1.7%, hitting a six-month high for the third consecutive week, with NetEase rising by over 4%, while XPeng and Li Auto fell by over 3%. The UK stock market hit record highs continuously, with Societe Generale falling by over 5% after its financial report, and Novo Nordisk's financial report leading to a cumulative 4% drop for the week. After the non-farm payroll data, US bond yields plunged by over 10 basis points, the two-year yield dropped by over 20 basis points in three days, marking the largest three-day drop since January; the US dollar index hit a new low for over three weeks since the release of the March CPI data; the Japanese yen rebounded by over 1% during trading to reclaim 152; offshore renminbi rose by over 400 points during trading, breaking through 7.17 to hit a two-month high; Bitcoin rose by over $3000 during trading to surpass the $62,000 mark; gold pulled back after a rally and briefly fell by nearly 2%, marking a two-week decline. Crude oil hit a seven-week low and the largest weekly drop in three months, with US oil falling for the fifth consecutive week, dropping by nearly 7% for the week. The London tin rose by over 3% but still fell for the second consecutive week, while London copper rebounded by 1.5% to halt a three-week decline, ending a four-week consecutive rise