Nvidia continued to pull down the S&P Nasdaq on the "Three Witch Day", the Dow rose 1.5% for the week, the best since May, and palladium rose 11% at one point

Existing home sales in the United States fell for three consecutive months in May, with an annualized total of 4.11 million units hovering at a 30-year low, and home prices hit a record high, rising 5.8% year-on-year, the largest increase since October 2022. The preliminary Markit manufacturing PMI in the United States in June was 51.7, a three-month high, the preliminary service PMI was 55.1, a 26-month, more than two-year high, and the preliminary composite PMI was 54.6, which also hit a 26-month high. The PMI data pulled up the dollar and Treasury yields in the short term, and also caused precious metals to dive.

The preliminary manufacturing PMI in the euro area hit a six-month low of 45.6 in June, and the French and German PMIs were lower than expected, with French service sector activity shrinking and German economic activity slowing. The UK's preliminary manufacturing PMI hit a 23-month high of 51.4 in June, but business growth slowed to a seven-month low in the month, with data pushing down the euro and pound against the dollar.

Friday is the "Three Witch Day" for the concentrated expiration of stock options, stock index futures and stock index options contracts, which occurs on the third Friday of March, June, September and December each year, which may increase trading volume and volatility, and cause abnormal changes in the price of the underlying asset. About $5.5 trillion in options will expire this time, the largest in history. Nvidia-related options have the second-largest expiration value of all underlying assets, behind only the S&P 500. Today also coincides with the rebalancing of the S&P Dow Jones Indices and related ETFs.

The S&P Nasdaq failed to turn higher, the Dow rose for four consecutive days, Nvidia's market value evaporated by more than $220 billion in two days, and Microsoft and Google reached a new high

On Friday, June 21, only the Dow opened higher and rose as much as 122 points, the S&P market fell as much as 0.4%, and the Nasdaq fell more than 100 points or 0.6%. The Dow briefly turned lower before midday, the S&P Nasdaq tried to turn higher but failed, and the Russell 2000 small-cap stock turned higher after falling 0.5%.

Semiconductor and AI stocks fell at the beginning of the session, the Philadelphia Semiconductor Index fell more than 2%, Nvidia once fell about 5%, Bitcoin fell below $64,000 to pull down blockchain concept stocks, but the biotechnology index ETF rose more than 1%, and gold and silver mining stocks and copper mining stocks rose first and then fell.

At the close, the S&P 500 fell for the third day in nine days and moved further off new highs, the Nasdaq and Nasdaq 100 also fell off new highs for two consecutive days, after breaking records for seven consecutive days, and the Dow rose for four consecutive days to hold a four-week high:

The S&P 500 closed down 8.55 points, or 0.16%, at 5,464.62, up 0.6% for the week. The Dow closed up 15.57 points, or 0.04%, at 39,150.33 points, up 1.5% for the week, the best weekly performance since May. The Nasdaq closed down 32.23 points, or 0.18%, at 17,689.36 points, up less than 0.01% for the week.

The Nasdaq 100 fell 0.3%, and the Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology constituents, fell 0.8%, both breaking new highs for two consecutive days. Russell 2000 small-cap stocks rose 0.2%, while the "fear index" VIX fell 0.6% to still stand above 13.

U.S. stocks rose in the early part of the week to save the decline in the later stage, and the three major stock indexes all rose throughout the week, with the Dow rising the best since May

On Friday, the S&P technology sector closed down more than 0.8%, the energy sector fell 0.68%, the telecom services sector closed up 0.66%, and the consumer discretionary sector rose 1.02%. This week, the optional consumer sector rose 2.5%, the energy sector rose more than 1.8%, the financial sector rose 1.70%, the industrial sector rose 1.55%, the consumer goods sector rose 0.89%, the telecommunications sector rose 0.77%, the raw materials sector rose 0.76%, the health sector rose 0.58%, the real estate sector fell 0.45%, the technology sector fell 0.66%, and the utilities sector fell 0.77%.

The energy sector performed well this week, while the technology sector did not perform

According to some analysts, the recent technical situation and the inflow of funds into technology stocks show that technology stocks are overbought in the short term and may have risen excessively, and it is not surprising that there will be a pullback in the short term. The momentum driving Nvidia's share price higher may wane after the option expires this Friday.

Friday was the last day for a number of indices and ETFs to adjust, including Crowdstrike's entry into the S&P 500 and SPDR Fund (XLK), the largest ETF that tracks technology stocks, sharply raising the weight of Nvidia, which could lead to tens of billions of dollars in buying, and Apple's weighting being slashed.

Most of the star tech stocks rose. "Metaverse" Meta fell 1.4% to a two-week low, Google A rose 1.8% to a record high, Amazon rose 1.6% to a six-week high, Tesla rose 0.8%, and Netflix rose 1% to approach an all-time high; Apple rose 1% and then fell 1% to a two-week low, breaking away from a record high for three consecutive days, with a market value of $3.18 trillion, surpassing Nvidia to rank second in the U.S. stock market, and Microsoft rose 0.9% to return to an all-time high, with a market value of $3.34 trillion ranking first in the U.S. stocks.

Chip stocks have pulled back for two consecutive days, and intraday losses have narrowed. The Philadelphia Semiconductor Index closed down 1.3% to break off its all-time high for two consecutive days, while the sector ETF SOXX fell 1% to further break away from its high. Nvidia closed down 3.2%, breaking off the record high for two consecutive days, with a market value of $3.11 trillion ranking third in U.S. stocks, and Nvidia double-long ETF fell 6% to further break away from the new high; Broadcom fell more than 4% and fell from the highest for three consecutive days; ARM fell 0.3%, Qualcomm fell more than 1%, TSMC U.S. stocks and Ram Research fell nearly 1%, Applied Materials fell nearly 2%, and Micron Technology fell more than 3%, all of which fell from new highs for two consecutive days; AMD fell 0.3% off a near two-week high, while Intel rose 1.5% to a four-week high.

Among the "Seven Sisters of Technology Stocks" in the U.S. stocks, Nvidia's market value evaporated by more than $220 billion in two days, and ended its eight-week winning streak, falling 4% this week, while Microsoft rose 1.6% this week and rose for three consecutive weeks. Apple fell 2.4% this week, Tesla rose 2.8%, Amazon rose about 3%, and Google A rose 1.6%.

AI concept stocks also fell more and rose less. CrowdStrike fell 0.4% to break off a new high for three consecutive days, Oracle fell about 1% to break off a new high for two consecutive days, SoundHound.ai fell more than 1%, BigBear.ai rose more than 7%, C3.ai fell nearly 1%, Snowflake rose 1% and still hovered at a 17-month low, Palantir fell 6.7%, Adobe rose 2% to refresh a three-month high, Dell fell more than 2%, and ultramicro computers closed down more than 1% after falling 6%.

On the news side, Google carried out software system updates such as Pixel mobile phones in June. Apple announced that it will not launch AI capabilities into the European market this year, talking about the regulatory uncertainty caused by the Union's digital bill. Musk spoilers the new FSD computing hardware, which will be directly named "AI5", and the computing power of the 4nm process will be increased by 10 times. Tesla's total headcount has shrunk by at least 14% this year, after Musk said he would lay off more than 10% of its workforce. There are still institutions that have raised the target price of Nvidia, and Bernstein has raised the target price of Apple, optimistic about AI monetization opportunities. OpenAI's acquisition of search and analytics startup Rockset is the most significant acquisition in its history.

The Chinese concept stock index once again chased down the U.S. stock market. ETF KWEB fell more than 1%, CQQQ fell 0.3%, and the Nasdaq Golden Dragon China Index (HXC) fell nearly 1%, once falling below the 5,900-point integer level during the session, falling for five consecutive days to the lowest in two months.

Among the popular stocks, JD.com fell 2%, Baidu fell 0.3%, and Pinduoduo closed down 0.2% after falling 2.6%. Alibaba and Tencent ADR fell about 1%, Station B rose more than 6%, NIO fell 0.7%, Xpeng Motors rose 3.8%, and Li Auto fell nearly 1%.

The leading retail huddle stock game station fell 6% on Friday, fell nearly 17% this week and nearly erased the gains in June, and basically showed double-digit percentage shocks every day last Friday and last week, and fell more than 12% on Monday.

Among other stocks with big moves, biopharmaceutical company Sarepta rose more than 30% to its highest three-and-a-half-year since the beginning of 2021, and the U.S. Food and Drug Administration (FDA) approved the expansion of its gene therapy for Duchenne muscular dystrophy, boosting revenue potential.

European stocks collectively turned lower again, with the Italian stock index falling 1% to lead the major national indexes. The pan-European Stoxx 600 closed down 0.73%, down for the second day in five trading days, with bank stocks regaining the lead, but the index rose 0.8% for the week. The French stock index rose 1.7% for the week. European semiconductor concept stocks generally closed down, with Infineon falling more than 7% this week, Aixtron falling more than 9%, and ASM International rising more than 5% and hitting a new high.

U.S. Treasury yields turned higher on Friday and rose more than 2 basis points for the week, with the spread between French and German bond yields widening in 12 years

U.S. Treasury yields fell to daily lows ahead of the release of positive U.S. PMI data before rebounding to gains. The yield on the two-year Treasury note, which is more sensitive to monetary policy, rose as much as 2 basis points and 4.75% during the day, rising more than 2 basis points for the week. The yield on the 10-year bond rose as much as 3 basis points to 4.28%, up nearly 4 basis points for the week, and on Friday the yield fell to a 10-week low since early April.

The yield on the 10-year German bond, the benchmark for the eurozone, fell 2 basis points in late trading and rose 5 basis points for the week. The yield on the 10-year bond rose 1 basis point in late trading, rising more than 8 basis points for the week. The spread between French and German bond yields rose to 80 basis points, the widest since the peak of the eurozone debt crisis in 2012, representing investors demanding a higher premium to hold bonds. France's early parliamentary elections could lead to a victory for far-right parties, and some analysts believe that the difference in the yield of the above-mentioned base bonds may rise to the 100 basis point mark.

Oil prices fell from a seven-week high on Friday but rose for two consecutive weeks, rising more than 3% this week, and U.S. natural gas rose more than 6% for the week

Summer travel and cooler fuel demand drove oil prices higher for the second week in a row. WTI rose more than 3.43% in four trading days this week, rose 3.9% last week and stopped falling for three weeks. Brent oil rose 3.17% for the week, and also rose for two consecutive weeks, having risen 2.8% last week.

But oil prices rose and retreated on Friday, with U.S. oil closing at a seven-week high for three consecutive trading days. WTI August futures closed down $0.56, or nearly 0.69%, at $80.73 a barrel. Brent August futures closed down $0.47, or about 0.55%, at $85.24 a barrel.

The more actively traded U.S. oil WTI August futures fell below the $81 integer level, falling as deep as $0.93 or 1.1% during the session, erasing gains since Tuesday. International Brent fell as deep as $0.87, or 1%, to fall below $85 at one point, nearly erasing gains since Wednesday.

JPMorgan Chase & Co. said that gasoline demand in the United States soared to its highest level since the end of the pandemic last week, and demand is expected to continue to strengthen before the July 4 holiday. Other analysts pointed out that last week's U.S. EIA crude oil, gasoline and refined oil inventories fell at the same time for the first time in several weeks, indicating that demand growth may be good for oil prices in the short term. Goldman Sachs and other major investment banks are bullish on the performance of oil prices in the third quarter.

TTF Dutch natural gas futures, the European benchmark, fell more than 1.5% to trade at a near two-week low, while ICE UK futures also fell 1.5%. The U.S. natural gas July contract fell more than 2% and fell to $2.70 at one point, a two-week low, and the year's cumulative gain narrowed to 8%. According to CCTV News, the first LNG carrier has crossed the Red Sea since January this year.

The U.S. dollar index rose for three consecutive weeks, the yen fell below 159 to an eight-week low, and the euro, pound, and bitcoin were at least five-week lows

The DXY, a basket of six major currencies, rose as much as 0.3% and briefly rose above 105.90, hitting a seven-week high since May 1, rising 0.2% for the week and rising for three consecutive weeks. Some analysts say that other European central banks are more dovish than the Fed's monetary policy stance and may continue to boost the dollar in the short to medium term.

Non-US currencies generally fell. The yen fell as much as 0.5% against the dollar and fell below the 159 mark, the lowest in nearly eight weeks since April 29, when the Japanese government launched a new round of foreign exchange market intervention and the yen remained at a 34-year low. The offshore yuan edged higher against the U.S. dollar in intraday trading, still less than 7.29 yuan, hovering at a seven-month low.

The euro fell as much as 0.3% against the dollar and fell below 1.07, a seven-week low since late April, after falling to 1.0667 intraday on Friday, the lowest since May 1, and closing the week largely flat as investors brace for a possible victory in the parliamentary elections by a far-right party in France, the eurozone's second-largest economy. GBP/USD fell to 1.2622, its lowest in five weeks since mid-May, and fell 0.3% for the week.

Mainstream cryptocurrencies fell for three consecutive days. Bitcoin, the largest player by market capitalization, fell nearly 2% and lost $64,000 to refresh a five-week low, while Ethereum, the second-largest by market capitalization, fell 1% and fell below $3,500, regaining its four-week low and essentially erasing the week's gains.

Gold fell 1.8% after hitting a two-week high, and fell about 0.6% in full turnover, and the London metal mostly fell more than 1% on Friday

The market believes that the cooling of economic data supports the United States to cut interest rates as soon as possible, and the interest rate cut will be good for precious metals that do not provide fixed yields, and the uncertainty of elections in many parts of the world and the escalation of conflicts in the Middle East have provided support for safe-haven assets, and gold prices should have risen for the second consecutive week.

Spot gold rose 0.4% on Friday to $2,370, a two-week high, but the U.S. stock market fell sharply in the intraday, falling as deep as 1.8% and once falling below $2,320, falling sharply from a daily high of $52, making the full turnover fall by about 0.6%.

COMEX gold futures for August delivery turned down 1.6% to $2,331.70 an ounce, and COMEX silver futures for July delivery fell 4.2% to $29.54 an ounce. Spot silver fell as much as 4%, re-falling below the psychological round figure of $30, erasing the week's gains and turning 0.2% lower.

Spot palladium rose 11% at one point and briefly rose above the $1,000 integer level to a one-month high, narrowing its decline to about 12% for the year. Analysts said that as automakers aggressively replenished exhaust gas suppression catalysts for diesel locomotives, investors were short-covering palladium, after the week ended June 11, when net short positions in COMEX palladium futures hit a record high since data became available in 2009.

A higher dollar weighed on industrial base metals prices in London. The economic bellwether "Dr. Copper" closed down $176, or 1.8%, to regain $9,700, down 0.6% for the week and down to a two-month low. London aluminum also re-approached a two-month low and fell slightly throughout the week. London zinc fell 1% but rose 2.7% for the week, and London lead fell more than 1% but rose 2.4% for the week. London nickel fell more than 1% to re-force the ten-week low, and fell 2% for the week. Lunxi fell more than 1% and rose 1% for the week.

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