Technology stocks hit the US stock market, with the NASDAQ Composite Index falling more than 1% after a sharp drop last week, and Tesla falling more than 6%.

Last week's interest rate hike by central banks in the UK and other countries has raised concerns about a recession, causing a collective decline in European and American stock markets. In this final week of June, the US stock market opened with slight fluctuations, with investors weighing whether repeated interest rate hikes by major central banks will lead to an economic downturn. After experiencing the largest weekly decline in three months, the Nasdaq rebounded unsuccessfully on Monday, turning down during trading and falling to a two-week low along with the S&P and Dow.

Although chip stocks rebounded overall, several blue-chip technology stocks continued to decline, dragging down the overall market. Tesla's valuation was downgraded by Goldman Sachs, causing its stock price to plummet, the first time in over two months that it has fallen more than 6% in a single day. Commentators have said that last week, Federal Reserve Chairman Powell was still hinting that higher interest rates would remain in place for longer, causing an adjustment in the US stock market. Previously, several blue-chip technology stocks had risen sharply, but now there is a rotation of funds towards small-cap and value stocks. In addition, the "rebellion" in Russia on Saturday hit risk appetite.

The June German IFO business index, which was released on Monday, fell more than expected for the second consecutive month. The key German government bond yield curve - the yield curve of two-year and ten-year German bonds - has been in the most severe inversion since 1992 for the third consecutive trading day, highlighting market concerns about the economic outlook.

In the foreign exchange market, Kanda Masato, Japan's vice minister for international affairs at the Ministry of Finance, said that the recent rapid unilateral fluctuation of the yen means that Japan will not rule out any possible response to excessive foreign exchange volatility. After Kanda warned of a depreciation of the yen, the yen rebounded slightly, and the yen against the US dollar briefly recovered to 143.00 during trading, temporarily halting its trend of hitting a seven-month low for six consecutive trading days, but still close to its low for seven months. The US dollar index fell from its one-week high.

In the commodity market, the Wagner mutiny has attracted market attention, and the geopolitical situation related to Russia's interference with supply prospects has led to a rebound in international crude oil prices, breaking away from the low of the past week. Supported by the fall of the US dollar, gold continued to rise from the three-month low it hit on Thursday.

Tesla hits its biggest drop in over two months, Meta and Google's sector lead the decline in the S&P, and regional banks rise against the trend.

The three major US stock indexes rose in early trading, then all fell. The S&P 500 and Nasdaq Composite Index, which opened lower, quickly rebounded and then fell again. The Nasdaq, which had fallen nearly 0.2% at the opening, rose 0.6% half an hour later, then fell again and continued to decline towards the end of the morning session, falling nearly 1.2% at one point. The S&P initially rose more than 0.3%, then fell after more than an hour of trading, and fell nearly 0.5% at one point in the afternoon. The Dow Jones Industrial Average, which opened slightly higher, fell after half an hour of trading, then fell more than 117 points, or more than 0.3%, before rebounding towards the end of the morning session, rising more than 90 points and nearly 0.3% at its midday high, before falling again towards the end of the afternoon session.

In the end, all three indexes fell for the second consecutive trading day. The Nasdaq fell 1.16% to 13,335.78 points, the S&P fell 0.45% to 4,328.82 points, and both hit new closing lows since June 9. The Dow fell 12.72 points, or 0.04%, to 33,714.71 points, falling for six consecutive days and hitting new lows since June 7 for two consecutive days. The Nasdaq 100 index, which is dominated by technology stocks, fell 1.36%, underperforming the broader market and posting its largest closing decline since June 7, down for two consecutive days to its lowest level since June 9. The small-cap Russell 2000, which is dominated by value stocks, rose 0.09%, ending a five-day losing streak and a two-day streak of hitting its lowest level since June 5.

Most major US stock indexes turned lower on Monday, while small-cap stock indexes rose slightly.

Among the major sectors of the S&P 500, five fell on Monday, with the communication services sector, which includes Meta and Google, leading the way with a nearly 1.9% decline, followed by the non-essential consumer goods sector, which includes Tesla, down nearly 1.3%, the IT sector, which includes Nvidia, down about 1%, and the healthcare and financial sectors, down 0.6% and 0.2%, respectively. Of the six sectors that rose, real estate led the way with a 2.2% gain, followed by energy, materials and utilities, which rose by about 1%, and industry, which rose 0.8%, while essential consumer goods rose slightly.

Most of the leading technology stocks fell in early trading. Tesla, which was downgraded from buy to neutral by Goldman Sachs, rebounded briefly in early trading before falling again, closing down nearly 6.1%, its largest daily decline since April 20, the day after it announced a 24% drop in first-quarter net profit, down for two consecutive days to its lowest closing level since June 8.

Of the six major FAANMG technology stocks, Meta, the parent company of Facebook, which hit a high not seen since January last year for two consecutive days, fell nearly 3.6%, falling to its lowest level since June 14, after being downgraded from buy to neutral by UBS; Alphabet, the parent company of Google, fell nearly 3.3% for two consecutive days to its lowest level since May 15, after being downgraded from buy to neutral by UBS, which believed that its future upside potential was limited and that its shift to AI could affect its financial performance in the near term.

Chip stocks, which underperformed the broader market on Friday, rebounded overall, with the Philadelphia Semiconductor Index rising more than 2% in early trading before giving up most of its gains to close up nearly 0.3%, while the semiconductor industry ETF SOXX rose by about 0.3%. Among individual stocks, Growatt rose 3.8%, Qualcomm rose more than 3% at noon, closing up 2.8%, Anson, Intel rose more than 1%, Micron Technology rose nearly 0.3%, Broadcom, which rose more than 1% in early trading, fell slightly, while Nvidia, which rose more than 2% in early trading, fell more than 4% at noon, closing down more than 3.7%, down for four consecutive days to its lowest level since June 12, and AMD, which rose more than 2% in early trading, closed down about 2.3%, down for seven consecutive days to its lowest level since May 19.

Most AI concept stocks continued to fall. C3.ai (AI), which rose more than 6% in early trading, fell 4.3%, down for six consecutive days to its lowest level since May 25; BigBear.ai (BBAI), which rose more than 3% in early trading, fell 2.6%; Palantir (PLTR), which rose nearly 3% in early trading, fell 0.6% at noon, while Adobe (ADBE), which rose 0.5% in early trading, fell nearly 1.1%. And SoundHound.ai (SOUN) rose 10.7%.

The banking sector index, which had fallen for five consecutive days, rebounded, with regional bank stocks performing better. The KBW Bank Index (BKX), which hit a low since June 1st last Thursday and Friday, rose more than 0.6%. The KBW Nasdaq Regional Banking Index (KRX) and the SPDR S&P Regional Banking ETF (KRE) both rose more than 2% at midday, up 1.2% and 1.3%, respectively, and hit lows since June 1st and May 31st.

Among the major banks, Bank of America rose nearly 1.2%, Citigroup rose nearly 0.5%, JPMorgan Chase rose more than 0.2%, while Morgan Stanley was almost flat, Wells Fargo fell slightly, and Goldman Sachs fell nearly 0.8%. Among the key regional banks, Pacific Western Bank (PACW), which sold $3.5 billion in assets to asset management company Ares Management Corp. and further reduced its assets to boost liquidity, rose more than 5% at midday and closed up 4%, while WSFS Financial (WSFS), which was upgraded from neutral to buy by D.A. Davidson and is believed to benefit from a longer period of high interest rates, also rose more than 5% at midday and closed up nearly 4.8%.

Most popular Chinese concept stocks rebounded during the day. The Nasdaq Golden Dragon China Index (HXC), which had fallen for five consecutive days, rose more than 1% in early trading and closed up nearly 0.2%. The KWEB ETF rose 0.5%, while the CQQQ fell 0.4%. Among individual stocks, Xiaopeng Motors rose more than 2%, Ideal Motors rose about 2%, Alibaba rose more than 1% during the day and closed up 0.7%, JD.com rose more than 1% in early trading and closed up 0.3%, Bilibili also closed up 0.3%, Baidu rose 0.2%, while NIO fell nearly 0.4%, Pinduoduo fell 0.2%, and Tencent Music fell less than 0.1%.

Among the stocks with large fluctuations, Lucid Group (LCID), which announced that it will provide powertrains and battery systems for British luxury carmaker Aston Martin, rose 14.8% in early trading and closed up 1.5%, while Carnival Cruise Line (CCL), which reported a lower-than-expected loss in the second quarter, fell 12% during the day and closed down 7.6%, with its peers Norwegian Cruise Line (NCLH) and Royal Caribbean Cruise Line (RCL) falling 4.5% and 0.7%, respectively.

In Europe, the pan-European stock index fell for six consecutive trading days. The STOXX 600 index has hit a closing low since May 31st for three consecutive trading days. Major European country stock indices rose and fell on Monday. German and French stocks fell for six consecutive days, while UK stocks, Spanish and Italian stock indices, which fell for three and two consecutive days, respectively, rebounded.

In the STOXX 600 sectors, the healthcare sector fell 1.1%, reflecting market concerns that a longer period of interest rate hikes will hurt the economy. The oil and gas sector, which benefited from the rebound in oil prices, rose 0.8%. In individual stocks, Siemens Energy continued to decline last Friday after revoking its profit guidance for the fiscal year and predicting that the cost of wind turbine component failures would exceed 1 billion euros, falling nearly 2.1%, a significant easing from the 37.3% drop last Friday; Cineworld Group, a British chain cinema operator that announced bankruptcy protection in the UK as part of its restructuring plan and will suspend trading of its shares next month, fell 26% during the session and closed down 17.9%; after the rapid quelling of the Russian Wagner mutiny, several major European defense companies, including Leonardo SpA, Saab AB, and Rheinmetall AG, all fell more than 4%; while Aston Martin, which reached an agreement with Lucid to produce high-performance electric vehicles, surged 10.8%.

The yen rebounds slightly, temporarily halting its seven-month low streak, and the US dollar index falls from its one-week high

The ICE US Dollar Index (DXY), which tracks the exchange rates of six major currencies against the US dollar, maintained a downward trend throughout Monday and failed to rise above 130.00. The US stock market approached 102.60 before the opening bell, refreshing its daily low, and fell nearly 0.3% during the day, falling more than 0.5% from its intraday high on June 15, which was created after rising above 103.10 last Friday. The US stock market narrowed its losses in early trading and rose above 102.80, approaching the intraday high of the European stock market before the opening bell.

By the close of the US stock market on Monday, the US dollar index was below 102.80, down more than 0.1%; the Bloomberg Dollar Spot Index, which tracks the exchange rates of ten other currencies against the US dollar, fell by less than 0.1%, bidding farewell to its high since June 13, and both the US dollar index and the Bloomberg Dollar Spot Index stopped rising for two consecutive days.

Bloomberg Dollar Spot Index trend since last Tuesday

After a speech by Kanda Masato, an official from the Japanese Ministry of Finance, the yen rebounded slightly. The US dollar against the yen briefly fell below 143.00 and refreshed its daily low during the early European stock market, falling by about 0.5% during the day. The US stock market rebounded before the opening bell, and the US stock market rose, rising above 142.70 at one point and refreshing its daily high, approaching the seven-month high it has continuously refreshed for the sixth consecutive trading day since last Friday, and the US stock market closed at around 143.50, down about 0.1% during the day.

Other non-US currencies generally rose during the session. The euro against the US dollar rose nearly 0.3% during the day, testing its daily high at 1.0920 before the US stock market opened, and moved away from its intraday low since June 15, which it fell below last Friday. The British pound against the US dollar approached 1.2750 and refreshed its daily high during the early European stock market, rising by about 0.3% during the day. After the European stock market turned down and the US stock market turned up in early trading, it did not approach the intraday low of 1.2690 it refreshed on June 15. Offshore Renminbi (CNH) against the US dollar hit a daily high of 7.2063 in the Asian market early on, and then continued to fall. After the US stock market closed, it fell to 7.2465, hitting a low since November 29 last year for four consecutive trading days. At 4:59 am Beijing time on June 27th, offshore Renminbi against the US dollar was reported at 7.2429 yuan, a decrease of 272 points from the New York closing last Friday, and a three-day consecutive decline.

Bitcoin (BTC) rose above $30,600 in early US stock trading, but quickly fell back. The US stock market fell below $30,000 in the midday trading, hitting a daily low. It fell more than $700 and more than 2% from the daily high. At the close of the US stock market, it was above $30,200, falling less than 1% in the past 24 hours, and continued to fall from the high of $31,400 last Friday, which was the highest level since June last year.

Two-year and ten-year German bond yields have created the most serious yield inversion since 1992

European government bond prices rose across the board, and the two-year UK bond yield, which had risen more than 10 basis points against the trend last Friday, also fell. The yield on the 10-year benchmark UK government bond was reported at 4.29%, down 2 basis points during the day, and continued to move away from the high of nearly 4.50% on Tuesday last week, which was the highest level since October last year. The yield on the two-year UK bond was reported at 5.12%, down 2 basis points during the day, temporarily leaving the high of 5.20% created last Friday, which was the highest level since 2008. The yield on the benchmark 10-year German government bond, which fell more than 10 basis points last Friday, was reported at 2.31%, down 5 basis points during the day. In the early European stock market, it fell below 2.30%, hitting a low since June 2, and the yield on the two-year German bond was reported at 3.07%, down 2 basis points during the day, and continued to move away from the high of 3.29% on Thursday last week, which was the highest level since March 9.

In the European market, the yield spread between two-year and 10-year German bonds widened to -79.872 basis points, continuing to hit the most serious inversion in more than 30 years, and the largest yield inversion since September 22, 1992.

The yield on the 10-year benchmark US government bond fell below 3.68% before the US stock market, hitting a low since June 13 last Friday, and fell more than 6 basis points during the day. After the US stock market opened, the decline narrowed, and it stabilized above 3.70% in the early trading session. It rose to 3.74% in the early morning, wiping out the intraday decline. At the end of the bond market, it was about 3.72%, down nearly 2 basis points during the day.

The yield on the 2-year US Treasury bond, which is more sensitive to interest rate prospects, fell below 4.70% in US stocks, hitting a daily low. The US stock market rebounded from the decline in early trading, and rose above 4.76% at the end of the early trading session. It began to approach the high of the past three months after rising above 4.80% last Thursday. At noon, it turned down and was about 4.74% at the end of the bond market, roughly the same as last Friday's level.

Trends of US bond yields of various maturities on Monday

Crude oil rebounds from one-week low, rising more than 1% at one point

International crude oil futures fell during European and US stock trading, but the overall rebound remained unchanged. During the midday trading session in the US, US WTI crude oil broke through the $70 mark to $70.11, up nearly 1.4% for the day, while Brent crude oil rose to $75, up nearly 1.6% for the day.

WTI August crude oil futures rose $0.21, or 0.30%, to $69.37 per barrel. Brent August crude oil futures rose $0.33, or 0.45%, to $74.18 per barrel. Both US and Brent crude oil have rebounded from the lows of last Thursday and Friday, but have not been able to erase the losses from the previous two days. Last Thursday, US and Brent crude oil fell by nearly 4.2% and 3.9%, respectively.

US WTI crude oil futures fell more than once on Monday, but eventually closed higher.

US gasoline and natural gas futures rose together. NYMEX July gasoline futures, which had fallen for two consecutive days, rose 0.8% to $2.5375 per gallon, ending the two-day low since June 12, when it closed at $2.4826 per gallon. NYMEX July natural gas futures rose 2.3% to $2.791 per million British thermal units, hitting a high for the third consecutive trading day since March 7, and rising for four consecutive days.

London nickel falls more than 5% to an 11-month low, gold continues to rise from a three-month low

London base metal futures fell almost across the board on Monday, with only London copper rising slightly, temporarily leaving the lows of more than a week since last Friday. London nickel, which led the decline, fell more than $1,000 in one day, down more than 5%, not only giving back the gains from last Friday's rebound, but also closing in on the $20,300 mark, a new low since July last year. London tin fell more than 3%, and London lead fell for three consecutive days, hitting new lows of more than two weeks and nearly three weeks, respectively. London aluminum fell for six consecutive days, hitting a new low since October last year after hitting a new low since the end of September last year last Friday.

New York gold futures, which ended a three-day losing streak last Friday, continued to rebound, with European stocks hitting a new high of $1,943.4 on Monday morning, up more than 0.7% for the day, and then gradually giving back most of the gains.

Finally, COMEX August gold futures rose 0.22% to $1,933.80 per ounce, continuing to rise from the closing low of $1,924 on March 16, which was the lowest since March 16.

New York gold futures from last Friday to this Monday