The US stock market rebounded slowly, with the Nasdaq falling for three consecutive days, NVIDIA down nearly 3%, Netflix rising more than 4% after hours, gold retreating, and crude oil surging

According to CCTV, Trump claims he is 100% confident in reaching a trade agreement with the EU. Although trade negotiations may be improving, the surge in crude oil prices has boosted energy stocks, but due to current export controls and antitrust threats, tech giants are struggling to regain momentum. Earnings reports have pressured healthcare stocks, and the US stock market still faced difficulties in rebounding on Friday.

Leading stocks reported poor earnings, with the healthcare giant UnitedHealth suffering a drop of over 20% due to disappointing quarterly profits and lowered guidance, leading the decline in the Dow. After NVIDIA disclosed the impact of chip export controls, chip stocks continued to be under pressure, and even Taiwan Semiconductor, which reported a quarterly profit that exceeded expectations, saw its US shares rise and then fall back, nearly failing to rebound. A US judge ruled that Google's advertising business constitutes illegal monopoly, with only Apple among the seven tech giants seeing a rise.

There were also highlights in the US stock market on Friday, with the Chinese concept stock Bawang Chaji seeing a double-digit surge on its first day of trading, rising nearly 50% during the session; Eli Lilly's oral weight loss drug showed stronger effects than Novo Nordisk's star product Ozempic in phase three clinical data, leading to a rise of over 10% for Eli Lilly; Netflix reported a 25% increase in first-quarter profits, far exceeding expectations, and saw a rise of over 4% in after-hours trading.

The European Central Bank (ECB) cut interest rates for the seventh time since mid-last year and emphasized that the economic growth outlook for the Eurozone has deteriorated due to escalating trade tensions. Traders have increased bets on further rate cuts by the ECB this year, expecting three more cuts. Following the ECB meeting, the euro's decline widened, and German bond yields hit a daily low.

While the ECB continues to ease, Federal Reserve Chairman Jerome Powell insists on waiting for clearer conditions before considering action. Trump repeatedly criticized Powell and called for rate cuts. US Treasury prices fell back, with yields rebounding on the first day of the week. The trends in US soft and hard data continue to diverge, with soft data continuing to plummet released on Friday, but hard data performing well, providing some support for Powell to maintain the current policy stance.

Influenced by Powell's firm stance, US Treasury declines narrowed today, while the dollar index remained in a volatile range, hovering around the 99 mark. As the dollar fell, crude oil prices rose, with WTI crude oil prices increasing nearly 3% during the day.

The US stock market is closed this Friday, with Thursday being the last trading day of the week. Major US stock indices overall declined this week, but small-cap indices continued to accumulate gains. There were some short positions that seemed poised for a squeeze this week, but all failed. Throughout the week, the S&P sector where tech giants are located saw the largest declines, with blue-chip tech stocks erasing most of the gains since Trump announced the delay in tariff implementation last week.

Overall, the stock market declined this week, with only small-cap stocks rising:

• The S&P 500 Index closed up 7.00 points, an increase of 0.13%, at 5282.70 points.

• The Dow Jones Industrial Average closed down 527.16 points, a decrease of 1.33%, at 39142.23 points.

• The Nasdaq closed down 20.71 points, a decrease of 0.13%, at 16286.45 points. The Nasdaq 100 Index closed up 0.45 points, an increase of 0.00%, at 18258.09 points.

• The Russell 2000 Index closed up 0.92%, at 1880.62 points.

• The VIX (Volatility Index) closed down 9.16%, at 29.65.

This week, the semiconductor ETF fell over 4.3%, while the regional bank ETF rose about 4.4%:

• On Thursday, the energy sector ETF closed up 2.26%, the regional bank ETF, bank sector ETF, and consumer discretionary ETF rose up to 0.9%, while the biotech index ETF, financial sector ETF, and global airline ETF rose up to 0.42%.

• This week, the semiconductor ETF fell a total of 4.36%, the global tech stock index ETF fell 2.92%, the tech sector ETF fell 2.77%, the consumer discretionary ETF fell 2.28%, the internet stock index ETF fell 1.69%, and the global airline and healthcare ETFs fell over 1%.

The "Tech Seven Sisters" all fell this week, with NVIDIA down over 8%:

• The index of the seven major U.S. tech stocks (Magnificent 7) fell 0.77%, at 133.87 points, with a cumulative decline of 5.06% from Monday to Thursday, and U.S. stocks will be closed on Friday.

• NVIDIA closed down 2.87%, Google A down 1.38%, Microsoft down 1.03%, Amazon down 0.98%, Meta Platforms down 0.17%, Tesla down 0.07%, while Apple closed up 1.37%.

• From Monday to Thursday, NVIDIA fell a cumulative 8.51%, Meta fell 7.74%, Amazon fell 6.63%, Microsoft fell 5.32%, Tesla fell 4.34% (recent six-week low volatility), Google A fell 3.81%, and Apple fell 0.61%.

Chip stocks:

• The Philadelphia Semiconductor Index closed down 0.64%, at 3832.47 points.

• TSMC ADR rose 0.05% on the earnings release day—this week it has cumulatively fallen 3.40%, while AMD fell 0.97% today

AI Concept Stocks:

• Advanced Micro Devices fell 1.21%, Palantir rose 1.15%.

Chinese Concept Stocks:

• The Nasdaq Golden Dragon China Index closed down 0.42%, at 6483.69 points, with a cumulative decline of 0.49% from Monday to Thursday, and the U.S. stock market will be closed on Friday.

• Popular Chinese concept stocks Alibaba initially closed up about 2%, Li Auto, New Oriental, NetEase, Pinduoduo, Xiaomi ADR, Tencent ADR, and Nio rose up to 1.7%.

• Baidu, JD.com, XPeng, and Pony.ai fell up to 4.5%, while Yum China fell 6%.

Among other key stocks:

• Berkshire Hathaway Class B shares, owned by Warren Buffett, rose 0.34%.

• The "Trump Tariff Losers" index rose over 2.4%, closing at 78.18 points, with a cumulative decline of 0.3% from Monday to Thursday, showing an overall V-shaped trend.

• The component stock of the "Trump Tariff Losers," Dollar Tree, closed up 8.1% on Thursday, Five Below rose about 7.7%, Wayfair rose over 5.8%, Gap rose over 4.9%, Nike rose over 4.1%, and Best Buy rose over 3.9%.

European semiconductor concept stocks generally closed down today, with the exception of ASML Holding, BE Semiconductor Industries, and ASM International fell up to 3.2%. The pan-European index has cumulatively risen over 4% this week, and the German stock index has cumulatively risen nearly 4.1% this week.

The European STOXX 600 index rose 4% this week:

• The European STOXX 600 index closed down 0.13%, at 506.42 points, with a cumulative increase of 4.03% from Monday to Thursday, and will be closed on Friday.

• The Eurozone STOXX 50 index closed down 0.63%, at 4935.34 points, with a cumulative increase of 3.09% from Monday to Thursday.

• The FTSE Europe 300 index closed down 0.22%, at 2010.11 points, with a cumulative increase of 3.87% from Monday to Thursday.

The German stock index has cumulatively risen nearly 4.1% this week:

• The German DAX 30 index closed down 0.49%, at 21205.86 points, with a cumulative increase of 4.08% from Monday to Thursday, and will be closed on Friday.

• The French CAC 40 index closed down 0.60%, at 7285.86 points, with a cumulative increase of 2.55% this week.

• The UK FTSE 100 index closed up 0.00%, at 8275.66 points, with a cumulative increase of 3.91% this week.

• The Dutch AEX index closed down 0.16%, at 852.20 points, with a cumulative increase of 3.98% this week.

• The Italian FTSE MIB index closed down 0.24%, at 35980.43 points, with a cumulative increase of 5.74%; the FTSE Italy All-Share Index closed down 1.13%, with a cumulative increase of 6.60% this week.

Sectors and Stocks:

• L'Oréal's European stock rose by 6.76%, with first-quarter sales exceeding expectations, and unexpected growth of about 7% in North Asia, while North America saw a decline greater than expected.

• Siemens Energy's European stock increased by 10.5%, after the company raised its performance guidance.

• Hermès' European stock fell by over 3%, with the company's first-quarter revenue below expectations.

This week, all government bond yields fell, with short-term government bonds performing well, while long-term government bond yields lagged. European bond yields decreased, with the 10-year UK bond yield cumulatively dropping nearly 19 basis points this week.

U.S. Bonds:

• At the New York close, the yield on the benchmark 10-year U.S. Treasury bond rose by 4.81 basis points to 4.3249%, having cumulatively fallen by 16.46 basis points from Monday to Thursday.

• The yield on the 2-year U.S. Treasury bond rose by 2.87 basis points to 3.7982%, having cumulatively fallen by 16.17 basis points from Monday to Thursday, remaining in a downward trend for the week.

• From Monday to Thursday, the yield on the 20-year U.S. Treasury bond cumulatively fell by 10.27 basis points, while the yield on the 30-year U.S. Treasury bond cumulatively fell by 7.23 basis points.

The 10-year UK bond yield cumulatively dropped nearly 19 basis points this week:

• At the European market close, the yield on the 10-year German government bond fell by 3.7 basis points to 2.472%, having cumulatively dropped by 4.0 basis points from Monday to Thursday, with the market closed on Friday.

• The yield on the 2-year German bond fell by 6.1 basis points to 1.686%, trading within the range of 1.809%-1.668% during the day, with a cumulative drop of 7.3 basis points from Monday to Thursday.

• The yield on the 10-year UK government bond cumulatively fell by 18.7 basis points, closing at 4.566% at the European market close on Thursday, continuing to oscillate downward overall.

• The yield on the 2-year UK bond cumulatively fell by 12.9 basis points to 3.919%. The yield on the 30-year UK bond cumulatively fell by 17.7 basis points to 5.338%.

• The yield on the 10-year French government bond cumulatively fell by 11.6 basis points, closing at 3.237% at the European market close on Thursday (the day of the European Central Bank's interest rate cut).

The U.S. dollar has fallen for the third consecutive week, reaching its lowest level since the first week of October, with the dollar index down more than 3.6% since Trump's announcement of so-called reciprocal tariffs.

Continued Weakness of the Dollar:

• At the New York close, the ICE dollar index fell by 10 points, approaching the flat position below 99.400, having cumulatively dropped by 0.69% from Monday to Thursday.

• The Bloomberg dollar index fell by 0.08% to 1224.66 points, with a cumulative drop of 0.74% for the week so far, trading within the range of 1235.95-1224.11 points.

Non-U.S. Currencies:

• At the New York close, the euro fell 0.33% against the U.S. dollar, quoted at 1.1362.

• The British pound rose 0.11% against the U.S. dollar, quoted at 1.3260, while the euro fell 0.47% against the British pound, quoted at 0.85676 pounds.

• The U.S. dollar rose 0.72% against the Swiss franc, quoted at 0.8191, and the euro rose 0.43% against the Swiss franc, quoted at 0.93095.

• Among commodity currencies, the Australian dollar rose 0.30% against the U.S. dollar, the New Zealand dollar rose 0.54% against the U.S. dollar, and the U.S. dollar fell 0.13% against the Canadian dollar.

Japanese Yen:

• At the New York close, the U.S. dollar rose 0.37% against the Japanese yen, quoted at 142.41 yen, with a cumulative decline of 0.79% from Monday to Thursday, overall fluctuating down from 144.31 yen to 141.62 yen.

• The euro rose 0.09% against the Japanese yen, quoted at 161.81 yen; the British pound rose 0.53% against the Japanese yen, quoted at 188.809 yen.

Offshore Renminbi:

• At the New York close, the offshore renminbi was quoted at 7.3012 against the U.S. dollar, down 23 points from Wednesday's New York close, trading overall in the range of 7.2952-7.3163.

Cryptocurrency:

• At the New York close, CME Bitcoin futures BTC main contract rose 1.01% compared to Wednesday's New York close, quoted at $85,385.00, with a cumulative increase of 1.53% from Monday to Thursday.

• CME Ether futures DCR main contract fell 0.16%, quoted at $1,587.50, with a cumulative increase of 1.18% from Monday to Thursday.

U.S. President Trump announced that he will sign a mineral agreement next Thursday, stating, "We have a mineral agreement," and he will discuss energy trade issues during his meeting with the Italian Prime Minister. Multiple positive news combined with a weak U.S. dollar has led crude oil to break through the low volatility range, closing above $64.

Crude Oil:

• WTI May crude oil futures closed at $64.68 per barrel.

• Brent June crude oil futures closed at $67.96 per barrel.

Natural Gas:

• NYMEX May natural gas futures closed at $3.2450 per million British thermal units Under the impact of the U.S. "reciprocal tariffs," international gold prices continue to set historical records, and "going long on gold" has become the unanimous choice of global investors, with a cumulative increase of 2.79% this week.

Gold hits a new high this week:

• At the New York close, spot gold fell 0.46% to $3,327.81 per ounce, with a cumulative increase of 2.79% from Monday to Thursday.

• COMEX gold futures fell 0.16% to $3,341.20 per ounce, with a cumulative increase of 2.99% from Monday to Thursday, reaching a historical high of $3,371.90 during Thursday's Asia-Pacific session.

Silver:

• At the New York close, spot silver fell 0.61% to $32.5660 per ounce, with a cumulative increase of 0.80% from Monday to Thursday.

• COMEX silver futures fell 1.38% to $32.525 per ounce, with a cumulative increase of 1.96% from Monday to Thursday.

Other metals:

• At the New York close, COMEX copper futures rose 0.43% to $4.7055 per pound, with a cumulative increase of 4.03% from Monday to Thursday.

• LME copper futures closed down $15 at $9,188 per ton. LME aluminum futures closed down $16 at $2,366 per ton. LME zinc futures closed down $5 at $2,577 per ton.

• LME tin futures closed down $157 at $30,643 per ton. LME nickel futures closed down $61 at $15,622 per ton