The sell-off of U.S. Treasuries pauses, the Nasdaq struggles to rebound, the tax reduction plan hits solar stocks hard, Bitcoin reaches a new high during trading, and crude oil drops over 2%

The sell-off of U.S. Treasuries has eased, and tech stocks supported a rebound in U.S. stocks during the session, but the S&P 500 plunged at the end of the day, ultimately failing to rebound for three consecutive declines. The tax reduction bill passed by the U.S. House of Representatives proposed the elimination of tax incentives related to clean energy, severely impacting the photovoltaic sector. After progress was made in U.S. stablecoin legislation, Bitcoin hit a historic high during trading for two consecutive days.

The focus has shifted to the "out-of-control deficit" in the U.S., with market sentiment in turmoil, leading to three consecutive declines in the S&P 500 due to the late-day plunge:

• In pre-market European stocks, reports indicate that OPEC+ plans to continue increasing production in July, aiming to pressure member countries that exceed their production quotas. Crude oil has fallen for three consecutive days, and during European trading, the intraday decline once expanded to over 2%.

• During European trading, after the U.S. House passed the tax reduction bill, U.S. Treasury yields briefly rebounded, but soon returned to a downward trend. The bill includes the elimination of significant clean energy tax credits, impacting photovoltaic stocks. Several U.S.-listed photovoltaic stocks, including Sunrun, plummeted by double digits.

• In the early U.S. stock market, U.S. Treasury yields generally fell back. On Wednesday, U.S. stocks, which followed the decline of U.S. Treasuries, struggled to rebound, led by most tech stocks. Among the seven tech giants, Apple fell alone, while Tesla led the gains. However, at the end of the day, the S&P 500 and Dow Jones Industrial Average plunged, erasing intraday gains, with the S&P 500 slightly down and the Dow Jones flat.

• After hours in the U.S. stock market, reports indicate that Trump will sign a nuclear energy order, causing nuclear power concept stocks to rise after hours. Nuclear power stock Oklo surged after hours, currently up over 17%, and LEU rose over 18% after hours.

On Thursday, U.S. stocks were mixed, with the Nasdaq struggling to rebound, and the S&P 500 experiencing three consecutive declines due to the late-day plunge. Apple fell for seven consecutive days, the only one among the seven tech giants to decline, while Tesla rebounded nearly 2%; the tax law eliminated significant clean energy tax credits, causing Sunrun to drop 37%. With expectations of rising borrowing costs, Federal National Mortgage Association rose over 50%. Popular Chinese concept stock XPeng fell 7.3%.

The three major U.S. stock indices:

• The S&P 500 index closed down 2.60 points, a decrease of 0.04%, at 5842.01 points.

• The Dow Jones Industrial Average closed down 1.35 points, a decrease of 0.00%, at 41859.09 points.

• The Nasdaq closed up 53.09 points, an increase of 0.28%, at 18925.74 points. The Nasdaq 100 index closed up 32.11 points, an increase of 0.15%, at 2112.47 points.

• The Russell 2000 index closed down 0.05%, at 2045.56 points

• The panic index VIX fell by 2.87%, closing at 20.27.

U.S. Stock Sector ETFs:

• The U.S. photovoltaic sector plummeted over 7%, the utility ETF fell by 1.43%, the healthcare ETF dropped by 0.77%, and the consumer staples ETF, energy ETF, and semiconductor ETF all fell by at least 0.27%.

"Tech Seven Sisters":

• The index of the seven tech giants in the U.S. (Magnificent 7) rose by 0.61%, closing at 159.75 points.

• Tesla closed up 1.92%, Google A rose 1.37%, Amazon increased by 0.98%, NVIDIA rose 0.78%, Microsoft gained 0.51%, Meta Platforms increased by 0.17%, while Apple closed down 0.36%.

Photovoltaic Stocks:

• The tax law eliminated important clean energy tax credits, causing photovoltaic stock Sunrun to drop by 37%, and SolarEdge to fall by 24.67%.

• Photovoltaic inverter supplier Enphase Energy fell by 19.63%.

Chip Stocks:

• The Philadelphia Semiconductor Index closed down 0.57%, at 4775.47 points.

• TSMC ADR rose by 2.31%, while AMD fell by 1.2%.

AI Concept Stocks:

• Tempus AI rose by 1.91%, Palantir increased by 1.42%, and Applovin closed down by 1.92%.

Chinese Concept Stocks:

• The Nasdaq Golden Dragon China Index closed down 1.18%, at 7191.57 points.

• Popular Chinese concept stocks XPeng initially closed down 7.3%, Alibaba, Nio, Li Auto, Baidu, New Oriental, Tencent, and NetEase all fell over 1%, while Pinduoduo rose by 2.9%, and Pony.ai increased by 19.6%.

Other Individual Stocks:

• Berkshire Hathaway Class B shares, owned by Buffett, closed down 0.68%, and Eli Lilly fell by 1.34%.

• Reports indicate that Trump is considering allowing Fannie Mae and Freddie Mac to go public, causing Freddie Mac to rise over 50%.

• Nuclear power stock Oklo surged over 10% in after-hours trading, and LEU rose over 15%.

The Eurozone blue-chip index closed down over 0.5%, with component stock Stellantis falling about 3.9%, and Hermès dropping over 2.3%, ranking second to last. The German stock index ended a five-day streak of closing at historical highs, while the Danish stock index closed down over 1.7%.

Pan-European Stocks:

• The European STOXX 600 index closed down 0.64% at 550.27 points.

• The Eurozone STOXX 50 index closed down 0.55% at 5424.48 points.

National Indices:

• The German DAX 30 index closed down 0.51% at 23999.17 points, having previously set a closing historical high for five consecutive trading days.

• The French CAC 40 index closed down 0.58% at 7864.44 points.

• The UK FTSE 100 index closed down 0.54% at 8739.26 points.

Sectors and Stocks:

• Among Eurozone blue chips, Stellantis fell 3.88%, Hermès fell 2.36%, Siemens, LVMH Group, and Ferrari fell between 1.76% and 1.6%, entering the top five declines.

• Among all constituents of the European STOXX 600 index, Embracer Group fell 17%, Freenet fell 16.7%, Thule Group fell 6.51%, and Vestas Wind Technology fell 6.26%, ranking fourth in declines.

The landmark tax cut bill for Trump's 2.0 term plan has finally passed through the U.S. House of Representatives with a narrow margin of just one vote more in favor than against, and has been sent to the Senate. The 10/20-year U.S. Treasury yield fell more than 7 basis points, continuing Wednesday's upward trend. The two-year German bond yield fell 4 basis points, and the two-year UK bond yield fell more than 5 basis points.

U.S. Bonds:

• At the New York close, the yield on the benchmark 10-year U.S. Treasury bond fell 7.38 basis points, refreshing the daily low to 4.5247%.

• The yield on the 20-year U.S. Treasury bond fell 7.22 basis points to 5.0511%.

European Bonds:

• At the European close, the yield on the 10-year German government bond fell 0.3 basis points to 2.643%, trading within a range of 2.666%-2.635% during the day.

• The yield on the 10-year UK government bond fell 0.6 basis points, and the two-year UK bond yield fell 5.2 basis points.

• The yields on the 10-year government bonds of France, Italy, and Greece rose by about 1 basis point, while the yield on the 10-year Spanish government bond fell 0.4 basis points.

On Thursday, the U.S. dollar index rebounded sharply, rising nearly 0.4%. Spot Bitcoin reached a new high, approaching $112,000 for the first time in history during intraday trading.

U.S. Dollar:

• At the New York close, the ICE U.S. Dollar Index rose 0.39% to 99.947 points, trading within a range of 94.440-100.118 points during the day.

• The Bloomberg Dollar Index rose 0.19% to 1221.19 points, trading within a range of 1216.80-1222.36 points

Non-US Currencies:

• At the New York close, the euro fell 0.4% against the US dollar, quoted at 1.1277.

• The British pound against the US dollar fluctuated flat, quoted at 1.3415.

• The US dollar rose 0.35% against the Swiss franc, quoted at 0.8286.

Japanese Yen:

• At the New York close, the US dollar rose 0.29% against the Japanese yen, quoted at 144.00 yen.

Offshore Renminbi:

• At the New York close, the offshore renminbi was quoted at 7.2041 against the US dollar, with little change compared to Wednesday's New York close.

Cryptocurrency:

• At the New York close, CME Bitcoin futures BTC main contract rose 2.26% compared to Wednesday's New York close, quoted at $111,000.

• CME Ether futures DCR main contract rose 5.12%, quoted at $2,649.50.

  

US crude oil futures fell 0.6%, and New York natural gas fell 3.4%. Reports indicate that OPEC+ plans to significantly increase production by 411,000 barrels per day in July, marking the third consecutive month of production increases, aimed at pressuring member countries that exceed their quotas.

Crude Oil:

• WTI July crude oil futures fell $0.37, a decrease of 0.60%, quoted at $61.20 per barrel.

• Brent July crude oil futures fell $0.47, a decrease of over 0.72%, quoted at $64.44 per barrel.

Natural Gas:

• NYMEX June natural gas futures fell over 3.41%, quoted at $3.2530 per million British thermal units.

Gold reached a nearly two-week high before turning down more than 1%. US stocks briefly fell below $3,280, while the Asia-Pacific midday trading saw it rise above $3,340.

Gold:

• At the New York close, spot gold fell 0.59%, quoted at $3,295.32 per ounce.

• COMEX gold futures fell 0.57%, quoted at $3,294.30 per ounce, with an intraday trading range of $3,346.80-$3,277.80.

Silver:

• At the New York close, spot silver fell 1.03%, quoted at $33.0475 per ounce.

• COMEX silver futures fell 1.39%, quoted at $33.180 per ounce.

Copper:

• At the New York close, COMEX copper futures rose 0.15%, quoted at $4.6790 per pound

• LME copper futures fell by $33, closing at $9,500 per ton