ADDX GO Market Morning Wrap - 1st May
Stock Market
As of the close, the Dow Jones Industrial Average rose 141.74 points, or 0.35%, to close at 40,669.36; the Nasdaq Composite Index fell 14.98 points, or 0.09%, to close at 17,446.34; and the S&P 500 Index rose 8.23 points, or 0.15%, to close at 5,569.06.
In April, the Dow Jones Industrial Average fell 3.17% cumulatively, and the S&P 500 Index dropped 0.76%. Both indices have declined for three consecutive months. The Nasdaq Composite Index increased by 0.85%.
Most of the large technology stocks declined. Tesla fell by more than 3%, Amazon and Intel dropped by more than 1%, and Google declined slightly; Netflix and Apple rose slightly. Advanced Micro Devices (AMD) plunged by more than 11% as the company's earnings forecast was far below expectations.
Microsoft's stock price rose by more than 8% in after-hours trading. Microsoft's revenue for the third quarter was $70.07 billion, compared with an estimate of $68.48 billion.
Meta's stock price rose by more than 6% in after-hours trading. The company's revenue for the first quarter was $42.31 billion, compared with an estimate of $41.38 billion.
Key Events
- India Announces Closure of Its Airspace to All Pakistani Flights Effective Immediately: India issued a Notice to Airmen (NOTAM) on the night of April 30 local time, restricting all aircraft registered, operated, or leased in Pakistan, including commercial airlines and military aircraft, from entering Indian airspace from now until 5:29 am on May 24 Indian time. This is a reciprocal action announced by India six days after Pakistan decided to close its airspace to all flights owned and operated by Indian airlines.
- Ukrainian Deputy Prime Minister said Ukraine and the US Signed a Mineral Agreement: Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, said on May 1 local time that Ukraine and the United States had signed a mineral agreement. The agreement will allow the United States to enjoy privileges in new investment projects for the development of Ukraine's natural resources, including aluminum, graphite, oil, and natural gas.
- The annualized GDP of the United States in the first quarter decreased by 0.3%, marking the first contraction since 2022: The initial value of the seasonally adjusted annualized rate of change in GDP in the United States for the first quarter was -0.3%, the lowest since the second quarter of 2022. The estimate was -0.2%, and the previous value was 2.4%.
Forex & Commodities
COMEX gold futures fell 1.04% to $3,298.9 per ounce, accumulating a gain of 4.64% in April. The July contract of COMEX silver futures dropped 2.4% to $32.77 per ounce, accumulating a decline of 6.15% in April.
International crude oil futures settlement prices fell sharply by more than 3.5%. The June contract of WTI crude oil futures dropped 3.66% to $58.21 per barrel, accumulating a decline of nearly 18% in April, reaching the lowest level since March 2021.
The July Brent crude oil futures fell 3.5% to $61.06 per barrel, accumulating a decline of more than 17% in April. The June NYMEX natural gas futures closed down by more than 1.77% at $3.326 per million British thermal units, accumulating a decline of about 22% in April.
In April, the ICE U.S. Dollar Index fell 4.54% cumulatively, closing at 99.474 in New York on Wednesday (April 30). There were significant declines on April 3 and 10, and the overall trading range during the month was between 104.369 and 97.921 points. The Bloomberg Dollar Index fell 4.07% to 1,222.53 points, with an overall trading range of 1,275.68 to 1,212.03 points, and it has been fluctuating at a low level since April 11.
Key Events
- It Is Reported That Saudi Arabia Is Willing to Accept Low Oil Prices and Unwilling to Cut Supply: Five informed sources said that Saudi Arabian officials are informing their allies and industry experts that Saudi Arabia is reluctant to further cut supply to support the oil market and can cope with long-term low oil prices. The sources said that Saudi Arabia is angry about the production levels of Kazakhstan and Iraq being higher than the OPEC+ targets, and after pushing member states to adhere to these targets and make up for the supply surplus in recent months, Saudi Arabia is changing its strategy.
Cryptocurrency
Bitcoin was down 1.4% to $94,069, and the 24-hour trading volume of this cryptocurrency rose 13.2% to $29.17 billion.
Ethereum (ETH-USD), the second-largest digital asset by market value, was down 1.8% to $1,790.
XRP (XRP-USD) lost 4.2%, BNB (BNB-USD) dropped 0.98%, and Solana (SOL-USD) decreased 2.4%.
Dogecoin (DOGE-USD) and Cardano (ADA-USD) each dipped 3.6%.
The total market value of the cryptocurrency industry decreased 1.7% in the past 24 hours to $2.94 trillion, with trading volume up 9.5% to $81.6 billion.
Compared to the start of the month, digital assets gained in April, backed by the Trump administration's decision to temporarily halt certain tariffs. Bitcoin gained nearly $9,000 while the industry's market cap gained nearly $200 billion during the month.
Key Events
- BlackRock Has Increased Its Bitcoin Holdings by More Than 25,000 Coins in the Past 7 Days: According to tracking data from Lookonchain, the spot Bitcoin ETF (IBIT) under BlackRock has increased its Bitcoin holdings by 25,430 coins in the past 7 days, worth about $2.37 billion. As of now, the total holdings of IBIT reach 601,209 Bitcoin coins, with a total value of about $56.11 billion (calculated based on the latest market price).
Market Events and Most Anticipated Earnings Releases
