ADDX GO Market Morning Wrap - 3rd May

Stock Market

On Friday, Eastern US Time, the three major US stock indexes all closed higher. The Dow Jones Industrial Average and the S&P 500 Index achieved nine consecutive daily gains. The S&P 500 Index set the longest streak of consecutive gains since 2004.

 

By the close of trading, the Nasdaq Composite Index rose 1.51%, accumulating a gain of 3.42% for the week; the S&P 500 Index rose 1.47%, with a weekly cumulative increase of 2.92%; and the Dow Jones Industrial Average rose 1.39%, accumulating a gain of 3% for the week.

 

Most large technology stocks advanced. Meta closed up 4.34%, NVIDIA rose 2.47%, $TSLA rose 2.38%, $MSFT  rose 2.32%, Alphabet (Google A) rose 1.69%, while $AMZN  closed down 0.12%.

 

Apple's stock price fell 3.74%. Prior to this, the iPhone maker reported that both its total revenue and profit in the second fiscal quarter exceeded Wall Street's expectations. However, its revenue in the Greater China region fell short of expectations, and tariffs will increase its costs.$AAPL 

Key Events

• Nonfarm Payrolls Data Exceed Expectations: The job growth in the United States remained robust in April, and the unemployment rate stayed stable. This indicates that the uncertainties surrounding Trump's trade policies have not yet had a substantial impact on companies' hiring plans. According to data released by the US Bureau of Labor Statistics on Friday, the nonfarm payroll employment increased by 177,000 in April, and the job growth figures for the previous two months were revised downward. The unemployment rate remained unchanged at 4.2%.
• Singapore's 2025 General Election Voting Day: On May 3rd, Singapore 迎来了 the voting day of the 2025 general election. In this general election, a total of 209 candidates from 11 political parties and 2 independent candidates are competing for 97 parliamentary seats in 33 constituencies.
• Trump Announces: Harvard University's Tax-Exempt Status to be Revoked, Saying "They Deserve It": On May 2nd, local time, US President Trump said that he would revoke Harvard University's tax-exempt status, stating, "This is what they deserve."
• Tesla's Sales in Europe Continue to Plunge: Data released on Friday showed that Tesla's sales in the European market continued to decline sharply in April. Specifically, its sales in Sweden dropped by 81%, reaching the lowest level in two and a half years.

Forex & Commodities

The settlement price of COMEX gold futures rose by $21.10, an increase of 0.65%, closing at $3,243.30 per ounce.

 

The price of light crude oil futures for June delivery on the New York Mercantile Exchange dropped by 95 cents to close at $58.29 per barrel, a decrease of 1.60%; the price of London Brent crude oil futures for July delivery fell by 84 cents to close at $61.29 per barrel, a decline of 1.35%.

 

The US dollar index fell by 0.22% and closed at 100.029 in the late trading of the foreign exchange market.

Key Events

• The US Government Proposes Cutting $163 Billion in Federal Budget for 2026: On May 2nd, local time, the Trump administration of the United States stated in a statement that it would cut $163 billion in federal spending next year. The White House Office of Management and Budget said that compared with the levels set in 2025, the proposed budget would increase defense spending by 13%, homeland security spending by nearly 65%, and cut non-defense discretionary spending by 23%, bringing it down to the lowest level since 2017.

Cryptocurrency

Bitcoin rose 0.2% to $96,829, and the 24-hour trading volume of the cryptocurrency dropped 18% to $26.67 billion.#btc 

 

Ethereum (ETH-USD), the second-largest digital asset by market value, decreased 0.7% to $1,838.

 

XRP (XRP-USD) dropped 0.7%, BNB (BNB-USD) lost 0.3%, while Solana (SOL-USD) fell 1.5%.

 

Dogecoin (DOGE-USD) fell 0.6%, and Cardano (ADA-USD) dropped 2.2%.

 

The total market value of the cryptocurrency industry rose 0.1% in the past 24 hours to $3.01 trillion, with the trading volume falling 14% to $71.9 billion.

Key Events

• The UK to Ban Consumers from Borrowing to Buy Cryptocurrencies under the New Regulatory Regime: UK regulators said on Friday that the UK will restrict consumers from using credit cards to buy cryptocurrencies and limit their access to cryptocurrency lending products. This move aims to strengthen consumer protection when regulating crypto assets for the first time.