ADDX GO Market Morning Wrap - 9th May

Stock Market

On Thursday in Eastern U.S. time, boosted by the news of a trade deal between the U.S. and the U.K., the three major U.S. stock indexes all closed higher, with the Nasdaq up 1%.

 

At the close, the Dow Jones Industrial Average rose 0.62% to 41,368.45; the S&P 500 Index rose 0.58% to 5,663.94; and the Nasdaq Composite Index rose 1.07% to 17,928.14.

 

U.S. President Trump announced at the White House on Thursday that the U.S. and the U.K. had reached a framework for a trade agreement. British Prime Minister Starmer participated via a hands-free phone call at that time. This is the first trade agreement the U.S. has reached with another country since Trump announced the so-called reciprocal tariffs in early April.

 

Large-cap tech stocks generally rose. Tesla and Intel were up more than 3%, while Amazon, Google, and Microsoft were up more than 1%. Nvidia and Meta had slight gains. Netflix was down about 1%. ARM was down more than 6% as the company's earnings guidance fell short of expectations.$TSLA $AMZN $MSFT $NVDA $NFLX 

 

Novavax Pharmaceutical was up about 12% as the company issued sales guidance for the fiscal year 2025 that exceeded expectations. QBTS was up more than 51%, achieving its best single-day performance since May 2023 and leading a group of quantum computing concept stocks.$NVAX $QBTS 

Key Events

• U.S.-U.K. Reached a Trade Agreement: U.S. President Trump announced at the White House on the 8th that the United States and the United Kingdom had reached a new trade agreement, partially withdrawing tariffs in specific areas and further expanding market access for products from both sides. The British government issued a statement on its official website on the same day saying that the U.S. and the U.K. would cut tariffs on each other. Tariffs on steel and aluminum products exported from the U.K. to the U.S. would be removed. The tariff on cars imported from the U.K. to the U.S. would be reduced from the current 27.5% to 10%. In addition, within a certain quota, British agricultural products exported to the U.S. would also enjoy zero tariffs. The U.K. would reduce the tariff on ethanol imported from the U.S. to zero.
• An American Cardinal Elected as the Pope for the First Time, Trump Congratulated: A Historic Moment: On Thursday, local time (May 8th), Cardinal Robert Prevost from the United States was elected as the 267th Pope of the Catholic Church in the papal election in Rome, known as Pope Leo XIV. U.S. President Trump congratulated on this, calling it a historic moment for the United States and expressing his expectation of meeting him.
• India Claims that Indian-administered Kashmir Was Attacked by Pakistan, Pakistan Denies It: The Integrated Defense Staff Headquarters of India claimed that Pakistan used missiles and drones to attack multiple locations in Indian-administered Kashmir. Subsequently, the Indian Ministry of Defense also issued a statement saying that the international border in the Jammu and Kashmir region of India was attacked by Pakistani drones and missiles. According to the established standard operating procedures, kinetic and non-kinetic weapons were used to defuse the threat. There were currently no reports of casualties or material losses.
• Trump is seeking to raise taxes on the wealthy with an annual income of more than $2.5 million: According to sources, U.S. President Trump is pushing to increase the tax rates for some of the richest Americans to offset other tax cuts in his signature economic plan.
• Nintendo expects the first-year sales of Switch 2 to be 15 million units: Nintendo disclosed in its fiscal year 2025 performance that it expects the sales of the Switch 2 game console in the fiscal year 2026 (ending March 31, 2026) to reach 15 million units.

Forex & Commodities

The settlement price of COMEX gold futures fell by $85.9, a drop of 2.53%, to $3,306 per ounce.

 

International oil prices rose significantly on the 8th.

 

At the close of the day, the price of light crude oil futures for June delivery on the New York Mercantile Exchange rose by $1.84 to close at $59.91 per barrel, an increase of 3.17%; the price of London Brent crude oil futures for July delivery rose by $1.72 to close at $62.84 per barrel, an increase of 2.81%.

 

At the end of trading in New York on May 8th, the U.S. dollar index rose by 0.73% to 100.63, and most non-U.S. currencies fell. The euro fell 0.68% against the U.S. dollar to 1.1226, the U.S. dollar rose 1.45% against the Japanese yen to 145.9215, and the U.S. dollar rose 1.00% against the Swiss franc to 0.8319.

Key Events

• The European Union announced a list of US products worth 95 billion euros for retaliation and is ready to resort to the WTO: On Thursday, local time (May 8th), the European Commission announced that it would file a complaint against US tariffs with the World Trade Organization (WTO) and planned to take potential retaliatory measures against US imported products worth 95 billion euros (about 107 billion US dollars), which may include the aircraft manufacturer Boeing.

Cryptocurrency

Major digital assets rose in the late afternoon on Thursday, with Bitcoin (BTC-USD) surpassing the $101,000 level.

 

Bitcoin rose 5.3% to $101,235, and the 24-hour trading volume of the cryptocurrency rose 50.1% to $60.98 billion.

 

Ethereum (ETH-USD)increased 16.8% to $2,097.

 

XRP (XRP-USD) added 6.9%, BNB (BNB-USD) climbed 2.9%, and Solana (SOL-USD) gained 9.8%.

 

Dogecoin (DOGE-USD) surged 11.9%, while Cardano (ADA-USD) jumped 11.8%.

 

The total market value of the cryptocurrency industry rose 6.6% in the past 24 hours to $3.16 trillion, and the trading volume increased 16.9% to $138.58 billion.

Key Events

• Bitcoin Breaks Above $100,000, Standard Chartered Analyst Exclaims: The Target Price of $120,000 Is Too Conservative: When the price of Bitcoin returned above $100,000, an analyst who had predicted that Bitcoin would reach $120,000 in the second quarter said that his prediction "might be too low." Geoffrey Kendrick, the head of digital assets at Standard Chartered Bank, shared a comment with clients via email on Thursday. He said half-jokingly, "I previously set the target price of Bitcoin for the second quarter at $120,000, and it may be too low. I apologize for that."
• Coinbase to Spend Nearly $2.9 Billion to Acquire Deribit, the World's Largest Cryptocurrency Options Trading Platform: The cryptocurrency exchange Coinbase announced on the 8th that it had reached an agreement to acquire Deribit, the world's largest cryptocurrency options and futures trading platform, for nearly $2.9 billion. The deal is expected to be completed by the end of this year. Coinbase said that this acquisition would accelerate the company's global derivatives strategy.

Market Events and Most Anticipated Earnings Releases