ADDX GO Market Morning Wrap - 15th May

Stock Market

On Wednesday, The Dow dipped, S&P eked out a third gain, Nasdaq extended its streak.

 

The Dow Jones Industrial Average dipped, the S&P 500 eked out a third straight gain, and the Nasdaq Composite extended its winning streak to six sessions. At close, the S&P 500 edged up 0.1% to 5,892.58, rebounding after fully recovering its annual losses  the prior day. The Nasdaq rose 0.72% to 19,146.81, marking its sixth consecutive daily advance.

Large technology stocks showed mixed performance (sorted by market capitalization): Microsoft rose 0.85%, NVIDIA surged 4.16%, Apple fell 0.28%, Amazon dropped 0.53%, Google C gained 3.68%, Meta rose 0.51%, and Broadcom declined 0.13%.

Tesla's stock price rose 4.07%. Elon Musk held talks with the Governor of the Qatar Central Bank and the Chairman of the Qatar Investment Authority. In addition, data showed that Tesla's Shanghai Gigafactory exported nearly 30,000 Model 3 and Model Y vehicles in April, hitting a nearly one-year high.

Key Events

• White House: Trump Secures $1.2T Qatar Deal. The White House said in a statement that Trump signed an agreement with Qatar worth at least $1.2T. Trump also announced that the U.S. and Qatar reached economic agreements totaling over $243.5 billion, including Qatar's purchase of Boeing passenger jets and armed drones from the U.S.
• Saudi Aramco Signs 34 deals with Multiple U.S. Companies, Total Value Up to $90B. As Trump left Saudi Arabia for Qatar, Saudi Aramco signed cooperation documents with multiple U.S. enterprises, with a total value potentially reaching approximately $90 billion.
• Kremlin Response: Russian Delegation to "Await" Ukrainians in Turkey. On Wednesday (May 14), Russian Presidential Spokesperson Peskov said the Russian delegation would wait for the Ukrainian delegation in Istanbul on Thursday for direct talks.
• Trump's Warning: Iran Will Never Possess Nuclear Weapons. On Tuesday (May 13), U.S. President Trump called Iran the "most destructive force" in the Middle East, accusing it of causing regional instability and warning that the U.S. would never allow Iran to acquire nuclear weapons.

Forex & Commodities

The settlement price of COMEX gold futures fell by $59.50, a decline of 1.83%, to $3,188.30 per ounce.

 

Analysts said the weakening safe-haven demand and uncertainty over Fed rate cuts were the main factors pressuring gold recently.

 

International oil prices fell on Wednesday.

 

By the close of the day, the price of light crude oil futures for June delivery on the New York Mercantile Exchange fell 52 cents to close at $63.15 per barrel, a decline of 0.82%; the price of Brent crude oil futures for July delivery fell 54 cents to close at $66.09 per barrel, a decline of 0.81%.

 

On May 14, the U.S. Dollar Index rose 0.10% to 101.08 in late New York trading, with most non-U.S. currencies declining.

Key Events

• OPEC Members Agreeing to Increase Production Only Added 25,000 Barrels per Day in April, Far Below the Planned 138,000 Barrels per Day: In April, OPEC+ members cautiously launched their long-awaited oil production increase plan, which was scheduled to accelerate production growth in the coming months. An OPEC monthly report showed that the eight countries that agreed to increase supply only added a total of 25,000 barrels per day last month, far below the planned 138,000 barrels per day. OPEC+ recently decided to triple the supply growth in May and June. Saudi Arabia even warned that oil prices could surge further in the coming months.
• Canada's New Prime Minister Positions Country as an Energy Superpower, Vowing to Restart East-West Oil Pipelines: Canadian Prime Minister Kearney said on Tuesday that he is willing to revise federal regulations that hinder energy project construction and natural resource development. Kearney reiterated that he will promote the construction of an east-west crude oil pipeline with national consensus, positioning Canada as an energy superpower, including but not limited to oil and gas production.
• Rumors of U.S.-South Korea Exchange Rate Talks Revive Concerns about the "Mar-a-Lago Agreement," Pressuring the U.S. Dollar: As news of "U.S.-South Korean officials discussing exchange rate policies" emerged on Wednesday, market speculation about the Trump administration pushing for U.S. dollar depreciation heated up, sending the dollar back into a weakening trend. Citing informed sources, media reported that during the May 5 meeting in Milan, South Korean Vice Minister of Strategy and Finance Choi Jae-young met with U.S. Assistant Secretary of the Treasury for International Finance Robert Kapito to "discuss exchange rate policies" and would "continue related conversations."

Cryptocurrency

Bitcoin fell 1.1% to $103,413, with the cryptocurrency's 24h volume dropping 4.4% to $49.04 billion.

 

Ethereum (ETH-USD), the second-largest digital asset by market capitalization, fell 3.5% to $2,604.

 

XRP (XRP-USD) dropped 1%, BNB (BNB-USD) fell 2.5%, and Solana (SOL-USD) declined 3%.

 

Dogecoin (DOGE-USD) fell 2.7%, and Cardano (ADA-USD) dropped 4.4%.

 

The total market value of the cryptocurrency industry fell 1.9% in the past 24 hours to $3.34 trillion, with trading volume rising 0.2% to $140.8 billion.

Key Events

• Cryptocurrency and stock trading platform eToro saw its market value soar to $5.4 billion after listing on the Nasdaq: The stock brokerage platform eToro's stock price rose 29% on Wednesday to close at around $67.The company said in a statement that it issued 6 million shares at $52 per share through its initial public offering, raising $310 million. Nasdaq data shows the company is valued at  $5.4 billion.

Market Events and Most Anticipated Earnings Releases