ADDX GO Market Morning Wrap - 21st May

Stock Market

At the close, the S&P 500 Index fell 0.39% to 5,940.46 points; the Nasdaq Composite Index dropped 0.38% to 19,142.71 points; and the Dow Jones Industrial Average declined 0.27% to 42,677.24 points.

Most large technology stocks fell, with Amazon and Google dropping more than 1%. Travel services and cruise concept stocks led the decline, with Norwegian Cruise Line and Airbnb falling over 3%.

 

Precious metals metals sector rose significantly, with Vista Gold surging over 16%, Cortez Gold Mines up over 5%, Harmony Gold rising over 4%, and Gold Fields and Pan American Silver gaining over 3%.

 

In other global markets, China's Hang Seng HSI rose 1.49%,  India's Sensex and Nifty 50 fell over 1%.

Key Events

• Musk announces drastic reduction in political activities and spending, focuses on running the company: On May 20 local time, U.S. entrepreneur Elon Musk stated he remains committed to serving as Tesla's CEO for the next five years unless he passes away. Additionally, Musk mentioned that Starlink may go public in the future.
• "Star Wars" 2.0? Trump to announce the multi-billion-dollar "Golden Dome" plan: Media reports indicate that U.S. President Trump will officially announce the "Golden Dome" missile defense plan on Tuesday, expected to cost at least tens of billions of dollars and require multiple years to implement.
• Forced into action? Apple reportedly ready to play its AI trump card-opening large model permissions to developers: Renowned tech journalist Mark Gurman wrote that Apple is preparing to allow third-party developers to use its artificial intelligence models to write software, aiming to boost the development of new applications and enhance the appeal of its devices.
• Google I/O Conference: Search enters the multi-modal AI era: U.S. tech giant Google held its annual I/O Developer Conference. In addition to the expected massive AI application updates, the Android XR platform, which drew intense capital market attention, made its debut as scheduled, overshadowing a host of AI products.

Forex & Commodities

COMEX gold futures settled up $51.10, or 1.58%, at $3,284.60 per ounce.

 

At the close of the day, the price of light crude oil futures for June delivery on the New York Mercantile Exchange fell 13 cents to settle at $62.56 per barrel, a decline of 0.21%; the price of London Brent crude oil futures for July delivery fell 16 cents to settle at $65.38 per barrel, a decline of 0.24%.

 

At the end of trading in New York , the U.S. Dollar Index fell 0.35% to 100.02, with most non-U.S. currencies rising.

Key Events

• Expectations of U.S. dollar depreciation heat up! Options market sends most pessimistic signal ever: It is reported that the one-year risk reversal index of the Bloomberg U.S. Dollar Index (a measure of the cost of buying and selling a currency in the options market) shows that the premium of put options over call options has reached -27 basis points – the index turning negative indicates that traders have begun paying premiums to hedge against the risk of U.S. dollar depreciation over the next 12 months. This value is the lowest on record.

Cryptocurrency

Bitcoin rose 1.1% to $106,635, the cryptocurrency's 24-hour trading volume falling 22.7% to $521.5 billion.

 

Ethereum (ETH-USD) fell 1% to $2,485.

 

XRP (XRP-USD) lost 1.5%, BNB (BNB-USD) dipped 0.2%, and Solana (SOL-USD) rose 0.5%. Dogecoin (DOGE-USD) gained 0.4%, and Cardano (ADA-USD) declined 0.8%.

 

The total market value of the cryptocurrency industry rose 0.6% in the past 24 hours to $3.34 trillion, with trading volume down 21% to $1196.6 billion.

Key Events

• 2025 Bitcoin Conference approaching! U.S. Vice President Vance publicly endorses–can it boost Bitcoin to new highs? The 2025 Bitcoin Conference will be held in Las Vegas from May 27-29. This super-gathering of tech giants, financial leaders, policymakers, and crypto pioneers will not only redefine Bitcoin's future role but may also become a benchmark for digital currency regulation in the U.S. and globally.
• Trump's "top donor" appears: Justin Sun confirms attendance at presidential dinner. Cryptocurrency figure Justin Sun confirmed on Tuesday that he will attend U.S. President Trump's dinner as the largest holder of "Trump meme coins."

Market Events and Most Anticipated Earnings Releases