ADDX GO Market Morning Wrap - 28th May
Stock Market
On Tuesday, Eastern Time in the United States, the three major US stock indexes closed higher across-the-board. Trump's postponement of tariffs on the European Union and the significant rebound in the US consumer confidence index boosted investors' risk appetite.
At the close, the Dow Jones Industrial Average rose 740.58 points, or 1.78%, to 42,343.65; the Nasdaq Composite Index rose 461.96 points, or 2.47%, to 19,199.16; and the S&P 500 Index rose 118.72 points, or 2.05%, to 5,921.54.
Large-cap tech stocks generally rose. Tesla rose nearly 7%, Nvidia rose more than 3%, and Apple, Microsoft, Amazon, Google, and Meta rose more than 2%.
Automobile manufacturing and semiconductor equipment led the gains. Stellantis rose nearly 6%, Lam Research and KLA Corporation rose more than 4%, ASML and Lucid rose more than 3%, and Toyota Motor rose more than 2%.
Gold stocks declined. Gold Resource fell more than 6%, and Kinross Gold fell more than 4%. After the FDA halted its gene therapy trial, Rocket Pharma's stock price closed down more than 62%. Trump Media & Technology Group fell more than 10%.
Global Hotspots
- Charles III Presides over the Opening of the Canadian Parliament, Stressing that Canada Faces Unprecedented Challenges: On Tuesday, local time, King Charles III of the United Kingdom presided over the opening of the Canadian Parliament and delivered a speech. He stated that Canada is facing unprecedented challenges and that the world has never been as dangerous as it is now.
- The "Trump Turbulence" Spurs a Rush to Buy Physical Gold, and Global Tycoons Focus on Singapore's Vaults: As US President Trump wields the "tariff stick" indiscriminately and economic and geopolitical uncertainties continue to disrupt the market, an interesting phenomenon has emerged: Super-rich individuals are turning their attention to the more secure physical gold and transferring it overseas, and Singapore is becoming a popular destination.The reason is simple: Singapore has a giant 32-meter-high vault-"The Reserve".
- The Trump Administration Orders US Embassies and Consulates to Halt New Student Visa Interviews: According to a report by the US political news website "Politico" on the 27th, the Trump administration in the United States is considering requiring all foreign students applying to study in the US to undergo social media screening. A cable signed by US Secretary of State Rubio on the 27th states that, in preparation for implementing this screening requirement, the Trump administration has ordered US embassies and consulates to stop scheduling new interviews for student visa applicants.
Company News
- Rocket Pharma's Gene Therapy Trial Halted by the FDA: After a patient died from serious complications, the US Food and Drug Administration (FDA) announced the suspension of the pivotal Phase 2 clinical trial of the gene therapy for Danon disease by biopharmaceutical company Rocket Pharma. Affected by this news, Rocket Pharma's stock price closed down more than 60% on Tuesday.
- The US Government Deeply Intervenes in the US Steel Merger and Acquisition Case: Executives Must Be Americans, and the Government Should Control "Golden Shares". According to media reports, in the potential acquisition of US Steel by Nippon Steel, the US government is expected to obtain "golden shares" of US Steel, which will give the US government a veto power over US Steel's decisions.
- Musk Announces Return to "Full-Time Employee" Status, and Tesla's Stock Price Soars Accordingly: On Tuesday, Tesla rose nearly 7%, hitting its highest level since February, and has rebounded nearly 70% from its low in April. Elon Musk, the world's richest man and CEO of Tesla, posted on the social platform X that he has returned to a state of working "24 hours a day, seven days a week", sometimes even sleeping in conference rooms, server rooms, or factory rooms.
Forex & Commodities
International oil prices fell on May 27.
At the close of the day, the settlement price of the WTI crude oil futures continuous contract for the current month on the New York Mercantile Exchange fell by 0.64 cents to $60.89 per barrel, a decrease of 1.04%.
The settlement price of the Brent crude oil futures continuous contract for the current month on the London market fell by 0.55 cents to $63.57 per barrel, a decrease of 0.86%.
The COMEX gold futures continuous contract for the current month fell by $66.20, a decrease of 1.95%, to $3,328.3 per ounce.
In late trading in New York, the US Dollar Index rose 0.64% to 99.6147, and most non-US currencies declined.
Key Events
- Florida in the US Signs a Bill Recognizing Gold and Silver as Legal Tender: On Tuesday, local time, Florida Governor Ron DeSantis signed a bill recognizing gold and silver as legal tender in the state, saying this move is to protect Floridians from the devaluation of the US dollar.
- Internal Divergence of the Federal Reserve Exposed: According to the latest news, Federal Reserve officials revealed that there is currently a "debate" within the Federal Reserve: Some Federal Reserve officials call for regarding the impact of tariff policies as a temporary inflation shock and prioritize supporting US economic growth through interest rate cuts; while others believe that the medium-and long-term impact of tariffs may still be unclear, so monetary policy needs to be more cautious.
Cryptocurrency
Bitcoin rose 0.8% to $109,899, and the 24-hour trading volume of the cryptocurrency surged 15.8% to $55.35 billion.
Ethereum (ETH-USD), the second-largest digital asset by market value, rose 5.7% to $2,686.
XRP (XRP-USD) gained 1.3%, BNB (BNB-USD) rose 2.7%, and Solana (SOL-USD) climbed 2.3%.
Dogecoin (DOGE-USD) was up 1.5%, and Cardano (ADA-USD) surged 1.4%.
The total market value of the cryptocurrency industry rose 1.6% in the past 24 hours to $3.47 trillion, with trading volume up 20.9% to $129.36 billion.
Key Events
Market Events and Most Anticipated Earnings Releases
