Sino-Singapore Jingwei, May 6th. On Friday, US stocks still opened lower, the Nasdaq and the Dow fell 0.6%, the S&P 500 fell 0.5%; Weilai Automobile fell 2.5%, Tesla fell 1.45%, Virgin Galactic fell nearly 6%.

  Source of U.S. stock trends as of press time: Wind

  The decline in U.S. stocks at the beginning of the session expanded rapidly. As of now, the Dow is down 1.31%, the Nasdaq is down 2.49%, and the S&P 500 is down 1.68%.

  U.S. stocks of new energy vehicles generally fell. Tucson fell nearly 10% in the future, Lucid Group fell nearly 6%, Rivian fell more than 5%, NIO fell 2.5%, and Tesla fell 1.45%.

  Popular Chinese concept stocks generally fell, iQiyi fell by more than 7%, Didi fell by more than 6%, Bilibili fell by more than 5%, and Alibaba fell by more than 4%.

  Major European stock indexes also fell, with France's CAC40 down 2%, Germany's DAX down 1.92%, Britain's FTSE 100 down 1.42%, and Europe's Stoxx50 down 2.18%.

  U.S. stocks have fluctuated sharply this week. On Wednesday, the Federal Reserve raised interest rates by 50 basis points as scheduled. Federal Reserve Chairman Powell said that he would not consider a single rate hike of 75 basis points. U.S. stocks rose sharply on the day.

  U.S. stocks ended sharply lower on Thursday, with all three major stock indexes paring gains from the previous day.

The Dow closed down 3.1% on the day, the largest one-day percentage drop since October 28, 2020; the S&P 500 fell 3.6%; the Nasdaq fell 5%, the largest one-day percentage drop since June 11, 2020 decline.

  In terms of data, the U.S. Department of Labor released April non-farm payrolls showing that non-farm payrolls increased by 428,000 after a seasonally adjusted April, the smallest increase since September 2021, but still slightly higher than expected; the unemployment rate was 3.6%, the Labor Department said. It said employment growth was broad-based, led by gains in leisure and hospitality, manufacturing, and transportation and warehousing.

  According to foreign media reports, Bednarik, a senior analyst at FXStreet, analyzed that although the number of non-farm payrolls in April was lower than the previous month, it was still an optimistic number, which is still in line with Powell’s previous forecast that the unemployment rate will remain around 3.5%.

The upbeat numbers will prove that the Fed is still on the right path for interest rates, which in turn will stimulate further dollar strength.

(Sino-Singapore Jingwei APP)

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