On May 10, local time, the US stock market closed with mixed gains as the three major indexes saw varied movements. The Dow rose by 0.32%, marking its eighth consecutive daily gain, while the S&P 500 index rose by 0.16%. However, the Nasdaq fell by 0.03%.
Most large technology stocks experienced declines, with Tesla dropping more than 2%, Amazon falling by over 1%, and other major tech companies like Intel, Apple, Netflix, and Google also registering slight decreases. On the other hand, Nvidia saw a rise of more than 1%, while Microsoft and Meta saw slight increases.
Chinese concept stocks also saw a downward trend, with the Nasdaq China Golden Dragon Index falling by 0.58% and dropping by 1.93% over the week. Companies like Xpeng Motors, NIO, and Li Auto faced significant losses, while others like Alibaba, Vipshop, Bilibili, Manbang, and NetEase saw slight increases.
In the pharmaceutical sector, Novavax Pharmaceuticals saw a significant increase of more than 135% after partnering with French pharmaceutical giant Sanofi in a billion-dollar cooperation agreement. Novavax’s COVID-19 vaccine will be jointly commercialized with Sanofi, leading to a surge in Novavax’s stock price.
Another company that made headlines was Ji Krypton, a Chinese new energy vehicle company that soared by 34.57% on its first day of listing on the New York Stock Exchange. The company raised approximately $441 million through its IPO, making it the fourth Chinese new energy vehicle company to list in the US.
The rise in international gold prices was also notable, with gold futures rising 1.5% to close at $2,375 per ounce. Federal Reserve officials hinted at possible interest rate cuts, with Bowman and Bostic suggesting that the Fed may cut rates later this year.
Overall, the US stock market saw a mix of gains and losses across different sectors, reflecting the ongoing volatility and uncertainty in the market. Investors need to stay vigilant and adjust their strategies accordingly to navigate these fluctuations.