On Friday, U.S. time, U.S. stocks closed down across the board, with all major indexes recording losses this week. Investors’ fears that the U.S. economy could slip into stagflation intensified as they reviewed April jobs data. The Dow Jones closed at 32,899.37 points, down 98.60 points, or 0.30%; the S&P 500 closed at 4,123.34 points, or 0.57%; the Nasdaq Composite closed at 12,144.66 points, or 1.40%.
Large technology stocks generally fell, Apple bucked the trend, but rose no more than 1%; Netflix fell nearly 4%, and Meta fell more than 2%.
Most of the leading chip stocks fell, with Broadcom and AMD rising against the trend, with AMD rising more than 1%.
Electric vehicle stocks generally fell, Tesla fell 0.87%, Rivian fell 6.25%, Faraday Future bucked the trend and rose 3.04%; Weilai fell 2.99%, Xiaopeng fell 3.59%, and Ideal fell 3.46%.
Zhongjian e-commerce stocks generally fell, with Alibaba down 4.85%, JD.com down 6.36%, and Pinduoduo down 5.19%.
Zhongjian online education stocks generally fell, NetEase Youdao fell 9.12%, Gaotu fell 6.33%, Good Future fell 4.20%, and New Oriental fell 2.48%.
Other popular Chinese concept stocks generally fell, among which Zhihu fell 12.64%, Didi fell 10.31%, Manbang fell 9.33%, BOSS Zhipin fell 8.26%, Baidu fell 5.90%, and Bilibili fell 3.02%.
Specifically, the major technology stocks in the U.S. stock market performed as follows:
The major chip stocks in the U.S. stock market performed as follows:
The performance of major Chinese concept stocks listed in the United States is as follows:
“This week has been chaotic and volatile, to say the least. We’re in a somewhat volatile market right now,” said Keith Lerner, co-chief investment officer at Trust Advisory Services.
The U.S. added 428,000 jobs in April, according to a report released by the Bureau of Labor Statistics on Friday. But a severe labor shortage has barely improved last month, which may fuel investor concerns about inflation, which has risen to the highest level in 40 years. Economists had expected the U.S. to add 400,000 jobs in April.
A sharp drop in U.S. productivity data in the first quarter released on Thursday, along with rising unit labor costs, were also cited as factors for the day’s decline in stocks. That contradicts assertions by Powell and other top Fed officials who believe they can achieve a so-called soft landing — lowering inflation without bringing economic growth to a standstill.
Meanwhile, moves in the U.S. Treasury market appear to be affecting stocks. The yield on the 10-year U.S. Treasury note rose to 3.13% for the first time since 2018 on Friday, but retreated later in the day.
For the week, the Dow and S&P 500 have each lost 0.2%, while the Nasdaq has lost 1.5%. The Nasdaq and the S&P dropped for a fifth straight week, while the Dow fell for the sixth straight week, Dow Jones market data showed.
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