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Wealth Daily 20 April 2022

WEALTH DAILY 2022-04-20
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Shares on Wall Street staged a strong rebound on Tue. Somewhat unusually, the strong performance of US equities coincided with a jump in government bond yields. The US 30-year Treasury bond hit 3% for the first time in three years. 

The Dow Jones Industrial Average gained 499.51 pts, or 1.45%, higher to close at 34,911.20. The broader S&P 500 index rose 1.61%. The tech-heavy Nasdaq Composite advanced 2.15%. The small-cap Russell 2000 gained 2.04%. 

Tech giants Apple (AAPL US, +1.41%), Microsoft (MSFT US, +1.70%), Amazon (AMZN US, +3.49%), Alphabet (GOOGL US, +1.83%), Nvidia (NVDA US, +1.91%), and Meta Platforms (FB US, +3.1%) all rose. 

After the close, Netflix (NFLX US, +3.18%) reported that its streaming service lost 200,000 customers in the 1Q, and projected it will lose 2m more in the current quarter. In extended-hours trading, Netflix shares have plunged 25.73%.  Other streaming stocks Roku (ROKU US, +8.22%) and Walt Disney (DIS US, +3.23%) fell 6.15% and 4.28% post-trading after Netflix’s results. 

The yield on the 10-year Treasury note notched up 8.34 basis points (bps) to 2.9361%. The yield on the US 2-year treasury jumped 14.35 bps to 2.5915%. 

Across the pond, the yield of the German 10-year bund rose 6.8 bps to 0.91%, and the UK 10-year gilt rose 7.8 bps to 1.967%. Those are cycle highs for both of the bonds. 

Oil sank on global growth concerns. The front-month Brent and WTI futures closed down $5.91 at US$107.25/bbl and $5.65 at US$102.56/bbl respectively. 

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.18% to 100.961. 

The most actively traded US gold futures (Jun) contracts settled down $27.40, or 1.4%, at US$1,959.00/oz. May silver, which is the most actively traded silver futures, fell 75.9 cents, or 2.9%, to end at US$25.391/oz. 

European equity markets finished lower on Tue. The UK FTSE lost 0.20%, France's CAC 40 fell 0.83%, while the German DAX retreated 0.07%.

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