Monday, stocks plummeted 9.6% in Asia, and 4.6% in Europe but stabilized to just a 1% loss in the U.S. on 29B shares traded. The 10-Year U.S. Treasury bond yield shot up 4% to end at 4.16. Precious metals fell 1% and their miners lost twice that amount. The Dow closed below 38,000.
Tuesday, stocks bounced back 2.3% in Asia and 2.7% in Europe but fell 1.4% in the U.S. on 24B shares traded. The VIX ramped up 11% to end at 52.33. The 10-Year U.S. Treasury bond yield rose 3% to end at 4.26. Precious metals closed up 1%. The S&P 500 Index closed below 5000, and Apple ended under 180.
Wednesday, stocks fell 1.7% in Asia and 3.6% in Europe but exploded 7.0% higher in the U.S. on 31B shares traded as President Trump announced a 90-day pause in tariffs for those countries willing to negotiate trade policy. The VIX slid 36% to end at 33.62. The 10-Year U.S. Treasury bond yield uncharacteristically rose 3% to end at 4.40. The Dow, NASDAQ, S&P 500, and NYSE indices closed above their respective 40,000, 17,000, 5400, and 18,000 benchmarks. Apple and IBM ended above their respective 190 and 230 levels. The monthly CPI news came in rather tame but seemed to have little effect on the markets.
Thursday, stocks rose 5.7% in Asia and 3.8% in Europe but tumbled 2.7% in the U.S. on 24B shares traded. The VIX shot up 21% to close at 40.72. Precious metals gained 2% and their miners moved up 5%. The Dow, NASDAQ, S&P 500, and NYSE indices closed below their respective 40,000, 17,000, 5300, and 18,000 benchmarks. IBM landed below 230.
Friday, stocks fell slightly in Europe but gained 0.34% in Asia and 1.8% in the U.S. on 20B shares traded. The VIX fell 8% to end at 37.56. The 10-Year U.S. Treasury bond yield rose 2% to end at 4.49. Precious metals gained another 2% and their miners moved up another 5%. Gold climbed relentlessly higher to end at another record close — supplanting the falling dollar and U.S. Treasuries as the new flight-to-quality trade. The Dow, S&P 500, and NYSE indices closed above their respective 40,000, 5300, and 18,000 benchmarks. Apple and IBM ended above its 230 level. Finally, the Federal Reserve balance sheet rose 4B to 6.73T.