Large technology stocks generally rose, Netflix rose more than 7%, Amazon rose more than 5%,appleAnd Meta rose more than 3%. Apple came out of bear market territory with Friday’s gains.
Meanwhile, Twitter shares bucked the trend and plunged 9.7%. Tesla CEO Elon Musk has announced that it is suspending the acquisition of Twitter pending further details on the platform’s fake accounts.
Chip leading stocks generally rose, Nvidia andAMDrose more than 9%,Micronup more than 6%.
Electric vehicle stocks generally rose, Tesla rose 5.71%, Rivian rose 9.88%, Faraday Future rose 21.18%; Weilai rose 9.24%, Xiaopeng rose 11.32%, and Ideal rose 8.45%.
China’s e-commerce stocks generally rose, Alibaba rose 8.51%,JingdongUp 5.92%, Pinduoduo rose 10.20%.
Other popular Chinese concept stocks generally rose, among which Bilibili rose 8.94%, Baidu rose 8.40%, Douyu rose 6.52%, Manbang rose 4.67%, BOSS Zhipin rose 4.48%, Zhihu rose 3.03%, Didi rose 2.05%.
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:
Brendan Connaughton, founder and managing partner of investment firm Catalyst Private Wealth, said Friday’s rally reflected a “zig-zag move” in the market’s search for a bottom.
Some analysts see at least a short-term rebound in stocks following recent losses. However, they cautioned that the downward trend may remain tenacious.
Federal Reserve Chairman Jerome Powell warned in an interview with the media on Thursday night that the Fed’s ability to tighten policy without sinking the economy into a severe downturn is not entirely up to policymakers.
“So the question of whether we can achieve a soft landing may actually depend on factors beyond our control,” Powell said.
In other economic data released on Friday, the University of Michigan’s consumer confidence index fell to 59.1 in May from 65.2 in April, the lowest level in more than a decade. Economists had expected the data to be 64.1.
For the week, the Dow Jones fell 2.1%, the S&P 500 fell 2.4%, and the Nasdaq fell 2.8%. The S&P 500 fell for a sixth straight week, its biggest losing streak since June 2011, according to Dow Jones Market Data. The Nasdaq also fell for a sixth straight week, its longest losing streak since November 2012.