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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. stocks encountered a heavy sell-off, with the S&P 500 falling 80 points (-1.17%) to 6,772, and the Nasdaq 100 down 537 points (-2.07%) to 25,436.
The Dow Jones Industrial Average dropped 251 points (-0.53%) to 47,085.
Chief executives of major Wall Street firms Morgan Stanley and Goldman Sachs warned of a stock-market drawdown, citing very high valuations.
Artificial-intelligence-related stocks led the market lower.
Palantir (PLTR) tumbled 7.94% even though the company’s quarterly results and forward guidance exceeded market expectations.
Nvidia (NVDA) fell 3.96%, Alphabet (GOOGL) dropped 2.18%, and Amazon (AMZN) retreated 1.84%.
Tesla (TSLA) lost 5.15%. Norway’s sovereign wealth fund opposed Tesla CEO Elon Musk’s compensation plan.
On the other hand, Yum! Brands (YUM) traded 7.30% higher after saying it is considering a potential sale of Pizza Hut.
In after-market hours, Advanced Micro Devices Inc (AMD) declined 5% despite the chip-maker giving an upbeat fourth-quarter revenue forecast on strong demand for its AI-related chips.
The U.S. 10-year Treasury dipped 2.5 basis points to 4.083%.
In Europe, the DAX 40 declined 0.76%, the CAC 40 was down 0.52%, while the FTSE 100 gained 0.14%.
Gold price failed to secure the key level of 4,000 dollars an ounce, sliding 70 dollars (-1.74%) to 3,932 dollars an ounce.
U.S. WTI crude futures retreated 49 cents to 60.56 dollars a barrel.
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The U.S. dollar kept strengthening, with the dollar index surpassing the key level of 100.
EUR/USD extended its decline to a fifth session, falling 49 pips to a four-month low of 1.1482.
GBP/USD dropped 118 pips to 1.3021, a seven-month low. U.K. finance minister Rachel Reeves warned of "hard choices" of raising taxes.
USD/JPY fell 56 pips to 153.65.
AUD/USD declined 53 pips to 0.6484. As widely expected, Australia’s central bank maintained its key interest rate unchanged at 3.60%.
USD/CHF rose 26 pips to 0.8104, and USD/CAD gained 49 pips to 1.4104.
Bitcoin remained under heavy selling pressure, once sinking over 6,000 dollars or 6% to levels below 100,000 dollars.
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In Asian trading hours, EUR/USD traded slightly higher at 1.1492, while USD/JPY fell further to test support at the level of 153.00.
GBP/USD remained subdued at 1.3020, and AUD/USD sank further to 0.6469.
Gold price was little changed at 3,936 dollars an ounce.
Bitcoin struggled to keep the level of 101,000 dollars.
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The U.S. Institute for Supply Management (ISM) services index is expected to rise to 50.8 in October.
The U.S. ADP jobs report is expected to show an addition of 20,000 private jobs in October.
Germany's factory orders are expected to increase 1.5% month on month in September.
France's industrial production may grow 0.5% month on month in September.
The Eurozone's producer price index is expected to fall 0.3% year on year in September.
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