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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, tech stocks led a market rebound, with the Nasdaq 100 rising 633 points (+2.28%) to 28,374, the S&P 500 up 98 points (+1.31%) to 7,619, and the Dow Jones up 254 points (+0.49%) to 52,486.
CoreWeave (CRWV), an AI cloud infrastructure provider, soared 24.71%, its biggest daily percentage gain in more than three months, after reporting better-than-expected third-quarter results and raising its full-year revenue guidance.
Other AI-infrastructure stocks also showed strong gains, with Nebius Group (NBIS) rising 15.44%, Bloom Energy (BE) up 12.97%, and Dell Technologies (DELL) up 11.75%.
Nvidia (NVDA) rose 2.87%, snapping two sessions of sharp declines, though it finished well off its session highs. House Republicans have asked company founder and CEO Jensen Huang for a closed-door briefing.
Semiconductor stocks rallied broadly, with Arm Holdings (ARM) jumping 12.05%, Micron Technology (MU) up 11.89%, Intel (INTC) up 7.52%, Advanced Micro Devices (AMD) up 7.32%, Taiwan Semiconductor Manufacturing (TSM) up 4.25%, and Broadcom (AVGO) up 3.99%.
In fact, the Philadelphia Semiconductor Index jumped 5.66%, filling back the bearish gap which was opened when it plunged 12% last Thursday.
Data-storage stocks also outperformed the market, with Sandisk (SNDK) rising 13.69%, Seagate Technology (STX) up 9.99%, and Western Digital (WDC) gaining 8.34%.
Tesla (TSLA) advanced 2.91%, extending its rebound to a fourth session, Apple (AAPL) gained 2.04%, and Alphabet (GOOGL) was up 2.11%, while Amazon (AMZN) fell 1.74% and Meta Platforms (META) declined 1.97%.
Microsoft (MSFT) declined another 2.26% after losing 2% in the prior session.
Costco Wholesale (COST) rose 2.01% after declaring a special cash dividend of 30 dollars a share.
The U.S. bond market was closed on Veterans Day.
European stocks advanced, with the DAX 40 rising 1.20%, the CAC 40 up 0.66%, and the FTSE 100 up 0.78%.
U.S. WTI crude futures edged up 49 cents to 86.53 dollars a barrel.
Spot gold lost the 4,000-dollar handle again, as it dropped 44 dollars (-1.10%) to 3,988 dollars an ounce.
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The U.S. dollar strengthened across the board for a second session, with EUR/USD falling 75 pips to 1.1088 and USD/JPY up 111 pips to 159.84.
In view of hotter-than-expected October inflation data, Wall Street firm Goldman Sachs said it now expects the U.S. Federal Reserve to hike interest rates by 25 basis points in December and in March.
GBP/USD fell 70 pips to 1.3274, and AUD/USD dropped 20 pips to 0.6845.
USD/CHF gained 80 pips to 0.8331, and USD/CAD was up 61 pips to 1.4249.
Bitcoin regained the level of 74,000 dollars.
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In Asian trading hours, Nvidia (NVDA) slid 8% on reports that the company’s board may consider ousting CEO Jensen Huang.
The U.S. dollar remained firm, with EUR/USD trading lower to 1.1075 and GBP/USD to 1.3257.
USD/JPY was buoyed at 159.80, while AUD/USD remained subdued at 0.6841.
Spot gold slipped further to 3,979 dollars an ounce following two losing sessions.
Bitcoin sank back to levels below 74,000 dollars.
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The U.S. is expected to report a higher initial jobless claims of 195,000.
U.S. existing home sales are expected to grow 0.3% month on month in October.
U.K. gross domestic product is expected to show no growth month on month in September.
Canada's building permits may fall 4.0% month on month in September.
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