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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the S&P 500 closed 29 points lower (-0.38%) at 7,719, and the Dow Jones dropped 272 points (-0.51%) to 53,414, while the Nasdaq 100 rose 62 points (+0.21%) to 29,544.
The August U.S. official jobs report came in much stronger than expected, with nonfarm payrolls increasing by 162,000, well above the 56,000 expected, and the jobless rate holding steady at 4.1%.
The U.S. 10-year Treasury yield added 1.2 basis points to 4.784%, halting a two-session retreat.
Following the strong labor market data, traders are now pricing roughly a 60% chance of the Federal Reserve hiking interest rates by 25 basis points at its policy meeting next week, according to the CME Group's FedWatch Tool. The market’s focus will turn to producer price data due Thursday and consumer price data due Friday ahead of the Fed’s rate decision.
Meta Platforms (META) gained 1.00% on Friday, posting a four-session rally.
Nvidia (NVDA) added 0.84%, closing in on its record high of 236.54 dollars.
Tesla (TSLA) fell 5.92%, as investors seemed disappointed by the electric-vehicle maker’s Cybercab event.
Lululemon Athletica (LULU) sank 17.38% after the athletic apparel retailer cut its full-year guidance.
Semiconductor and data-storage stocks outperformed the market, with Micron Technology (MU) jumping 6.10%, Marvell Technology (MRVL) up 7.05%, Advanced Micro Devices (AMD) up 4.69%, and SanDisk (SNDK) surging 11.90%.
Fair Isaac (FICO) gapped down 16.68% after the director of the U.S. Federal Housing Finance Agency vowed to end the credit-scoring firm’s monopoly in mortgage scoring.
In Europe, the DAX 40 gained 0.17%, while the CAC 40 dipped 0.09%, and the FTSE 100 was largely flat at the close.
Over the weekend, U.S. military forces said they struck three Iranian crude oil carriers in the Middle East after the Islamic Revolutionary Guard Corps launched ballistic missiles toward two U.S. Navy warships in the region.
In early Asian trading hours on Monday, U.S. WTI crude futures advanced further to 92.13 dollars a barrel, extending their rally to a sixth straight session.
Spot gold was lower at 4,427 dollars an ounce.
U.S. markets are closed on Monday (September 7) for the Labor Day holiday.
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In early Asian trading hours on Monday, the U.S. dollar remained buoyed against the backdrop of strong labor market data and higher Treasury yields.
EUR/USD dipped to 1.1613, while USD/JPY traded higher at 156.26.
The European Central Bank is widely expected to increase its key interest rates by 25 basis points on Thursday.
GBP/USD was lower at 1.3516, while AUD/USD held firm at 0.7205.
USD/CAD retained gains made on Friday, trading at 1.3836. Canadian data pointed to a softening labor market, with the number of employed people falling by 41,700 in August (vs +15,000 expected, +75,000 in July) and the jobless rate holding at 6.4%.
Bitcoin continued attempting to reclaim the key 80,000-dollar level.
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In Asian trading hours, EUR/USD and GBP/USD both remained subdued, at 1.1608 and 1.3506 respectively.
Meanwhile, USD/JPY was relatively steady at 156.21.
Gold fell to 4,414 dollars.
Bitcoin was trading around 80,000 dollars.
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U.S. markets are closed for Labor Day.
Germany's industrial production is estimated to grow 0.3% month-on-month in July.
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