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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, major U.S. stock indexes declined further, with the S&P 500 falling 34 points (-0.45%) to 7,585, the Nasdaq 100 down 189 points (-0.65%) to 28,937, and the Dow Jones down 328 points (-0.63%) to 52,093.
U.S. WTI crude futures advanced 4.44 dollars (+4.38%) to 105.83 dollars a barrel, a four-month high. The U.S. 10-year Treasury yield touched a high of 5.041%, its highest level since July 2007.
Against this backdrop, the U.S. Federal Reserve will announce its interest-rate decision on Wednesday, with markets pricing odds of a 25-basis-point hike at over 90%.
Energy stocks continued to benefit from rallying oil prices, with APA Corp (APA) rising 5.29%, ExxonMobil (XOM) up 2.57%, and Chevron (CVX) up 2.64%.
Semiconductors were mixed after Monday's rout. Qualcomm (QCOM) advanced 4.25% and Advanced Micro Devices (AMD) gained 2.19%, while Broadcom (AVGO) fell 1.58% and Taiwan Semiconductor Manufacturing (TSM) was down 1.02%.
CrowdStrike (CRWD) climbed 3.02% higher after surging 14% in the prior session.
Bitcoin and crypto-related stocks dropped after the U.S. Senate blocked the advancement of the Clarity Act crypto regulatory bill, with Coinbase (COIN) tumbling 10.10%, Strategy (MSTR) down 5.36%, and Robinhood Markets (HOOD) down 3.39%.
European stocks also closed lower, with the DAX 40 dipping 0.15%, the CAC 40 down 0.34%, and the FTSE 100 down 0.37%.
Spot gold stayed soft, easing 5 dollars to 4,293 dollars an ounce.
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The U.S. dollar maintained its strength as the Federal Reserve is widely expected to hike interest rates by 25 basis points on Wednesday.
The New York Empire State Manufacturing Index fell to 7.6 in September (vs 14.7 expected, 20.6 in August).
USD/JPY bounced a further 74 pips to 155.09, while EUR/USD remained subdued at 1.1544.
GBP/USD slipped to 1.3478. The latest U.K. jobless rate held steady at 4.9%, lower than expected. Meanwhile, the Bank of England is expected to keep interest rates unchanged on Thursday.
AUD/USD slipped 8 pips to 0.7132, while USD/CHF advanced to 0.8187, and USD/CAD added 16 pips to 1.3920.
Bitcoin sank more than 3% to 75,300 dollars after the U.S. Senate voted against advancing the Clarity Act.
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In Asian trading hours, USD/JPY climbed to 155.32. Japan's exports rose 28.0% year-on-year in August (vs +26.3% expected), while machinery orders dropped 3.7% month-on-month in July (vs -2.8% estimated).
Meanwhile, EUR/USD fell to 1.1540 and GBP/USD remained subdued at 1.3475.
Gold rebounded to 4,312 dollars.
Bitcoin edged up to 75,958 dollars.
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The U.K. core inflation rate is expected to stay at 2.6% year-on-year in August.
The eurozone's industrial production is estimated to drop 0.2% month-on-month in July.
In the U.S., the Federal Reserve is expected to raise the federal funds rate by 25 basis points to a target range of 3.75% - 4.00%. Also, retail sales are expected to increase by 0.8% month-on-month in August.
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