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Market Wrap: Stocks, Bonds, Commodities |
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U.S. stocks rallied on Monday after the U.S. and Iran reached a peace agreement. The S&P 500 climbed 122 points (+1.65%) to 7,554, the Nasdaq 100 rose 907 points (+3.06%) to 30,543, and the Dow Jones gained 468 points (+0.92%) to 51,671, a new record close.
Top-performing sectors were Technology (XLK), Consumer Discretionary (XLY) and Industrials (XLI), while Energy (XLE), Real Estate (XLRE) and Health Care (XLV) lagged.
The NY Empire State Manufacturing Index fell to 5.7 in June, missing the 12 forecast. Industrial production rose 0.1% month-on-month in May, short of the 0.3% expected.
Nvidia (NVDA) rose 3.54% as the company prepared to sell investment-grade bonds, seeking at least 20 billion dollars across seven maturities ranging from two to 30 years.
Alphabet (GOOGL) gained 2.69% after announcing a 1.5 billion dollar investment to expand its Alabama data center campus in 2026.
Amazon.com (AMZN) advanced 3.16% after saying it will invest several billion dollars in a Missouri data center campus to support cloud services.
SpaceX (SPCX) jumped 19.58% by the close after CEO Elon Musk said he would be surprised if the company’s revenue does not exceed 1 trillion dollars by 2031.
Micron Technology (MU) climbed 10.85% after TD Cowen raised its price target to 1,200 dollars from 525 dollars, while RBC also lifted its target to 1,500 dollars from 660 dollars.
Western Digital (WDC) surged 16.10% after Morgan Stanley kept an "Overweight" rating and raised its price target to 650 dollars from 488 dollars.
Fox (FOXA) plunged 16.84%, the biggest S&P 500 laggard, after agreeing to acquire streaming company Roku (ROKU) for 22 billion dollars, while Roku’s stock fell 1.92% following the announcement.
Airlines and cruise operators benefited from lower oil prices, with United (UAL) rising 3.85% and Norwegian Cruise Line (NCLH) gaining 3.65%.
At the European close, Germany’s DAX 40 gained 1.05%, France’s CAC 40 rose 0.40%, and the U.K.’s FTSE 100 fell 0.39%.
The VIX dropped 1.48 points to 16.2, while the U.S. 10-year Treasury yield fell to 4.475%.
In commodities, U.S. WTI crude oil futures (August) fell 3.23 dollars (-3.91%) to 79.44 dollars a barrel, while gold rose 93 dollars (+2.2%) to 4,312 dollars an ounce.
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The U.S. dollar weakened slightly, with the dollar index falling 0.06 points (-0.06%) to 99.691.
EUR/USD rose 18 pips (+0.16%) to 1.1586, as Eurozone industrial production rose 0.1% month-on-month in April, below the 0.5% forecast, while trade deficit totaled 1.0 billion euro.
GBP/USD slipped 1 pip (-0.01%) to 1.3405.
USD/JPY increased 14 pips (+0.09%) to 160.35.
USD/CHF retreated 24 pips (-0.30%) to 0.7945.
AUD/USD gained 27 pips (+0.38%) to 0.7070.
USD/CAD dropped 3 pips (-0.02%) to 1.3986.
In the cryptocurrency market, Bitcoin rose 2,673 dollars (+4.2%) to 66,637 dollars, while Ethereum jumped 150 dollars (+9.0%) to 1,820 dollars.
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In Asian trading hours, USD/JPY was little changed at 160.32. The Bank of Japan raised its benchmark rate by 25 basis points to 1.00% as expected.
Meanwhile, AUD/USD fell to 0.7055. The Reserve Bank of Australia keep its benchmark rate unchanged at 4.35% as expected.
On the other hand, data showed that China's industrial production rose 4.5% year-on-year in May, above 4.2% estimated.
EUR/USD and GBP/USD were both steady, at 1.1588 and 1.3404 respectively.
Gold was broadly flat at 4,312 dollars.
Bitcoin eased to 65,844 dollars.
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Germany's ZEW economic sentiment index is expected to improve to -6.0 in June.
In the U.S., housing starts and building permits for May are estimated to slip 2.0% and 0.6% month-on-month, respectively.
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