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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes closed mixed. The Nasdaq 100 rose 79 points higher (+0.27%) at 29,252, while the S&P 500 slipped 21 points (-0.28%) to 7,482, and the Dow Jones was down 576 points (-1.09%) to 52,348.
U.S. President Donald Trump said the ceasefire agreement with Iran is "over", accusing Iranian authorities of violating the deal. U.S. military later said it was launching fresh strikes on Iran aimed at keeping the Strait of Hormuz open to traffic.
As a result, U.S. WTI crude futures bounced 3.08 dollars (+4.37%) to settle at 73.52 dollars a barrel.
Energy stocks were buoyed, with Marathon Petroleum (MPC) rising 5.39%, Phillips 66 (PSX) up 5.02%, and Chevron (CVX) up 1.13%. In contrast, travel stocks declined, with United Airlines (UAL) falling 1.63% and Expedia (EXPE) down 3.54%.
Nvidia (NVDA) rose 3.65% on a news report that China may allow some of its largest AI companies to purchase a limited number of Nvidia’s H200 chips.
Broadcom (AVGO) gained 4.83%. Apple (AAPL) revealed that a chip-supply agreement reached with the chip maker involved a spending of more than 30 billion dollars.
The U.S. 10-year Treasury yield advanced another 3 basis points to 4.581%.
European stocks ended sharply lower, with the DAX 40 dropping 2.23%, the CAC 40 down 2.18% and the FTSE 100 down 1.66%.
Gold declined for a third consecutive session, easing 29 dollars to 4,077 dollars an ounce.
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The U.S. dollar dipped slightly, with EUR/USD rising 11 pips to 1.1422.
USD/JPY advanced 43 pips to 162.52, posting a four-session rally.
GBP/USD gained 41 pips to 1.3393, AUD/USD added 6 pips to 0.6934.
NZD/USD added 22 pips to 0.5699 after New Zealand’s central bank hiked its key interest rate by 25 basis points to 2.50%.
USD/CAD slipped 37 pips to 1.4162.
Bitcoin failed to post a rebound, easing more than 1% to 62,300 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both steady, at 1.1425 and 1.3395 respectively.
China's inflation rate eased to 1.0% year-on-year in June, below 1.1% estimated, while producer price index rose 4.1% as expected.
Meanwhile, USD/JPY held firm at 162.46.
Gold fell to 4,068 dollars.
Bitcoin declined to 61,773 dollars.
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Germany's trade surplus for May is estimated at 14.8 billion euros.
In the U.S., the weekly initial jobless claims are expected at 218,000, while existing home sales are estimated to grow 0.7% month-on-month in June.
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