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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. tech stocks rebounded, with the Nasdaq 100 gaining 186 points (+0.64%) to 29,209. The S&P 500 advanced 24 points (+0.32%) to 7,677, and the Dow Jones was up 160 points (+0.30%) to 53,577.
Nvidia (NVDA) closed +2.19% higher, halting a seven-session decline. Investors are watching closely the chip giant’s quarterly results to be released after the market’s close on Wednesday.
Other semiconductor stocks also rebounded, with Advanced Micro Devices (AMD) gaining +4.91%, Marvell Technology (MRVL) up +4.84%, and Micron Technology (MU) up +2.48%.
Super Micro Computer (SMCI) jumped +9.35%. Networking giant Cisco Systems announced a partnership to sell the company’s AI servers.
Moderna (MRNA) jumped +14.36%, becoming the leader in the S&P 500.
Dick's Sporting Goods (DKS) plunged -30.68%. The sporting goods retailer reported disappointing quarterly revenue and earnings.
Coinbase Global (COIN) rose +4.28% and Robinhood Markets (HOOD) jumped +8.17% after Goldman Sachs reiterated a "buy" rating for both stocks.
In after-market hours, after posting quarterly results, Intuit (INTU) fell more than -7% and Zoom Communications (ZM) dropped -4%.
The U.S. 10-year Treasury yield declined a further 7.7 basis points to 4.623%.
In Europe, the DAX 40 gained +0.61% and the FTSE 100 added +0.29%, while the CAC 40 closed -0.16% lower.
Spot gold edged up 6 dollars (+0.14%) to 4,657 dollars an ounce, a 3-month high.
U.S. WTI crude futures sank 2.65 dollars (-3.12%) to 82.36 dollars a barrel. The oil market’s anxiety was reduced after the U.S. announced a plan to isolate Iran’s economy (Operation Economic Outcast) instead of using further military actions.
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The U.S. dollar softened, with EUR/USD gaining 15 pips to 1.1677 and GBP/USD rising 21 pips to 1.3651.
USD/JPY added 8 pips to 159.16, while USD/CHF declined 13 pips to 0.8010.
U.S. data showed that new home sales fell 10.5% month-on-month in July (vs -1.3% expected, +7.6% in June). The Richmond Fed manufacturing index eased to 4 in August (vs 7 expected, 5 in July).
Later today, U.S. personal consumption expenditures price inflation data will be released.
USD/CAD slipped 10 pips to 1.3832. The trade war between the U.S. and Canada escalated, as Canada said it will impose retaliatory tariffs on about 20 billion dollars worth of U.S. annual imports.
Bitcoin shot above 81,000 dollars during the session before retreating back to 78,800 dollars.
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In Asian trading hours, AUD/USD climbed to 0.7178. Australia's inflation rate eased to 3.5% year-on-year in July, still above 3.2% expected.
Meanwhile, EUR/USD fell to 1.1668 and GBP/USD slipped to 1.3642.
USD/JPY edged lower to 158.97.
Gold was stable at 4,657 dollars.
Bitcoin was little changed at 79,222 dollars.
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In the U.S., the core personal consumption expenditures price index is expected to stay at 3.3% year-on-year in July, while durable goods orders are estimated to increase by 0.7% month-on-month. Also, the second estimate of second-quarter gross domestic product is expected to grow 1.5% quarter-on-quarter.
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