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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks showed a lack of momentum after gains in the prior session, with the S&P 500 falling 10 points (-0.14%) to 7,498, the Nasdaq 100 down 157 points (-0.54%) to 28,998, and the Dow Jones down 6 points (-0.01%) to 52,218.
Alphabet (GOOGL) closed 1.46% lower and dropped a further 3% in after-market hours. The tech giant reported better-than-expected second-quarter revenue of 119.80 billion dollars, with cloud revenue jumping 82% year-on-year to 24.8 billion dollars. It raised its forecast for 2026 capital expenditure to up to 205 billion dollars, citing strong AI demand.
Tesla (TSLA) closed 1.30% lower and slid a further 4% in after-market hours. The company’s second-quarter earnings missed market expectations and gross margin declined to 16.8% from 17.2% a year earlier.
Semiconductor stocks managed to rebound further, with Broadcom (AVGO) climbing 2.67%, Nvidia (NVDA) up 2.29%, and Advanced Micro Devices (AMD) up 1.45%.
Super Micro Computer (SMCI) surged 19.84%. The AI server maker reported more than 60 billion dollars in fourth-quarter new orders, saying its gross margin would exceed its prior forecast.
SpaceX (SPCX) slid 6.70%. The Information reported that the company is planning for at least one new large-scale data center in Texas to expand its AI computing capacity.
After reporting quarterly results, AT&T Inc (T) rose 3.50%, while GE Vernova (GEV) dropped 8.69%.
The U.S. 10-year Treasury yield advanced another 3.3 basis points to 4.659%, posting a three-session rally.
European stocks advanced further, with the DAX 40 rising 0.58%, the CAC 40 up 0.89%, and the FTSE 100 up 1.24%.
U.S. WTI crude futures gained 2.49 dollars (+2.95%) to 86.83 dollars a barrel. Hostilities between the U.S. and Iran kept escalating, and Iran-backed Houthi militia threatened to target vessels carrying oil from Saudi Arabia in the Bab el-Mandeb Strait.
Gold added 52 dollars (+1.29%) to 4,130 dollars an ounce.
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The U.S. dollar was little changed, with EUR/USD edging up 14 pips to 1.1411 and GBP/USD staying largely flat at 1.3373.
Later today, the European Central Bank is expected to keep its key interest rates unchanged.
USD/JPY traded at elevated levels above 163, around its 40-year high. Japan’s finance minister hinted at market intervention to lift the yen if needed.
Japan’s exports increased 19.3% year-on-year in June, faster than expected.
USD/CHF advanced 19 pips to 0.8144, while USD/CAD slipped 25 pips to 1.4082.
Bitcoin dipped below 66,000 dollars.
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In Asian trading hours, AUD/USD bounced to 0.7011. Australia's employment rose 76,300 in June, more than 15,600 estimated, while jobless rate stayed at 4.4% as expected.
Meanwhile, EUR/USD climbed to 1.1423 and GBP/USD advanced to 1.3385.
USD/JPY was steady at 163.05.
Gold eased to 4,119 dollars.
Bitcoin was little changed at 65,732 dollars.
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The European Central Bank is expected to keep its main interest rates unchanged.
In the U.S., the weekly initial jobless claims are estimated at 210,000.
Canada's retail sales are expected to grow 0.4% month-on-month in June.
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