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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the U.S. stock market continued its downward trend ahead of the new calendar year, marking a third consecutive session of declines.
The S&P 500 fell by 9 points (-0.14%) to 6,896, the Nasdaq 100 dropped 63 points (-0.25%) to 25,462, and the Dow decreased by 94 points (-0.20%) to 48,367.
Among sectors, Energy (XLE), Communication Services (XLC), and Utilities (XLU) performed well, while Consumer Discretionary (XLY), Technology (XLK), and Industrials (XLI) saw the steepest declines.
The latest FOMC Minutes revealed growing divisions within the Fed. Some officials opposed the recent rate cut, while one official voted for a more significant reduction during the last meeting. The FedWatch CME Tool indicates an 84.5% probability that interest rates will remain unchanged at the upcoming meeting on January 28th.
On another note, the Chicago PMI rose to 43.5 in December, above the 39.0 expected.
Intel (INTC) rose 1.69% after Nvidia (NVDA) officially closed its 5 billion dollar investment in Intel. Nvidia fell 0.36% during the trading session.
Palantir Technologies (PLTR) fell for a third straight session, down 1.81%.
Occidental Petroleum (OXY) added 2.60% as the energy sector outperformed.
Molina Healthcare (MOH) gained 2.47% as renowned investor Michael Burry shared positive insights on the health insurer, comparing buying it now to Warren Buffett buying GEICO in 1976.
The U.S. 10-year yield climbed to 4.124%.
In the commodities market, gold added 15 dollars (+0.35%) to 4,346 dollars, and WTI crude oil futures retreated 0.13 dollars (-0.22%) to 57.95 dollars.
In Europe, Germany's Dax rose 0.57%, France's Cac 40 gained 0.69% and the U.K. FTSE 100 climbed 0.75%.
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The dollar index rose 0.18% to 98.21.
EUR/USD declined 27 pips (-0.23%) to 1.1745 and GBP/USD slipped 42 pips (-0.31%) to 1.3466.
USD/JPY rose 39 pips (+0.25%) to 156.43 and USD/CHF climbed 31 pips (+0.39%) to 0.7919.
AUD/USD was relatively flat at 0.6693, while USD/CAD advanced 3 pips (+0.02%) to 1.3693.
Gold added 15 dollars (+0.35%) to 4,346 dollars.
In the cryptocurrencies market, Bitcoin rose 834 dollars (+0.96%) to 88,073 dollars, and Ethereum gained 27 dollars (+0.92%) to 2,961 dollars.
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In Asian trading hours, EUR/USD and GBP/USD both remained subdued, at 1.1741 and 1.3461 respectively.
Meanwhile, USD/JPY held gains at 156.48.
Gold climbed to 4,354 dollars.
Bitcoin was steady at 88,535 dollars.
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In the U.S., weekly initial jobless claims are estimated at 222,000.
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