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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes closed little changed as investors awaited Nvidia’s quarterly results. The S&P 500 dipped 1 point (-0.02%) to 7,675, and the Dow Jones eased 113 points (-0.21%) to 53,463, while the Nasdaq 100 added 15 points (+0.05%) to 29,224.
Nvidia (NVDA) closed 1.59% lower, but rebounded 4% in after-market hours. The chip giant reported record fiscal second-quarter revenue of 96.2 billion dollars and earnings per share of 2.22 dollars, both exceeding market expectations. The company also gave upbeat guidance, projecting third-quarter revenue at 108 billion dollars, adding that next year’s revenue could grow 70%.
Space Exploration Technologies (SPCX) gained 1.22% after announcing a new 100-billion-dollar project called "Starbase Louisiana", a Starship launch complex to be built on the Louisiana coast.
Meta Platforms (META) added 1.07%. The company has agreed to pay 16.7 billion dollars to California and other states to settle a major federal case alleging that its social-media platforms harmed children.
Intuit (INTU) fell 3.24% and Zoom Communications (ZM) dropped 7.03%, as both companies gave downbeat guidance.
GoDaddy (GDDY) slipped 4.26% after being downgraded to "underweight" by Wells Fargo.
In after-market hours, CrowdStrike (CRWD) gained 10% and Salesforce (CRM) jumped 14%, as both software companies reported better-than-expected quarterly results and raised full-year revenue outlook.
The U.S. 10-year Treasury yield rebounded 2.6 basis points to 4.649%.
In Europe, the DAX 40 edged up 0.08% and the CAC 40 was up 0.27%, while the FTSE 100 dipped 0.07%.
Spot gold retreated 63 dollars (-1.36%) to 4,594 dollars an ounce, ending a three-session rally.
U.S. WTI crude futures pared most early losses to settle at 82.23 dollars a barrel, down only 13 cents (-0.16%) on the day.
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The U.S. dollar regained some strength, with EUR/USD falling 22 pips to 1.1652, and GBP/USD dropping 59 pips to 1.3590.
USD/JPY climbed 16 pips to 159.32, posting a three-session rally.
U.S. core personal consumption expenditure (PCE) price inflation remained stable at 3.3% year-on-year in July, in line with expectations.
Durable goods orders grew 1.1% month-on-month in July, more than expected.
Meanwhile, USD/CHF advanced 40 pips to 0.8054, and USD/CAD added 43 pips to 1.3879.
Bitcoin held up well, trading at 78,900 dollars.
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In Asian trading hours, EUR/USD and GBP/USD both remained subdued, at 1.1655 and 1.3591 respectively.
Meanwhile, USD/JPY was steady at 159.33.
Gold rebounded to 4,627 dollars.
Bitcoin was little changed at 78,749 dollars.
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Germany's GfK consumer confidence index is expected to improve to -29.5 in September.
France's producer price index is estimated to be up 2.7% year-on-year in July.
In the U.S., the weekly initial jobless claims are expected at 210,000.
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