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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, major U.S. stock indexes closed higher, with the S&P 500 gaining 47 points (+0.69%) to 6,909, and the Nasdaq 100 up 215 points (+0.87%) to 25,012.
The Dow Jones was up 230 points (+0.47%) to 49,625.
On a weekly basis, all the three major stock indexes closed higher, with the Nasdaq 100 ending a three-week losing streak.
The U.S. Supreme Court ruled that President Donald Trump cannot use a law, the International Emergency Economic Powers Act (IEEPA), to impose tariffs.
However, Trump can still impose tariffs through powers entitled by other laws. Indeed he ordered a 10% temporary global import tariff within hours of the Supreme Court's ruling on Friday, and then raised that temporary tariff to 15% on Saturday.
Most tech giants outperformed the market, with Alphabet (GOOGL) jumping 4.01%, Amazon (AMZN) up 2.56%, Meta (META) up 1.69%, and Apple (AAPL) up 1.13%.
Nvidia (NVDA) added 1.02%. The maker of artificial-intelligence-related chips will report results on Wednesday after the bell.
Corning (GLW) bounced 7.32%, Sandisk (SNDK) rose 4.65%, and Micron (MU) was up 2.59%.
Walmart (WMT) fell 1.51% after being downgraded to "hold" by HSBC.
After reporting quarterly results, Opendoor Technologies (OPEN) gained 7.53%, Live Nation Entertainment (LYV) climbed 3.31%, while Akamai Technologies (AKAM) tumbled 14.07%.
The U.S. 10-year Treasury yield added 1.5 basis points to 4.086%.
European stocks also closed higher, with the DAX 40 rising 0.87%, the CAC 40 up 1.39%, and the FTSE 100 up 0.56%.
Gold advanced 111 dollars (+2.22%) to 5,107 dollars an ounce, posting a three-session rebound.
U.S. WTI crude futures edged up 8 cents to 66.48 dollars a barrel, extending its rally to a third session.
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The U.S. dollar declined slightly against other major currencies, with the dollar index easing to 97.72.
Regarding U.S. economic data, the core personal consumption expenditure (PCE) price inflation rate accelerated to 3.0% year on year in December, higher than expected.
U.S. new home sales declined 1.7% month on month in December (vs -2.8% expected, +15.5% in November).
EUR/USD rose 18 pips to 1.1790
USD/JPY dipped 2 pips to 154.96.
GBP/USD advanced 30 pips to 1.3492, and AUD/USD gained 28 pips to 0.7086.
USD/CHF slipped 6 pips to 0.7744.
USD/CAD eased 4 pips to 1.3675. Canada's producer price inflation accelerated to 5.4% year on year in January (vs 4.4% expected).
Bitcoin failed to show marked momentum, trading at levels around 68,000 dollars.
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In Asian trading hours, EUR/USD advanced to 1.1830 and GBP/USD climbed to 1.3525.
Meanwhile, USD/JPY dropped to 154.25.
Gold extended its rally to 5,175 dollars.
Bitcoin slipped to 64,749 dollars.
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Germany's Ifo business climate index is expected to climb to 87.9 in February.
In the U.S., factory orders are estimated to be up 0.9% month-on-month in December, while the Dallas manufacturing index are expected to decline to -3.5 in February.
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