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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks posted a strong rebound, with the S&P 500 rising 127 points (+1.75%) to 7,394, the Nasdaq 100 up 938 points (+3.29%) to 29,446, and the Dow Jones up 929 points (+1.86%) to 50,848.
Investors were encouraged after U.S. President Trump said he had canceled planned strikes on Iran, and that Iran’s leadership and other negotiators had approved "discussions and final points" toward ending the conflict.
U.S. WTI crude futures retreated 2.32 dollars (-2.58%) to 87.71 dollars a barrel.
Semiconductor stocks bounced sharply, with Micron Technology (MU) jumping 11.66%, Marvell Technology (MRVL) up 11.13%, Intel (INTC) up 9.27%, Advanced Micro Devices (AMD) up 7.97%, and Nvidia (NVDA) up 2.22%.
Broadcom (AVGO) rose 3.55% and Applied Materials (AMAT) climbed 11.19%.
Data-storage stocks also performed well, with Sandisk (SNDK) jumping 14.50%, Western Digital (WDC) up 8.00%, and Seagate Technology (STX) up 6.38%.
Tesla (TSLA) advanced 4.60%, Amazon (AMZN) rose 1.47%, and Apple (AAPL) was up 1.39%.
Oracle (ORCL) fell 8.53% after the company announced plans to raise 40 billion dollars to fund its AI data-center buildout.
The U.S. 10-year Treasury yield fell 9.5 basis points to 4.459%.
European stocks also closed higher, with the DAX 40 adding 0.06%, and both the CAC 40 and the FTSE 100 up 0.48%.
Gold rebounded 140 dollars (+3.44%) to 4,212 dollars an ounce.
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The U.S. dollar weakened across the board after U.S. President Trump called off scheduled military strikes on Iran. The dollar index declined to 99.66.
U.S. data showed that producer prices rose 6.5% year-on-year in May (vs +6.8% expected, +5.7% in April).
EUR/USD gained 45 pips to 1.1580. As expected, the European Central Bank raised its key interest rate by 25 basis points to 2.40%.
USD/JPY fell 68 pips to 159.85.
GBP/USD climbed 52 pips to 1.3418, and AUD/USD was up 48 pips to 0.7050.
USD/CHF slipped 55 pips to 0.7941, while USD/CAD added 17 pips to 1.3956.
Bitcoin rose alongside risk assets, gaining 3% to 63,400 dollars.
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In Asian trading hours, EUR/USD eased to 1.1566 and GBP/USD was down slightly to 1.3406.
Meanwhile, USD/JPY rebounded to 160.27.
Gold fell to 4,190 dollars.
Bitcoin advanced to 63,501 dollars.
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U.K. gross domestic product is expected to grow 0.1% month-on-month in April.
In the U.S., the Michigan consumer sentiment index is anticipated to climb to 46.0 in June.
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