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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks maintained their upward momentum, with both the S&P 500 (up 105 points or 1.46% to 7,365) and the Nasdaq 100 (+584 points or 2.09% to 28,599) scoring record-high closing levels again.
The Dow Jones jumped 612 points (+1.24%) to 49,910.
News media Axios reported that the U.S. and Iran were concluding a deal to end their conflict, getting investors encouraged to enter the market.
U.S. WTI crude futures fell for a second session, sliding 7.19 dollars (-7.03%) to settle at 95.08 dollars a barrel.
Also, the U.S. 10-year Treasury yield dropped 7.4 basis points to 4.352%.
Chip stocks and stocks within the artificial intelligence (AI) theme kept receiving bids, with Intel (INTC) gaining 4.49% and Micron (MU) up 4.12%.
Advanced Micro Devices (AMD) surged 18.61%, as the chipmaker’s quarterly results and sales guidance beat market expectations.
Nvidia (NVDA) rose 5.77%, and Corning (GLW) jumped 12.01%. The companies announced a multiyear partnership to expand U.S.-based manufacturing of optical connectivity solutions for use in AI infrastructure.
Alphabet (GOOGL) closed 2.47% higher on reports that AI company Anthropic has committed spending of 200 billion dollars on Google Cloud services and AI processing chips.
Super Micro Computer (SMCI) soared 24.54% after issuing a strong guidance on quarterly revenue and earnings.
After reporting quarterly results, Walt Disney (DIS) gained 7.54%, CVS Health (CVS) climbed 7.65%, while Arista Networks (ANET) tumbled 13.63%.
In after-market hours, after posting quarterly results, DoorDash (DASH) jumped 12%, while Arm Holdings (ARM) slid 8%.
European stock indexes closed sharply higher, with the DAX 40 bouncing 2.12%, the CAC 40 up 2.94%, and the FTSE 100 up 2.15%.
Gold price advanced 134 dollars (+2.94%) to 4,690 dollars an ounce.
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The U.S. dollar weakened alongside Treasury yields, with the dollar index testing support at the level of 98.
The ADP jobs report showed that the U.S. economy added 109,000 private jobs in April (vs +70,000 expected, +61,000 in March).
EUR/USD rose 53 pips to 1.1745. The Eurozone’s producer prices increased 2.1% year on year in March, faster than expected.
USD/JPY fell 146 pips to 156.41.
GBP/USD climbed 51 pips to 1.3587.
AUD/USD once touched a four-year high of 0.7278 during the session.
USD/CHF slipped 42 pips to 0.7787.
USD/CAD advanced 14 pips to 1.3631. Canada’s Ivey manufacturing index rose to 57.7 in April from 49.7 in March.
Bitcoin surpassed 82,800 dollars before retreating to 81,200 dollars.
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In Asian trading hours, Japan's Nikkei 225 surged over 5% to hit an all-time high of 62,922, as bullish sentiment on tech stocks extended from the U.S. market. Tech-focused investment giant SoftBank Group (9984) gained more than 16%.
The U.S. dollar remained weak, with the dollar index dipping below the level of 98.
EUR/USD traded higher to 1.1754, while USD/JPY eased to 156.35.
AUD/USD stayed at elevated levels above 0.7240. Australia's exports declined 2.7% month on month in March (vs +4.9% in February).
U.S. WTI crude futures were stable at 95.80 dollars a barrel, while gold crossed above 4,700 dollars an ounce.
Bitcoin retreated to levels below 81,000 dollars.
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In the U.S., the latest number of initial jobless claims is expected to rise to 205,000.
The Eurozone's retail sales are expected to ease 0.3% month on month in March.
Germany's factory orders are expected to grow 1.1% month on month in March
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