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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes rebounded over 1%, with the S&P 500 bouncing 78 points (+1.16%) to 6,875, and the Nasdaq 100 up 339 points (+1.36%) to 25,326.
The Dow Jones rose 588 points (+1.21%) to 49,077.
Investors were relieved by U.S. President Donald Trump’s calling off higher tariffs against eight European countries following a framework deal agreed by the U.S. and the NATO on Greenland.
At the same time, Japanese government bond yields eased from their record highs, helping to calm the market a bit.
Intel (INTC) surged 11.72% ahead of its earnings report on Thursday.
Other major chip stocks also performed well, with Advanced Micro Devices (AMD) gaining 7.71%, Micron (MU) up 6.61%, and Nvidia (NVDA) up 2.95%.
Moderna (MRNA) jumped 15.84%, becoming the top-performing stock in the S&P 500. Positive trial results were reported for an experimental skin cancer vaccine jointly developed by the company and Merck.
United Airlines (UAL) rose 2.20% after issuing an upbeat quarterly and full-year guidance.
Kraft Heinz (KHC) slid 5.72% amid reports that Berkshire Hathaway may off-load its entire 27.5% stake in the company.
The U.S. 10-year Treasury yield retreated 4.8 basis points to 4.247%.
In Europe, the DAX 40 fell 0.58%, while the CAC 40 added 0.08%, and the FTSE 100 was up 0.11%.
Gold ran up to an all-time high of 4,888 dollars an ounce before easing back to 4,832 dollars.
U.S. WTI crude futures advanced 26 cents to $60.62 dollars a barrel.
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The U.S. dollar regained some strength against other major currencies, with the dollar index climbing back to 98.78.
The U.S. core personal consumption expenditure (PCE) price index, the Federal Reserve’s preferred inflation gauge, will be reported later today.
EUR/USD fell 40 pips to 1.1684.
USD/JPY gained 18 pips to 158.33.
GBP/USD slipped 11 pips to 1.3424. U.K. data showed that the inflation rate accelerated to 3.4% year on year in December from 3.2% in November.
AUD/USD added 26 pips to 0.6761.
USD/CHF advanced 57 pips to 0.7954.
USD/CAD was little changed at 1.3837. Canada’s producer price growth slowed to 4.9% year on year in December from 5.9% in November.
Bitcoin rebounded, struggling to regain the level of 90,000 dollars.
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In Asian trading hours, AUD/USD bounced to 0.6795. Australia's employment rose 65,200 in December, compared with +40,000 expected, while jobless rate fell to 4.1%, below 4.4% estimated.
Meanwhile, USD/JPY climbed to 158.45. Japan's exports grew 5.1% year-on-year in December, below 6.1% expected.
EUR/USD and GBP/USD both remained subdued, at 1.1685 and 1.3423 respectively.
Gold retreated to 4,789 dollars.
Bitcoin was little changed at 89,804 dollars.
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In the U.S., the final reading for the third quarter gross domestic product growth is expected to be 4.3% quarter-on-quarter, while the weekly initial jobless claims are estimated at 195,000. Also, the core personal consumption expenditures price index is expected to be up 2.7% year-on-year in November.
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