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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, the U.S. stock market continued to trade in choppy fashion. The S&P 500 slipped 7 points (-0.10%) to 7,358, the Nasdaq 100 fell 127 points (-0.43%) to 29,220, while the Dow Jones gained 182 points (+0.35%) to 51,848.
Memory stocks remained under pressure. Western Digital (WDC) fell 4.01%, SanDisk (SNDK) dropped 2.50%, and Seagate Technology (STX) declined 4.37%.
Coinbase (COIN) lost 5.10% as Bitcoin declined to levels near 60,000 dollars.
Cerebras Systems (CBRS) plunged 19.61% after issuing a weak full-year margin forecast.
Micron Technology (MU) fell 0.31%, but surged more than 10% in after-hours trading as it delivered a strong fourth quarter outlook.
In U.S. economic data, new home sales fell 7.3% month-on-month in May, compared with the expected increase of 2.9%.
The U.S. 10-year Treasury yield declined to 4.398%.
At the European close, DAX 40 fell 0.62%, CAC 40 rose 0.54%, and FTSE 100 gained 0.31%.
In the commodities market, gold fell 110 dollars (-2.69%) to a 7-month low at 3,998 dollars. Silver plunged 4.25 dollars (-6.85%) to a 6-month low at 57.31 dollars.
U.S. WTI crude oil futures (August) fell 2.87 dollars (-3.92%) to a 3-month low at 70.34 dollars a barrel. The Energy Information Administration reported a draw of 6.1 million barrels in U.S. crude inventories last week, more than the expected decline of 4.5 million barrels.
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The U.S. dollar strengthened, with the dollar index gaining 0.17% to 101.58.
EUR/USD declined 23 pips (-0.20%) to 1.1358. Germany’s Ifo business climate index rose to 85.6 in June as expected.
GBP/USD slipped 39 pips (-0.30%) to 1.3164.
USD/JPY rose 23 pips (+0.14%) to 161.80.
USD/CHF climbed 24 pips (+0.30%) to 0.8121.
AUD/USD fell 16 pips (-0.23%) to 0.6898.
USD/CAD advanced 24 pips (+0.17%) to 1.4231.
In the cryptocurrency market, Bitcoin dropped 1,550 dollars (-2.49%) to 60,838 dollars, while Ethereum fell 51 dollars (-3.11%) to 1,610 dollars.
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In Asian trading hours, AUD/USD was little changed at 0.6897. Australia's employment increased 40,300 in May, more than 26,000 estimated. Also, jobless rate fell to 4.4% as expected.
Meanwhile, EUR/USD stayed subdued at 1.1363, while GBP/USD edged up to 1.3177.
USD/JPY was broadly flat at 161.69.
Gold dropped to 3,981 dollars.
Bitcoin remained under pressure at 60,777 dollars.
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Germany's GfK consumer confidence index is expected to slip to -27.5 in July.
In the U.S., the core personal consumption expenditures price index is estimated to edge up to 3.4% year-on-year in May, while durable goods orders are expected to drop 4.0% month-on-month. Also, the final estimate of the first quarter gross domestic product is anticipated to grow 1.6% quarter-on-quarter, while the weekly initial jobless claims are estimated at 225,000.
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