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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, the S&P 500 ticked up 1 point (+0.02%) to 7,520, a record closing level.
The Dow Jones climbed 182 points (+0.36%) to 50,644, also a record closing level.
Meanwhile, the Nasdaq-100 slipped 27 points (-0.09%) to 29,973.
Micron (MU) advanced a further 3.63% after soaring 19% in the prior session boosting its market capitalization to over one trillion dollars.
Meta (META) rose 3.74% on reports that the tech giant may offer paid consumer subscriptions for its Meta AI chatbot.
Most semiconductor stocks retreated, with Qualcomm (QCOM) falling 6.20%, Arm Holdings (ARM) down 5.76%, Advanced Micro Devices (AMD) down 1.66%, and Nvidia (NVDA) down 1.05%.
Airline stocks remained buoyed amid falling oil prices, with United Airlines (UAL) climbing 6.33%, Delta Air Lines (DAL) up 3.04%, and Southwest Airlines (LUV) up 3.31%.
MGM Resorts International (MGM) gained 9.10% after being upgraded to "overweight" by JPMorgan.
In after-market hours, Snowflake (SNOW) soared 36% after the cloud-based data platform reported strong quarterly results and announced a 6-billion-dollar commitment with Amazon Web Services.
The U.S. 10-year Treasury dipped further to 4.483%, extending its decline to a fifth session.
In Europe, the DAX 40 edged down 0.03%, while the CAC 40 rose 0.43%, and the FTSE 100 was up 0.13%.
U.S. WTI crude futures tumbled 5.21 dollars (-5.55%) to 88.68 dollars a barrel, the lowest level in more than a month. Traders stayed optimistic over a U.S.-Iran peace deal that would reopen the Strait of Hormuz.
Gold declined 51 dollars (-1.15%) to 4,456 dollars an ounce.
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The U.S. dollar remained firm against other major currencies.
The U.S. Richmond Fed manufacturing index rose to 13 in May (vs 4 expected, 3 in April).
USD/JPY rose 23 pips to 159.52, very close to the level of 160 that traders widely think would trigger market intervention by Japanese authorities.
EUR/USD eased 6 pips to 1.1626.
GBP/USD retreated 18 pips to 1.3427.
AUD/USD fell 26 pips to 0.7141. Australia's inflation rate slowed to 4.2% year on year in April, lower than expected.
USD/CHF climbed 18 pips to 0.7869, and USD/CAD advanced 24 pips to 1.3833.
Bitcoin slid a further 2% to 74,100 dollars.
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In Asian trading hours, EUR/USD dropped to 1.1611 and GBP/USD fell to 1.3402.
Meanwhile, USD/JPY was steady at 159.55.
Gold declined to a 2-month low at 4,375 dollars.
Bitcoin remained subdued at 74,115 dollars.
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France's producer price index is estimated to be up 5.6% year-on-year in April.
In the U.S., the core personal consumption expenditures price index is expected to climb to 3.3% year-on-year in April, while durable goods orders are estimated to increase by 3.4% month-on-month and new home sales are anticipated to drop 3.2% month-on-month. Also, the second estimate of the first quarter gross domestic product is expected to grow 2.0% quarter-on-quarter and the weekly initial jobless claims are estimated at 215,000.
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