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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks came under pressure, with the S&P 500 sliding 90 points (-1.21%) to 7,408, the Nasdaq 100 down 543 points (-1.87%) to 28,454, and the Dow Jones down 506 points (-0.97%) to 51,711.
U.S. President Donald Trump promised "major military punishment" for Iran and its Houthi allies after Houthi militia struck two Saudi oil tankers in the Red Sea. Brent crude futures jumped more than 6% to break above 100 dollars a barrel, while U.S. WTI crude futures jumped 5.36 dollars (+6.17%) to 92.19 dollars a barrel.
The U.S. 10-year Treasury yield bounced to 4.714%, an 18-month high.
Tesla (TSLA) tumbled 14.52%, becoming the biggest loser in both the S&P 500 and the Nasdaq 100. The company reported lower-than-expected quarterly earnings and a negative free cash flow.
Alphabet (GOOGL) fell 7.13%. Though the tech giant’s quarterly results exceeded market expectations with cloud revenue jumping 82% year-on-year, investors were not impressed by the company’s high rate of cash burning.
Other mega-cap tech stocks also closed lower, with Amazon (AMZN) dropping 4.57%, Meta (META) down 3.36%, Microsoft (MSFT) down 2.24%, and Nvidia (NVDA) down 1.56%.
Micron (MU) remained resilient, gaining 3.20%. Bank of America reiterated its "buy" rating on the stock with a price target of 1,550 dollars.
Lockheed Martin (LMT) jumped 10.54% and RTX Corp (RTX) advanced 7.33%. Both companies raised their full-year sales and profit forecasts.
Intel (INTC) closed 2.33% lower but rebounded 2% in after-market hours. The chipmaker reported strong quarterly results, and issued guidance that exceeded market expectations.
European stocks closed lower, with the DAX 40 falling 1.56%, the CAC 40 down 1.64%, and the FTSE 100 down 0.73%.
Gold price retreated 80 dollars (1.95%) to 4,049 dollars an ounce.
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USD/JPY hit a fresh 40-year high of 163.98. The U.S. Treasury Department said excess volatility in the yen was undesirable and called for the Bank of Japan to raise interest rates.
At the same time, Japan’s finance minister repeated that the government was ready to take decisive action on foreign exchange as needed.
EUR/USD declined 33 pips to 1.1377. As expected, the European Central Bank kept its key interest rates unchanged.
GBP/USD slipped 57 pips to 1.3314, and AUD/USD was down 30 pips to 0.6966.
USD/CHF advanced 27 pips to 0.8168.
Bitcoin declined more than 1% to 65,100 dollars.
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In Asian trading hours, USD/JPY was steady at 163.73. Japan's core inflation rate climbed to 1.6% year-on-year in June, above 1.5% expected.
Meanwhile, EUR/USD climbed to 1.1386 and GBP/USD advanced to 1.3320.
Gold eased to 4,042 dollars.
Bitcoin was little changed at 64,901 dollars.
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U.K. retail sales are estimated to drop 0.3% month-on-month in June.
Germany's GfK consumer confidence index is expected to improve to -29.0 in August.
The S&P Global manufacturing purchasing managers index for July is estimated at 51.5 for the eurozone, 52.0 for the U.K. and 54.2 for the U.S.
In the U.S., new home sales are expected to increase by 3.4% month-on-month in June.
Canada's producer price index is estimated to be up 12.8% year-on-year in June.
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