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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, major U.S. stock indexes advanced further following a sharp rebound Thursday, with the S&P 500 rising 52 points (+0.70%) to 7,489, the Nasdaq 100 up 168 points (+0.60%) to 28,274, and the Dow Jones up 277 points (+0.53%) to 52,485.
Tech stocks took a heavy beating across the month as a whole, with the Nasdaq 100 sliding 6.61% for July.
Amazon (AMZN) surged 15.32%. The company’s cloud computing unit, Amazon Web Services, recorded a 37% year-on-year growth in quarterly revenue, helping to ease growing market fears over the company's aggressive artificial intelligence capital expenditures.
Other mega-cap tech stocks also performed well, with Alphabet (GOOGL) gaining 6.73%, Meta (META) up 3.28%, Microsoft (MSFT) up 3.02%, and Nvidia (NVDA) up 2.93%.
Conversely, Apple (AAPL) gapped down 7.35%. Fresh off hitting an all-time high earlier in the week, the iPhone maker issued downbeat guidance driven by supply constraints.
Semiconductor stocks retreated after Thursday’s broad rally, with Micron (MU) falling 5.90%, Qualcomm (QCOM) down 2.63%, and Advanced Micro Devices (AMD) down 1.90%.
In fact, the Philadelphia Semiconductor Index (SOX) plunged 20.61% in July to snap three consecutive months of strong gains.
After reporting quarterly results, Reddit (RDDT) tumbled 20.99%, Coinbase (COIN) sank 10.59%, and Rivian Automotive (RIVN) dropped 9.57%.
The 10-year U.S. Treasury yield gained 4.5 basis points to 4.718%, the highest close since January 2025.
In Europe, the DAX 40 added 0.07%, and the CAC 40 was up 0.28%, while the FTSE 100 declined 0.27%.
Over the weekend, U.S. President Donald Trump said a new round of attacks against Iran will be cancelled subject to a quick deal with Iran. In early Asian trading hours on Monday, U.S. WTI crude futures fell nearly 5% to 80.62 dollars a barrel.
Spot gold added 23 dollars to 4,066 dollars an ounce.
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In early Asian trading hours on Monday, USD/JPY rebounded to 157.85. The forex pair fell more than 1% on Friday following a steep 2% drop on Thursday. The Financial Times reported that the U.S. Treasury bought yen to support the Japanese currency.
Earlier on Friday, as expected, the Bank of Japan kept short-term interest rates steady at 1%.
Meanwhile, EUR/USD climbed to 1.1550, extending its rally to a fifth session.
GBP/USD advanced to 1.3498, while USD/CHF dipped to 0.8069.
Bitcoin managed to keep the level of 63,000 dollars.
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In Asian trading hours, USD/JPY slid to 156.38, its lowest level in nearly 3 months.
Meanwhile, EUR/USD eased to 1.1532 and GBP/USD slipped to 1.3473.
China's RatingDog manufacturing purchasing managers index fell to 50.9 in July, below 51.5 expected.
Gold fell to 4,060 dollars.
Bitcoin was little changed at 63,116 dollars.
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Germany's retail sales are estimated to drop 0.4% month-on-month in June.
In the U.S., the ISM manufacturing purchasing managers index is expected to climb to 53.7 in July.
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