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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the Nasdaq 100 gained 519 points (+1.76%) to 30,001, and the S&P 500 advanced 45 points (+0.61%) to 7,519, both scoring record closing levels.
The Dow Jones eased 118 points (-0.23%) to 50,461.
Regarding the U.S.-Iran conflict, the U.S. said it carried out defensive attacks on boats and missile sites in southern Iran. U.S. Secretary of State Marco Rubio pointed out that it could take "a few days" to negotiate a deal to halt the conflict.
Semiconductor stocks outperformed the market on artificial-intelligence-fueled optimism.
Micron (MU) soared 19.29%, with the stock’s market capitalization surpassing one trillion dollars for the first time ever. Brokerage UBS raised its price target on the stock to 1,625 dollars from 535 dollars.
Qualcomm (QCOM) added a further 4.48% after jumping 12% in the prior session.
At the same time, ON Semiconductor (ON) rose 9.29%, Advanced Micro Devices (AMD) climbed 7.78%, and Intel (INTC) was up 3.07%.
Energy stocks fell alongside oil prices, with Devon Energy (DVN) dropping 4.40%, and Chevron (CVX) down 3.51%.
On the other hand, airlines and cruise stocks rebounded, with United Airlines (UAL) rising 5.96%, and Royal Caribbean (RCL) up 4.53%.
AutoZone (AZO) plunged 8.99% after reporting weaker-than-expected quarterly results, finishing as the worst performer in the S&P 500.
Intuit (INTU) slid 4.87% after Mizuho cut its price target on the stock to $500 from $600.
The U.S. 10-year Treasury retreated for a fourth session, declining 6.5 basis points to 4.491%.
In Europe, the DAX 40 fell -0.80%, and the CAC 40 dropped 1.03%, while the FTSE 100 closed 0.24% higher.
U.S. WTI crude futures settled 2.71 dollars lower (-2.81%) at 93.89 dollars a barrel.
Gold fell 62 dollars (-1.37%) to 4,507 dollars an ounce, giving up all gain made in the prior session.
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The U.S. dollar turned steady, as expectations for an imminent U.S.-Iran peace deal faded. The dollar index managed to hold the level of 99.00.
The U.S. Conference Board consumer confidence index posted at 93.1 in May (vs 92.0 expected, 93.8 in April).
EUR/USD declined 13 pips to 1.1630.
USD/JPY rose 42 pips to 159.31.
GBP/USD fell 56 pips to 1.3445, and AUD/USD dipped 7 pips to 0.7166.
USD/CHF climbed 31 pips to 0.7855, and USD/CAD was up 12 pips to 1.3809.
Bitcoin lost traction, sliding 2% to 75,800 dollars.
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In Asian trading hours, AUD/USD slipped to 0.7158. Australia's inflation rate eased to 4.2% in April, below 4.6% expected.
On the other hand, NZD/USD climbed to 0.5875. The Reserve Bank of New Zealand kept its benchmark rate unchanged at 2.25% as expected.
Meanwhile, EUR/USD rose to 1.1641 and GBP/USD rebounded to 1.3457.
USD/JPY was down slightly to 159.20.
Gold remained subdued at 4,509 dollars.
Bitcoin was under pressure at 75,793 dollars.
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In the U.S., the Richmond Fed manufacturing index is expected to climb to 4 in May.
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