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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the S&P 500 rose 65 points (+0.86%) to 7,656, and the Dow Jones climbed 509 points (+0.98%) to 52,573, both snapping a four-day losing streak. The Nasdaq 100 advanced 265 points (+0.91%) to 29,368.
U.S. data showed that consumer price inflation held steady at 3.4% year-on-year in August, in line with expectations. Core inflation eased to 2.4% year-on-year. However, core inflation ticked up to 0.3% month-on-month, higher than the expected 0.2%.
The U.S. 10-year Treasury yield edged up to 4.969%.
This week’s main market focus is the U.S. Federal Reserve’s interest-rate decision on Wednesday, which is widely expected to result in a 25-basis-point hike.
Amazon (AMZN) gained 1.94%, Alphabet (GOOGL) rose 1.77%, and Apple (AAPL) was up 1.75%.
Dell Technologies (DELL) jumped 11.98%, and Hewlett Packard Enterprise (HPE) surged 12.44%. Hardware shares were lifted by strong enterprise artificial intelligence (AI) demand and expectations of a personal computer refresh cycle.
Most semiconductor stocks closed higher, with Marvell Technology (MRVL) rising 4.03%, Intel (INTC) up 2.61%, and Advanced Micro Devices (AMD) up 2.49%.
Over the weekend, Dario Amodei, the head of AI company Anthropic, called for slowing down AI development, citing associated risks. Elon Musk and Sam Altman, who run rival AI firms, backed the call.
Oracle (ORCL) closed 1.74% lower despite an earnings beat and a raised full-year forecast. Over the weekend, Oracle stated that Larry Ellison, its co-founder and chairman, cancelled a plan to sell up to 7.5 billion dollars worth of company shares.
European stocks also closed higher, with the DAX 40 rising 0.82%, the CAC 40 up 0.78%, and the FTSE 100 up 0.39%.
In early Asian trading hours on Monday, U.S. WTI crude futures traded more than 2% higher at 102.35 dollars a barrel. Last Friday, they settled just above 100 dollars.
Spot gold still lacked rebounding momentum, trading at 4,340 dollars an ounce.
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In early Asian trading hours on Monday, the U.S. dollar held up well as most traders continued to bet that the Fed would hike interest rates this week.
EUR/USD slipped below 1.1600, and GBP/USD eased to 1.3521.
U.K. gross domestic product grew 0.4% month-on-month in July (vs no change expected and +0.3% in June).
Meanwhile, USD/JPY edged up to 153.70.
USD/CHF rose to 0.8171, its highest level in over a month.
AUD/USD retreated to 0.7159, while USD/CAD held firm at 1.3871.
Bitcoin lost traction, slipping to 76,700 dollars.
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In Asian trading hours, EUR/USD and GBP/USD both remained subdued, at 1.1585 and 1.3514 respectively.
Meanwhile, USD/JPY climbed to 154.03.
Gold was little changed at 4,344 dollars.
Bitcoin rebounded to 77,537 dollars.
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Canada's core inflation rate is expected to stay at 2.3% year-on-year in August.
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