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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, the Nasdaq 100 retreated 467 points (-1.54%) to 29,809, dragged down by losses in semiconductor stocks.
The S&P 500 fell 16 points (-0.22%) to 7,483, and the Dow Jones dipped 13 points (-0.03%) to 52,305.
Meta (META) bounced 8.83% on reports that the company is developing a new cloud business through which it will sell excess computing power to outside customers.
Other mega-cap tech stocks also performed well, with Microsoft (MSFT) rising 3.03%, Apple (AAPL) up 1.73%, and Amazon (AMZN) up 1.41%.
However, semiconductor stocks tumbled as investors grew concerned about the "excess computing power" mentioned in Meta’s news, with Micron (MU) falling 10.62%, Intel (INTC) down 9.03%, Advanced Micro Devices (AMD) down 6.89%, and Nvidia (NVDA) down 1.25%.
Nike (NKE) rose 5.07%. The sportswear maker reported slightly better-than-expected quarterly revenue while issuing a cautious sales outlook amid weak demand in China.
Alcoa (AA) dropped 8.96% after agreeing to buy Australian miner South32’s interests in bauxite mines, alumina refineries, and aluminum smelter operations for up to 5.6 billion dollars.
Lockheed Martin (LMT) rose 2.42% after being upgraded to "buy" by Citigroup.
The U.S. 10-year Treasury yield advanced another 2.2 basis points to 4.483%.
In Europe, the DAX 40 closed 0.18% higher, while the CAC 40 dropped 0.79%, and the FTSE 100 was down 0.18%.
U.S. WTI crude futures maintained their downtrend, slipping 0.92 dollars (-1.32%) to 68.58 dollars a barrel.
Gold managed to keep the key level of 4,000 dollars an ounce.
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The U.S. dollar held firm against major currencies. Federal Reserve Chairman Kevin Warsh said the central bank will stick to its 2% inflation target.
Meanwhile, the U.S. Institute for Supply Management (ISM) manufacturing index slipped to 53.3 in June, below expectations.
EUR/USD fell 44 pips to 1.1377. The Eurozone’s inflation rate slowed to 2.8% year-on-year in June (vs 3.0% expected).
USD/JPY was largely flat at 162.57.
GBP/USD rose 18 pips to 1.3278, posting a five-session rally.
AUD/USD retreated 25 pips to 0.6893.
USD/CHF added 13 pips to 0.8094, and USD/CAD was up 19 pips to 1.4214.
Bitcoin rebounded 3% to regain the key level of 60,000 dollars.
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In Asian trading hours, AUD/USD was little changed at 0.6895. Australia's trade deficit for May totaled 3.0 billion Australian dollars, compared with the estimated surplus of 2.3 billion Australian dollars.
Meanwhile, EUR/USD edged up to 1.1383 and GBP/USD climbed to 1.3285.
USD/JPY was steady at 162.52.
Gold advanced to 4,056 dollars.
Bitcoin held gains at 60,056 dollars.
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The eurozone's jobless rate is expected to be unchanged at 6.3% in May.
In the U.S., nonfarm payrolls are estimated to increase by 110,000 in June, while jobless rate is expected to stay at 4.3%. Also, the weekly initial jobless claims are estimated at 220,000 and factory orders are expected to drop 2.1% month-on-month in May.
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