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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the Nasdaq 100 rose 190 points (+0.68%) to 28,180, and the S&P 500 climbed 27 points (+0.36%) to 7,568, while the Dow Jones fell 197 points (-0.38%) to 51,786.
Mega-cap tech and semiconductor stocks rebounded on U.S. Midterm Election Day, even as Apple weighed on the Dow, while oil stayed soft on Iran diplomacy hopes.
U.S. WTI crude oil futures dipped below 94 dollars a barrel earlier in the session, as Qatar said mediators were still exchanging proposals for an interim U.S.-Iran deal, before settling at 96.09 dollars.
Microsoft (MSFT) rose 2.74%, Meta Platforms (META) advanced 2.36%, and Amazon (AMZN) gained 2.06%, while Tesla (TSLA) was down 1.32%.
Apple (AAPL) declined 1.90%, as the consumer electronics giant said gross margin for the holiday quarter would be compressed due to rising costs of memory chips.
Semiconductor stocks rebounded, with ON Semiconductor (ON) rising 3.55%, Broadcom (AVGO) up 3.07%, Micron Technology (MU) up 2.58%, and Nvidia (NVDA) up 2.29%.
Advanced Micro Devices (AMD) closed 3.65% higher and jumped 8% in after-market hours. The chip maker reported better-than-expected quarterly results, with revenue jumping 45% year-on-year and data center sales nearly doubling.
AI infrastructure stocks also outperformed the market, with Cipher Digital (CIFR) surging 18.37%, Iren (IREN) up 11.08%, Bloom Energy (BE) up 9.05%, and CoreWeave (CRWV) up 7.16%.
Oracle (ORCL) rebounded 5.85%, recovering part of Monday’s 9% slide after its roughly 20-billion-dollar stock-and-bond raise for AI and cloud buildout.
Fiserv (FISV), a payments and fintech company, surged 12.46% after affirming its outlook and raising its cost-savings target.
Energy stocks remained soft, with APA Corp (APA) falling 2.15%, ConocoPhillips (COP) down 1.66%, and ExxonMobil (XOM) down 1.23%.
Shopify (SHOP) tumbled 8.74% after missing expectations for gross merchandise volume and subscription gross profit, while providing downbeat fourth-quarter revenue guidance.
The U.S. 10-year Treasury yield rose 5.4 basis points to 4.966%.
European stocks closed lower, with the DAX 40 declining 0.45%, the CAC 40 down 0.34%, and the FTSE 100 down 1.14%.
Spot gold dipped 16 dollars (-0.41%) to 3,930 dollars an ounce.
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EUR/USD edged up 5 pips to 1.1190, while USD/JPY climbed 74 pips to 158.67.
The U.S. Labor Department reported that the number of job openings rose by 333,000 to 7.523 million in September, above expectations.
U.S. factory orders grew 1.8% month-on-month in September, above expectations.
GBP/USD added 6 pips to 1.3415, posting a five-session rally.
AUD/USD fell 32 pips to 0.6966.
USD/CHF gained 20 pips to 0.8208, and USD/CAD was up 20 pips to 1.4008.
Bitcoin rose alongside tech stocks, rebounding over 1% to 77,700 dollars.
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In Asian trading hours, the U.S. dollar retreated as early U.S. midterm election tallies showed Democratic gains.
GBP/USD jumped to 1.3469, reaching its highest level since mid-September. Meanwhile, EUR/USD surged to 1.1248.
USD/JPY dropped over 100 pips to 157.59.
AUD/USD traded near 0.6960, while USD/CAD slipped to 1.3962.
Spot gold rose to 3,940 dollars an ounce.
Bitcoin traded near 76,732 dollars.
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In the eurozone, the core inflation rate is forecast to hold steady at 2.5% year-on-year in October.
In the U.S., ADP employment is expected to increase by 69,000 in October, while the ISM Services Index is projected to ease to 54.8 in October. The trade deficit is anticipated at 108 billion dollars in September.
Canada's trade surplus is forecast at 4.1 billion Canadian dollars in September.
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