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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, both the S&P 500 (down 49 points or 0.67% to 7,353) and the Nasdaq 100 (down 175 points or 0.61% to 28,818) extended their decline to the third session.
And the Dow Jones dropped 322 points (-0.65%) to 49,363.
Rallying U.S. Treasury yields kept dragging market sentiment down. The U.S. 10-year Treasury yield marked an intraday high of 4.687%, the highest level since January 2025, and the 30-year Treasury yield touched 5.190%, a 19-year high.
Tech giants were mostly lower at close, with Alphabet (GOOGL) falling 2.34%, Amazon (AMZN) down 2.08%, Microsoft (MSFT) down 1.44%, and Tesla (TSLA) down 1.43%.
Nvidia (NVDA) closed 0.77% lower. The chip giant will report earnings after the market closes on Wednesday.
Intel (INTC) reversed course to close higher, gaining 2.43%. And Micron (MU) added 2.52%, and Sandisk (SNDK) was up 3.77%.
Chewy (CHWY) fell 9.11% after the pet-care company’s chief executive officer pointed out that U.S. consumers are financially stretched.
Akamai Technologies (AKAM) lost 6.25% after the cloud computing company announced a 2.6-billion-dollar convertible bond offering.
In Europe, the DAX 40 closed 0.38% higher, and the FTSE 100 edged up 0.07%, while the CAC 40 dipped 0.07%.
U.S. WTI crude futures for July delivery dipped 23 cents to 104.15 dollars a barrel, and gold dropped 84 dollars (-1.85%) to 4,482 dollars an ounce.
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The U.S. dollar became firm again, lifted by rallying Treasury yields. The dollar index regained the level of 99.
EUR/USD was down 51 pips to 1.1604.
GBP/USD slipped 38 pips to 1.3395. The latest U.K. jobless rate climbed to 5.0%, higher than expected.
USD/JPY gained 26 pips to 159.09. Japan’s 10-year government bond yield rose to levels above 2.8% on Tuesday, the highest level since September 1996.
AUD/USD declined 62 pips to 0.7104.
USD/CHF climbed 47 pips to 0.7888.
USD/CAD added 10 pips to 1.3749. Canada's inflation rate accelerated to 2.8% year on year in April (vs 3.0% expected).
Bitcoin was little changed at 76,700 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both under pressure, at 1.1600 and 1.3392 respectively.
Meanwhile, USD/JPY eased to 158.96.
Gold remained subdued at 4,481 dollars.
Bitcoin was broadly flat at 76,718 dollars.
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Germany's producer price index is estimated to be up 1.6% year-on-year in April.
U.K. inflation rate is expected to ease to 3.0% year-on-year in April.
In the U.S., the Federal Reserve will release its latest FOMC meeting minutes.
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