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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, the Nasdaq 100 added 69 points (+0.23%) to 30,408, up for a second session, while the S&P 500 declined 19 points (-0.25%) to 7,651 and the Dow Jones fell 443 points (-0.86%) to 50,906, with both posting a three-session losing streak.
On a monthly basis, the Nasdaq 100 gained 3.23% in September, extending its rebound to a second month. The Dow Jones lost 4.29%, halting a five-month winning streak.
U.S. data showed that the core personal consumption expenditures (PCE) price inflation rate slowed to 0.2% month-on-month and 3.0% year-on-year in August, both lower than expected.
Separately, second-quarter gross domestic product (GDP) growth was revised up to 2.2% annualized from the 1.5% previously estimated.
The U.S. 10-year Treasury yield still climbed 5.5 basis points to 5.289%, lingering near its highest level since 2007.
According to the CME FedWatch Tool, traders now see the odds of another 25-basis-point rate hike in October at about 37%, down from roughly 51% a session earlier.
Apple (AAPL) rebounded 1.10% after falling for two sessions, while Meta Platforms (META) retreated 1.84%.
Semiconductor stocks closed mixed. Intel (INTC) rose 3.71% and Advanced Micro Devices (AMD) added 0.69%, while Broadcom (AVGO) lost 1.10% and Arm Holdings (ARM) was down 1.37%.
Micron Technology (MU) closed flat and was little changed in extended trading. The chipmaker reported better-than-expected results for its fiscal fourth quarter, with revenue soaring to 54.2 billion dollars from 11.3 billion dollars a year earlier. The company also gave upbeat guidance for its fiscal first quarter.
Hewlett Packard Enterprise (HPE) gained 3.90% after raising its networking growth outlook and announcing an order worth 1.2 billion dollars for artificial intelligence (AI) infrastructure from cloud provider Vultr.
Moderna (MRNA) dropped 5.35% after Citigroup downgraded the biotech firm to "sell", citing rich valuation.
European stocks closed lower, with the DAX 40 declining 0.79%, the CAC 40 down 0.89%, and the FTSE 100 down 0.29%.
U.S. WTI crude futures added 1.04 dollars (+1.16%) to 90.42 dollars a barrel.
Spot gold retreated 24 dollars to 4,157 dollars an ounce.
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The U.S. dollar remained firm despite softer-than-expected inflation data and lower expectations for an October rate hike. EUR/USD declined 12 pips to 1.1329, while USD/JPY rose 12 pips to 157.40.
Both Germany (3.3% year-on-year) and France (3.0% year-on-year) reported accelerating and higher-than-expected price inflation in September.
GBP/USD gained 32 pips to 1.3263. U.K. data showed that second-quarter GDP growth was revised up to 0.5% quarter-on-quarter from the 0.4% previously estimated, lifting expectations for an interest rate hike by the Bank of England by year-end.
AUD/USD fell 42 pips to 0.6943.
USD/CHF climbed 19 pips to 0.8358, and USD/CAD advanced 42 pips to 1.4231.
Bitcoin held stable at 83,600 dollars.
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In Asian trading hours, AUD/USD was little changed at 0.6946. Australia's trade surplus for August narrowed to 495 million Australian dollars (vs 2.0 billion Australian dollars estimated).
Meanwhile, USD/JPY bounced to 158.12. The Bank of Japan's third-quarter Tankan headline large manufacturers index rose to 24 (vs 25 expected, 22 in the prior quarter).
EUR/USD remained subdued at 1.1325, while GBP/USD eased to 1.3255.
Gold edged up to 4,162 dollars.
Bitcoin was broadly flat at 83,462 dollars.
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The eurozone's jobless rate is expected to be unchanged at 6.4% in August.
In the U.S., weekly initial jobless claims are estimated at 200,000, while the ISM Manufacturing Index is expected to climb to 55.0 in September.
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