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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks closed higher after two losing sessions, with the Dow Jones Industrial Average gaining 284 points (+0.70%) to 41,113, the S&P 500 up 24 points (+0.43%) to 5,631, and the Nasdaq 100 up 76 points (+0.39%) to 19,867.
As expected, the U.S. Federal Reserve maintained its key interest rate unchanged at 4.50%. It has been on hold since its last cut in December.
Fed Chair Jerome Powell ruled out a preemptive rate cut, while saying the tariff policy could have a material impact on the economic outlook.
Nvidia (NVDA) gained 3.10%. The U.S. Department of Commerce confirmed a media report that the government plans to rescind and modify a Biden-era rule that curbed the export of sophisticated artificial-intelligence chips.
Walt Disney (DIS) surged 10.76%. The entertainment and media giant’s quarterly earnings exceeded market expectations.
Alphabet (GOOGL) slumped 7.26%. Reuters reported that Apple may add artificial intelligence-powered search options to iPhone’s Safari browser, which could be a big blow to Google, whose lucrative advertising business relies significantly on iPhone customers using its search engine.
The U.S. 10-year Treasury yield dropped 4.5 basis points to 4.273%.
European stocks closed lower, with the DAX 40 losing 0.58%, the CAC 40 down 0.91%, and the FTSE 100 down 0.44%.
Gold price retreated 61 dollars (-1.79%) to 3,367 dollars an ounce after rebounding strongly for two sessions.
U.S. WTI crude-oil futures slipped 1.02 dollars (-1.73%) to 58.07 dollars a barrel. U.S. data showed a bigger-than-expected reduction of 2.03 million barrels in crude-oil stockpiles.
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The U.S. dollar regained some strength after the Fed left interest rates unchanged. The dollar index advanced to 99.95.
EUR/USD declined 68 pips to 1.1300.
USD/JPY rose 147 pips (+1.03%) to 143.88.
GBP/USD slipped 86 pips to 1.3282. Later today, the Bank of England is expected to cut its key interest rate by 25 basis points to 4.25%.
AUD/USD fell 70 pips to 0.6422.
USD/CHF added 14 pips to 0.8234, and USD/CAD advanced 59 pips to 1.3833.
Bitcoin outperformed other risk assets, as it surpassed the level of 97,000 dollars.
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In Asian trading hours, EUR/USD rebounded to 1.1328 and GBP/USD bounced to 1.3346.
Meanwhile, USD/JPY eased to 143.65.
Gold advanced to 3,403 dollars.
Bitcoin climbed to 98,754 dollars.
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Germany's industrial production is expected to grow 0.5% month-on-month in March, while trade surplus is estimated at 20.8 billion euros.
In the U.K., the Bank of England is anticipated to cut its benchmark rate by 25 basis points to 4.25%, while Halifax house price index is estimated to drop 0.1% month-on-month in April.
In the U.S., weekly initial jobless claims are expected at 240,000.
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