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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, U.S. stocks fell amid surging oil prices, with the Nasdaq 100 sliding 561 points (-1.88%) to 29,264, the S&P 500 down 60 points (-0.79%) to 7,515, and the Dow Jones down 138 points (-0.26%) to 52,498.
U.S. WTI crude futures jumped 6.73 dollars (+9.42%) to 78.14 dollars a barrel after U.S. President Donald Trump announced the reinstatement of a naval blockade on Iranian vessels in the Strait of Hormuz. He also proposed a 20% toll on all cargo shipped through the strait.
The U.S. 10-year Treasury yield jumped 6.3 basis points to 4.624%.
SK Hynix (SKHY) retreated 9.32% on Monday after gaining 13% in its Nasdaq debut on Friday. Shares of the South Korean memory chip leader tumbled more than 15% in South Korea earlier on Monday, their biggest daily loss on record.
In fact, the Korea Exchange briefly triggered a marketwide circuit breaker for the benchmark Kospi after stocks plunged more than 8%.
Other semiconductor and data-storage stocks were dragged down by gloomy sentiment, with Nvidia (NVDA) dropping 3.52%, Micron (MU) down 4.32%, Intel (INTC) down 6.12% and Sandisk (SNDK) down 12.63%.
Energy stocks benefited from higher oil prices, with ExxonMobil (XOM) rising 4.05% and Chevron (CVX) up 3.29%.
Airline stocks, by contrast, lost ground, with United Airlines (UAL) dropping 3.84% and American Airlines (AAL) down 3.78%.
Major financial firms JPMorgan (JPM), Citigroup (C), Bank of America (BAC), Wells Fargo (WFC) and Goldman Sachs (GS) report quarterly results on Tuesday, marking the unofficial start of earnings season.
In Europe, the DAX 40 added 0.19%, the CAC 40 gained 0.31%, while the FTSE 100 closed largely flat.
Gold dropped 118 dollars (-2.87%) to 4,002 dollars an ounce.
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The U.S. dollar regained strength amid the re-escalating U.S.-Iran conflict, with the dollar index climbing back above 101.
Later today, major U.S. inflation data are due, and Federal Reserve Chairman Kevin Warsh begins a two-day testimony before Congress.
Overnight, EUR/USD fell 34 pips to 1.1379, GBP/USD slipped 62 pips to 1.3343, and AUD/USD was down 35 pips to 0.6915.
USD/JPY bounced 75 pips to 162.44, not far from its 40-year high of 162.84 set on July 1.
USD/CHF climbed 63 pips to 0.8147.
Bitcoin retreated more than 2% to around 62,000 dollars.
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In Asian trading hours, AUD/USD edged up to 0.6925. Australia's Westpac consumer confidence index climbed to 83.9 in July and the NAB business confidence index improved to -5 in June, both better than expected.
On the other hand, China's exports rose 27.0% year-on-year in June and imports jumped 36%, both above expectations.
Meanwhile, EUR/USD rebounded to 1.1393 and GBP/USD advanced to 1.3358.
USD/JPY was broadly steady at 162.36.
Gold rose to 4,014 dollars.
Bitcoin traded slightly higher at 62,460 dollars.
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In the U.S., inflation rate is expected to ease to 3.9% year-on-year in June, while the Federal Reserve chairman Kevin Warsh will testify before the House Financial Services Committee.
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