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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks declined after a significant number of Federal Reserve officials projected a potential interest rate hike by the end of the year. The S&P 500 slid 91 points (-1.21%) to 7,420, the Nasdaq 100 dropped 297 points (-0.99%) to 29,670, and the Dow Jones fell 507 points (-0.98%) to 51,492.
The Federal Reserve left its Fed funds rate unchanged in a target range of 3.50% to 3.75%, while 9 officials now expect at least one rate hike by year-end.
In U.S. economic data, retail sales rose 0.9% month-on-month in May, more than the expected increase of 0.5%.
Oracle (ORCL) fell 2.55% following reports that Microsoft (MSFT) scrapped plans to lease an Oracle data center over security concerns involving U.S. government data.
Amazon.com (AMZN) dropped 3.46% after media reports that the Federal Trade Commission is weighing legal action over the company's advertising practices, potentially seeking multi-billion-dollar civil penalties.
Intel (INTC) advanced 3.46% after the company said its most-advanced chip node "Intel 18A-P" has entered an early production stage.
AST SpaceMobile (ASTS) rose 3.87% following the successful orbital launch of BlueBirds satellites.
Applied Materials (AMAT) climbed 4.35% as the company unveiled SENZ, a fully integrated visual system for next-generation smart glasses.
The U.S. 10-year Treasury yield climbed to 4.493%.
In the commodities market, gold fell 67 dollars (-1.54%) to 4,263 dollars. U.S. WTI crude oil futures (August) rose 0.74 dollars (+0.98%) to 76.01 dollars a barrel.
The Energy Information Administration reported a draw of 8.26 million barrels in U.S. crude inventories last week, more than the expected decline of 4.60 million barrels.
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The U.S. dollar rallied as expectations grew for a Federal Reserve rate hike. The dollar index rose 0.95% to 100.48.
EUR/USD declined 111 pips (-0.96%) to 1.1496.
GBP/USD slipped 138 pips (-1.03%) to 1.3288. U.K. inflation held at 2.8% year-on-year in May, below 3.0% estimated.
USD/JPY rose 24 pips (+0.15%) to 160.69.
USD/CHF climbed 72 pips (+0.91%) to 0.8001.
AUD/USD fell 56 pips (-0.79%) to 0.7010.
USD/CAD advanced 113 pips (+0.81%) to 1.4107.
In the cryptocurrency market, Bitcoin fell 1,533 dollars (-2.33%) to 64,246 dollars and Ethereum dropped 56 dollars (-3.16%) to 1,739 dollars.
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In Asian trading hours, EUR/USD rebounded to 1.1520 and GBP/USD climbed to 1.3314.
Meanwhile, USD/JPY eased to 160.57.
Gold bounced to 4,314 dollars.
Bitcoin edged up to 64,644 dollars.
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In the U.K., the Bank of England is anticipated to hold its benchmark rate steady at 3.75%, while jobless rate for February-April period is expected to stay at 5.0%.
The Swiss National Bank is expected to keep its benchmark rate unchanged at 0%.
In the U.S., the Philadelphia Fed manufacturing index is estimated to climb to 10.0 in June, while the weekly initial jobless claims are expected at 225,000.
Canada's producer price index is estimated to be up 14.0% year-on-year in May.
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