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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, the S&P 500 advanced 50 points (+0.65%) to 7,798, a record closing level. The Nasdaq 100 jumped 341 points (+1.15%) to 30,084, and the Dow Jones was up 69 points (+0.13%) to 53,839.
U.S. producer price inflation slowed to 4.7% year-on-year in July from 5.5% in June, lower than expected. Such evidence of tame inflation boosted expectations that the Federal Reserve will not increase interest rates in September.
The U.S. 10-year Treasury yield declined 3.9 basis points to 4.649%.
Tesla (TSLA) gained 3.80%, Meta (META) added 2.78%, and Apple (AAPL) was up 1.00%.
SanDisk (SNDK) surged 13.67%. The company unveiled an ambitious long-term financial model at its 2026 Investor Day, guiding to mid-to-high double-digit revenue growth through fiscal years 2028-2030.
Other data-storage stocks also performed well, with Western Digital (WDC) rising 7.31% and Seagate Technology (STX) up 4.91%.
Semiconductor stocks remained buoyed, with Micron Technology (MU) climbing 4.23%, Intel (INTC) up 3.58%, and Arm Holdings (ARM) up 2.49%.
Workday (WDAY) soared 17.8%, becoming the best-performing stock in the S&P 500. Reports said private equity firm Silver Lake is in talks to acquire the human-resources software company.
Tapestry (TPR) fell 16.49%. The luxury fashion firm issued a cautious fiscal 2027 revenue outlook.
Cisco Systems (CSCO) sank 8.40%. The supplier of networking hardware and software reported a quarterly gross margin that disappointed investors.
European stocks closed lower, with the DAX 40 declining 0.12%, the CAC 40 down 0.28%, and the FTSE 100 down 0.56%.
U.S. WTI crude futures dropped 2.02 dollars (-2.43%) to 81.25 dollars a barrel.
Spot gold retreated 57 dollars (-1.30%) to 4,351 dollars an ounce.
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The U.S. dollar was steady after easing producer price inflation data added to the probability that the Fed will not hike rates soon. EUR/USD edged up 3 pips to 1.1527, and USD/JPY gained 12 pips to 159.53.
Major U.S. economic data due later today includes retail sales and the University of Michigan consumer sentiment index.
GBP/USD slipped 9 pips to 1.3483. U.K. data showed that gross domestic product grew 0.3% month-on-month in June, higher than expected.
AUD/USD dipped 3 pips to 0.7057, while USD/CHF added 10 pips to 0.8143.
Bitcoin was little changed around 63,400 dollars.
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In Asian trading hours, EUR/USD edged up to 1.1536 and GBP/USD climbed to 1.3493.
Meanwhile, USD/JPY eased to 159.44.
Gold dropped to 4,315 dollars.
Bitcoin was relatively flat at 63,463 dollars.
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The eurozone's trade deficit for June is estimated at 2.2 billion euros.
In the U.S., retail sales are expected to increase by 0.1% month-on-month in July, while the Michigan consumer sentiment index is estimated to slip to 54.5 in August.
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