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Market Wrap: Stocks, Bonds, Commodities |
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U.S. stocks finished higher on Friday amid the highly anticipated SpaceX IPO debut, with the S&P 500 rising 37 points (+0.50%) to 7,431, the Nasdaq 100 adding 190 points (+0.64%) to 29,636, and the Dow Jones climbing 354 points (+0.70%) to 51,202.
On Sunday, the U.S. and Iran reached a peace agreement to end their nearly four-month-long war, and an official signing ceremony is scheduled for Friday in Switzerland. U.S. President Donald Trump said the U.S. naval blockade on Iran had been lifted and the Strait of Hormuz would reopen.
U.S. WTI crude futures (July) was trading 4.58% lower at 81.00 dollars a barrel during Asian hours on Monday, following a 3.23% decline last Friday, while gold was up 1.52% to 4,284 dollars an ounce.
Regarding U.S. stocks, SpaceX (SPCX) debuted in trading, jumping 19.22% to become the largest IPO ever and the sixth-largest U.S.-listed company with a 2.1 trillion U.S. dollar market capitalization. Tesla (TSLA) rose 1.82% in tandem.
Advanced Micro Devices (AMD) gained 4.73% after Citigroup upgraded the stock to "Buy" from "Neutral".
Intel (INTC) climbed 6.51% after Bank of America upgraded the stock by two notches to "Buy" from "Underperform".
Adobe (ADBE) fell 6.76% after CFO Dan Durn announced he will leave on June 15 to become CFO of Marvell Technology (MRVL).
CoreWeave (CRWV) rose 5.02%, Nebius Group (NBIS) gained 4.55%, and Teradyne (TER) jumped 5.72% ahead of their addition to the Nasdaq 100 index on June 22.
The U.S. 10-year Treasury yield rose 2.4 basis points to 4.483%, while the VIX dropped 1.76 points (-9.05%) to 17.68.
At the European close, Germany’s DAX 40 gained 1.76%, France’s CAC 40 rose 1.83%, and the U.K.’s FTSE 100 increased 1.63%.
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The U.S. dollar weakened slightly, with the dollar index dropping 0.08 points (-0.08%) to 99.78.
EUR/USD declined 10 pips (-0.09%) to 1.1567.
GBP/USD slipped 12 pips (-0.09%) to 1.3400. The U.K. economy contracted 0.1% month-on-month in April, in line with expectations.
USD/JPY rose 30 pips (+0.19%) to 160.22.
USD/CHF climbed 25 pips (+0.31%) to 0.7969.
AUD/USD fell 2 pips (-0.03%) to 0.7046.
USD/CAD advanced 22 pips (+0.16%) to 1.3986.
In the cryptocurrency market, Bitcoin rose 153 dollars (+0.24%) to 63,497 dollars, while Ethereum fell 5 dollars (-0.30%) to 1,665 dollars.
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In Asian trading hours, U.S. WTI crude futures sank to a 2-month low at 80.28 dollars a barrel.
Meanwhile, EUR/USD climbed to 1.1600 and GBP/USD rose to 1.3438.
USD/JPY was down slightly to 160.14.
Gold extended its rally to 4,331 dollars.
Bitcoin advanced to 65,585 dollars.
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The eurozone's industrial production is expected to grow 0.5% month-on-month in April, while trade surplus is estimated at 12.5 billion euros.
In the U.S., the Empire State manufacturing index is expected to drop to 12.0 in June, while industrial production is estimated to increase by 0.3% month-on-month in May.
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