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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks rallied, pushing both the S&P 500 (up 73 points or 1.05% to 7,137) and the Nasdaq 100 (up 457 points or 1.73% to 26,937) to record-high closing levels.
The Dow Jones rebounded 340 points (+0.69%) to 49,490.
Investors were relieved to see U.S. President Donald Trump’s extension of the ceasefire with Iran.
Apple (AAPL) rebounded 2.63%, becoming the best-performing tech giants.
Amazon (AMZN) rose 2.18%, Alphabet (GOOGL) climbed 2.12%, Microsoft (MSFT) gained 2.07%, and Nvidia (NVDA) was up 1.31%.
Chip stocks kept outperforming the market, with Arm Holdings (ARM) surging 12.01%, Micron (MU) up 8.48%, Advanced Micro Devices (AMD) up 6.67%, and Broadcom (AVGO) up 5.09%.
Intel (INTC) closed 1.49% lower. The company will report quarterly earnings after the bell on Thursday.
Adobe (ADBE) advanced 3.54% after announcing plans to buy back 25 billion dollars worth of shares.
Other software stocks also performed well, with Palantir (PLTR) rising 4.56%, CrowdStrike (CRWD) up 3.80%, and Oracle (ORCL) up 3.49%.
After reporting quarterly results, GE Vernova (GEV) closed 13.75% higher, Philip Morris International (PM) rose 6.98%, Boeing (BA) gained 5.53%, Boston Scientific (BSX) was up 8.99%, while United Airlines (UAL) tumbled 5.58%.
In after-market hours, after releasing quarterly results, Tesla (TSLA) dipped 1%, International Business Machines (IBM) slid 6%, and Southwest Airlines (LUV) was down 3%.
The U.S. 10-year Treasury yield edged up less than one basis point to 4.305%.
European stocks eased further, with the DAX 40 declining 0.31%, the CAC 40 down 0.96%, and the FTSE 100 down 0.21%.
U.S. WTI crude futures were up for a second session, gaining 3.29 dollars (+3.67%) to 92.96 dollars a barrel. U.S. data showed a much-more-than-expected reduction of 4.6 million barrels in gasoline stockpiles.
Gold price stabilized a bit, adding 19 dollars to 4,739 dollars an ounce.
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The U.S. dollar remained firm against other major currencies, with the dollar index rising further to 98.63.
EUR/USD dropped 37 pips to 1.1705.
USD/JPY gained 15 pips to 159.52.
GBP/USD dipped 6 pips to 1.3500. U.K. inflation rate accelerated to 3.3% year on year in March (vs 3.4% expected, 3.0% in February).
AUD/USD added 7 pips to 0.7158.
USD/CHF climbed 37 pips to 0.7845, and USD/CAD was up 7 pips to 1.3669.
Bitcoin advanced nearly 3% to 78,500 dollars, posting a three-session rally.
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In Asian trading hours, EUR/USD and GBP/USD both remained subdued, at 1.1708 and 1.3500 respectively.
Meanwhile, USD/JPY eased to 159.40.
Gold fell to 4,727 dollars.
Bitcoin was broadly steady at 78,370 dollars.
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In the eurozone, the S&P Global manufacturing purchasing managers index is expected to drop to 51.0 in April and the services index is estimated to slip to 49.7.
In the U.K., the S&P Global manufacturing purchasing managers index is expected to be down to 49.7 in April and the services index is estimated to dip to 50.0.
In the U.S., the S&P Global manufacturing purchasing managers index is expected to edge lower to 52.0 in April and the services index is estimated to drop to 49.6. Also, the weekly initial jobless claims are expected at 218,000.
Canada's producer price index is expected to be up 6.5% year-on-year in March.
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