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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, U.S. stocks gained further, with the Dow Jones advancing 294 points (+0.58%) to 50,579, a fresh record close.
The S&P 500 added 27 points (+0.37%) to 7,473, and the Nasdaq 100 was up 124 points (+0.42%) to 29,481.
On a weekly basis, the S&P 500 posted an 8-week winning streak.
Kevin Warsh formally took office as the U.S. Federal Reserve chairman on Friday.
Dell Technologies (DELL) surged 16.77%, becoming the best-performing stock in the S&P 500. Analysts raised their price targets for the company ahead of its quarterly report on Thursday (May 28).
Qualcomm (QCOM) jumped 11.60% after automaker Stellantis announced an expansion of its multi-year technology collaboration with the chip-maker.
Estee Lauder (EL) bounced 11.90% after announcing the termination of talks with Spanish peer Puig regarding a potential business combination.
Zoom Communications (ZM) jumped 9.19%, Ross Stores (ROST) gained 8.18%, and Workday (WDAY) gained 5.16%, all boosted by better-than-expected quarterly results.
Futu Holdings (FUTU) plunged 27.53%, and UP Fintech (TIGR) was down 25.34%. China's securities regulator announced plans to penalize Futu Securities, UP Fintech's Tiger Brokers, and Longbridge Securities for allegedly illegally offering domestic investors access to overseas securities trading.
The U.S. 10-year Treasury yield dipped further to 4.556%, posting a three-session decline.
U.S. markets will be closed on Monday (May 25) for the Memorial Day holiday.
Europe stocks also closed higher, with the DAX 40 rising 1.15%, the CAC 40 up 0.37%, and the FTSE 100 up 0.22%.
Over the weekend, after saying a deal with Iran was "largely negotiated", U.S. President Donald Trump added that there was no rush to make any deal.
Anyway, Trump’s mentioning of a deal in the making helped to drive oil prices down. In early Asian trading hours on Monday, U.S. WTI crude futures tumbled 5.10 dollars (-5.28%) to 91.95 dollars a barrel.
Gold rebounded 47 dollars (+1.06%) to 4,557 dollars an ounce.
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In early Asian trading hours on Monday, the U.S. dollar weakened, dragged by market expectations of an imminent peace deal between the U.S. and Iran.
EUR/USD rose to 1.1642, while USD/JPY was back below 159.00.
GBP/USD rebounded to 1.3483. U.K. retail sales dropped 1.3% month on month in April, worse than expected.
AUD/USD was back up to 0.7150, while USD/CHF slipped to 0.7823 after three losing sessions.
Bitcoin held at 76,600 dollars.
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In Asian trading hours, WTI crude futures remained under pressure at around 92 dollars a barrel.
Meanwhile, EUR/USD and GBP/USD were both steady, at 1.1640 and 1.3480 respectively.
USD/JPY was down to 158.85.
Gold advanced to 4,565 dollars.
Bitcoin edged up to 77,056 dollars.
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U.K. stock market is closed for Spring Bank Holiday.
U.S. stock market is closed for Memorial Day.
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