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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the Dow Jones retreated from its record high, dropping 130 points (-0.25%) to 52,925.
The S&P 500 fell 33 points (-0.45%) to 7,503, and the Nasdaq 100 declined 524 points (-1.77%) to 29,173.
Semiconductor stocks suffered another selloff, with Intel (INTC) falling 9.66%, Marvell Technology (MRVL) down 7.45%, Advanced Micro Devices (AMD) down 6.51%, and Micron (MU) down 4.71%.
Data storage stocks also closed lower, with Western Digital (WDC) dropping 7.86%, Sandisk (SNDK) down 7.26%, and Seagate Technology (STX) down 4.68%.
In fact, South Korea’s Samsung Electronics saw its share price drop 7% on Tuesday despite forecasting a 19-fold year-on-year increase in second-quarter operating profit.
SpaceX (SPCX) slid 6.83% on its first trading day as a Nasdaq 100 constituent.
The U.S. 10-year Treasury yield rebounded 8 basis points to 4.551%.
In Europe, the DAX 40 fell 1.37%, and the CAC 40 was down 0.51%, while the FTSE edged up 0.13%.
U.S. WTI crude futures settled 2.8% higher on Tuesday, then advanced a further 1.97 dollars (+2.80%) to 72.41 dollars a barrel in early Asian trading hours on Wednesday. The U.S. re-imposed sanctions on Iranian oil in response to attacks on vessels in the Strait of Hormuz.
Gold traded 59 dollars lower (1.43%) to 4,106 dollars an ounce.
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The U.S. dollar traded higher against major currencies, with the dollar index climbing to 101.08. U.S. trade deficit widened to 77.6 billion dollars in May from 54.6 billion dollars in April.
EUR/USD dropped 30 pips to 1.1410. Germany’s industrial production rose 0.9% month-on-month in May (vs +0.2% expected, +0.2% in April).
USD/JPY was little changed at 162.10.
GBP/USD retreated 37 pips to 1.3353, and AUD/USD fell 25 pips to 0.6927.
USD/CHF advanced 35 pips to 0.8083.
USD/CAD was largely flat at 1.4201. Canada’s trade surplus widened to 4.2 billion Canadian dollars in May, the highest level in four years, as exports increased for the fourth consecutive month.
Bitcoin dipped back to levels below 64,000 dollars.
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In Asian trading hours, NZD/USD bounced to 0.5702. The Reserve Bank of New Zealand raised its benchmark rate by 25 basis points to 2.50% as expected.
Meanwhile, EUR/USD and GBP/USD were both little changed, at 1.1411 and 1.3353 respectively.
USD/JPY advanced to 162.37.
Gold edged up to 4,121 dollars.
Bitcoin dropped to 62,874 dollars.
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In the U.S., the Federal Reserve will release its latest FOMC meeting minutes.
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