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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks closed lower as Alphabet's weaker-than-expected quarterly results weighed on technology shares. The S&P 500 fell 23 points (-0.30%) to 7,720, the Nasdaq 100 dropped 410 points (-1.38%) to 29,402, and the Dow Jones declined 132 points (-0.25%) to 52,342.
The U.S. 10-year Treasury yield fell 6.6 basis points to 4.937%.
U.S. gross domestic product expanded 3.4% quarter-on-quarter in the third quarter, above the 3.2% forecast, while the core PCE price index rose 3.1% year-on-year in September, matching expectations.
Alphabet (GOOGL) fell 12.64% after its third-quarter results missed expectations and heavy AI spending raised concerns over cash burn and leverage.
Gen Digital (GEN) surged 15.81% after reporting fiscal second-quarter adjusted EPS of 0.74 dollars, above expectations.
Carvana (CVNA) jumped 15.68% after third-quarter revenue of 8.04 billion dollars beat the 7.71 billion dollars expected.
ServiceNow (NOW) tumbled 26.95% after missing third-quarter adjusted earnings expectations.
Marvell Technology (MRVL) fell 13.24% following reports that it was in advanced talks to acquire optical-components maker Lumentum in an all-stock transaction.
In after-hours trading, Amazon (AMZN) reported third-quarter EPS of 1.89 dollars, below market consensus. Intel (INTC) was under pressure after issuing weaker-than-expected fourth-quarter guidance. SanDisk (SNDK) reported better-than-expected first-quarter adjusted EPS of 49.51 dollars.
In Europe, the DAX 40 jumped 1.31%, the CAC 40 gained 1.05%, and the FTSE 100 rose 0.26%.
In the commodities market, spot gold fell 41 dollars (-1.01%) to 4,026 dollars an ounce. U.S. WTI crude oil futures (December) eased 0.78 dollars (-0.76%) to 102.00 dollars a barrel.
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The U.S. dollar weakened, with the Dollar Index declining 0.22% to 101.96.
EUR/USD gained 22 pips (+0.20%) to 1.1174. The European Central Bank kept its key interest rate unchanged as expected. President Christine Lagarde said she will step down in February 2027.
GBP/USD rose 54 pips (+0.41%) to 1.3379.
USD/JPY slipped 14 pips (-0.09%) to 157.68, and USD/CHF fell 35 pips (-0.42%) to 0.8244.
AUD/USD declined 24 pips (-0.34%) to 0.7029, and USD/CAD slipped 11 pips (-0.08%) to 1.3983.
Bitcoin fell 992 dollars (-1.22%) to 80,282 dollars.
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In Asian trading hours, Bitcoin tumbled as much as 4% to below 77,000 dollars before rebounding to 78,443 dollars. The sell-off followed Binance's confirmation of an estimated 6-billion-dollar security breach, while industry partners froze billions in compromised assets.
Meanwhile, USD/JPY fell to 157.50. The Bank of Japan kept its benchmark rate unchanged at 1.25% as expected. Japan's unemployment rate fell to 2.4% in September (vs 2.5% expected), while industrial production rose 2.2% month-on-month (vs +1.3% estimated) and retail sales dropped 0.7% (vs +0.6% expected).
On the other hand, AUD/USD held higher near 0.7036. Australia's producer price index rose 3.6% year-on-year in the third quarter, below the 4.5% expected.
EUR/USD and GBP/USD remained supported, trading at 1.1185 and 1.3384 respectively.
Spot gold slipped to 3,999 dollars an ounce.
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In the eurozone, the unemployment rate is forecast to be unchanged at 6.4% in September. Gross domestic product is expected to ease to 1.1% year-on-year in the third quarter.
Germany's gross domestic product is projected to grow 1.1% year-on-year in the third quarter. Meanwhile, the inflation rate is forecast to ease to 3.0% year-on-year in October, while the unemployment rate is expected to hold steady at 6.4%.
France's gross domestic product is projected to grow 0.3% year-on-year in the third quarter. Also, the inflation rate is forecast to accelerate to 3.1% year-on-year in October, while the producer price index is anticipated to be up 5.4% year-on-year in September.
In the U.S., the Chicago Purchasing Managers' Index is expected to fall to 56.1 in October.
Canada's gross domestic product is forecast to edge up to 0.2% month-on-month in August.
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