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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes paused their record-breaking rally, with the S&P 500 retreating 56 points (-0.74%) to 7,553, and the Nasdaq 100 down 89 points (-0.29%) to 30,571.
The Dow Jones dropped 620 points (-1.21%) to 50,687.
Tensions in the Middle East escalated after Iran attacked Kuwait, damaging its airport. U.S. WTI crude futures climbed 2.26 dollars (+2.41%) to 96.02 dollars a barrel.
At the same time, the U.S. 10-year Treasury yield climbed 4 basis points to 4.493%.
Some tech giants posted marked losses, with Nvidia (NVDA) falling 3.62%, Microsoft (MSFT) down 3.17%, Amazon (AMZN) down 2.53%, and Apple (AAPL) down 1.57%.
Meta (META) jumped 4.24% after launching an enterprise-grade artificial intelligence business agent across its WhatsApp, Instagram, and Messenger apps.
Marvell Technology (MRVL) added another 3.73% after soaring 33% in the prior session.
Intel (INTC) rose 4.43%, Advanced Micro Devices (AMD) gained 4.02%, and Micron (MU) was up 1.45%.
Palo Alto Networks (PANW) dropped 5.64% despite the cybersecurity company posting better-than-expected quarterly results.
KKR (KKR) fell 4.15% and Blackstone (BX) dropped 4.03% after Swiss asset manager Partners Group capped withdrawals from one of its private equity funds, reigniting concerns among investors and sending share prices of global asset managers lower.
In after-market hours, Broadcom (AVGO) tumbled 12% and CrowdStrike (CRWD) was down 10% after both reported quarterly results.
European stocks also closed lower, with the DAX 40 dropping 1.31%, the CAC 40 down 0.71%, and the FTSE 100 down 0.40%.
Gold declined 54 dollars (-1.21%) to 4,434 dollars an ounce.
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The U.S. dollar strengthened amid escalating tensions in the Middle East, with the dollar index climbing to 99.52.
The ADP jobs report showed that the U.S. economy added 122,000 private jobs in May, well above expectations.
U.S. factory orders grew 4.8% month on month in April (vs +2.7% expected), and the Institute for Supply Management (ISM) services index improved to 54.5 in May, higher than expected.
EUR/USD dropped 32 pips to 1.1599.
USD/JPY kept challenging the psychologically important level of 160. Bank of Japan Governor Kazuo Ueda struck a relatively hawkish tone in a speech on Wednesday, citing inflationary risks.
GBP/USD slipped 50 pips to 1.3415.
AUD/USD fell 51 pips to 0.7127. Australia's gross domestic product grew 2.5% year on year in the first quarter, in line with expectations.
USD/CHF climbed 49 pips to 0.7918, and USD/CAD advanced 54 pips to a 2-month high at 1.3893.
Bitcoin continued to show strong downward momentum, sliding another 3% to 64,400 dollars.
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In Asian trading hours, AUD/USD remained under pressure at 0.7125. Australia's trade surplus totaled 1.79 billion Australian dollars, compared with a deficit of 1.3 billion Australian dollars estimated.
Meanwhile, EUR/USD edged up to 1.1610 and GBP/USD rebounded slightly to 1.3425.
USD/JPY was little changed at 159.90.
Gold bounced to 4,463 dollars.
Bitcoin remained subdued at 63,397 dollars.
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The eurozone's retail sales are estimated to drop 0.6% month-on-month in April.
In the U.S., the weekly initial jobless claims are expected at 216,000.
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