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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the S&P 500 advanced 47 points (+0.62%) to a record closing level of 7,757, as softer-than-expected job data eased rate-hike concerns.
The Nasdaq 100 jumped 348 points (+1.19%) to 29,722, and the Dow Jones gained 151 points (+0.28%) to 54,036.
On a weekly basis, the S&P 500 was up 3.58%, its biggest weekly percentage gain since April.
The official U.S. jobs report showed that the economy unexpectedly shed 23,000 non-farm payrolls in July, in stark contrast to an addition of 80,000 jobs expected. Also, job gains previously reported in May and June were revised sharply lower.
The jobless rate ticked lower to 4.1% in July from 4.2% in June.
According to the CME FedWatch tool, market expectations for a rate hike from the Federal Reserve at its September meeting dropped to 44% from 55% on Thursday.
The 10-year U.S. Treasury yield dipped 2.7 basis points to 4.649%.
The U.S. dollar weakened, while spot gold bounced 101 dollars (+2.40%) to 4,341 dollars an ounce.
Nvidia (NVDA) climbed 2.27% to close at 223.96 dollars on Friday. The stock bounced over 11% for the week, and is not far away from its record close of 235.74 dollars marked on May 14.
Palantir (PLTR) surged 10.32% on Friday, tallying a weekly gain of nearly 40%.
Other software stocks also performed well, with ServiceNow (NOW) rising 6.42%, CrowdStrike (CRWD) up 3.39%, and Oracle (ORCL) up 2.47%.
Space Exploration Technologies (SPCX) surged 15.83% after rebounding 6% in the prior session.
Berkshire Hathaway (BRKA) closed less than 1% lower. Over the weekend, the company reported that second-quarter operating profit increased 16% year-on-year to 13 billion dollars, exceeding market expectations.
European stocks also closed higher, with the DAX 40 adding 0.69%, the CAC up 0.17%, and the FTSE 100 up 0.31%.
U.S. WTI crude futures settled 89 cents higher (+1.15%) at 78.18 dollars a barrel.
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The U.S. dollar fell across the board on Friday, as the reduction in July’s non-farm payrolls undermined the case for the Fed to hike rates.
Major U.S. inflation data due Wednesday will further guide investors’ forecast of the Fed’s next rate move.
EUR/USD gained 32 pips to 1.1556, and GBP/USD advanced 36 pips to 1.3489.
USD/JPY fell 71 pips to 157.71.
AUD/USD rose 34 pips to 0.7064. Australia’s central bank is expected to keep interest rates steady on Tuesday.
USD/CHF retreated 42 pips to 0.8078, and USD/CAD slipped 69 pips to a 2-month low at 1.3943.
Over the weekend, Bitcoin surpassed the level of 65,000 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were steady, at 1.1553 and 1.3488 respectively.
Meanwhile, USD/JPY rebounded to 158.26.
Gold eased to 4,330 dollars.
Bitcoin was down slightly to 64,557 dollars.
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No major economic data expected.
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