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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. equities declined broadly across all major indices, driven by weakness in the AI sector. The S&P 500 slipped 107 points (-1.44%) to 7,365, the Nasdaq 100 slid 999 points (-3.29%) to 29,347, and the Dow Jones dropped 45 points (-0.09%) to 51,666.
Micron (MU) sank 13.18%, Nvidia (NVDA) lost 4.13% and Advanced Micro Devices (AMD) fell 5.76%.
Tesla (TSLA) declined 5.79% after U.S. auto safety regulators opened a formal investigation into a fatal crash in Texas involving one of its vehicles.
QUALCOMM (QCOM) dropped 8.01%. Media reports suggested that the company is in advanced discussions to acquire AI chip firm Modular in a 4 billion dollars deal.
Domino’s Pizza (DPZ) fell 4.09% after announcing the departure of CEO Russell Weiner, who will be succeeded by current COO Joe Jordan.
IBM (IBM) gained 5.04% as it was upgraded to "overweight" from "neutral" by JPMorgan.
In after hours trading, FedEx (FDX) slid as it reported that fourth quarter operating margin dropped to 6.2% from 8.1% a year earlier. Cerebras Systems (CBRS) was also under pressure despite posting a 94% year-over-year increase in first-quarter revenue.
In U.S. economic data, the S&P Global manufacturing purchasing managers index increased to 55.7 and the services index rose to 51.3 in June, both above estimates.
The U.S. 10-year Treasury yield declined to 4.501%.
At the European close, DAX 40 fell 0.98%, CAC 40 dropped 0.71%, and FTSE 100 declined 0.09%.
Rate-hike expectations continued to weigh on precious metals. Gold dropped 81 dollars (-1.93%) to 4,111 dollars and silver slid 3.52 dollars (-5.41%) to 61.58 dollars.
Meanwhile, U.S. WTI crude oil futures (August) fell 0.65 dollars (-0.88%) to 73.21 dollars a barrel.
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The U.S. dollar strengthened, with the dollar index adding 0.37% to 101.39.
EUR/USD declined 48 pips (-0.42%) to a 1-year low at 1.1379. The eurozone’s S&P Global manufacturing purchasing managers index slipped to 51.3 in June, slightly above the 51.2 forecast.
GBP/USD slipped 48 pips (-0.36%) to 1.3199 as the U.K.’s S&P Global manufacturing purchasing managers index declined to 53.1, below the 53.6 expected.
USD/JPY rose 3 pips (+0.02%) to 161.57.
USD/CHF climbed 11 pips (+0.14%) to 0.8096.
AUD/USD fell 86 pips (-1.23%) to 0.6913.
USD/CAD advanced 53 pips (+0.37%) to 1.4209.
Cryptocurrencies dropped in a broader risk-off move across the markets. Bitcoin dropped 1,970 dollars (-3.06%) to 62,404 dollars, while Ethereum fell 71 dollars (-4.14%) to 1,661 dollars.
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In Asian trading hours, AUD/USD stayed subdued at 0.6918. Australia's inflation rate unexpectedly eased to 4.0% year-on-year in May, below the 4.4% estimated.
Meanwhile, EUR/USD and GBP/USD both remained under pressure, at 1.1375 and 1.3202 respectively.
USD/JPY was broadly flat at 161.55.
Gold dropped to 4,076 dollars.
Bitcoin was little changed at 62,687 dollars.
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Germany's Ifo business climate index is expected to climb to 85.6 in June.
In the U.S., new home sales are estimated to grow 2.9% month-on-month in May.
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