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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, the Dow Jones jumped 556 points (+1.08%) to 52,177, and the S&P 500 rose 25 points (+0.33%) to 7,744. Meanwhile, the Nasdaq 100 pared most of its early loss to close just 15 points lower (-0.05%) at 29,935.
U.S. data showed that producer price inflation accelerated to 6.3% year-on-year and 1.3% month-on-month in September, both exceeding expectations and reaching the highest levels since 2022.
However, the U.S. 10-year Treasury yield dropped 11.5 basis points to 5.079% on signs that investors bought government bonds on the dip.
The Dow Jones was lifted by healthcare, consumer, and industrial stocks, with UnitedHealth Group (UNH) rising 2.74%, Eli Lilly (LLY) up 3.37%, Nike (NKE) up 5.27%, Home Depot (HD) up 4.33%, and Sherwin-Williams (SHW) up 3.84%.
Microsoft (MSFT) gained 1.08%, while Tesla (TSLA) slipped 1.29%, posting a fourth consecutive session of declines.
Semiconductor stocks closed mixed, with Nvidia (NVDA) losing 1.91%, Advanced Micro Devices (AMD) down 1.49%, and Intel (INTC) down 2.85%, while Micron Technology (MU) rebounded 1.90%, Qualcomm (QCOM) rose 3.31%, and Arm Holdings (ARM) gained 2.82%.
Regarding artificial-intelligence (AI) infrastructure stocks, CoreWeave (CRWV) rebounded 5.91%, Oracle (ORCL) rose 2.94%, and Nebius Group (NBIS) was up 1.26%, while Dell Technologies (DELL) fell a further 6.85%, extending its decline to a fourth straight session.
Most software stocks performed well, with ServiceNow (NOW) jumping 6.15%, Salesforce (CRM) up 4.51%, and Intuit (INTU) up 6.34%.
Penske Automotive Group (PAG) surged 8.84% after Motown Acquisition Corp agreed to take the company private at 212 dollars a share in cash, valuing the auto retailer at 16.3 billion dollars.
International Paper (IP) bounced 6.90% after reports that private equity firms Lone Star and Atlas Holdings are exploring separate bids for its European packaging business, potentially valued at less than 6 billion dollars.
European stocks closed higher earlier, with the DAX 40 adding 0.33%, the CAC 40 up 0.78%, and the FTSE 100 up 1.08%.
U.S. WTI crude futures advanced 2.88 dollars (+3.03%) to 97.97 dollars a barrel, extending their rally to a sixth session.
Spot gold rebounded 66 dollars (+1.60%) to 4,171 dollars an ounce, halting a three-session decline.
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The U.S. dollar retreated Thursday despite hotter-than-expected producer price inflation data, with EUR/USD rebounding 62 pips to 1.1218 and USD/JPY falling 32 pips to 157.97.
U.S. retail sales grew 0.8% month-on-month in September, more than expected.
GBP/USD climbed 81 pips to 1.3273. U.K. data showed that gross domestic product increased 0.1% month-on-month in August, in contrast to an expected decline of 0.1%. Industrial production grew 0.8% month-on-month in August, much better than expected.
AUD/USD fell 50 pips to 0.6920.
USD/CHF declined 83 pips to 0.8266, and USD/CAD eased 52 pips to 1.4184.
Bitcoin briefly dipped below 80,000 dollars during the session before swiftly rebounding to 82,000 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both steady, at 1.1215 and 1.3277 respectively.
Meanwhile, USD/JPY was little changed at 158.00.
Gold eased to 4,156 dollars.
Bitcoin was stable at 82,064 dollars.
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The eurozone's trade surplus is anticipated at 14.7 billion euros in August.
In the U.S., industrial production is projected to grow 0.4% month-on-month in September.
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