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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, major U.S. stock indexes closed lower, with the S&P 500 falling 37 points (-0.48%) to 7,619, the Nasdaq 100 down 241 points (-0.82%) to 29,127, and the Dow Jones down 152 points (-0.29%) to 52,421.
Semiconductor stocks and other artificial intelligence (AI)-related stocks sold off, as heads of leading AI firms called for a slowdown in frontier AI development on safety grounds.
Nvidia (NVDA) fell 3.36%, Intel (INTC) dropped 5.59%, Broadcom (AVGO) declined 4.77%, and Advanced Micro Devices (AMD) was down 4.40%.
Also, Lam Research (LRCX) sank 8.29%, Marvell Technology (MRVL) slid 7.32%, and Micron Technology (MU) was down 5.25%.
Friday's server-hardware leaders reversed sharply, with Hewlett Packard Enterprise (HPE) tumbling 10.76% and Dell Technologies (DELL) slipping 5.82%.
Corning (GLW) plunged 13.70% after announcing plans to sell up to 2 billion dollars worth of shares.
Meanwhile, Alphabet (GOOGL) rose 3.22%, Meta Platforms (META) gained 2.71%, and Microsoft (MSFT) was up 1.97%.
Cybersecurity and enterprise software stocks outperformed the market, with CrowdStrike (CRWD) surging 13.85%, Palo Alto Networks (PANW) up 13.09%, Salesforce (CRM) up 4.73%, and Palantir Technologies (PLTR) up 3.64%.
The U.S. 10-year Treasury yield briefly pierced 5%, its highest level since October 2023, before settling at 4.998%.
In Europe, the DAX 40 fell 0.50% and the CAC 40 dropped 0.76%, while the FTSE 100 closed 0.44% higher.
U.S. WTI crude futures settled 1.34 dollars higher (+1.34%) at 101.39 dollars a barrel. Saudi Arabia closed its critical pipeline that bypasses the Strait of Hormuz due to a drone attack.
Spot gold remained weak, easing 49 dollars (-1.15%) to 4,299 dollars an ounce.
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The U.S. dollar traded higher, supported by oil-driven inflation fears and growing expectations of a rate hike by the Federal Reserve on Wednesday.
USD/JPY rebounded to around 154.35, while EUR/USD fell 50 pips to 1-month low at 1.1549, posting a three-session decline.
GBP/USD slipped 27 pips to 1.3500, and AUD/USD was down 32 pips to 0.7140.
USD/CHF gained 8 pips to 0.8173.
USD/CAD was up 31 pips to 1.3903. Canada’s inflation rate remained stable at 3.0% year-on-year in August, in line with expectations.
Bitcoin regained some traction, bouncing more than 2% to 78,600 dollars.
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In Asian trading hours, EUR/USD dropped to 1.1539 and GBP/USD slipped to 1.3488.
China's industrial production rose 5.2% year-on-year in August (vs 4.8% expected).
Meanwhile, USD/JPY advanced to 154.76.
Gold edged up to 4,313 dollars.
Bitcoin eased to 77,750 dollars.
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The U.K. jobless rate for the May-July period is expected to edge up to 5.0%.
The eurozone's trade surplus for July is estimated at 14.4 billion euros.
Germany's ZEW Economic Sentiment Index is expected to climb to 37.0 in September.
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