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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, the S&P 500 fell 25 points (-0.33%) to 7,686, and the Dow Jones dropped 374 points (-0.70%) to 53,185, while the Nasdaq 100 edged up 23 points (+0.08%) to 29,456.
For the month of August, the S&P 500 advanced 2.62% and the Nasdaq 100 rebounded 4.18%.
Tesla (TSLA) jumped 5.50% and Nvidia (NVDA) rebounded 1.48% on Monday, while Amazon (AMZN) declined 2.50% and Alphabet (GOOGL) was down 2.09%.
Semiconductor stocks posted gains, with Qualcomm (QCOM) rising 3.83%, Micron Technology (MU) up 2.77%, and Advanced Micro Devices (AMD) up 1.10%.
Broadcom (AVGO) closed 0.42% higher. The chipmaker will report quarterly results after the market close on Wednesday.
Software stocks closed higher, with CrowdStrike (CRWD) bouncing 5.77%, Okta (OKTA) up 4.10%, and Veeva Systems (VEEV) up 3.25%.
Energy stocks performed well on higher oil prices, with ExxonMobil (XOM) gaining 2.71%, Chevron (CVX) up 2.12%, and Valero Energy (VLO) up 1.86%.
Edison International (EIX) plunged 23.07% and Pacific Gas & Electric (PCG) tumbled 20.06%. Lawmakers in California rejected Governor Gavin Newsom’s proposal to change wildfire liability rules, leaving investor-owned utilities exposed to significant wildfire-related claims.
The U.S. 10-year Treasury yield gained 2.4 basis points to 4.754%, posting a four-session rally.
In Europe, the DAX 40 fell 1.17% and the CAC 40 dropped 0.79%. The U.K. market was closed for a bank holiday.
Military action between the U.S. and Iran resumed, as Iran launched missiles at two U.S. air bases in Jordan after the U.S. struck its Larak Island. U.S. WTI crude futures climbed 2.36 dollars (+2.83%) to 85.76 dollars a barrel.
Spot gold remained under pressure, dipping 6 dollars to 4,448 dollars an ounce.
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The U.S. dollar pared some gains made in the prior session, with EUR/USD gaining 30 pips to 1.1614 and USD/JPY falling 30 pips to 159.74.
The Dallas Fed Manufacturing Index jumped to 11.6 in August, much higher than expected.
The market’s focus has shifted to the August U.S. nonfarm payrolls report to be released on Friday.
GBP/USD rose 9 pips to 1.3543 and AUD/USD added 5 pips to 0.7164.
USD/CHF slipped 10 pips to 0.8082 and USD/CAD declined 43 pips to 1.3858.
Bitcoin kept showing resilience, rebounding 1% to 78,500 dollars.
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In Asian trading hours, EUR/USD edged up to 1.1607 and GBP/USD climbed to 1.3543.
China's RatingDog Manufacturing Purchasing Managers' Index rose to 51.5 in August (vs 51.0 expected).
Meanwhile, USD/JPY fell to 159.80.
Gold rebounded to 4,433 dollars.
Bitcoin was steady at 78,371 dollars.
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The eurozone's inflation rate is expected to climb to 3.3% year-on-year in August, while the jobless rate is anticipated to be unchanged at 6.3% in July.
Germany's retail sales are estimated to grow 0.4% month-on-month in July.
In the U.S., the ISM Manufacturing Index is expected to ease to 55.2 in August, while JOLTS job openings are estimated at 7.3 million.
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