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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, major U.S. stock indexes declined further, with the S&P 500 slipping 40 points (-0.52%) to 7,745, the Nasdaq 100 down 50 points (-0.17%) to 29,995, and the Dow Jones down 272 points (-0.51%) to 53,459.
Mega-cap tech stocks closed in negative territory, with Meta (META) falling 3.54%, Microsoft (MSFT) down 3.04%, and Tesla (TSLA) down 0.87%.
Data-storage and memory stocks rebounded further, with SanDisk (SNDK) jumping 8.88%, Western Digital (WDC) up 5.35%, and Micron Technology (MU) up 4.13%. Reports said the U.S. government urged Apple (AAPL) not to buy Chinese memory chips.
Applied Materials (AMAT) rebounded 5.55%, recovering the loss made in the prior session.
Bitcoin traded higher, lifting related stocks, with Strategy (MSTR) gaining 4.99% and Coinbase (COIN) up 1.40%.
The U.S. 10-year yield was up for a second session, advancing 3.4 basis points to 4.726%.
European stocks also closed lower, with the DAX 40 falling 0.38%, the CAC 40 down 0.66%, and the FTSE 100 down 0.28%.
U.S. WTI crude futures remained buoyed, rising 2.10 dollars (+2.55%) to 84.50 dollars a barrel.
Spot gold added 40 dollars to 4,416 dollars an ounce.
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The U.S. dollar weakened further, with EUR/USD gaining 9 pips to 1.1578, GBP/USD adding 13 pips to 1.3543, AUD/USD up 23 pips to 0.7104.
USD/JPY rose 17 pips to 159.47, while USD/CHF retreated 24 pips to 0.8107.
In the U.S., the New York State manufacturing index rose to 20.6 in August, well above expectations.
USD/CAD was little changed at 1.3872. Canada’s inflation rate accelerated to 3.0% year-on-year in July, higher than expected.
Bitcoin bounced more than 2% to 64,300 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both little changed, at 1.1576 and 1.3541 respectively.
Meanwhile, USD/JPY was steady at 159.47.
Gold retreated to 4,397 dollars.
Bitcoin eased to 64,088 dollars.
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U.K. jobless rate for the April-June period is expected to slip to 4.8%.
Germany's ZEW economic sentiment index is estimated to climb to 30.0 in August.
In the U.S., housing starts are expected to drop 4.7% month-on-month in July and building permits are estimated to increase by 1.2%, while industrial production is anticipated to grow 0.3%.
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