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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes closed mixed after major inflation data, with the S&P 500 advancing 20 points (+0.26%) to 7,748, and the Nasdaq 100 up 217 points (+0.74%) to 29,742, while the Dow dipping 21 points (-0.04%) to 53,770.
U.S. inflation data matched market expectations, as the headline inflation rate eased to 3.4% year-on-year in July from 3.5% in June. The core inflation rate also cooled to 2.5% year-on-year from 2.6%.
Meanwhile, reports said U.S. President Donald Trump may call on Congress to cut capital gains taxes as part of his policy pledges for the midterm election.
Nvidia (NVDA) rose 3.03%, while Meta (META) fell 3.38%, and Microsoft (MSFT) was down 2.26%.
Semiconductor stocks gained across the board, with Micron (MU) advancing 4.92%, Intel (INTC) up 3.32%, and Advanced Micro Devices (AMD) up 1.82%.
CoreWeave (CRWV) surged 19.28% and Lumentum (LITE) jumped 13.63%, as both companies posted better-than-expected quarterly results.
Super Micro Computer (SMCI) bounced 19.02% after issuing better-than-expected current-quarter guidance.
Space Exploration Technologies (SPCX) jumped 9.65%, up 39% from its lowest level marked on August 3.
In after-market hours, after posting quarterly results, Cisco Systems (CSCO) fell 5% and Coherent (COHR) was down 4%.
The 10-year U.S. Treasury yield dipped further to 4.688%.
European stocks closed slightly lower, with the DAX 40 declining 0.23%, the CAC down 0.46%, and the FTSE 100 down 0.10%.
U.S. WTI crude futures edged up 7 cents to 83.27 dollars a barrel.
Spot gold rebounded 40 dollars to 4,408 dollars an ounce.
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The U.S. dollar gained after consumer price inflation turned out to be mild, with USD/JPY rising 19 pips to 159.46, USD/CHF up 30 pips to 0.8136, and USD/CAD up 19 pips to 1.3942.
Meanwhile, EUR/USD fell 18 pips to 1.1522, and GBP/USD slipped 13 pips to 1.3491.
Later today, U.S. producer price inflation data for July will be reported.
Bitcoin still lacked upward momentum, trading lower to 63,300 dollars.
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In Asian trading hours, USD/JPY was steady to 159.44. Japan's producer price index rose 7.2% year-on-year in July, below 7.4% expected.
Meanwhile, EUR/USD and GBP/USD were broadly flat, at 1.1521 and 1.3488 respectively.
Gold held gains at 4,410 dollars.
Bitcoin was little changed at 63,456 dollars.
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U.K. gross domestic product is expected to grow 1.1% year-on-year in the second quarter.
The eurozone's industrial production is estimated to drop 0.1% month-on-month in June.
In the U.S., producer price index is expected to be up 4.9% year-on-year in July, while the weekly initial jobless claims are estimated at 202,000.
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