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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, U.S. stocks saw their rebound extend to a third session, with the Dow Jones Industrial Average gaining a further 664 points (+1.43%) to 47,112.
The S&P 500 added 61 points (+0.91%) to 6,766, and the Nasdaq 100 was up gaining 144 points (+0.58%) to 25,018.
According to the CME FedWatch tool, traders are seeing an 83% chance of the Federal Reserve cutting interest rates by 25 basis points in December, up sharply from 40% before last Friday.
Alphabet (GOOGL) charged 1.53% higher to mark a record closing level of 323.44 dollars.
A media report said Meta (META), a key customer of Nvidia (NVDA), plans to use Google’s tensor processing units, or TPUs, in its data centers.
Nvidia (NVDA) fell 2.59%, and Advanced Micro Devices (AMD) dropped 4.14%.
Broadcom (AVGO) added 1.87% after surging 11% in the prior session.
Kohl's (KSS) skyrocketed 42.53% on better-than-expected third-quarter results and improved full-year guidance.
The U.S. 10-year Treasury yield slid to test support at the key level of 4.000%.
European stocks closed higher, with the DAX 40 rising 0.97%, the CAC 40 up 0.83%, and the FTSE 100 up 0.78%.
Gold price held up well at 4,130 dollars an ounce after jumping 70 dollars in the prior session.
U.S. WTI crude futures returned to the downside, down 86 cents (-1.46%) to 57.98 dollars a barrel. U.S. President Donald Trump said the peace deal to end the Russia-Ukraine war is getting very close.
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The U.S. dollar weakened further as the market was more sure about a rate cut in December. The dollar index eventually crossed below the key level of 100.
EUR/USD rose 49 pips to 1.1569.
USD/JPY declined 82 pips to 156.07.
GBP/USD advanced 59 pips to 1.3162, and AUD/USD gained 8 pips to 0.6471.
USD/CHF slipped 13 pips to 0.8073, and USD/CAD was down 10 pips to 1.4094.
Bitcoin lost traction, sliding 1.7% to 86,900 dollars.
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In Asian trading hours, AUD/USD advanced to 0.6494. Australia's inflation rate climbed to 3.8% year-on-year in October, above 3.5% estimated.
On the other hand, NZD/USD bounced to 0.5682. The Reserve Bank of New Zealand cut its benchmark rate by 25 basis points to 2.25% as expected.
Meanwhile, EUR/USD climbed to 1.1582 and GBP/USD rose to 1.3188.
USD/JPY eased to 155.82.
Gold advanced to 4,164 dollars.
Bitcoin rebounded to 87,755 dollars.
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In the U.S., durable goods orders are expected to grow 0.2% month-on-month in September, while weekly initial jobless claims are estimated at 224,000. Also, the Chicago purchasing managers index is expected to climb to 46.0 in November.
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