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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks did not give an overwhelming response to the Federal Reserve's first interest-rate cut of the year, which was well priced in by traders.
The Dow Jones Industrial Average gained 260 points (+0.57%) to 46,018, while the S&P 500 slipped 6 points (-0.10%) to 6,600, and the Nasdaq 100 was down 50 points (-0.21%) to 24,223.
As widely expected, the Fed lowered its key interest rates by 25 basis points to a range of 4.00%-4.25%. And the central bank projected at least two more 25-basis-point cuts by the end of the year.
The U.S. 10-year Treasury yield rebounded 5.5 basis points to 4.087%.
Tesla (TSLA) added a further 1.01%, marking its seventh straight session of gains.
Nvidia (NVDA) lost 2.62%, posting a three-session decline. The Financial Times reported that China’s authorities have instructed the country's largest tech firms to stop buying all Nvidia artificial-intelligence-related chips.
Lyft (LYFT) gapped up 13.13%. Alphabet's self-driving-car unit Waymo announced its first commercial partnership with Lyft to launch autonomous ride services in Nashville in 2026.
In Europe, the DAX added 0.13%, and the FTSE 100 was up 0.14%, while the CAC 40 fell 0.40%.
Gold touched an all-time high of 3,708 an ounce before reversing to the downside, closing 31 dollars lower at 3,660 dollars an ounce.
U.S. WTI crude futures declined 47 cents to 64.05 dollars a barrel, halting a three-session rebound.
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The U.S. dollar traded higher after the Federal Reserve announced a widely-expected 25-basis-point rate cut. The dollar index rebounded to 97.03.
EUR/USD retreated 51 pips to 1.1815, and GBP/USD was down 21 pips to 1.3626.
USD/JPY rose 43 pips to 146.91, and USD/CHF climbed 28 pips to 0.7885.
AUD/USD dropped 29 pips to 0.6654.
USD/CAD was up 29 pips to 1.3767.
Gold touched an all-time high of 3,708 an ounce before reversing to the downside, closing 31 dollars lower at 3,660 dollars an ounce.
Bitcoin remained buoyed, trading at levels around 117,000 dollars.
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In Asian trading hours, AUD/USD slipped to 0.6645. Australia's employment fell 5,400 in August, compared with +15,000 expected, while jobless rate was steady at 4.2%, below 4.3% estimated.
On the other hand, NZD/USD slid 0.6% to 0.5925. New Zealand's gross domestic product fell 0.6% year-on-year in the second quarter, compared with flat expected.
Meanwhile, USD/JPY advanced to 147.05. Japan's machinery orders dropped 4.6% month-on-month in July, compared with -1.3% estimated.
EUR/USD remained subdued at 1.1815,while GBP/USD fell to 1.3618 ahead of the Bank of England's interest rate decision.
Gold was broadly flat at 3,663 dollars.
Bitcoin was relatively stable at 116,730 dollars.
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The Bank of England is expected to keep its benchmark rate unchanged at 4.00%.
In the U.S., Philadelphia Fed manufacturing index is estimated to bounce to 8.0 in September, while the weekly initial jobless claims are expected at 250,000. Also, the leading index is estimated to drop 0.1% month-on-month in August.
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