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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the Dow Jones slid 628 points (-1.18%) to 52,786, the S&P 500 closed 45 points lower (-0.58%) at 7,673, and the Nasdaq 100 slipped 36 points (-0.12%) to 29,507.
Market sentiment continued to be dampened by rallying oil prices amid escalating tensions in the Middle East. Iran-backed Houthis in Yemen launched strikes on several Saudi cities, while U.S. forces hit multiple Iranian oil tankers.
U.S. WTI crude futures climbed a further 1.22 dollars (+1.31%) to 94.23 dollars a barrel.
The U.S. 10-year Treasury yield added 0.8 basis points to 4.792%.
Most mega-cap tech giants closed lower, with Nvidia (NVDA) falling 2.01%, Microsoft (MSFT) down 1.15%, and Apple (AAPL) down 1.17%.
On the other hand, Tesla (TSLA) rebounded 3.98%.
Amgen (AMGN) gapped down 10.08%. A clinical trial setback for Novartis's cholesterol drug raised concerns about the prospects for Amgen’s experimental treatment olpasiran.
Stryker (SYK) slumped 8.81% after the medical technology firm’s chief financial officer said ongoing supply constraints continue to impact operations.
Semiconductor shares were the bright spot of the session. Intel (INTC) jumped 9.05% following reports that the company could raise personal computer chip prices by about 10% in October.
At the same time, Advanced Micro Devices (AMD) rose 5.90%, Qualcomm (QCOM) climbed 3.17%, and Broadcom (AVGO) was up 2.98%.
AI infrastructure-related stocks also traded higher, with Corning (GLW) rising 7.56% and Coherent (COHR) up 7.10%.
In Europe, the DAX 40 was largely flat, the CAC 40 gained 0.14%, while the FTSE 100 slipped 0.10%.
Spot gold fell for a third session, dropping 50 dollars (-1.15%) to 4,355 dollars an ounce.
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The yen traded near its seven-month high against the dollar, with USD/JPY briefly dipping below 153 during the session. In early Asian trading hours on Wednesday, USD/JPY was trading lower at 153.60.
EUR/USD held up well at 1.1625, GBP/USD edged up to 1.3541, and AUD/USD stayed buoyed at 0.7219.
USD/CHF dipped to 0.8091 and USD/CAD remained under pressure at 1.3782.
Bitcoin fell further to 78,400 dollars.
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In Asian trading hours, EUR/USD and GBP/USD were both steady, at 1.1628 and 1.3542 respectively.
China's inflation rate climbed to 0.8% year-on-year in August as expected, while the producer price index rose 3.8% (vs 3.7% estimated).
Meanwhile, USD/JPY remained subdued at 153.65.
Gold rebounded to 4,372 dollars.
Bitcoin edged up to 78,904 dollars.
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France's industrial production is expected to grow 0.3% month-on-month in July.
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