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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, the Nasdaq 100 rose 501 points (+1.73%) to 29,446, the S&P 500 gained 85 points (+1.14%) to 7,637, and the Dow Jones added 316 points (+0.61%) to 51,778, as equities bounced back a day after the Federal Reserve's first rate hike since 2023, while oil prices and Treasury yields eased.
The U.S. 10-year Treasury yield retreated 8.1 basis points to 4.939%, and U.S. WTI crude futures dipped 52 cents to 101.91 dollars a barrel.
Mega-caps led the rebound, with Nvidia (NVDA) rising 2.54%, Amazon (AMZN) up 2.13%, Microsoft (MSFT) up 1.52%, and Meta Platforms (META) up 1.34%.
Dow Jones constituents that outperformed included Caterpillar (CAT) rising 2.02%, Nike (NKE) up 1.62%, and 3M (MMM) up 1.27%.
Semiconductor stocks outperformed the market, with Intel (INTC) jumping 7.67%, Advanced Micro Devices (AMD) up 6.36%, Marvell Technology (MRVL) up 4.81%, and Arm Holdings (ARM) up 8.57%.
Also, Micron Technology (MU) advanced 5.50%, and SanDisk (SNDK) climbed 6.21%.
Coinbase (COIN) advanced 5.75% and Robinhood Markets (HOOD) was up 5.16%, after the U.S. Securities and Exchange Commission (SEC) unveiled a favorable policy to facilitate tokenized stock trading.
Generac (GNRC) surged 18.34%. The electrical equipment maker obtained a long-term contract worth 2.4 billion dollars to supply backup generators for Amazon.com's data centers.
European stocks also closed in positive territory, with the DAX 40 adding 0.70%, the CAC 40 up 0.57%, and the FTSE 100 up 1.19%.
Spot gold rebounded 77 dollars to 4,341 dollars an ounce.
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The U.S. dollar took a pause after rallying for five straight sessions, with EUR/USD edging up 11 pips to 1.1476, and USD/JPY declining 29 pips to 155.96.
GBP/USD slipped 23 pips to 1.3359, posting a four-session decline. As expected, the Bank of England held interest rates steady, but warned that the prolonged Middle East conflict may require tighter policy.
AUD/USD rebounded 23 pips to 0.7111, while USD/CHF dipped 12 pips to 0.8246.
Bitcoin managed to stay above 76,000 dollars.
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In Asian trading hours, USD/JPY ticked up to 156.95. The Bank of Japan raised its benchmark rate by 25 basis points to 1.25%, as expected.
Separately, Japan's data showed that the core inflation rate dipped to 1.7% year-on-year in August (vs 1.8% expected).
Meanwhile, EUR/USD and GBP/USD were both steady, at 1.1480 and 1.3359 respectively.
Gold climbed to 4,350 dollars.
Bitcoin advanced to 76,922 dollars.
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U.K. retail sales are expected to drop 0.2% month-on-month in August.
Germany's producer price index is estimated to be up 4.1% year-on-year in August.
In the U.S., industrial production is anticipated to increase by 0.3% month-on-month in August, while the leading index is estimated to grow 0.1%.
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