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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, all three major U.S. stock indexes closed higher, with the S&P 500 rising 114 points (+1.49%) to 7,764, the Nasdaq 100 up 838 points (+2.83%) to 30,482, and the Dow Jones up 366 points (+0.71%) to 52,048.
The rally was led by technology and artificial intelligence (AI)-related stocks as falling oil prices and a retreat in Treasury yields improved risk sentiment.
U.S. WTI crude futures slid 3.71 dollars (-3.86%) to 92.37 dollars a barrel, as traders priced in hopes of U.S.-Iran diplomacy around the U.N. General Assembly and signs of recovering oil export flows from Saudi Arabia.
The U.S. 10-year Treasury yield retreated 4.9 basis points to 4.951%.
Meta Platforms (META) surged 11.34% after Wells Fargo lifted its price target on the stock to 796 dollars from 640 dollars.
Other mega-cap tech stocks also advanced, with Tesla (TSLA) rising 3.03%, Nvidia (NVDA) up 2.30%, Amazon (AMZN) up 1.87%, and Microsoft (MSFT) up 1.59%.
Semiconductor stocks remained market leaders, with Intel (INTC) bouncing 12.14%, Advanced Micro Devices (AMD) up 9.95%, and Micron Technology (MU) up 2.77%.
Other stocks related to AI also performed well, with Oklo (OKLO) gaining 5.74%, Corning (GLW) up 5.89%, and Bloom Energy (BE) up 2.73%.
Bitcoin’s 6% surge helped lift related stocks, with Strategy (MSTR) advancing 9.47% after surging 16% last Friday, Coinbase (COIN) up 3.50%, and Robinhood Markets (HOOD) up 2.90%.
Energy stocks fell alongside oil prices, with ConocoPhillips (COP) dropping 3.26%, ExxonMobil (XOM) down 3.20%, and Chevron (CVX) down 2.79%.
European stocks rebounded, with the DAX 40 adding 1.07%, the CAC 40 up 0.92%, and the FTSE 100 up 0.75%.
Spot gold traded 35 dollars lower to 4,343 dollars an ounce.
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The U.S. dollar gained against other major currencies, with the Dollar Index climbing to 100.42, as the market still priced in elevated odds of another rate hike by the Fed in October.
EUR/USD fell 22 pips to 1.1465, while USD/JPY climbed 48 pips to 157.37.
GBP/USD dropped 27 pips to 1.3367, and AUD/USD dipped 7 pips to 0.7119.
USD/CHF declined 9 pips to 0.8212, while USD/CAD gained 50 pips to 1.4034.
After surging 6% last Friday, Bitcoin charged more than 6% higher on Monday to 86,500 dollars, its highest level since January.
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In Asian trading hours, EUR/USD edged up to 1.1469, and GBP/USD rebounded slightly to 1.3373.
Meanwhile, USD/JPY advanced to 157.47.
Gold rose to 4,353 dollars.
Bitcoin was broadly steady at 85,810 dollars.
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In the U.S., the Richmond Fed Manufacturing Index is expected to climb to 5 in September.
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