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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, the S&P 500 rose 81 points (+1.06%) to 7,748, turning positive for the week. The Nasdaq 100 gained 339 points (+1.16%) to 29,482, and the Dow Jones was up 624 points (+1.18%) to 53,686.
The U.S. 10-year Treasury yield eased further to 4.772%. Federal Reserve Governor Christopher Waller said that if upcoming inflation data confirm cooling, he would be inclined to keep rates unchanged at the September meeting.
U.S. WTI crude futures stayed firm, advancing 29 cents to 91.30 dollars a barrel and posting a four-session rally.
Mega-cap tech stocks rose across the board, with Tesla (TSLA) jumping 5.42%, Meta Platforms (META) up 3.01%, and Microsoft (MSFT) up 2.68%.
Nvidia (NVDA) rose 1.80% after saying it would buy open-source artificial intelligence (AI) platform Hugging Face for 13 billion dollars.
Snowflake (SNOW) surged 16.55% after quarterly profit and revenue beat estimates. The cloud-based data platform also raised its full-year guidance, citing strong demand for artificial intelligence.
Bitcoin outperformed the stock market, lifting related stocks, with Strategy (MSTR) surging 17.56%, Robinhood Markets (HOOD) up 16.57%, and Coinbase (COIN) up 10.14%.
Software stocks also performed well, with Palantir Technologies (PLTR) gaining 7.71%, ServiceNow (NOW) up 6.49%, and Oracle (ORCL) up 5.69%.
Hewlett Packard Enterprise (HPE) climbed 5.04% after its full-year earnings growth forecast came in line with expectations.
Broadcom (AVGO) fell 2.74%. The chipmaker posted better-than-expected results, with revenue up about 86% year-on-year, but its revenue outlook missed market expectations.
Tyson Foods (TSN) dropped 7.26% after cutting full-year revenue and operating income guidance, citing volatile cattle prices.
European stock indexes also finished higher, with the DAX 40 rising 0.63%, the CAC 40 up 0.07%, and the FTSE 100 up 0.70%.
Spot gold rebounded strongly for a second session, advancing 84 dollars (+1.93%) to 4,472 dollars an ounce.
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The yen jumped against the U.S. dollar for a second session, with USD/JPY tumbling 291 pips (-1.84%) to 155.75. Expectations grew that the Bank of Japan could hike interest rates by more than previously expected on September 18.
The latest number of U.S. initial jobless claims rose to 206,000, slightly higher than expected.
The U.S. Institute for Supply Management (ISM) Services Index rose to 55.4 in August, higher than expected.
The closely watched U.S. nonfarm payrolls report for August will be released later today.
Meanwhile, EUR/USD climbed 42 pips to 1.1629, and GBP/USD gained 42 pips to 1.3526.
AUD/USD rose 36 pips to 0.7205.
USD/CHF slipped 53 pips to 0.8075, and USD/CAD was down 49 pips to 1.3790.
Bitcoin outperformed other risk assets, bouncing more than 5% to 81,600 dollars, a four-month high.
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In Asian trading hours, USD/JPY rebounded slightly to 156.00. Japan's household spending dropped 3.6% year-on-year in July (vs -1.0% expected).
Meanwhile, EUR/USD and GBP/USD were broadly steady, at 1.1626 and 1.3530 respectively.
Gold climbed to 4,477 dollars.
Bitcoin eased to 80,709 dollars.
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The eurozone's retail sales are expected to grow 0.2% month-on-month in July.
Germany's factory orders are estimated to be up 0.5% month-on-month in July.
In the U.S., nonfarm payrolls are expected to increase by 42,000 in August, while the jobless rate is anticipated to hold steady at 4.1%.
Canada's employment is estimated to increase by 10,000 in August, while the jobless rate is expected to be unchanged at 6.4%.
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