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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. indices finished higher after the Federal Reserve kept interest rates unchanged. The S&P 500 advanced 21 points (+0.28%) to 7,743, the Nasdaq 100 gained 161 points (+0.55%) to 29,813, and the Dow Jones rose 97 points (+0.19%) to 52,475.
The U.S. 10-year Treasury yield rose 0.4 basis points to 5.003%.
The Federal Reserve left its target range for the federal funds rate unchanged at 3.75%-4.00%, in line with expectations. The Fed upgraded its assessment of economic activity and stated that inflation remains elevated.
According to CME FedWatch, the probability of a 25-basis-point rate hike at the December meeting was about 84%.
Vertiv (VRT) surged 16.48% on better-than-expected quarterly earnings and an upgraded full-year outlook.
Oracle (ORCL) jumped 10.73% as investors reacted positively to the company's longer-term AI outlook and timeline toward positive free cash flow.
F5 (FFIV) tumbled 20.43% as the company guided first-quarter adjusted EPS to 4.25-4.37 dollars, falling short of market expectations.
Lennox International (LII) fell 10.59% after posting third-quarter adjusted EPS of 6.84 dollars, weaker than expected. The company also lowered its full-year earnings outlook.
In after-hours trading, Microsoft (MSFT) reported Azure revenue of 33.17 billion dollars, up 48% year-on-year and above market expectations. Alphabet (GOOGL) reported third-quarter EPS of 2.12 dollars, below the 3.00 dollars expected. KLA (KLAC) reported stronger-than-expected first-quarter adjusted EPS of 1.22 dollars.
Amazon (AMZN) and Intel (INTC) will report quarterly results later today.
In Europe, the DAX 40 gained 0.44%, the CAC 40 was unchanged, and the FTSE 100 edged up 0.07%.
In the commodities market, spot gold gained 12 dollars (+0.29%) to 4,070 dollars an ounce. U.S. WTI crude oil futures (December) climbed 2.88 dollars (+2.88%) to 102.78 dollars a barrel.
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The U.S. dollar weakened, with the Dollar Index declining 0.19% to 102.12.
EUR/USD gained 36 pips (+0.32%) to 1.1158 ahead of the European Central Bank's rate decision.
GBP/USD rose 28 pips (+0.21%) to 1.3331.
USD/JPY slipped 9 pips (-0.06%) to 157.85, and USD/CHF declined 11 pips (-0.13%) to 0.8279.
AUD/USD gained 33 pips (+0.47%) to 0.7057.
USD/CAD fell 52 pips (-0.37%) to 1.3996. The Bank of Canada raised its policy rate by 25 basis points to 2.50%, in line with expectations.
Bitcoin gained 527 dollars (+0.65%) to 81,231 dollars.
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In Asian trading hours, EUR/USD and GBP/USD eased slightly, trading at 1.1146 and 1.3323 respectively.
USD/JPY ticked down to 157.76.
Spot gold pulled back to 4,044 dollars an ounce.
Bitcoin retreated to 79,755 dollars.
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The European Central Bank is expected to keep its main interest rates unchanged, with the deposit facility rate staying at 2.50%.
In the U.S., third-quarter gross domestic product is projected to grow 3.2% quarter-on-quarter. Also, the core personal consumption expenditures price index is forecast to climb to 3.1% year-on-year in September, while initial jobless claims are expected to rise to 199,000 in the week ended October 24.
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