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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, major U.S. stock indexes rebounded strongly, with the Nasdaq 100 bouncing 914 points (+3.36%) to 28,106, the S&P 500 up 121 points (+1.66%) to 7,437, and the Dow Jones up 613 points (+1.19%) to 52,208.
Microsoft (MSFT) surged 15.51%. The tech giant posted better-than-expected quarterly results, and projected positive cash flow through the fiscal year 2027.
Nvidia (NVDA) rebounded 2.65%, and Tesla (TSLA) was up 3.53%.
On the other hand, Meta (META) dropped 7.95%. The company reported lower-than-expected earnings per share and issued a downbeat revenue forecast.
Semiconductor stocks jumped across the board, with Micron (MU) soaring 18.36%, Lam Research (LRCX) up 17.98%, Advanced Micro Devices (AMD) up 13.00%, and Intel (INTC) up 11.30%.
Data-storage stocks also performed well, with Sandisk (SNDK) soaring 25.99%, Western Digital (WDC) up 15.37%, and Seagate Technology (STX) up 11.41%.
After reporting quarterly results, Starbucks (SBUX) gained 1.64%, Chipotle Mexican Grill (CMG) jumped 12.50%, and Mastercard (MA) was up 2.49%.
Apple (AAPL) closed 1.41% lower and declined a further 6% in after-market hours. A 22% increase in iPhone sales helped the tech giant to report stronger-than-expected quarterly results. However, the company issued a downbeat guidance, citing supply constraints.
Amazon (AMZN) closed 3.90% higher and jumped a further 9% in after-market hours. Revenue at the company’s cloud computing unit, Amazon Web Services, jumped 37% year-on-year to 42.2 billion dollars in the second quarter.
The 10-year U.S. Treasury yield dipped 1.4 basis points to 4.673%.
In Europe, the DAX 40 gained 0.60%, and the CAC 40 was up 0.92%, while the FTSE 100 declined 0.10%.
In commodities, U.S. WTI crude futures fell 0.87 dollars (-1.03%) to 83.59 dollars a barrel. Gold climbed 35 dollars to 4,103 dollars an ounce, extending its rebound into a second session.
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The U.S. dollar fell sharply against major currencies, with EUR/USD gaining 61 pips to 1.1526, AUD/USD rising 73 pips (+1.05%) to 0.7027, and USD/CHF down 86 pips to 0.8050.
U.S. data showed that the core personal consumption expenditure (PCE) price inflation rate slowed to 3.3% year-on-year in June (as expected). The headline PCE price index even shrank 0.1% month-on-month, the first deflation reading since the COVID-19 pandemic.
Meanwhile, U.S. gross domestic product increased at a 1.5% annualized rate in the second quarter, slower than expected.
USD/JPY tumbled 390 pips (-2.39%) to 159.48. Market participants suggested it was likely that Japanese authorities intervened to prop up the yen.
GBP/USD advanced 97 pips to 1.3466. As expected, the Bank of England left its key interest rate steady at 3.75%.
Bitcoin advanced alongside risk assets, gaining over 1% to 64,900 dollars.
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In Asian trading hours, USD/JPY rebounded to 160.60. The Bank of Japan kept its benchmark rate unchanged at 1.00% as expected.
Also, Japan's jobless rate was steady at 2.5% in June as expected. Also, industrial production grew 1.3% month-on-month in June, above 0.7% estimated, while retail sales fell 4.1%, compared with -0.5% expected.
On the other hand, AUD/USD was little changed at 0.7023. Australia's producer price index rose 3.6% year-on-year in the second quarter, above 2.5% expected.
China's official manufacturing purchasing managers index dropped to 49.2 in July, below 50.0 estimated.
Meanwhile, EUR/USD eased to 1.1510 and GBP/USD fell to 1.3449.
Gold retreated to 4,074 dollars.
Bitcoin slipped to 64,181 dollars.
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The eurozone's inflation rate is estimated to climb to 2.9% year-on-year in July.
Germany's jobless rate is expected to be unchanged at 6.3% in July.
France's inflation rate is estimated to stay at 1.8% year-on-year in July, while producer price index is expected to be up 2.7% in June.
In the U.S., the Chicago purchasing managers index is expected to slip to 56.0 in July.
Canada's gross domestic product is expected to grow 0.2% month-on-month in May.
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