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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, the Dow Jones rose 213 points (+0.41%) to 51,983, while the S&P 500 fell 38 points (-0.51%) to 7,541, and the Nasdaq 100 dropped 395 points (-1.39%) to 27,989.
A sharp oil sell-off on U.S.-Iran diplomacy hopes lifted cyclical and airline stocks, while semiconductor, AI infrastructure, and software stocks stayed under pressure.
U.S. WTI crude oil futures retreated 7.66 dollars (-7.36%) to 96.46 dollars a barrel. U.S. Secretary of State Marco Rubio said President Donald Trump prefers a peaceful path with Iran and has not decided on an attack. Iran’s president pointed out that Tehran is seeking dialogue, and its foreign minister said a deal is possible if Washington shows goodwill.
Airlines rallied on lower oil prices, with JetBlue Airways (JBLU) surging 11.23%, United Airlines (UAL) up 4.80%, Delta Air Lines (DAL) up 4.08%, and American Airlines (AAL) up 3.81%.
Energy stocks retreated, with ExxonMobil (XOM) falling 4.05% and Chevron (CVX) down 3.29%.
Semiconductor stocks remained under pressure, with Advanced Micro Devices (AMD) losing 7.52%, Micron Technology (MU) down 5.78%, Nvidia (NVDA) down 1.26%, and Broadcom (AVGO) down 1.18%.
Intel (INTC) sank a further 8.80% after plunging 29% last Friday.
Marvell Technology (MRVL) tumbled 12.72% and Lumentum Holdings (LITE) plunged 18.59% after Marvell agreed to buy Lumentum in an all-stock deal valuing the target at an enterprise value of about 115 billion dollars.
Oracle (ORCL) tumbled 8.76% after filing to raise about 20 billion dollars through stock and bond sales to fund its AI and cloud buildout.
Apple (AAPL) closed 1.83% lower and slid 4% further in after-market hours despite the tech giant posting better-than-expected quarterly results. iPhone revenue came in at 57.58 billion dollars, above expectations.
Palantir Technologies (PLTR) closed 3.08% lower and lost a further 4% in after-market hours. The company reported third-quarter revenue and earnings that exceeded market expectations, and raised its full-year revenue guidance above consensus levels.
The U.S. 10-year Treasury yield softened to 4.912%, posting a fifth consecutive daily decline.
European stocks closed higher, with the DAX 40 rising 0.63%, the CAC 40 up 0.98%, and the FTSE 100 up 0.29%.
Spot gold rebounded 71 dollars (+1.84%) to 3,946 dollars an ounce.
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The U.S. dollar softened against other major currencies, with EUR/USD gaining 30 pips to 1.1187 and GBP/USD up 19 pips to 1.3409.
USD/JPY added 36 pips to 157.93, halting a three-session decline.
The U.S. ISM Manufacturing Index rose to 55.5 in October, above expectations.
Meanwhile, USD/CHF slipped 62 pips to 0.8188, and AUD/USD fell 34 pips to 0.6999.
Bitcoin lost traction, sliding 2% to 76,700 dollars.
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In Asian trading hours, AUD/USD slipped to 0.6984. The Reserve Bank of Australia raised its benchmark rate by 25 basis points to 4.85% as expected.
Meanwhile, EUR/USD and GBP/USD were little changed, trading at 1.1187 and 1.3403 respectively.
USD/JPY held firm near 157.88.
Spot gold pulled back to 3,929 dollars an ounce.
Bitcoin consolidated near 76,811 dollars.
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In the U.S., the midterm elections will take place. Meanwhile, factory orders are projected to grow 1.2% month-on-month in September, while JOLTS job openings are forecast to be 7.13 million in September.
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