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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks stayed under pressure, with the S&P 500 falling 44 points (-0.58%) to 7,591, the Nasdaq 100 down 318 points (-1.08%) to 29,103, and the Dow Jones down 316 points (-0.60%) to 52,064.
Higher oil prices and Treasury yields kept worrying investors. Following in the footsteps of Brent crude, U.S. WTI crude futures surpassed the 100-dollar mark, settling 6.43 dollars higher (+6.69%) at 102.48 dollars a barrel. U.S. President Donald Trump said the U.S.-Iran conflict may not end until after the November midterms.
The U.S. 10-year Treasury yield advanced 11.6 basis points to 4.961%, its highest level since November 2023.
U.S. data showed that producer price inflation accelerated to 5.4% year-on-year in August, faster than expected, and held steady at 0.4% month-on-month, in line with expectations.
Meanwhile, the CME FedWatch Tool showed that traders are pricing a 73% probability of the Federal Reserve hiking interest rates by 25 basis points next week.
Nvidia (NVDA) dropped 2.37%, posting a three-session retreat.
Meta Platforms (META) declined 1.42%, and Tesla (TSLA) was down 1.16%.
Meanwhile, Apple (AAPL) rebounded 3.56%, outperforming both the broader market and fellow mega-cap tech stocks.
Semiconductor stocks reversed Wednesday's relative strength, with Intel (INTC) losing 5.57%, Micron Technology (MU) down 4.90%, Marvell Technology (MRVL) down 3.43%, and Advanced Micro Devices (AMD) down 3.36%.
American Eagle Outfitters (AEO) gapped down 13.97%. The apparel retailer reported lower-than-expected quarterly comparable sales.
Macy's (M) fell 4.70% despite the department-store retailer’s quarterly revenue and earnings exceeding expectations.
Freeport-McMoRan (FCX) dropped 6.56% following reports that the White House has yet to make a decision on proposed copper tariffs.
Oracle (ORCL) closed 5.38% lower, but rebounded 4% in after-market hours. The enterprise software and cloud computing company raised its full-year earnings forecast, citing strong demand for AI cloud services.
European stocks remained under pressure, with the DAX 40 declining 0.84%, the CAC 40 down 0.49%, and the FTSE 100 down 0.57%.
Spot gold retreated 83 dollars (-1.90%) to 4,318 dollars an ounce.
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The U.S. dollar strengthened as oil-driven rate-hike bets rose. USD/JPY rebounded 87 pips to 154.42.
EUR/USD slipped 21 pips to 1.1612. As widely expected, the European Central Bank raised its key rates by 25 basis points. It also warned that the Middle East conflict could drive inflation to levels well above target for an extended period.
GBP/USD fell 36 pips to 1.3511, and AUD/USD slid 61 pips to 0.7157.
USD/CHF climbed 27 pips to 0.8128, and USD/CAD was up 28 pips to 1.3833.
Bitcoin dropped further, losing 2% to trade below 77,000 dollars.
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In Asian trading hours, USD/JPY held gains at 154.47. Japan's producer price index rose 7.6% year-on-year in August, above the 7.4% expected.
Meanwhile, EUR/USD fell to 1.1605 and GBP/USD slipped to 1.3501.
Gold stayed subdued at 4,318 dollars.
Bitcoin remained under pressure at 76,760 dollars.
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U.K. gross domestic product is expected to be flat month-on-month in July.
In the U.S., the core inflation rate is estimated to ease to 2.4% year-on-year in August, while the Michigan Consumer Sentiment Index is expected to slip to 51.0 in September.
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