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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the U.S. stock market recovered from session lows but ultimately finished lower as market volatility persisted ahead of Nvidia's earnings and delayed economic data releases.
The S&P 500 slipped 55 points (-0.83%) to 6,617, and the Dow fell 498 points (-1.07%) to 46,091. Both indices have turned down for four consecutive sessions. Meanwhile, the Nasdaq 100 dropped 296 points (-1.20%) to 24,503.
On the sector front, the outperforming sectors were Energy (XLE), Health Care (XLV), and Communication Services (XLC), while Consumer Discretionary (XLY), Technology (XLK), and Industrials (XLI) underperformed the most.
U.S. economic developments revealed that ADP Employment Weekly data showed a decline of 2,500 week over week, against a decline of 11,250 the week prior. Additionally, factory orders rose 1.4% on a monthly basis in August, as expected.
In U.S. equity news, Nvidia (NVDA) and Microsoft (MSFT) have committed to investing up to 10 billion dollars and 5 billion dollars, respectively, in Anthropic. The stocks slid 2.81% and 2.70%, respectively.
Separately, both Microsoft and Amazon (AMZN) saw their ratings downgraded at Redburn to Neutral from Buy, with Amazon falling 4.43%.
Netflix (NFLX) gained 3.45% after the stock was maintained at Equal-Weight by Barclays and at Neutral by JP Morgan.
Merck (MRK) gained 3.84% as its lung-disease drug Winrevair met the main goal of a mid-stage study. Additionally, the company boosted its quarterly dividend by 4.9% for the first quarter of 2026, and its stock rating was maintained at Hold by Deutsche Bank.
Freeport-McMoRan (FCX) climbed 2.56% after planning to restore production at its Grasberg mine in Indonesia, with the restart expected for the second quarter of 2026.
Home Depot (HD) declined 6.02% after cutting its full-year adjusted EPS forecast, and PDD Holdings (PDD) slid 7.33% as quarterly sales missed expectations.
Medtronic (MDT) gained 4.69% as quarterly earnings were better than expected.
The U.S. 10-year yield fell to 4.117%.
In Europe, Germany's Dax fell 1.74%, France's Cac 40 dropped 1.86% and the U.K. FTSE 100 declined 1.27%.
In the commodities market, Gold rose 21 dollars (+0.54%) to 4,065 dollars, halting a 3-day decline, and WTI Crude Oil futures advanced 0.81 dollars (+1.35%) to 60.67 dollars.
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The dollar index was broadly flat at 99.58.
EUR/USD fell 9 pips (-0.08%) to 1.1581, and GBP/USD slipped 10 pips (-0.08%) to 1.3145.
USD/JPY gained 25 pips (+0.16%) to a 9-month high at 155.49, and USD/CHF advanced 39 pips (+0.49%) to 0.7997.
AUD/USD rose 14 pips (+0.22%) to 0.6506.
USD/CAD dipped 67 pips (-0.48%) to 1.3985. The Canadian Liberal minority government survived a confidence vote on its 2025 federal budget.
Gold rose 21 dollars (+0.54%) to 4,065 dollars, halting a 3-day decline.
In the cryptocurrencies market, Bitcoin rebounded 1,175 dollars (+1.28%) to 92,982 dollars, and Ethereum bounced 119 dollars (+3.96%) to 3,126 dollars.
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In Asian trading hours, USD/JPY eased to 155.35. Japan's machinery orders rose 4.2% month-on-month in September, above 0.5% estimated.
Meanwhile, EUR/USD and GBP/USD both remained subdued, at 1.1581 and 1.3138 respectively.
Gold advanced to 4,078 dollars.
Bitcoin was relatively steady to 92,637 dollars.
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U.K. inflation rate is expected to ease to 3.7% year-on-year in October.
In the U.S., the Federal Reserve will release its latest FOMC meeting minutes.
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