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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, all the three major U.S. stock indexes scored record closing levels, with the S&P 500 rising 43 points (+0.58%) to 7,563, and the Dow Jones up 24 points (+0.05%) to 50,668.
The Nasdaq 100 advanced 250 points (+0.84%) to 30,223.
Reports said the U.S. and Iran reached a draft agreement to extend their ceasefire for 60 days.
Regarding U.S. economic data, the core U.S. personal consumption and expenditure (PCE) price inflation ticked up to 3.3% year on year in April, as expected, from 3.2% in March.
Meanwhile, U.S. gross domestic product growth in the first quarter was revised downwards to an annualized rate of 1.6% (vs 2.0% expected) from 2.0% previously estimated.
Microsoft (MSFT) climbed 3.47%, outperforming other tech giants. The company was reported to unveil a suite of in-house artificial-intelligence (AI) models next week.
Other software companies also performed well, with Palantir (PLTR) jumping 8.17%, Oracle (ORCL) up 6.67%, and ServiceNow (NOW) up 6.47%.
Snowflake (SNOW) jumped 36.48% after reporting strong quarterly results and announcing a 6-billion-dollar commitment with Amazon Web Services.
Eli Lilly (LLY) gained 4.05%. CVS Health announced the reinstatement of insurance reimbursement for the drug-maker's popular weight loss injection, Zepbound, and the inclusion of its new oral weight loss medication, Munjaro, in its regular drug plan.
Dollar Tree (DLTR) surged 17.87%, and Best Buy (BBY) was up 15.80%. Both companies upgraded their business outlooks,
Synopsys (SNPS) fell 8.61%, becoming the worst-performing stock in the S&P 500. The company agreed to add activist investor Elliott Investment Management’s Jesse Cohn to its board.
Dell (DELL) closed 3.84% higher and soared a further 38% in after-market hours. The company reported much-better-than-expected quarterly results thanks to soaring demand for its artificial-intelligence-optimized servers, and raised its full-year revenue guidance.
The U.S. 10-year Treasury dipped further to 4.483%, extending its decline to a fifth session.
European stocks closed lower, with the DAX 40 falling 0.34%, the CAC 40 down 0.23%, and the FTSE 100 down 0.75%.
U.S. WTI crude futures settled just 22 cents higher at 88.90 dollars a barrel.
Gold rebounded 39 dollars to 4,496 dollars an ounce.
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The U.S. dollar softened a bit against other major currencies, dragged by reports of an extended U.S.-Iran ceasefire.
The dollar index declined to 99.01.
U.S. durable goods orders climbed 7.9% month on month in April, well above market expectations.
The number of new home sales fell 6.2% month on month in April (vs -3.2% expected).
EUR/USD rose 22 pips to 1.1646.
USD/JPY failed to cross above the closely-watched level of 160.00, dropping 26 pips to 159.25.
GBP/USD gained 11 pips to 1.3438, AUD/USD advanced 25 pips to 0.7162.
USD/CHF slipped 29 pips to 0.7839, and USD/CAD retreated 58 pips to 1.3782.
Bitcoin was down 1% to 73,500 dollars, posting a three-session losing streak.
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In Asian trading hours, USD/JPY edged up to 159.31. Japan's jobless rate fell to 2.5% in April, below 2.7% expected, while industrial production grew 0.8% month-on-month, above 0.7% estimated, and retail sales rose 1.3% compared with -0.5% anticipated.
Meanwhile, EUR/USD dropped to 1.1650 and GBP/USD fell to 1.3442.
Gold was relatively stable at 4,494 dollars.
Bitcoin remained subdued at 73,602 dollars.
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Germany's jobless rate is expected to stay at 6.4% in May, while inflation rate is anticipated to climb to 3.1% year-on-year.
France's inflation rate is estimated to accelerate to 2.6% year-on-year in May.
In the U.S., the Chicago purchasing managers index is expected to improve to 49.5 in May.
Canada's annualized gross domestic product is estimated to grow 0.7% in the first quarter.
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