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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, the S&P 500 closed 16 points higher (+0.21%) at 7,429, and the Dow Jones gained 537 points (+1.03%) to 52,747.
However, the Nasdaq 100 dropped 276 points (-0.99%) to 27,763, weighed down by continued weakness in semiconductor stocks.
Apple (AAPL) advanced a further 0.94% to a record closing level of 340.08 dollars.
Alphabet (GOOGL) climbed 2.19%, posting a three-session rebound.
Semiconductor stocks continued to suffer heavy selling pressure, with Micron (MU) tumbling 8.85%, Advanced Micro Devices (AMD) down 8.15%, and Intel (INTC) down 5.86%.
In fact, South Korea’s Kospi closed down 10.8%, as both semiconductor heavyweights Samsung Electronics and SK Hynix plummeted.
Data-storage stocks also fell sharply, with Sandisk (SNDK) plunging 14.25% and Western Digital (WDC) down 6.91%.
Seagate Technology (STX) closed 8.53% lower, but rebounded 5% in after-market hours after reporting better-than-expected quarterly earnings.
Meanwhile, Coca-Cola (KO) jumped 5.00%. The soft-drink giant reported better-than-expected quarterly financial figures and raised its full-year guidance.
Boeing Co (BA) rose 4.76%. The airplane maker posted a wider-than-expected quarterly loss due to charges tied to its delayed Air Force One replacement program. However, the company maintained its full-year guidance.
The U.S. 10-year Treasury yield dropped a further 4.1 basis points to 4.606%.
European stock indexes remained firm, with the DAX 40 gaining 0.41%, the CAC 40 up 0.63%, and the FTSE 100 up 0.83%.
U.S. WTI crude futures settled more than 4% lower on Tuesday, but rebounded 5% to 83.17 dollars a barrel in early Asian trading hours on Wednesday after the U.S. said it intercepted Iranian ballistic missiles targeting its forces in the Middle East.
Gold price was under pressure, testing support at the level of 4,000 dollars an ounce.
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USD/JPY remained buoyed at levels close to its 40-year high, trading at 163.86.
EUR/USD rose 19 pips to 1.1386, GBP/USD was little changed at 1.3285, while AUD/USD fell 16 pips to 0.6973.
The U.S. Conference Board consumer confidence index fell to 90.8 in July (vs 92.2 expected, 92.2 in June).
Later today, the U.S. Federal Reserve is expected to hold its key interest rate unchanged at 3.50% - 3.75%.
Bitcoin stayed below 64,000 dollars.
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In Asian trading hours, AUD/USD dropped to 0.6946. Australia's inflation rate eased to 3.8% year-on-year in June, below 4.0% expected.
Meanwhile, EUR/USD advanced to 1.1395 and GBP/USD rose to 1.3295.
USD/JPY eased to 163.71.
Gold was broadly flat at 4,030 dollars.
Bitcoin was little changed at 63,807 dollars.
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In the U.S., the Federal Reserve is expected to keep its Fed funds rate unchanged at a target range of 3.50% - 3.75%.
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