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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, major U.S. stock indexes closed higher after a soft September jobs report cooled near-term rate-hike expectations, with the S&P 500 rising 56 points (+0.73%) to 7,722, the Nasdaq 100 up 306 points (+1.00%) to 30,807, and the Dow Jones up 250 points (+0.49%) to 51,176.
The U.S. official jobs report showed that the economy added just 29,000 nonfarm payrolls in September, much lower than the expected 90,000. The prior month's figure was revised down to 133,000 from 162,000 previously.
Meanwhile, the jobless rate edged up to 4.2% from 4.1% previously, and average hourly earnings increased just 0.1% month-on-month (vs +0.3% expected, +0.3% in August).
The U.S. 10-year Treasury yield rose 3.2 basis points to 5.275%, though traders saw the odds of another 25-basis-point hike in October at just about 22%, according to the CME FedWatch Tool.
Nvidia (NVDA) closed 1.34% higher after marking a fresh intraday high of 237.88 dollars during the session.
Tesla (TSLA) jumped 4.65% after reporting higher-than-expected third-quarter vehicle deliveries of 486,532.
Most semiconductor stocks closed higher, with Arm Holdings (ARM) gaining 5.18%, Broadcom (AVGO) up 3.35%, and Advanced Micro Devices (AMD) up 2.95%.
Synaptics (SYNA) surged 14.08% and ON Semiconductor (ON) jumped 6.01% after ON Semiconductor revised its acquisition terms for Synaptics from an all-stock deal to an all-cash transaction at 123 dollars per share, valued at 5.7 billion dollars.
However, Micron Technology (MU) fell 2.05% and Intel (INTC) was down 0.56%.
Stocks related to the build-up of artificial intelligence (AI) infrastructure stayed firm, with Coherent (COHR) rising 5.59% and Lumentum (LITE) up 3.79%.
Data-storage names slumped after the Nikkei reported that Toshiba plans to double its production capacity for hard disk drives used in AI data centers, with Western Digital (WDC) plunging 10.22% and Seagate Technology (STX) falling 10.21%.
Nike (NKE) closed 3.64% lower after fiscal first-quarter sales fell 4% and the company warned of a steeper revenue decline ahead.
European stocks also closed higher, with the DAX 40 rising 1.17%, the CAC 40 up 0.79%, and the FTSE 100 up 0.32%.
U.S. WTI crude futures retreated 1.76 dollars (-1.90%) to 91.11 dollars a barrel. Group of Seven (G7) countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves to ease supply concerns.
Spot gold dropped 35 dollars to 4,142 dollars an ounce.
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The U.S. dollar eased after September jobs data came in soft.
The eurozone's inflation rate accelerated to 3.8% year-on-year in September (vs 3.7% expected, 3.2% in August).
In early Asian trading hours on Monday, EUR/USD was firm at 1.1260, GBP/USD traded higher at 1.3241, while USD/JPY eased to 157.67.
AUD/USD rebounded to 0.6955, compared to a recent low of 0.6904.
USD/CHF was lower at 0.8286, while USD/CAD was firm at 1.4253.
Bitcoin surpassed 86,000 dollars, reaching 86,500 dollars.
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In Asian trading hours, EUR/USD slid to 1.1162 and GBP/USD fell to 1.3194.
Meanwhile, USD/JPY rose to 158.10.
Gold remained subdued at 4,140 dollars.
Bitcoin was relatively steady at 86,051 dollars.
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The eurozone's producer price index is forecast to be up 8.3% year-on-year in August.
In the U.S., the ISM Services Index is expected to climb to 55.7 in September.
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