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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, major U.S. stock indexes closed modestly higher, with the S&P 500 rising 14 points (+0.19%) to 7,666, the Nasdaq 100 up 93 points (+0.31%) to 30,501, and the Dow Jones up 20 points (+0.04%) to 50,926.
The U.S. 10-year Treasury yield retreated 4.6 basis points to 5.243%. During the session, it hit an intraday high of 5.344%, its highest level since 2002.
Investors are watching closely the monthly U.S. official jobs report due later today. It is expected that the economy added 90,000 nonfarm payrolls in September, with the jobless rate remaining stable at 4.1%.
Among mega-caps, Nvidia (NVDA) rose 1.09%, while Alphabet (GOOGL) fell 1.70% and Apple (AAPL) slipped 0.81%.
Micron Technology (MU) gained 3.03% after posting better-than-expected fiscal fourth-quarter results and issuing upbeat guidance. The stock has been up more than 270% year-to-date.
Data-storage stocks also closed higher, with SanDisk (SNDK) adding 2.75%, Seagate Technology (STX) up 2.52%, and Western Digital (WDC) up 1.78%.
Accenture (ACN) surged 15.78%, as the provider of information technology and management consulting services gave a full-year sales growth forecast that topped market expectations.
At the same time, Cognizant Technology Solutions (CTSH) advanced 5.99% and International Business Machines (IBM) was up 2.59%.
Companies engaging in the build-up of artificial intelligence (AI) infrastructure also outperformed the market, with Lumentum Holdings (LITE) jumping 7.67% to a record closing level, Vicor (VICR) up 6.80%, and Coherent Corp (COHR) up 10.95%.
Major European stock indexes closed more than 1% lower, with the DAX 40 declining 1.03%, the CAC 40 down 1.62%, and the FTSE 100 down 1.68%.
U.S. WTI crude futures rose 2.45 dollars (+2.71%) to 92.87 dollars a barrel after reports said the United States would send a third aircraft carrier strike group and additional troops to the Middle East.
Spot gold added 20 dollars to 4,177 dollars an ounce.
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The U.S. dollar was mostly firm against major currencies, with EUR/USD dropping 87 pips to a 16-month low of 1.1242, and USD/JPY climbing 67 pips to 158.07
The U.S. Institute for Supply Management (ISM) Manufacturing Index dipped to 54.5 in September (vs 55.0 expected, 54.6 in August).
Latest initial jobless claims fell to 197,000, coming in lower than expected.
GBP/USD fell 70 pips to 1.3193, and AUD/USD slipped 13 pips to 0.6930.
USD/CHF retreated 49 pips to 0.8309, and USD/CAD eased 11 pips to 1.4221.
NZD/USD dropped 29 pips to 0.5604.
Bitcoin regained some traction, gaining more than 1% to around 84,700 dollars.
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In Asian trading hours, USD/JPY eased to 157.96. Japan's jobless rate climbed to 2.5% in August (vs 2.4% expected).
Meanwhile, EUR/USD and GBP/USD both remained subdued, at 1.1242 and 1.3196 respectively.
Gold retreated to 4,158 dollars.
Bitcoin was firm at 84,908 dollars.
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The eurozone's core inflation rate is expected to climb to 2.5% year-on-year in September.
In the U.S., nonfarm payrolls are estimated to increase by 90,000 in September, while the jobless rate is expected to be steady at 4.1%. Also, factory orders are estimated to grow 0.1% month-on-month in August.
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