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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, both the S&P 500 (down 29 points or 0.41% to 7,108) and the Nasdaq 100 (down 154 points or 0.57% to 26,782) retreated from their record-high closing levels.
The Dow Jones closed 179 points lower (-0.36%) at 49,310.
Choppy trading was seen in the session as investors expected the U.S.-Iran war not to conclude very soon.
Tech giants closed lower, with Microsoft (MSFT) falling 3.97%, Tesla (TSLA) down 3.56%, Meta (META) down 2.31%, and Nvidia (NVDA) down 1.41%.
Intel (INTC) closed 2.31% higher and surged 19% in after-market hours. The chip-maker’s first-quarter results far exceeded market expectations. It pointed out surging demand for its central processing units (CPUs) from data centers amid blooming artificial intelligence (AI) business.
Texas Instruments (TXN) soared 19.43%, its biggest daily gain in 25 years, after giving an upbeat second-quarter guidance.
In fact, the iShares PHLX SOX Semiconductor Sector Index Fund (SOXX) has posted a record 17-session winning streak gaining over 42% along the way.
After posting quarterly results, International Business Machines (IBM) fell 8.25%, and ServiceNow (NOW) plunged 17.75%.
Then software stocks encountered heavy selling, with Salesforce (CRM) dropping 8.69%, Palantir (PLTR) down 7.24%, Adobe (ADBE) down 6.63%, and Oracle (ORCL) down 5.98%.
Avis Budget (CAR) plummeted 48.38% after losing 38% in the prior session, posting the steepest two-day decline ever.
The U.S. 10-year Treasury yield rebounded for a third session, adding 2 basis points to 4.325%.
In Europe, the DAX 40 declined 0.16%, and the FTSE 100 was down 0.19%, while the CAC 40 closed 0.87% higher, boosted by the rising share price of cosmetics heavyweight L’Oreal.
U.S. WTI crude futures advanced a further 2.89 dollars (+3.11%) to 95.85 dollars a barrel.
Gold price slipped 46 dollars to 4,693 dollars an ounce.
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The U.S. dollar strengthened further amid continued uncertainty over the U.S.-Iran war, with the dollar index climbing to 98.81.
The S&P Global U.S. composite index improved to 52.0 in April from 50.3 in March.
EUR/USD dropped 23 pips to 1.1680, posting a three-session decline.
USD/JPY rose 26 pips to 159.74, extending its rally to a fourth session. The key resistance level at 160 is closely watched by traders.
GBP/USD slipped 42 pips to 1.3459, and AUD/USD was down 33 pips to 0.7125.
USD/CHF gained 15 pips to 0.7863.
USD/CAD was up 26 pips to 1.3697. Canada’s producer price growth accelerated to 7.8% year on year in March from 5.6% in February, faster than expected.
Bitcoin managed to trade at levels around the level of 78,000 dollars.
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In Asian trading hours, USD/JPY was firm at 159.77. Japan’s data showed that the core inflation rate accelerated to 1.8% year on year in March, lower than expected.
Meanwhile, EUR/USD and GBP/USD both remained subdued, at 1.1680 and 1.3462 respectively.
Gold dropped to 4,679 dollars.
Bitcoin was stable at 78,167 dollars.
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Germany's Ifo business climate index is expected to drop to 85.4 in April.
U.K. retail sales are estimated to grow 0.2% month-on-month in March.
Canada's retail sales are expected to increase by 0.2% month-on-month in March.
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