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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, both the Dow Jones Industrial Average (up 300 points or 0.75% to 40,527) and the S&P 500 (up 32 points or 0.58% to 5,560) posted a sixth consecutive session of gains, and the Nasdaq 100 was up 117 points (+0.61%) to 19,544.
U.S. Commerce Secretary Howard Lutnick said a major trade deal with a country has been completed and will be announced soon.
Palantir Technologies (PLTR) advanced further 1.25%, posting a six-session rally.
Wells Fargo (WFC) rose 2.41%. The bank’s board approved a 40-billion-dollar stock repurchase program.
Honeywell (HON) jumped 5.40%. The diversified technology firm posted stronger-than-expected quarterly earnings.
In after-market hours, Starbucks (SBUX) fell 7% and First Solar (FSLR) dropped 10%, as both companies reported lower-than-expected earnings.
Microsoft (MSFT) and Meta Platforms (META) are scheduled to report quarterly results after the market closes on Wednesday.
The U.S. 10-year Treasury yield declined a further 4 basis points to 4.176%, a three-week low.
Regarding U.S. economic data, the Labor Department reported that job openings fell to 7.19 million in March.
The Conference Board consumer confidence index dropped to 86 in April, the lowest level since August 2020.
In Europe, the DAX 40 rose 0.69%, the FTSE 100 gained 0.55%, while the CAC 40 was down 0.24%.
Gold price retreated 26 dollars to 3,317 dollars an ounce.
U.S. WTI crude-oil futures sank 1.63 dollars (-2.63%) 60.42 dollars a barrel, a two-week low.
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The U.S. dollar index posted a modest rebound to 99.17. The U.S. core personal consumption expenditure (PCE) price index, the Federal Reserve’s favorite inflation gauge, will be released later today.
EUR/USD declined 33 pips to 1.1388, while USD/JPY rose 31 pips to 142.32.
GBP/USD fell 35 pips to 1.3404, and AUD/USD dropped 45 pips to 0.6385.
USD/CHF rose 39 pips to 0.8238, and USD/CAD edged up 3 pips to 1.3832.
Bitcoin saw volatile trading, as it ran up to 95,499 dollars before retreating to levels below 94,000 dollars.
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In Asian trading hours, USD/JPY climbed to 142.45. Japan's industrial production dropped 1.1% month-on-month in March, compared with an expected decline of 0.4%, while retail sales fell 1.2%, compared with an estimated drop of 0.2%.
Meanwhile, AUD/USD edged up to 0.6400. Australia's inflation rate stayed at 2.4% in the first quarter, above 2.2% estimated.
On the other hand, China's official manufacturing purchasing managers index dropped to 49.0 in April, below 49.8 expected, while Caixin manufacturing purchasing managers index fell to 50.4, above 49.8 estimated.
EUR/USD fell to 1.1368 and GBP/USD slipped to 1.3395.
Gold traded lower at 3,312 dollars.
Bitcoin was broadly steady at 94,733 dollars.
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The eurozone's first-quarter gross domestic product is expected to be up 0.9% year-on-year
Germany's first-quarter gross domestic product is expected to slip 0.1% year-on-year, while inflation rate is estimated to slow to 2.1% year-on-year in April and jobless rate is anticipated to climb to 6.4% in April. Also, retail sales are estimated to drop 0.6% month-on-month in March.
France's first-quarter gross domestic product is expected to grow 0.6% year-on-year. Also, inflation rate is anticipated to edge up to 0.9% year-on-year in April, while producer prices index is estimated to be down 0.4% in March.
In the U.S., the ADP employment is expected to increase by 110,000 in April, while first quarter GDP is anticipated to grow 0.5% quarter-on-quarter. Meanwhile, core personal consumption expenditures price index is estimated to be up 0.1% month-on-month in March, while personal spending and personal income are anticipated to grow 0.4% and 0.5% respectively. Also, Chicago purchasing managers index is expected to drop to 46.0 in April.
Canada's gross domestic product is estimated to be flat month-on-month in February.
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