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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, both the S&P 500 (up 56 points or 0.77% to 7,501) and the Nasdaq 100 (up 213 points or 0.73% to 29,580) continued to set closing records.
The Dow Jones rose 370 points (+0.75%) to 50,063, closing above the level of 50,000 for the first time since February.
Nvidia (NVDA) jumped 4.39%. Reuters reported that the U.S. has approved the company’s sales of its H200 artificial-intelligence (AI) chip to 10 Chinese firms.
Cisco Systems (CSCO) surged 13.41% after the networking equipment maker’s quarterly earnings and forward guidance beat market expectations.
Ford Motor (F) advanced a further 6.71% after gaining 13% in the prior session. Morgan Stanley praised the automaker's energy storage business.
Crypto-related stocks rallied after a Senate panel approved the Clarity Act, which will provide a regulatory framework for the crypto sector. Coinbase (COIN) rose 5.06%, and Strategy (MSTR) was up 5.2%
Cerebras Systems (CBRS), an AI chip maker, ended its first trading day 69% higher than its initial public offering price of 185 dollars.
Boeing (BA) dropped 4.73%. Though U.S. President Donald Trump said China has agreed to buy 200 Boeing jets, the amount missed market expectations.
The U.S. 10-year Treasury yield added 1.6 basis points to 4.483%, posting a four-session rally.
European stocks advanced further, with the DAX 40 rising 1.32%, the CAC 40 up 0.93%, and the FTSE 100 up 0.46%.
In early Asian trading hours on Friday, U.S. WTI crude futures fell 3.77 dollars (-3.73%) to 97.40 dollars a barrel. While Trump was on a state visit to China, the White House said leaders of the two countries agreed that the Strait of Hormuz must be open for the free flow of energy.
Meanwhile, gold edged up 10 dollars to 4,662 dollars an ounce.
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The U.S. dollar strengthened up against other major currencies, with the dollar index rising to 98.87.
U.S. retail sales increased 0.5% month on month in April (vs +0.4% expected, +1.7% in March).
EUR/USD fell 42 pips to 1.1668, while USD/JPY climbed 53 pips to 158.38.
GBP/USD dropped 126 pips to 1.3396. The U.K. economy grew 0.6% quarter on quarter in the first quarter, faster than expected.
U.K. Prime Minister Keir Starmer came under greater pressure to step down, as Wes Streeting resigned as health minister.
AUD/USD fell 39 pips to 0.7219.
USD/CHF rose 22 pips to 0.7839, and USD/CAD was up 19 pips to 1.3722.
Gold edged up 10 dollars to 4,662 dollars an ounce.
Bitcoin bounced over 2% to levels above 81,000 dollars.
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In Asian trading hours on Friday, the U.S. dollar strengthened further, with the dollar index crossing above 99.
USD/JPY traded higher to 158.50. Japan's producer price inflation accelerated to 4.9% year on year in April, faster than expected.
EUR/USD fell further to 1.1654, and AUD/USD dropped to 0.7192.
U.S. crude futures stayed below the key level of 100 dollars a barrel, and gold slipped back to 4,618 dollars an ounce.
Bitcoin managed to hold at levels above 81,000 dollars.
Meanwhile, U.S. President Donald Trump was about to meet Chinese President Xi Jinping for a final round of talks before wrapping up his state visit to Beijing.
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U.S. industrial production is expected to grow 0.1% month on month in April.
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