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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. stocks still lacked upward momentum. The Dow Jones Industrial Average slipped 45 points (-0.12%) to 37,753, the S&P 500 dropped 29 points (-0.58%) to 5,022, and the Nasdaq 100 fell 220 points (-1.24%) to 17,493.
The U.S. 10-year Treasury yield retreated 6.8 basis points to 4.589%.
Utilities, financial, and basic materials stock sectors posted gains, while technology, real estate and consumer discretionary sectors lost the most.
United Airlines (UAL) surged 17.45%. The airline provided a better-than-expected second-quarter business outlook.
Travelers Companies (TRV) slid 7.41%. The insurer's first-quarter results missed market expectations.
Tesla's (TSLA) dropped 1.06%. The electric-vehicle maker asked shareholders to vote on CEO Elon Musk's $56 billion compensation package.
US Bancorp (USB) lost 3.61%. The bank reported declining first-quarter earnings.
European stocks managed to close higher, with the DAX 40 edging up 0.02%, the CAC 40 up 0.62%, and the FTSE 100 up 0.35%.
U.S. WTI crude-oil fell $2.47 (-2.89%) to $82.89 a barrel. The U.S. Energy Department reported a build-up of 2.73 million barrels in crude-oil stockpiles (vs +1.60 million barrels expected).
Gold price retreated $11 to $2,371 an ounce.
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The U.S. dollar index softened to 105.93.
EUR/USD climbed 55 pips to 1.0672.
USD/JPY retreated 32 pips to 154.39, as financial authorities of the U.S., Japan and South Korea agreed to consult closely on forex market developments.
GBP/USD added 29 pips to 1.2453. U.K. data showed that the inflation rate slowed to 3.2% on year in March (vs 3.1% expected).
AUD/USD gained 35 pips to 0.6436.
USD/CHF fell 25 pips to 0.9102, and USD/CAD dropped 59 pips to 1.3769.
Bitcoin encountered further pressure, sinking across $60,000 before rebounding to $61,200.
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In Asian trading hours, AUD/USD bounced to 0.6455. The Australian economy shed 6,600 jobs in March, compared with a loss of 20,000 jobs expected, while jobless rate edged up to 3.8%, below 4.0% estimated.
Meanwhile, EUR/USD held gains at 1.0675 and GBP/USD climbed to 1.2468.
USD/JPY dropped to 154.16.
Gold rebounded slightly to $2,374.
Bitcoin edged up to $62,017.
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In the U.S., Philadelphia Fed manufacturing index is expected to drop to 1.0 in April, while weekly initial jobless claims are estimated at 212,000. Also, existing home sales are anticipated to drop 2.2% on month in March, while the leading index is expected to be up 0.1%.
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