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Market Wrap: Stocks, Bonds, Commodities |
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On Thursday, U.S. stocks finished slightly lower, with the S&P 500 falling 26 points (-0.35%) to 7,592, the Nasdaq 100 down 85 points (-0.30%) to 28,289, and the Dow Jones down 189 points (-0.36%) to 52,297.
Nvidia’s (NVDA) board announced before the market opened that founder Jensen Huang had resigned as president, chief executive and a director, effective immediately. Colette Kress, the longtime chief financial officer, was named interim chief executive. The stock slid as much as 14% at the open, but closed just 4.34% lower.
Nvidia said it will still report third-quarter results as scheduled on November 17. Meanwhile, House Foreign Affairs Chair Brian Mast said Huang has agreed to testify before Congress.
Close rivals benefited from investors rotating away from Nvidia, with Advanced Micro Devices (AMD) jumping 5.86% and Broadcom (AVGO) up 5.54%.
Nvidia-linked AI cloud names turned weaker, with Nebius Group (NBIS) sinking 16.84% and CoreWeave (CRWV) retreating 6.86% after soaring 25% in the prior session.
Super Micro Computer (SMCI) dropped 11.30% after Bloomberg reported that the U.S. Justice Department is looking into whether organizations associated with Alice Huang, who is widely reported as a Chinese spy having an affair with Jensen Huang, were involved in diverting the company’s AI hardware products to China.
Tesla (TSLA) advanced 1.69%, posting a five-session rally.
Energy stocks rose alongside higher oil prices, with Exxon Mobil (XOM) gaining 1.84% and Chevron (CVX) up 1.44%.
Cisco Systems (CSCO) closed 1.24% higher and was slightly lower in after-market hours. The company reported upbeat fiscal first-quarter results and raised its full-year guidance.
Applied Materials (AMAT) closed 3.58% lower and dipped marginally in after-market hours. The company reported better-than-expected quarterly revenue and earnings, and guided to further growth in the current quarter.
The U.S. 10-year Treasury yield jumped 13.3 basis points to 5.133%.
European stocks closed higher, with the DAX 40 rising 0.41%, the CAC 40 up 0.34%, and the FTSE 100 up 0.25%.
Oil prices were buoyed by U.S. President Donald Trump saying the U.S. does not need a deal with Iran. U.S. WTI crude futures gained 2.21 dollars (+2.55%) to 88.74 dollars a barrel.
Spot gold showed increasing downward momentum, as it sank 110 dollars (-2.78%) to 3,877 dollars an ounce, extending its decline to a third session.
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The U.S. dollar kept strengthening, with EUR/USD falling 35 pips to 1.1054 and USD/JPY edging up 9 pips to 159.86.
U.S. data showed that the latest number of initial jobless claims rose to 200,000, higher than expected. Existing home sales fell 5.5% month on month in October, in contrast to a growth of 0.3% expected.
GBP/USD declined 45 pips to 1.3235, and AUD/USD dropped 41 pips to 0.6805.
In the U.K., the gross domestic product growth accelerated to 0.7% quarter on quarter in the third quarter, in line with expectations.
USD/CHF gained 21 pips to 0.8352, and USD/CAD added 7 pips to 1.4258.
In Canada, the number of building permits fell 4.1% month on month in September, a bigger decline than expected.
Bitcoin accelerated to the downside, losing more than 3% to 71,300 dollars.
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In Asian trading hours, the U.S. dollar was stable, with EUR/USD ticking higher to 1.1060 and GBP/USD was flat at 1.3235.
USD/JPY climbed to levels close to the significant threshold of 160.
Spot gold rebounded 1% to 3,919 dollars an ounce after falling for three straight sessions.
Bitcoin tested support at the key level of 70,000 dollars.
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The Eurozone is expected to report a narrowed trade deficit of 4.5 billion euros for September.
The U.S. is expected to report a higher producer price inflation rate of 6.6% year on year for October.
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