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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, U.S. stocks recovered some losses incurred in last Friday’s selloff, with the Nasdaq-100 rebounding 456 points (+1.58%) to 29,414.
The S&P 500 gained 21 points (+0.30%) to 7,405, while the Dow Jones eased 80 points (-0.16%) to 50,786.
Marvell Technology (MRVL) bounced 9.63% after sinking 17% last Friday. The chipmaker will join the S&P 500 on June 22.
Intel (INTC) jumped 11.19% on reports that Alphabet (GOOGL) and Nvidia (NVDA) may place chip-manufacturing orders with the company.
Other semiconductor stocks also rebounded, with Micron Technology (MU) rising 9.87%, Applied Materials (AMAT) up 8.64%, Advanced Micro Devices (AMD) up 5.14%, Broadcom (AVGO) up 2.82%, and Nvidia (NVDA) up 1.73%.
Tesla (TSLA) rose 4.59% ahead of SpaceX’s (SPCX) highly anticipated debut trading on Friday, June 12.
Meanwhile, Apple (AAPL) closed 1.89% lower, Alphabet (GOOGL) slipped 1.42%, Microsoft (MSFT) declined 1.18%, and Meta (META) was down 1.28%.
Tyson Foods (TSN) dropped 2.96%. U.S. federal officials confirmed two additional cases of New World screwworm, a flesh-eating parasite, in Texas, bringing the state’s total to four confirmed detections in less than a week.
The U.S. 10-year Treasury yield advanced another 3.6 basis points to 4.568%.
In Europe, the DAX 40 declined another 0.58%, and the CAC 40 was down 0.23%, while the FTSE 100 edged up 0.05%.
U.S. WTI crude futures pared gains to settle just 76 cents higher at 91.30 dollars a barrel. Iran and Israel agreed to halt attacks on each other following an appeal from U.S. President Donald Trump.
Gold was little changed at 4,330 dollars an ounce.
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The U.S. dollar softened against other major currencies, with the dollar index retreating to levels just around the key level of 100.
Major U.S. inflation data is due on Wednesday.
EUR/USD traded 11 pips higher to 1.1530.
Germany's factory orders fell 3.8% month on month in April, worse than expected.
Meanwhile, the European Central Bank is widely expected to hike its key interest rate by 25 basis points on Thursday.
USD/JPY eased 10 pips to 160.19.
GBP/USD was largely flat at 1.3340, while AUD/USD dipped to 0.7043.
USD/CHF climbed 17 pips to 0.7979.
USD/CAD advanced 17 pips to 1.3950. Canada’s central bank is expected to maintain its key interest rate unchanged on Wednesday.
Bitcoin maintained its upward momentum, trading above 63,500 dollars.
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In Asian trading hours, AUD/USD edged up to 0.7050. Australia's Westpac consumer confidence index fell to 80.6 in June, below 82.0 expected, while the NAB business confidence index improved to -14 in May, better than -22 estimated.
On the other hand, China's exports rose 19.4% year-on-year in May, above 15.0% expected, while imports increased by 27.4%, above 25.0% estimated.
Meanwhile, EUR/USD was steady at 1.1538, while GBP/USD advanced to 1.3350.
USD/JPY was broadly flat at 160.20.
Gold climbed to 4,339 dollars.
Bitcoin eased to 62,817 dollars.
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Germany's industrial production is expected to grow 0.5% month-on-month in April, while trade surplus is estimated at 13.6 billion euros.
In the U.S., trade deficit for April is expected at 57.9 billion dollars, while existing home sales are estimated to be up 0.5% month-on-month in May.
Canada's trade surplus for April is expected at 1.5 billion Canadian dollars.
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