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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the Nasdaq 100 rebounded 360 points (+1.35%) to 26,989 after plunging 6% in the prior session, and the S&P 500 gained 23 points (+0.31%) to 7,376, while the Dow Jones fell a further 237 points (-0.46%) to 51,285.
The U.S. economy added 165,000 non-farm payrolls in October, well above an addition of 65,000 expected, with the jobless rate ticking down to 4.1% from 4.2%.
The University of Michigan consumer sentiment index improved to 51.0 in November, higher than expected.
The 10-year Treasury yield added 1.6 basis points to 4.859%.
Traders are seeing odds of another 25-basis-point hike at the December meeting at around 75%, according to the CME FedWatch tool.
Semiconductor and AI-infrastructure stocks, which were at the epicenter of Thursday’s sharp selloff, rebounded amid dip-buying and President Trump saying he is 100% in favor of AI build-out.
Nvidia (NVDA) advanced 2.78%, Advanced Micro Devices (AMD) jumped 11.04%, Intel (INTC) gained 7.71%, Taiwan Semiconductor Manufacturing (TSM) rose 6.33%, and Micron Technology (MU) was up 5.12%.
Lam Research (LRCX) bounced 8.23% after its board authorized a share buyback amounting to 25 billion dollars.
Also, IREN Limited (IREN) surged 20.02%, Coherent (COHR) climbed 13.58%, Vistra (VST) rose 10.55%, and Lumentum (LITE) was up 5.67%.
AppLovin (APP) added another 9.86% after Thursday's earnings-driven surge of 31%.
Airbnb (ABNB) jumped 11.67% after raising its full-year 2026 revenue growth outlook following its latest quarterly results.
DraftKings (DKNG) tumbled 21.30% after a wide third-quarter miss. Axon Enterprise (AXON) dropped 18.18% after missing result estimates and lowering its revenue guidance. Microchip Technology (MCHP) fell 10.02% on a soft outlook.
On Saturday, Berkshire Hathaway (BRKA) reported that third-quarter operating profit fell 6% to 12.7 billion dollars citing lower earnings from its insurance business. The company bought back 9.6 billion dollars worth of shares in the quarter, more than double the amount repurchased in the second quarter.
European stocks closed lower, with the DAX 40 falling 1.92%, the CAC 40 down 0.81%, and the FTSE 100 down 1.01%.
In early Asian trading hours on Monday, U.S. WTI crude futures dipped 50 cents to 90.29 dollars a barrel. Weekend shipping incidents in the Strait of Hormuz kept supply-risk in view into Asia.
Spot gold was little changed at 4,066 dollars an ounce.
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At the open of the Asian trading session on Monday, the U.S. dollar remained firm, with EUR/USD trading at 1.1142, GBP/USD at 1.3349, and USD/JPY holding up well at 158.52.
AUD/USD remained subdued at 0.6866.
The U.S. will report major consumer price inflation data on Tuesday and producer price inflation data on Friday.
Bitcoin still lacked momentum, trading at 75,700 dollars.
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In Asian trading hours, the U.S. dollar softened slightly, with EUR/USD trading higher to 1.1154 and GBP/USD to 1.3373.
USD/JPY eased to 158.34.
China's consumer price inflation slowed to 0.7% year-on-year in October, slower than expected.
Spot gold added 47 dollars (+1.16%) to 4,118 dollars an ounce, while Bitcoin traded around 75,000 dollars.
Nvidia (NVDA) announced that its board is initiating an independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort.
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Germany's trade surplus is expected to dip to 19.2 billion euros in September.
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