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Market Wrap: Stocks, Bonds, Commodities |
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U.S. stocks closed mixed on Tuesday ahead of Wednesday’s Fed interest-rate decision. This will be the first under new Fed Chair Kevin Warsh, with the Fed funds rate widely expected to be unchanged.
The S&P 500 slipped 42 points (-0.57%) to 7,511, the Nasdaq 100 fell 575 points (-1.89%) to 29,968, and the Dow Jones rose 328 points (+0.64%) to 51,999, a new record close.
On the sector front, the outperforming sectors were Financials (XLF), Utilities (XLU) and Industrials (XLI), while Technology (XLK), Energy (XLE) and Consumer Discretionary (XLY) underperformed the most.
Housing starts plunged 15.4% month-on-month in May, far steeper than the 2% decline forecast, while building permits fell 0.7% in May versus an expected 0.6% decline.
SpaceX (SPCX) climbed 4.83% after agreeing to acquire AI coding firm Cursor for 60 billion dollars.
Chip names fell on weaker market sentiment, with Nvidia (NVDA) down 2.37%, Broadcom (AVGO) down 4.37%, Micron Technology (MU) down 6.18% and Advanced Micro Devices (AMD) down 7.30%, even as AMD struck a deal with Rackspace to deploy 30 MW of AI compute across Rackspace’s data centers and announced the acquisition of MEXT, an AI-driven memory-optimization company.
JPMorgan Chase (JPM) rose 3.68% after the Financial Times reported the bank plans to expand its digital bank, Chase, into Europe over the next five years.
Moderna (MRNA) gained 6.27% following executive changes and new data suggesting its flu shot may benefit older adults, according to the FDA.
Take-Two Interactive (TTWO) jumped 6.35% after DA Davidson kept a "Buy" rating with a 300 dollar price target.
At the European close, the DAX 40 gained 0.07%, the CAC 40 rose 0.75%, and the FTSE 100 increased 0.61%.
The VIX rose 0.21 points to 16.41, while the U.S. 10-year Treasury yield fell to 4.439%.
In the commodities market, gold added 27 dollars (+0.63%) to 4,333 dollars an ounce. On the opposite, U.S. WTI crude oil futures (August) fell 4.17 dollars (-5.25%) to 75.27 dollars a barrel, posting a 4-day decline.
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The U.S. dollar index slipped 0.08 points (-0.08%) to 99.55.
EUR/USD rose 16 pips (+0.14%) to 1.1606. Germany’s ZEW economic sentiment index climbed to 10.5 in June from -10.2 in May, beating expectations for -6.
GBP/USD advanced 9 pips (+0.07%) to 1.3421.
USD/JPY gained 15 pips (+0.09%) to 160.47, after the Bank of Japan raised its benchmark rate by 25 basis points to 1.00%, as expected.
USD/CHF slipped 11 pips (-0.14%) to 0.7931.
AUD/USD fell 7 pips (-0.10%) to 0.7064, as the Reserve Bank of Australia kept its benchmark rate unchanged at 4.35%, in line with expectations.
USD/CAD climbed 12 pips (+0.09%) to 1.4001.
In the cryptocurrency market, Bitcoin dropped 757 dollars (-1.14%) to 65,723 dollars, while Ethereum fell 22 dollars (-1.22%) to 1,793 dollars.
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In Asian trading hours, USD/JPY eased to 160.33. Japan's exports rose 17.0% year-on-year in May, above 16.2% expected, while machinery orders grew 8.7% month-on-month in April, above 0.9% estimated.
Meanwhile, EUR/USD edged up to 1.1612 and GBP/USD climbed to 1.3426.
Gold was steady at 4,342 dollars.
Bitcoin was little changed at 65,794 dollars.
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U.K. inflation rate is expected to climb to 3.0% year-on-year in May.
In the U.S., the Federal Reserve is expected to keep its Fed funds rate unchanged at 3.50% - 3.75%, while retail sales are estimated to grow 0.5% month-on-month in May.
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