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Market Wrap: Stocks, Bonds, Commodities |
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On Monday, the S&P 500 retreated 21 points (-0.28%) to 7,652, and the Nasdaq 100 was down 285 points (-0.98%) to 29,023.
Meanwhile, the Dow Jones gained 140 points (+0.26%) to 53,417.
Nvidia (NVDA) fell 2.91% extending its decline to a seventh session. The chip giant will report quarterly results after the market’s close on Wednesday (August 26).
Other semiconductor stocks also closed lower, with Micron Technology (MU) dropping 5.83%, Advanced Micro Devices (AMD) down 3.49%, Intel (INTC) down 3.12%, and Broadcom (AVGO) down 2.63%.
Data-storage stocks also came under pressure, with Seagate Technology (STX) losing 6.51%, SanDisk (SNDK) down 6.45%, and Western Digital (WDC) down 5.24%.
Expedia Group (EXPE) jumped 5.44% to a record closing level, becoming the best-performing stock in the S&P 500 during the session.
Financial stocks performed well, with Mastercard (MA) gaining 3.31%, Visa (V) up 3.06%, and JPMorgan Chase (JPM) up 1.37%.
The U.S. 10-year Treasury yield retreated 3.6 basis points to 4.700%.
In Europe, the DAX 40 dipped 0.11%, the CAC 40 declined 0.37%, while the FTSE 100 added 0.35%.
Spot gold advanced 48 dollars (+1.05%) to 4,651 dollars an ounce, a 3-month high.
U.S. WTI crude futures fell 2.05 dollars (-2.35%) to 85.01 dollars a barrel.
U.S. Treasury Secretary Scott Bessent announced a plan to isolate Iran’s economy called "Operation Economic Outcast", which will call for secondary sanctions against Iran’s trading partners. He added: "Any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system."
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The U.S. dollar traded higher, with USD/JPY adding 11 pips to 159.09, and EUR/USD down 16 pips to 1.1663.
USD/CAD jumped 78 pips to 1.3845. The trade dispute between the U.S. and Canada intensified, as U.S. President Donald Trump threatened to raise tariffs on all cars, trucks and automotive parts imported from Canada to 50%.
GBP/USD slipped 13 pips to 1.3627, and AUD/USD fell 21 pips to 0.7148.
USD/CHF rebounded a further 14 pips to 0.8024.
Bitcoin kept receiving bids, challenging the key level of 80,000 dollars on the upside.
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In Asian trading hours, EUR/USD was little changed at 1.1663, while GBP/USD edged up to 1.3634.
Meanwhile, USD/JPY advanced to 159.27.
Gold was steady at 4,653 dollars.
Bitcoin climbed to 80,685 dollars.
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Germany's Ifo business climate index is expected to climb to 87.2 in August.
In the U.S., the Conference Board consumer confidence index is estimated to edge up to 91.2 in August and the Richmond Fed manufacturing index is anticipated to climb to 7. Also, new home sales are expected to drop 1.3% month-on-month in July.
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