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Market Wrap: Stocks, Bonds, Commodities |
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On Tuesday, major U.S. stock indexes came under pressure, with the S&P 500 slipping 35 points (-0.49%) to 7,138, and the Nasdaq 100 down 276 points (-1.01%) to 27,029.
The Dow Jones eased a further 25 points (-0.05%) to 49,141.
The Wall Street Journal reported that artificial-intelligence (AI) developer OpenAI recently missed internal sales and user-number targets, renewing concerns about overspending in the AI sector.
As a result, shares of companies having partnerships with OpenAI were dragged, with Oracle (ORCL) falling 4.05%, CoreWeave (CRWV) down 5.83%, Nvidia (NVDA) down 1.59%, and Advanced Micro Devices (AMD) down 3.41%.
Semiconductor stocks saw further pressure, with Arm Holdings (ARM) losing 7.98%, ON Semiconductor (ON) down 4.83%, Broadcom (AVGO) down 4.39%, and Micron (MU) down 3.86%.
Energy stocks posted gains, with ConocoPhillips (COP) rising 2.17%, Chevron (CVX) up 1.94%, and Exxon Mobil (XOM) up 1.60%.
After posting quarterly results, Coca-Cola (KO) gained 3.86%, Centene (CNC) jumped 13.93%, Nucor (NUE) rose 4.70%, while Spotify (SPOT) plunged 12.43%.
In after-market hours, after reported earnings, Seagate Technology (STX) surged 16% and Starbucks (SBUX) rose 5%, while Robinhood Markets (HOOD) dropped 9% and Booking Holdings (BKNG) was down 4%.
The U.S. Federal Reserve will decide on interest rates on Wednesday.
And after the bell on Wednesday, tech giants Amazon (AMZN), Alphabet (GOOGL), Meta (META) and Microsoft (MSFT) will report quarterly earnings.
The U.S. 10-year Treasury yield added one basis point to 4.350%.
In Europe, the DAX 40 closed 0.27% lower, the CAC 40 dropped 0.46%, while the FTSE 100 edged up 0.11%.
U.S. WTI crude futures for June delivery settled 3.56 dollars higher (+3.70%) at 99.93 dollars a barrel. The Strait of Hormuz remained effectively closed while a deal to end the U.S.-Iran war was still uncertain.
The United Arab Emirates announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC), citing long-term strategic and economic vision and evolving energy profile.
Gold price fell 85 dollars (-1.82%) to 4,596 dollars an ounce.
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The U.S. dollar remained stable, with the dollar index firming up to 98.62.
The U.S. Conference Board consumer confidence index improved slightly to 92.8 in April, better than expected.
USD/JPY rose 19 pips to 159.61. As expected, the Bank of Japan kept its key interest rate unchanged at 0.75%. However, the central bank sharply revised up its inflation forecast, raising market expectations that it will hike rates in coming months.
EUR/USD dipped 7 pips to 1.1713, and GBP/USD slipped 13 pips to 1.3517.
USD/CHF advanced 38 pips to 0.7889, and USD/CAD rebounded 61 pips to 1.3684.
Bitcoin fell alongside risk assets, declining over 1% to 76,200 dollars.
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In Asian trading hours, AUD/USD slipped to 0.7165. Australia's inflation rate bounced to 4.6% year-on-year in March, below 4.8% expected.
Meanwhile, EUR/USD and GBP/USD were both little changed, at 1.1710 and 1.3515 respectively.
USD/JPY held steady at 159.62.
Gold was broadly flat at 4,598 dollars.
Bitcoin remained subdued at 76,446 dollars.
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Germany's inflation rate is expected to bounce to 3.1% year-on-year in April.
In the U.S., the Federal Reserve is expected to keep its Fed funds rate unchanged at 3.50% - 3.75%. Also, durable goods orders are estimated to grow 0.8% month-on-month in March, while housing starts and building permits are both estimated to drop 0.7%.
The Bank of Canada is expected to keep its benchmark rate unchanged at 2.25%.
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