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On Friday, the U.S. stock market rose for a second straight session and marked its third winning day of the week.
The S&P 500 climbed 31.75pts (+0.42%) to 7575.39, the Nasdaq 100 rose 98.013pts (+0.33%) to 29825.11, and the Dow rose 149.6pts (+0.29%) to 52637.01.
Most sectors finished higher, with the outperforming sectors being: Materials (XLB), Consumer Staples (XLP), and Communication Services (XLC). Health Care (XLV) was the only sector to finish in the red.
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U.S. Economic Developments: |
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No significant economic data was released on Friday.
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Nvidia (NVDA) gained 4.03% as one of its suppliers, King Yuan Electronics, plans to invest up to $1.4 billion in a new U.S. facility.
Meta Platforms (META) jumped 5.97% Bank of America reiterated a Buy rating and an $835 price target, citing potentially lower AI infrastructure costs than initially estimated. The stock was also maintained at "Market Outperform" by Citizens.
Advanced Micro Devices (AMD) rose 2.04% as it was maintained at "Buy" by Stifel.
Oracle (ORCL) fell 2.48% as its credit rating was downgraded to "BBB-", the lowest investment grade, from "BBB" at S&P Global. The rating agency highlighted "rising capex requirements, an uncertain path to profitability, rapidly evolving industry and competitive landscape, and high customer concentration".
WD-40 Company (WDFC) soared 10.65% after posting quarterly financial figures above estimates and hiking full-year guidance.
SK Hynix (SKHYV) climbed 13% in its trading debut. The South Korean company raised $26.5 billion in the largest initial public offering by a foreign company in the U.S., surpassing the record set by Alibaba’s 2014 IPO that raised $25 billion. Additionally, it traded under a temporary ticker in the U.S., SKHYV, before reverting to a permanent ticker, SKHY, on Monday, July 13.
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At the European close, the major indices in the region finished in mixed territory. Germany's Dax fell 51pts (-0.2%) to 25067 while France's Cac 40 rose 12pts (+0.15%) to 8338 and the U.K.'s FTSE 100 gained 24pts (+0.24%) to 10497.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX dropped 0.81pts (-5.11%) to 15.03 and the US 10 year yield rose to 4.561%.
Precious Metals & Crude:
In the commodities market, Gold fell 0.94 dollars (-0.02%) to 4120.08 and Silver dropped 0.15 dollars (-0.25%) to 59.84. WTI Crude Oil slipped 0.59 dollars (-0.82%) to 71.49.
The Dollar & Majors:
The dollar index rose 0.07pts (+0.07%) to 100.973.
EUR/USD declined 15pips (-0.13%) to 1.1413.
GBP/USD was flat at 1.3405.
USD/JPY fell 68pips (-0.42%) to 161.69. Japan’s Finance Minister said the government plans to introduce measures that encourage pension funds, including the Government Pension Investment Fund, to substantially increase their investments in domestic financial assets. Separately, Japan’s producer price index rose 7.1% year over year in June, exceeding expectations for 6.8%.
USD/CHF advanced 17pips (+0.21%) to 0.8084.
AUD/USD rose 10pips (+0.14%) to 0.695.
USD/CAD dipped 14pips (-0.1%) to 1.4153. In Canada, employment rose by 18,200 in June, surpassing the estimated increase of 10,000. The unemployment rate fell to 6.5%, below the expected 6.6%.
Digital Assets:
Finally, in the cryptocurrencies market, Bitcoin rose 72 dollars (+0.11%) to 63868 while Ethereum was relatively stable at 1791.
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Apple (AAPL) sued OpenAI, alleging it stole trade secrets using former Apple employees who left to join OpenAI.
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