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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, U.S. stocks saw further pressure, with the S&P 500 falling 29 points (-0.43%) to 6,939, and the Nasdaq 100 down 331 points (-1.28%) 25,552.
The Dow Jones dropped 179 points (-0.36%) to 48,892.
The market tried to digest U.S. President Donald Trump's nomination of Kevin Warsh, a former Federal Reserve governor, to be the next Federal Reserve chairman.
The dramatic downward reversal in gold and silver prices became the market’s focus on Friday. Gold plummeted 9% breaking below 5,000 dollars an ounce, the biggest fall since 1983, and silver plunged 26% to levels around 85 dollars an ounce, the largest daily loss on record.
Apple (AAPL) added 0.46% after posting better-than-expected quarterly results.
SanDisk (SNDK) bounced over 25% at the open but ended only 6.85% higher at close. The company raised its earnings guidance for the current quarter.
After reporting upbeat quarterly results, Deckers Outdoor (DECK) soared 19.46%, Verizon Communications (VZ) surged 11.83%, and Chevron (CVX) gained 3.34%.
On the other hand, Western Digital (WDC) fell 10.12%, Visa (V) dropped 3.00%, and KLA Corp (KLAC) lost 15.24%.
The U.S. 10-year Treasury yield edged up to 4.239%.
European stocks closed higher, with the DAX 40 rebounding 0.94%, the CAC 40 up 0.68%, and the FTSE 100 up 0.51%.
U.S. WTI crude futures eased 21 cents to $65.21 dollars a barrel, halting a three-session rally.
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The U.S. dollar showed strength against other major currencies, with the dollar index rebounding over 1% to 97.15.
U.S. data showed that producer price growth was steady at 3.0% year on year in December.
EUR/USD fell 118 pips to 1.1851.
Germany’s gross domestic product growth picked up to 0.4% year on year in the fourth quarter, and its inflation rate also accelerated to 2.1% year on year in January.
USD/JPY increased 166 pips (+1.08%) to 154.75.
GBP/USD slipped 122 pips to 1.3681, AUD/USD dropped 84 pips (-1.19%) to 0.6962.
USD/CHF jumped 90 pips (+1.18%) to 0.7730, and USD/CAD advanced 131 pips (+0.97%) to 1.362.
Over the weekend, Bitcoin came under renewed pressure, sinking past the level of 76,000 dollars, around the lowest point seen in 2025.
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In Asian trading hours, EUR/USD rebounded to 1.1870 and GBP/USD edged up to 1.3695.
China's RatingDog manufacturing purchasing managers index climbed to 50.3 in January, below 50.5 estimated.
Meanwhile, USD/JPY advanced to 155.10.
Gold slid to 4,744 dollars.
Bitcoin was up slightly to 77,030 dollars.
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Germany's retail sales are estimated to grow 0.5% month-on-month in December.
In the U.S., ISM manufacturing purchasing managers index is expected to improve to 48.2 in January.
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