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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, major U.S. stock indexes were little changed, with the S&P 500 closing largely flat at 6,941.
The Nasdaq 100 added 73 points (+0.29%) to 25,201, while the Dow Jones declined 66 points (-0.13%) to 50,121.
Stronger-than-expected jobs data dampened expectations of the Federal Reserve cutting interest rates in March. U.S. data showed that the economy added 130,000 non-farm payrolls in January (vs 70,000 expected, 48,000 in December), with the jobless rate dropping to 4.3%.
The U.S. 10-year Treasury yield rebounded 3.3 basis points to 4.174%.
Alphabet (GOOGL) fell 2.39%, Microsoft (MSFT) dropped 2.15%, and Amazon (AMZN) was down 1.39%.
Micron (MU) surged 9.94%. Morgan Stanley reaffirmed its "overweight" rating on the stock, and Deutsche Bank raised its price target for the stock to 500 dollars from 300 dollars.
Sandisk (SNDK) jumped 10.65%, ON Semiconductor (ON) rose 3.50%, Taiwan Semiconductor Manufacturing (TSM) gained 3.40%, and Intel (INTC) was up 2.46%.
Vertiv (VRT) soared 24.46%. The data-center-infrastructure provider’s quarterly results and full-year outlook exceeded market expectations significantly.
Caterpillar (CAT) climbed 4.40%, posting a four-session winning streak.
After reporting quarterly results, Gilead Sciences (GILD) gained 5.82%, Ford Motor (F) added 2.06%, while Robinhood (HOOD) fell 8.91%, and Lyft (LYFT) plunged 16.97%.
In Europe, the DAX 40 declined 0.53%, and the CAC 40 was down 0.18%, while the FTSE 100 rose 1.14%.
Gold advanced 59 dollars (+1.17%) to 5,084 dollars an ounce, silver jumped over 4% to 84.31 dollars an ounce.
U.S. WTI crude futures added 67 cents (+1.05%) to 64.63 dollars a barrel.
According to the Wall Street Journal, the U.S. military is to deploy a second aircraft-carrier strike group to the Middle East while gearing up for a possible offensive against Iran.
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The U.S. dollar was firm against other major currencies, supported by stronger-than-expected jobs data. The dollar index edged higher to 96.92.
EUR/USD dropped 25 pips to 1.1869, GBP/USD slipped 19 pips to 1.3621
Meanwhile, the yen extended its gains to a third straight session, with USD/JPY falling 114 pips to 153.24.
AUD/USD gained 51 pips to 0.7125.
USD/CHF advanced 35 pips to 0.7714, and USD/CAD climbed 29 pips to 1.3579.
Bitcoin lacked upward momentum, sliding over 2% to 67,400 dollars.
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In Asian trading hours, USD/JPY dropped further to 152.65. Japan's producer price index rose 2.3% year-on-year in January as expected.
Meanwhile, EUR/USD edged up to 1.1876 and GBP/USD rebounded to 1.3634.
Gold retreated to 5,057 dollars.
Bitcoin was little changed at 67,673 dollars.
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U.K. gross domestic product for the fourth quarter is expected to grow 1.2% year-on-year, while industrial product is estimated to drop 0.2% month-on-month in December.
In the U.S., weekly initial jobless claims are estimated at 225,000, while existing home sales are expected to be down 3.4% month-on-month in January.
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