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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, U.S. tech stocks posted modest gains, with the Nasdaq 100 rising 157 points (+0.58%) to 27,186.
The S&P 500 dipped 2 points (-0.04%) to 7,135, and the Dow Jones fell 280 points (-0.57%) to 48,861.
The U.S. Federal Reserve kept its key interest rate unchanged in a range of 3.50%-3.75%, in line with market expectations.
In the last rate decision led by Fed Chair Jerome Powell, who will step down in May, four out of 12 central-bank officials dissented with different reasons, the most since 1992.
Intel (INTC) maintained its upward momentum shown after quarterly results, bouncing 12.10% to a record-high closing level of 94.75 dollars.
Seagate Technology (STX) surged 11.10%. The data-storage technology firm reported quarterly revenue and earnings that far exceeded market expectations, and raised its quarterly guidance above the analyst consensus estimate.
Other companies reporting upbeat quarterly results also closed higher, with NXP Semiconductors (NXPI) soaring 25.55%, Visa (V) up 8.26%, Starbucks (SBUX) up 8.45%, and T-Mobile US (TMUS) up 6.13%.
On the other hand, Robinhood (HOOD) plummeted 13.24% after posting lower-than-expected quarterly results.
In after-market hours, four tech giants reported quarterly results. Alphabet (GOOGL) jumped 7% as its reported first-quarter revenue and earnings surpassed expectations.
Amazon (AMZN) rose 4%, while Microsoft (MSFT) was little changed, and Meta (META) fell 6%.
The U.S. 10-year Treasury yield jumped 8 basis points to 4.430%.
European stocks came under pressure again, with the DAX 40 dropping 0.27%, the CAC 40 down 0.39%, and the FTSE 100 down 1.16%.
U.S. WTI crude futures jumped 6.95 dollars (+6.95%) to 106.88 dollars a barrel, posting a three-session rally.
Reports said U.S. President Donald Trump asked U.S. oil companies about ways to mitigate the impact of a prolonged U.S. blockade of Iranian ports.
Also, U.S. data showed that both crude-oil and gasoline stockpiles fell far more than expected.
Gold price dropped 52 dollars (-1.15%) to 4,543 dollars an ounce, extending its decline to a third session.
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The U.S. dollar rose alongside Treasury yields as the central bank holds rates unchanged as expected. The dollar index stepped up to 98.96.
U.S. durable goods orders grew 0.8% month on month in March (as expected, vs -1.2% in February).
EUR/USD declined 39 pips to 1.1672. Germany’s inflation rate accelerated to 2.9% year on year in April (vs 3.1% expected, 2.7% in March).
The European Central Bank is expected to hold interest rates unchanged later today.
USD/JPY surpassed the key level of 160, rising 81 pips to 160.42.
GBP/USD retreated 44 pips to 1.3472. The Bank of England is expected to keep interest rates steady later today.
AUD/USD fell 64 pips to 0.7116.
USD/CHF advanced 25 pips to 0.7916.
USD/CAD dipped 6 pips to 1.3677. As expected, Canada’s central bank maintained its key interest rate steady at 2.25%.
Bitcoin fell below the level of 76,000 dollars.
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In Asian trading hours, U.S. WTI crude futures gained 2% further to levels above 109 dollars a barrel.
Meanwhile, USD/JPY was relatively steady at 160.35. Japan's industrial production fell 0.5% month-on-month in March, compared with +1.1% expected, while retail sales rose 1.3%, above 0.8% estimated.
On the other hand, China's official manufacturing purchasing managers index edged lower to 50.3 in April, below 50.6 expected, while the RatingDog manufacturing purchasing managers index climbed to 52.2, above 50.7 estimated.
EUR/USD and GBP/USD both remained subdued, at 1.1667 and 1.3475 respectively.
Gold rebounded to 4,563 dollars.
Bitcoin was under pressure at 75,593 dollars.
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The European Central Bank is expected to keep its main interest rates unchanged, with deposit facility rate staying at 2.00%. Meanwhile, the eurozone's gross domestic product is expected to increase by 0.8% year-on-year in the first quarter, while inflation rate for April is estimated to advance to 2.9% year-on-year and jobless is anticipated to be unchanged at 6.2% in March.
Germany's gross domestic product is expected to grow 0.2% year-on-year in the first quarter. Also, retail sales are estimated to drop 0.3% month-on-month in March, while jobless rate for April is expected to stay at 6.3%.
France's gross domestic product is expected to be up 1.0% year-on-year in the first quarter, while inflation rate is estimated to climb to 1.9% year-on-year in April and producer price index is anticipated to drop 1.0% in March.
The Bank of England is expected to keep its benchmark rate unchanged at 3.75%.
In the U.S., the core personal consumption expenditures price index is estimated to climb to 3.3% year-on-year in March, while the first quarter gross domestic product is expected to grow 1.8% quarter-on-quarter and the weekly initial jobless claims are estimated at 219,000. Also, the Chicago purchasing managers index is expected to slip to 51.0 in April.
Canada's gross domestic product is estimated to be up 0.2% month-on-month in February.
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