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Market Wrap: Stocks, Bonds, Commodities |
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On Wednesday, the major U.S. indices finished mixed. The S&P 500 advanced 16 points (+0.21%) to 7,708, the Nasdaq 100 declined 65 points (-0.22%) to 29,426, and the Dow Jones gained 120 points (+0.22%) to 53,463.
The U.S. Treasury said it would at least double liquidity-support buybacks of long-dated notes and bonds from September 9, pulling the 10-year yield down about 5 basis points to roughly 4.65% and the 30-year yield nearly 9 basis points lower to around 5.20%.
The latest Federal Reserve minutes showed policymakers generally expected inflation to ease through the rest of the year but warned that price pressures could be more persistent.
Moderna (MRNA) surged 176.97% after its personalized cancer vaccine, used with Merck’s (MRK) Keytruda, showed positive late-stage melanoma-trial results, including improved recurrence-free survival. Merck gained 12.60%.
Marvell Technology (MRVL) rose 9.85% after granting Google a warrant to buy up to 58.97 million shares at 206.58 dollars each, in connection with a custom AI-chip development agreement.
Estee Lauder (EL) jumped 16.30% after reporting stronger-than-expected fourth-quarter results.
TJX Companies (TJX) declined 4.21% despite stronger-than-expected fiscal second-quarter earnings.
Target (TGT) gained 4.28% after posting solid quarterly financial results.
Toll Brothers (TOL) gained 4.00% after reporting quarterly results slightly above expectations and forecasting current-quarter home deliveries in line with estimates.
In Europe, the DAX declined 0.14%, the CAC 40 slipped 0.09%, and the FTSE 100 gained 0.14%.
In the commodities market, spot gold jumped 187 dollars (+4.31%) to 4,520 dollars, silver surged 3.28 dollars (+5.18%) to 66.58 dollars, and WTI crude oil futures fell 0.10 dollars (-0.12%) to 84.29 dollars a barrel.
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The U.S. dollar weakened sharply, with the dollar index dropping 0.84% to 98.81.
EUR/USD jumped 101 pips (+0.87%) to 1.1675.
GBP/USD advanced 70 pips (+0.52%) to 1.3599. The U.K. inflation rate rose to 2.9% year-on-year in July as expected.
USD/JPY dropped 142 pips (-0.89%) to 158.20 and USD/CHF retreated 151 pips (-1.86%) to 0.7973.
AUD/USD gained 37 pips (+0.52%) to 0.7123, while USD/CAD slipped 86 pips (-0.62%) to 1.3810.
In the cryptocurrency market, Bitcoin jumped 4,177 dollars (+6.47%) to 68,735 dollars, while Ethereum surged 214 dollars (+11.22%) to 2,126 dollars.
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In Asian trading hours, AUD/USD eased to 0.7112. Australia's employment dropped 15,800 in July, compared with +15,000 estimated. The jobless rate climbed to 4.5%, above 4.4% expected.
Meanwhile, USD/JPY rebounded to 158.54. Japan's exports rose 23.2% year-on-year in July, above 19.9% expected.
EUR/USD and GBP/USD were both steady, at 1.1675 and 1.3604 respectively.
Gold retreated to 4,490 dollars.
Bitcoin advanced to 69,800 dollars.
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Germany's producer price index is estimated to be up 2.7% year-on-year in July.
In the U.S., the Philadelphia Fed manufacturing index is expected to drop to 25.0 in August, while the weekly initial jobless claims are estimated at 201,000. Also, the leading index is expected to slip 0.1% month-on-month in July.
Canada's producer price index is expected to be up 12.0% year-on-year in July.
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