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U.S. Market Overview:
On Wednesday, the major indices in the U.S. finished mixed in a relatively flat session. The S&P 500 advanced 20.3pts (+0.26%) to 7748.5, the Nasdaq 100 rose 217.125pts (+0.74%) to 29742.604, while the Dow fell 21.58pts (-0.04%) to 53770.27.
On the sector front, Technology (XLK), Real Estate (XLRE), and Utilities (XLU) outperformed, while Materials (XLB), Consumer Discretionary (XLY), and Communication Services (XLC) underperformed the most.
U.S. Economic Developments:
On the economic front, U.S. headline inflation eased to 3.4% year-on-year in July from 3.5% in June, matching expectations. Core inflation also cooled to 2.5% from 2.6%, in line with forecasts, while core prices rose 0.2% month-on-month, as expected.
U.S. Equity News:
SpaceX (SPCX), a space exploration and satellite communications company continued to rebound, jumping 9.65% after CEO Elon Musk outlined an optimistic outlook for AI-driven internet traffic, Starlink growth, and the company’s long-term expansion plans during an employee meeting.
Super Micro Computer (SMCI), an IT solution provider, rallied 19% after issuing better-than-expected current quarter guidance.
CoreWeave (CRWV), a cloud-based AI infrastructure company, jumped 19.28% after quarterly adjusted operating income margin blew estimates.
Lumentum Holdings (LITE), an optical and photonic technologies company, gained 13.63% after posting quarterly financial figures above expectations.
H&R Block (HRB), a provider of tax return services, surged 16% after current quarter guidance topped estimates.
CAVA Group (CAVA), a Mediterranean restaurant chain, jumped 14.24% on better-than-expected quarterly financial figures.
NVIDIA (NVDA), a leading designer of graphics processors and AI chips, rose 3.03%.
Volatility & Commodities Snapshot:
The VIX index fell 0.73pt (-4.78%) to 14.55, while the U.S. 10-year Treasury yield declined 3.1 basis points to 4.688%.
In the commodities market, gold rose 40.05 dollars (+0.92%) to 4406.89, silver gained 0.57 dollars (+0.87%) to 65.24, while WTI crude oil slipped 0.37 dollars (-0.44%) to 82.83.
Europe Market Overview:
At the European close, the major indices in the region finished in negative territory. Germany's DAX fell 60pts (-0.23%) to 26331, France's CAC 40 declined 40pts (-0.46%) to 8674, and the U.K.'s FTSE 100 dropped 11pts (-0.10%) to 10833.
Foreign Exchange & Crypto Wrap:
The dollar index rose 0.18pt (+0.18%) to 100.006.
EUR/USD fell 18pips (-0.16%) to 1.1522.
GBP/USD slipped 13pips (-0.10%) to 1.3491.
USD/JPY rose 19pips (+0.12%) to 159.46.
USD/CHF advanced 30pips (+0.37%) to 0.8136.
AUD/USD was unchanged at 0.706.
USD/CAD advanced 19pips (+0.14%) to 1.3942.
Finally, in the cryptocurrencies market, Bitcoin fell 242 dollars (-0.38%) to 63457, while Ethereum rose 2 dollars (+0.12%) to 1883.
#AFTER HOURS#
Cisco Systems (CSCO), a networking equipment maker, reported stronger fiscal fourth-quarter revenue and adjusted earnings on robust networking demand, while issuing a positive fiscal 2027 outlook and highlighting continued AI infrastructure growth.
Coherent (COHR), a photonics and optical technology company, reported stronger fiscal fourth-quarter revenue and adjusted earnings on robust datacenter and communications demand, while issuing a positive first-quarter outlook driven by AI-related optical connectivity growth.
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