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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. indices closed under pressure despite a positive opening to the trading session. The S&P 500 declined 60 points (-1.35%) to 4,376, the Nasdaq 100 slid 332 points (-2.19%) to 14,816 and the Dow Jones Industrial Average dropped 374 points (-1.08%) to 34,099. Investors are keenly awaiting Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium later today.

The Automobiles & Components (-2.69%), Technology Hardware & Equipment (-2.43%) and Media (-2.22%) sectors underperformed the most during the trading session.

Boeing (BA), the commercial airplane company, declined 4.93% after disclosing an issue affecting its 737 Max.

Nvidia (NVDA), a leading designer of graphics processors, was relatively unchanged at $471.63 despite robust second-quarter top and bottom-line figures while third-quarter revenue forecast also topped expectations.

Splunk (SPLK), a provider of software for machine log analysis, jumped 12.91% as quarterly earnings smashed estimates. Moreover, the company raised its full-year guidance.

Snowflake (SNOW), a software solutions provider, fell 5.16% while posting second-quarter earnings that beat estimates.

Autodesk (ADSK), a provider of computer-aided design software, rose 2.07% after lifting its full-year revenue forecast.

Analog Devices (ADI), a manufacturer of analog, mixed signal and digital signal processing chips, fell 2.14% as it was downgraded to "neutral" from "overweight" at Piper Sandler

Prudential Financial (PRU), a diversified insurance company, rose 2.18% as it was upgraded to "strong buy" from "market perform" at Raymond James.

On the U.S. economic data front, durable goods orders fell 5.2% month over month in July, against an anticipated growth of 0.5%, while the Chicago Fed National Activity Index rose to 0.12 in July, against -0.40 forecasted and -0.33 in June. Also, initial jobless claims for the week ended August 19 were released at 230,000, below 242,000 anticipated.

The U.S. 10-year Treasury Yield rebounded 4.7 basis points to 4.239%.

European stocks were mixed as the Dax 40 fell 0.68% and the Cac 40 slid 0.44%, while the FTSE 100 gained 0.18%.

WTI Crude Futures (October) gained $0.16 to $79.05, halting a 3-day decline.

Spot gold edged up 0.1% to $1,917.

Market Wrap: Forex

The U.S. dollar index rose 0.5% to 103.99, ahead of the Fed chairman Powell's speech at the Jackson Hole Symposium later in the day.

EUR/USD dropped 55 pips to 1.0808. Later today, Germany's Ifo business climate index is estimated to fall to 86.9 in August.

GBP/USD slid 129 pips to 1.2598.

USD/JPY gained 100 pips to 145.84 and USD/CHF added 65 pips to 0.8845.

AUD/USD lost 66 pips to 0.6414, while USD/CAD climbed 61 pips to 1.3587.

Bitcoin retreated 2.2% to $26,045.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks concluded on a higher note following a volatile trading session. The Dow Jones Industrial Average rose 247 points (+0.73%) to 34,346, the S&P 500 climbed 29 points (+0.67%) to 4,405, and the Nasdaq 100 jumped 125 points (+0.85%) to 14,941.

Both the S&P 500 and the Nasdaq 100 posted weekly gains after losing for three straight weeks.

In a closely-watched speech delivered at the annual central bank conference in Jackson Hole, Wyoming, Federal Chair Jerome Powell said the central bank may need to raise interest rates further to cool still-too-high inflation. Nevertheless, his stance appeared to be less hawkish compared to a year ago.

The yield on the U.S. 10-year Treasury slipped by 0.8 basis point to 4.23%.

Across stock sectors, the top performers were the automobiles (+3.23%), software & services (+1.41%), and technology hardware & equipment (+1.16%) sectors. Conversely, semiconductors (-0.46%) and banks (-0.32%) sectors lagged behind.

Regarding individual stocks, Affirm Holdings (AFRM) surged 28.82% to $17.79, driven by quarterly earnings that exceeded expectations.

Intuit (INTU) rose 4.12% to $519.05. The accounting software specialist projected better-than-expected earnings for fiscal year 2024.

Workday (WDAY) marked a 5.38% increase to $236.97. The enterprise cloud-application provider reported higher-than-expected second-quarter earnings.

Marvell Technology (MRVL), a semiconductor developer and producer, fell 6.62% to $53.50 after giving an uninspiring current-quarter profit guidance.

Meanwhile, Nvidia (NVDA) dropped 2.43% to $460.18.

In Europe, the DAX 40 edged up 0.07%, the CAC 40 gained 0.21%, and the FTSE 100 added 0.07%.

U.S. WTI crude futures gained $0.90 to $79.94 a barrel.

Gold price declined $2 to $1,914 an ounce.

Market Wrap: Forex

The U.S. dollar held up its strength against other major currencies. The U.S. dollar index increased to 104.19.

EUR/USD fell 17 pips to 1.0793. Germany's Ifo business climate index declined to 85.7 in August (vs 86.9 expected).

GBP/USD dropped 24 pips to 1.2578. In the U.K., the Gfk consumer confidence index improved slightly to -25 in August (vs -32 expected).

USD/JPY rose 61 pips to 146.44.

AUD/USD declined 13 pips to 0.6404.

USD/CHF added 2 pips to 0.8847, and USD/CAD climbed 24 pips to 1.3606.

Bitcoin managed to hold the level of $26,000.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks rebounded for a second session. The S&P 500 gained 27 points (0.63%) to 4,433, the Nasdaq 100 rose 110 points (0.74%) to 15,052, and the Dow Jones Industrial Average was up 213 points (0.62%) to 34,559.

The U.S. 10-year Treasury yield declined 3 basis points to 4.206%.

Semiconductors (+1.32%), media (+1.08%), and capital goods (+1.04%) were the top-performing stock sectors in the session.

3M Co (MMM) saw a 5.22% increase to $104.12 on news that the company had agreed to pay around $5.5 billion to settle lawsuits related to U.S. military earplugs.

Goldman Sachs (GS) rose 1.82% to $325.97 after the Wall-Street firm agreed to sell an investment advisory unit to Creative Planning LLC, a wealth management firm.

XPeng (XPEV), a Chinese electric vehicle manufacturer, jumped 5.31% to $18.46 after announcing a strategic partnership with DiDi, a leading mobility technology platform, to accelerate the adoption of smart electric vehicles.

The U.S. Federal Trade Commission (FTC) suspended its challenge to block Amgen's (AMGN) $27.8 billion acquisition of biotech firm Horizon Therapeutics (HZNP). Amgen (AMGN) was little changed, while Horizon Therapeutics (HZNP) bounced 5.14% to $112.15.

Carvana (CVNA), a used-car sales platform, surged 10.12% to $45.37 after CEO Ernest Garcia purchased $116 million worth of company stock.

On the other hand, CrowdStrike Holdings (CRWD) dropped 3.71% to $144.03 as the cybersecurity company was downgraded to "equal-weight" at Morgan Stanley.

Regarding U.S. economic data, the Dallas Fed manufacturing index improved to -17.2 in August (vs -21 expected).

European stocks also ended higher. The DAX 40 rose 1.03%, and the CAC 40 climbed 1.32%. The U.K. market was closed for a bank holiday.

U.S. WTI crude futures gained $0.29 to $80.11 a barrel.

Gold price added $5 to $1,920 an ounce.

Market Wrap: Forex

The U.S. dollar index was little changed at 104.02.

EUR/USD gained 21 pips to 1.0817. The Eurozone's data showed that M3 money supply declined 0.4% on year in July (vs +0.1% expected).

USD/JPY rose 9 pips to 146.53. This morning, Japan's data showed that the jobless rate rose to 2.7% in July (vs 2.5% expected).

GBP/USD climbed 23 pips to 1.2601.

AUD/USD increased 24 pips to 0.6428. In Australia, retail sales grew 0.5% on month in July (vs +0.2% expected).

USD/CHF dipped 8 pips to 0.8839, while USD/CAD was flat at 1.3601.

Bitcoin dipped back to levels below $26,000.

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks rallied for a third session. The S&P 500 climbed 64 points (+1.45%) to 4,497, the Nasdaq 100 jumped 324 points (+2.15%) to 15,376, and the Dow Jones Industrial Average traded 292 points (+0.85%) higher to 34,852.

According to the U.S. Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report, the number of job openings fell for a third straight month to 8.83 million in July, the lowest level since March 2021.

The Conference Board consumer confidence index dropped to 106.1 in August (vs 116.0 expected).

Those weaker-than-expected economic data drove expectations that the U.S. Federal Reserve could pause interest-rate hikes.

The U.S. 10-year Treasury yield sank 9 basis points to 4.112%, and the 2-year yield dipped below the key level of 5%.

Automobiles (+6.62%), semiconductors (+3.24%), and telecoms services (+3.02%) stock sectors were the top performers during the trading session.

All big-tech stocks closed higher, led by Tesla (TSLA, +7.69%), Nvidia (NVDA, +4.16%), Alphabet (GOOGL, +2.72%), Meta Platforms (META, +2.66%), and Apple (AAPL, +2.18%).

Best Buy (BBY) gained 3.86% after reporting better-than-expected quarterly earnings and raising its full-year earnings guidance.

Bitcoin and related stocks were boosted by a Federal court ruling that the U.S. Securities and Exchange Commission (SEC) was wrong to reject an application from Grayscale Investments to create a spot Bitcoin exchange-traded fund.

Bitcoin pumped 6.20% to $27,700, Marathon Digital (MARA) soared 28.81%, and MicroStrategy (MSTR) jumped 10.79%, and Coinbase Global (COIN) was up 14.91%.

European stocks also closed higher. The DAX 40 gained 0.88%, the CAC 40 rose 0.67%, and the FTSE 100 was up 1.72%.

Commodity prices climbed amid a weakening U.S. dollar. U.S. WTI crude futures added $1.10 to $81.23 a barrel.

Gold price increased $17 to $1,937 an ounce.

Market Wrap: Forex

The U.S. dollar index retreated to 103.43.

EUR/USD rose 66 pips to 1.0885. Germany's GfK consumer confidence index declined to -25.5 for September (vs -23.0 expected).

France's consumer confidence index remained stable at 85 in August (as expected).

USD/JPY dropped 76 pips to 145.78.

GBP/USD rose 48 pips to 1.265, and AUD/USD gained 54 pips to 0.6483.

USD/CHF slid 60 pips to 0.8778, and USD/CAD fell 41 pips to 1.3558.

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stock markets closed mixed. The Dow Jones Industrial Average rose 115 points (+0.33%) to 34,837, the S&P 500 gained 8 points (+0.18%) to 4,515, while the Nasdaq 100 dipped 10 points (-0.07%) to 15,490.

On a weekly basis, the S&P 500 climbed 2.50%, and the Nasdaq 100 advanced 3.67%.

U.S. data showed that the economy added 187,000 nonfarm payrolls in August (vs +180,000 expected), while the jobless rate rose to 3.8% (vs 3.5% expected), and average hourly earnings increased 0.2% on month (vs +0.4% expected).

The Institute for Supply Management (ISM) manufacturing purchasing managers index rose to 47.6 in August (vs 47.0 expected).

The US 10-year Treasury Yield rose by 6.7 basis points to 4.175%.

Energy (+2.05%), materials (+1.01%), and consumer durables & apparel (+0.95%) were the top-performing stock sectors, while automobiles (-4.14%) and food & staples retailing (-1.20%) sectors underperformed.

Tesla (TSLA) fell 5.06% to $245.01. The electric-vehicle maker cut prices of its Model S and Model X vehicles in the U.S. and China.

Walt Disney (DIS) and Charter Communications (CHTR) were in a dispute over their distribution agreement. Walt Disney (DIS) dropped 2.44%, and Charter Communications (CHTR) slid 3.61%.

Dell Technologies (DELL) surged 21.25% to $68.19, and Lululemon Athletica (LULU) climbed 6.01% to $404.19, as both companies reported better-than-expected quarterly results.

Broadcom (AVGO) declined 5.46% to $872.52. The semiconductor developer issued softer-than-expected sales guidance for the current quarter.

On Monday (September 4) U.S. and Canada markets will be closed for Labor Day holiday.

European stocks also closed mixed. The DAX 40 fell 0.67%, the Cac 40 dropped 0.27%, while the FTSE 100 gained 0.34%.

U.S. WTI crude futures climbed $2.30 to $85.90 a barrel.

Gold price was little changed at $1,940 an ounce.

Market Wrap: Forex

The U.S. dollar index advanced further to 104.25.

EUR/USD fell 66 pips to 1.0777.

USD/JPY rose 63 pips to 146.17.

GBP/USD dropped 84 pips to 1.2589. In the U.K., the Nationwide house price index dropped 0.8% on the month in August (vs -0.2% expected).

AUD/USD slipped 33 pips to 0.6451.

USD/CHF climbed 23 pips to 0.8857.

USD/CAD was up 89 pips to 1.3597. Canada's data showed that the gross domestic product shrank at an annualized rate of 0.2% on quarter in the second quarter (vs +1.0% expected).

USD/CNH (offshore yuan) declined 50 pips to 7.2700. China's central bank cut the amount of foreign exchange that banks must hold as reserves.

Bitcoin traded down to $25,650, but regained the $26,000 level over the weekend. The U.S. Securities and Exchange Commission (SEC) delayed a decision on whether to approve applications for spot bitcoin exchange-traded funds (ETF) from various financial firms, including BlackRock and Fidelity.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. markets were closed for the Labor Day holiday.

Meanwhile, global market sentiment improved on expectations that the U.S. Federal Reserve could pause rate hikes, and that China would launch more stimulus policies to boost the country's faltering economy.

Hong Kong's Hang Seng Index jumped 2.51% to 18,844, and Japan's Nikkei 225 Index climbed 0.70% to 32,939 posting a six-session rally.

However, European stocks closed slightly lower. The DAX 40 declined 0.10%, the CAC 40 fell 0.24%, and the FTSE 100 was down 0.16%.

U.S. WTI crude futures increased $0.40 to $85.95.

Gold price added $2 to $1,942 an ounce.

Market Wrap: Forex

The U.S. dollar index retreated to 104.12.

EUR/USD rose 13 pips to 1.0793, GBP/USD gained 39 pips to 1.2629.

USD/JPY climbed 27 pips to 146.49.

AUD/USD dipped 4 pips to 0.6460. Later today, Australia’s central bank is expected to keep its key rate unchanged at 4.10%.

USD/CHF declined 4 pips to 0.8847, USD/CAD edged up 2 pips higher to 1.3594.

Bitcoin still lacked upward momentum pulling back to $25,880.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks once again posted an intraday reverse to the upside. The Dow Jones Industrial Average closed 197 higher (+0.59%) at 33,604, the S&P 500 rose 27 points (+0.63%) to 4,335, and the Nasdaq 100 was up 73 points (+0.49%) to 15,047.

The U.S. 10-year Treasury yield stayed flat at 4.801%.

Energy (+3.54%), capital goods (+2.06%) and telecoms services (+1.68%) stock sectors gained the most.

Energy stocks rallied along with oil prices, which were boosted by the surprise attack on Israel staged by Palestinian group Hamas. Hess Corp (HES) rose 5.31%, Exxon Mobil (XOM) gained 3.50%, and Chevron (CVX) climbed 2.77%.

U.S. WTI crude futures advanced $3.60 (+4.35%) to $86.43 a barrel.

Military industry stocks also performed well. Raytheon Technologies (RTX) rose 4.62%, and Lockheed Martin (LMT) jumped 8.93%. Lockheed Martin also announced an increase in its quarterly dividend and approved an additional $6 billion share buyback.

On the other hand, airline stocks underperformed the market due to rising oil prices and flight cancellations. American Airlines (AAL) fell 4.08%, and United Airlines (UAL) dropped 4.88%.

Tesla (TSLA) dipped 0.33% on reports that the electric-vehicle maker's China-made cars declined 12% on month in September.

In Europe, the DAX 40 fell 0.67%, the CAC 40 dropped 0.55%, and the FTSE 100 was little changed.

Gold price bounced $28 to $1,861 an ounce.

Market Wrap: FOREX

The U.S. dollar index remained relatively stable at 106.03.

EUR/USD declined 17 pips to 1.0569. In the Eurozone, the Sentix investor confidence index ticked down to -21.9 for October (vs -24.0 expected).

Germany's data showed that industrial production fell 0.2% on month in August (vs +1.0% expected).

USD/JPY sank 82 pips to 148.50.

GBP/USD added 5 pips to 1.2242.

AUD/USD gained 26 pips to 0.6412. This morning, Australia's Westpac consumer confidence index rebounded 82.0 in October (vs 79.1 expected).

USD/CHF rose 37 pips to 0.9061, while USD/CAD retreated 74 pips to 1.3587.

Bitcoin failed to secure the level of $28,000 trading lower to $27,610.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks turned sharply lower. The S&P 500 fell 60 points (-1.43%) to 4,186, losing the 4,200 level for the first time since May. The Nasdaq 100 slumped 364 points (-2.47%) to 14,381, its biggest loss since February, and the Dow Jones Industrial Average slipped 105 points (-0.32%) to 33,035.

Stock indexes were weighed down by Google parent company Alphabet (GOOGL), which tumbled 9.51%, its largest decline since March 2020. Though the company's third-quarter revenue and earnings beat expectations, revenue from its cloud unit disappointed investors.

At the same time, the U.S. 10-year Treasury yield bounced back 12.1 basis points to 4.940%.

Media (-6.38%), semiconductors (-4.09%), and retailing (-3.58%) stock sectors lost the most in the Wednesday session.

Microsoft (MSFT) rose 3.07%, while Meta Platforms (META) fell 4.17%, Amazon.com (AMZN) dropped 5.58%, Nvidia (NVDA) lost 4.31%, Tesla (TSLA) declined 1.89%, and Apple (AAPL) was down 1.35%.

Texas Instruments (TXN) declined 3.49%, as the chip-maker gave a lower-than-expected revenue forecast for the fourth quarter.

Snap (SNAP) slid 5.36% though the social media company posted upbeat quarterly results.

On the other hand, General Dynamics (GD) rose 4.03%, as the defense contractor's third-quarter results beat analysts' estimates.

In after-market hours, Meta Platforms (META) sank over 3%. The company reported better-than-expected third-quarter revenue and earnings, while its Reality Labs division showed an operating loss of $3.74 billion for the quarter.

International Business Machines (IBM) traded 1% higher after market closed, as its third-quarter sales and earnings exceeded expectations.

Amazon.com (AMZN) will report third-quarter results after the market closes Thursday (October 26).

Regarding U.S. economic data, the number of new home sales rose to an annualized rate of 759,000 units in September (vs 650,000 units expected).

European stocks closed higher. The DAX 40 added 0.08%, the CAC 40 gained 0.31%, and the FTSE 100 was up 0.33%.

U.S. WTI crude futures rose $1.50 to $85.24 a barrel.

The U.S. Energy Department reported an addition of 1.37 million barrels in crude-oil stockpiles (vs an addition of 0.24 million barrels expected).

Gold price climbed $7 to $1,978 an ounce.

Market Wrap: Forex

The U.S. dollar remained firm against other major currencies. The dollar index rose to 106.52.

EUR/USD fell 21 pips to 1.0569. In Germany, the Ifo business climate index improved to 86.9 in October (vs 85.3 expected).

Later today, the European Central Bank (ECB) is expected to keep its key interest rate unchanged at 4.50%

The yen once weakened to 150.23 per dollar within the session, the lowest level since August 1990.

GBP/USD slid 47 pips to 1.2113, AUD/USD declined 44 pips to 0.6311.

USD/CHF rose 32 pips to 0.8964.

USD/CAD rose 51 pips to 1.3792. As expected, the Bank of Canada maintained its key interest rate unchanged at 5.00%.

Bitcoin struck the key level of $35,000 for a third session before retreating to $34,450.



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