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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks were down heavily for a second session. The S&P 500 fell 49 points (-1.18%) to 4,137, the Nasdaq 100 slid 272 points (-1.89%) to 14,109, and the Dow Jones Industrial Average was down 251 points (-0.76%) to 32,784.

U.S. data showed that gross domestic product (GDP) grew at an annualized rate of 4.9% on quarter in the third-quarter (vs +4.0% expected), the strongest growth in nearly two years.

Durable goods orders jumped 4.7% on month in September (vs +1.1% expected), and the latest number of initial jobless claims increased to 210,000 (vs 200,000 expected).

Meanwhile, the U.S. 10-year Treasury yield retreated 11.3 basis points to 4.842%.

Real Estate (+2.26%), banks (+1.31%), and telecoms services (+1.15%) stock sectors ended higher, while media (-3.02%), automobiles (-2.79%), and technology hardware & equipment (-2.31%) sectors lost the most.

Meta Platforms (META) fell 3.73%. Although the tech giant's third-quarter results beat expectations, the company said fourth-quarter sales could be dampened by the Middle-East conflict.

United Parcel Service (UPS) dropped 5.93%. The package delivery company cut its full-year sales forecast.

And Whirlpool (WHR) plunged 15.83% after lowering its full-year earnings guidance.

Also, after reporting quarterly earnings, Comcast (CMCSA) sank 8.42%, Altria (MO) lost 8.31%, Mattel (MAT) declined 7.61%, and Bristol-Myers Squibb (BMY) was down 6.43%.

On the other hand, International Business Machines (IBM) rose 4.87% after posting better-than-expected third-quarter sales and earnings.

Morgan Stanley (MS) added 0.94%. The investment bank announced the appointment of Ted Pick as its new chief executive officer.

In after-market hours, Amazon.com (AMZN) jumped 5%. The tech giant's third-quarter revenue and earnings well exceeded analysts' estimates, thanks to higher retail sales and significant cost cutting.

Also, after posting quarterly results in after-market hours, Intel (INTC) surged over 7%, Chipotle Mexican Grill (CMG) rose 3%, while Ford Motor (F) lost over 3%.

European stocks also closed lower. The DAX 40 fell 1.08%, the CAC 40 dropped 0.38%, and the FTSE 100 was down 0.81%.

U.S. WTI crude futures slipped $1.80 to $83.61 a barrel.

Gold price gained $5 to $1,984 an ounce.

Market Wrap: Forex

The U.S. dollar index was relatively stable at 106.63.

EUR/USD dipped 6 pips to 1.0560. As expected, the European Central Bank maintained its key interest rate unchanged at 4.50% following an unprecedented streak of 10 consecutive rate hikes.

USD/JPY showed continued upward momentum climbing 18 pips to 150.41. Japan's data showed that Tokyo's core inflation rate ticked up to 2.7% on year in October (vs 2.4% expected).

GBP/USD increased 15pips to 1.2127.

AUD/USD increased 15pips to 0.6324. Australia's data showed that producer prices increased 3.8% on year in the third quarter (vs +2.0% expected).

USD/CHF added 24 pips to 0.8992.

USD/CAD gained 31 pips to 1.3828. In Canada, the CFIB Business Barometer fell to 47.2 in October (vs 48.0 expected).

Bitcoin traded lower to $34,190.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks rebounded following a recent round of selloffs. The Dow Jones Industrial Average jumped 511 points (+1.58%) to 32,928, the S&P 500 rose 49 points (+1.20%) to 4,166, the Nasdaq 100 climbed 155 points (+1.09%) to 14,335.

The U.S. 10-year Treasury yield gained 4.9 basis points to 4.880%.

Retailing (+2.93%), telecoms services (+2.79%), and transportation (+2.11%) stock sectors gained the most in the trading session.

The automobiles & components (-4.09%) was the only losing stock sector within the S&P 500, dragged by a 4.79% fall of Tesla (TSLA). The Nikkei newspaper reported that Japan's Panasonic is slashing production of its electric batteries supplied to Tesla, leading investors to expect falling demand for Tesla cars.

Amazon.com (AMZN) advanced a further 3.89% after gaining over 6% Friday.

Apple (AAPL) added 1.23% before the tech giant unveiled new products including new Mac computers.

McDonald's (MCD) climbed 1.72%. The global fast-food restaurant chain reported better-than-expected quarterly comparable sales.

On the other hand, ON Semiconductor (ON) slumped 21.77%, as the chip-maker offered a downbeat fourth-quarter earnings forecast.

Regarding U.S. economic data, the Dallas Fed manufacturing index dropped to -19.2 in October (vs -15 expected).

European stocks also closed higher. The DAX 40 rose 0.20%, the CAC 40 gained 0.44%, and the FTSE 100 was up 0.50%.

Oil prices fell on easing fears about oil supply disruption caused by the Israel-Hamas war. U.S. WTI crude futures retreated $3.00 to $82.54 a barrel.

Gold price softened $10 to $1,996 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies. The dollar index dropped to 106.12.

The yen once strengthened to 148.81 against the dollar, as the Nikkei newspaper said the Bank of Japan may allow the 10-year Japanese government bond yield to surpass 1% when it concludes its policy meeting later today.

This morning, Japan's data showed that the jobless rate dipped to 2.6% in September (vs 2.7% expected), industrial production grew 0.2% on month (vs +2.3% expected), while retail sales declined 0.1% on month (as expected).

EUR/USD rose 52 pips to 1.0617. Germany's data showed that the inflation rate slowed to 3.8% on year in October (vs 4.0% expected)

GBP/USD gained 49 pips to 1.2171, and AUD/USD added 41 pips to 0.6376.

USD/CHF slipped 5 pips to 0.9018, and USD/CAD fell 45 pips to 1.3825.

Bitcoin held up well at $34,500.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks rallied for a fourth session as Treasury yields continued to fall. The S&P 500 rose 79 points (+1.89%) to 4,317, its biggest gain since April. The Dow Jones Industrial Average jumped 564 points (+1.70%) to 33,839, and the Nasdaq 100 bounced 254 points (+1.74%) to 14,919.

Meanwhile the U.S. 10-year Treasury yield sank a further 7.3 basis points to 4.660%.

Automobiles & components (+4.99%), banks (+3.57%), and consumer durables & apparel (+3.51%) stock sectors led the market higher.

Tesla (TSLA) rallied 6.25%, Nvidia (NVDA) rose 2.79%, Apple (AAPL) added 2.07%, and NetFlix (NFLX) was up 1.08%.

Starbucks (SBUX) jumped 9.48%. The global coffee chain's quarterly comparable sales exceeded expectations.

Also, after reporting upbeat quarterly results, Qualcomm (QCOM) rose 5.83%, Palantir Technologies (PLTR) surged 20.44%, and Roku (ROKU) soared 30.74%.

At the same time, Shopify (SHOP) bounced 22.36%, and PayPal (PYPL) climbed 6.58%.

On the other hand, Airbnb (ABNB) fell 3.32%, as the home rental platform's current-quarter sales guidance disappointed investors.

Moderna (MRNA) fell 6.52%, and SolarEdge Technologies (SEDG) dropped 3.96%. Both companies reported quarterly losses.

Regarding U.S. economic data, the latest number of initial jobless claims increased to 217,000 (as expected), and factory orders grew 2.8% on month in September (vs +0.8% expected).

The closely-watched U.S. official non-farm payroll report for October will be released later today.

In after-market hours, Apple (AAPL) slipped 3%. Though the tech giant posted better-than-expected quarterly sales and earnings, sales in fact fell for the fourth quarter in a row, and company executives signaled that a return to sales growth in the holiday quarter is unlikely.

European stocks were up for a second session. The DAX 40 rose 1.48%, the CAC 40 gained 1.85%, and the FTSE 100 added 1.42%.

U.S. WTI crude futures increased $2 to $82.54 a barrel.

Gold price climbed $3 to $1,985 an ounce.

Market Wrap: Forex

The U.S. dollar weakened along with declining Treasury yields. The dollar index slipped to 106.17.

GBP/USD increased 51 pips to 1.2203. As expected, the Bank of England maintained its key interest rate unchanged at a 15-year high of 5.25%. The central bank pointed out that monetary policy is likely to be restrictive for an extended period of time.

EUR/USD gained 49 pips to 1.0619. Germany's data showed that the jobless rate climbed to 5.8% in October (as expected).

USD/JPY retreated a further 44 pips to 150.51.

AUD/USD added 35 pips to 0.6428.

USD/CHF fell 18 pips to 0.9060, and USD/CAD slid 111 pips (-0.80%) to 1.3745, its biggest decline since June.

Bitcoin nearly touched $36,000 before pulling back to $34,880.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks extended their rally to a fifth session. The Dow Jones Industrial Average climbed 222 points (+0.66%) to 34,061, the S&P 500 gained 40 points (+0.94%) to 4,358, and the Nasdaq 100 jumped 179 points (+1.21%) to 15,099.

On a weekly basis, the S&P 500 rose 5.85%, and the Nasdaq 100 was up 6.48%, the biggest weekly gains for the indexes since November 2022.

U.S. official data showed that the number of nonfarm payrolls just increased 150,000 in October (vs +190,000 expected, +297,000 in September). The jobless rate climbed to 3.9% (vs +3.8% expected), and the average hourly earnings added 0.2% on month (vs +0.3% expected).

The Institute for Supply Management (ISM) services purchasing managers index fell to 51.8 in October (vs 53.7 expected).

Downbeat economic data were translated into good news for the stock market, as expectations grew that the Federal Reserve should be done with its rate-hike cycle.

The U.S. 10-year Treasury yield sank a further 8.7 basis points to 4.570%.

Semiconductors (+2.62%), consumer durables & apparel (+2.39%), and consumer services (+2.33%) stock sectors led the market higher Friday.

Block Inc (SQ) surged 10.69%. The digital payments company's quarterly earnings and full-year guidance exceeded expectations.

Also, after posting better-than-expected quarterly results, Expedia (EXPE) soared 18.84%, and Live Nation Entertainment (LYV) rose 3.53%.

Moderna (MRNA) rebounded 8.84%. The stock was upgraded to "hold" at HSBC.

On the other hand, Apple (AAPL) dipped 0.52%, as investors were disappointed by the tech giant's quarterly revenue from Greater China and the whole company's current-quarter sales outlook.

Fortinet (FTNT) plunged 12.35%, as the cybersecurity firm provided a downbeat fourth-quarter billings forecast.

Over the weekend, Berkshire Hathaway (BRKA) reported that third-quarter operating earnings increased 41% on year to $10.8 billion, with its cash pile swelling to a record of $157 billion.

In Europe, the DAX 40 closed 0.30% higher, while the CAC 40 declined 0.19%, and the FTSE 100 was down 0.39%.

U.S. WTI crude futures dropped $1.90 to $80.51 a barrel.

Gold price added $6 to $1,992 an ounce.

Market Wrap: Forex

The U.S. dollar weakened further as Treasury yields kept retreating. The dollar index once touched a six-week low of 104.93.

EUR/USD jumped 110 pips to 1.0732. The Eurozone's jobless rate rose to 6.5% in September (as expected).

France's data showed that industrial production declined 0.5% on month in September (vs -0.2% expected).

USD/JPY lost the key level of 150 as it dropped 110 pips to 149.35.

GBP/USD surged 179 pips (+1.47%) to 1.2382, its biggest daily gain since January.

AUD/USD gained 78 pips to 0.6512.

USD/CHF lost 69 pips to 0.8991.

USD/CAD slid 76 pips to 1.3663. Canada's data showed that the number of full-time jobs fell 3,300 in October (vs +20,000 expected), while the jobless rate climbed to 5.7% (vs 5.5% expected).

Over the weekend, Bitcoin regained the key level of $35,000.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks kept rallying, as the Dow Jones Industrial Average rose 56 points (+0.17%) to 34,152, the S&P 500 climbed 12 points (+0.28%) to 4,378, and the Nasdaq 100 jumped 141 points (+0.93%) to 15,296.

The S&P 500 rose for a seventh consecutive session, and the Nasdaq 100 was up for an eight session, the longest winning streaks for the indexes since November 2021.

Meanwhile, the U.S. 10-year Treasury yield retreated 7.3 basis points to 4.571%.

Retailing (+1.47%), consumer durables & apparel (+1.41%), and software & services (+1.24%) stock sectors were the top performers in the session, while energy (-2.23%), materials (-1.88%), and real estate (-0.95%) sectors underperformed the market.

Microsoft (MSFT) rose 1.12% to close at an all-time high level of $360.53.

Other big-tech stocks also closed higher. Amazon.com (AMZN) rose 2.13%, Apple (AAPL) climbed 1.45%, Tesla (TSLA) advanced 1.33%, and Meta Platforms (META) was up 0.96%.

Semiconductor stocks performed well. Nvidia (NVDA) rose 0.45%, Intel (INTC) gained 2.16%, Broadcom (AVGO) added 1.93%, and Advanced Micro Devices (AMD) was up 1.52%.

After reporting quarterly earnings, TripAdvisor (TRIP) jumped 10.99%, Uber Technologies (UBER) gained 3.70%, and KKR & Co (KKR) advanced 4.98%.

Dish Network (DISH) rebounded 2.33% after plunging 37% Monday.

Peloton Interactive (PTON) fell 2.99%. The interactive fitness platform was downgraded to "hold" at Deutsche Bank.

In Europe, the DAX 40 added 0.11%, while the CAC 40 dropped 0.39%, and the FTSE 100 was down 0.10%.

U.S. WTI crude futures slid $3.30 (-4.45%) to $77.49 a barrel, the lowest level since July. Mixed Chinese economic data raised investors' concerns over the country's oil demand. China's exports fell 6.4% on year in October (vs -5.0% expected).

Gold price dropped a further $9 to $1,968 an ounce.

Market Wrap: Forex

The U.S. dollar gained a bit more strength against other major currencies. The dollar index rose to 105.54.

AUD/USD declined 54 pips to 0.6435. As expected, the Reserve Bank of Australia hiked its key interest rate by 25 basis points to 4.35%.

EUR/USD fell 22 pips to 1.0696. The Eurozone's data showed that producer prices fell 12.4% on year in September (vs -12.6% expected, -11.5% in August).

Germany's data showed that industrial production fell 1.4% on month in September (vs +0.1% expected).

USD/JPY rose 34 pips to 150.41.

GBP/USD dropped 49 pips to 1.2295. In the U.K., the Halifax house price index increased 1.1% on month in October (vs -0.2% expected).

USD/CHF added 7 pips to 0.9001, and USD/CAD climbed 65 pips to 1.3765.

Bitcoin once challenged the level of $36,000 before pulling back to $35,350.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed mixed. The S&P 500 added 4 points (+0.10%) to 4,382, and the Nasdaq 100 gained 17 points (+0.11%) to 15,313, while the Dow Jones Industrial Average eased 40 points (-0.12%) to 34,112 halting a seven-session winning streak.

The U.S. 10-year Treasury yield declined 7.4 basis points to 4.490%.

Software & services (+0.77%), commercial & professional services (+0.68%), and real estate (+0.67%) stock sectors gained the most, while energy (-1.22%), food & staples retailing (-0.98%), and utilities (-0.73%) sectors lagged behind.

Microsoft (MSFT) rose 0.74% to another record-high close of $363.20.

Extra Space Storage (EXR) rose 10.57%. The storage properties owner and operator posted better-than-expected third-quarter earnings.

DaVita HealthCare Partners (DVA) climbed 5.89%. The dialysis services provider raised its full-year earnings guidance.

Take-Two Interactive Software (TTWO) gained 5.21%. The video game publisher announced that a new version of the popular game "Grand Theft Auto" is coming soon.

Warner Bros. Discovery (WBD) fell 19.04%, as the media and entertainment conglomerate posted a bigger-than-expected third-quarter loss due to a significant decline in network advertising.

Paramount Global (PARA) also lost 7.94%.

Robinhood Markets (HOOD) dropped 14.29%. The commission-free stock trading platform's third-quarter sales missed expectations.

Lucid Group (LCID) declined 8.14%. The electric vehicle maker lowered its production forecast.

Rivian Automotive (RIVN) also eased 2.41%.

In after-market hours, Walt Disney (DIS) rose 3%, as the media and entertainment giant reported better-than-expected quarterly earnings with strong growth in the subscriber number of its video-streaming unit Disney+.

In Europe, the DAX advanced 0.51%, and the CAC 40 gained 0.69%, while the FTSE 100 declined 0.11%.

U.S. WTI crude futures fell $1.80 to $75.62 a barrel.

Gold price dropped $19 to $1,950 an ounce.

Market Wrap: Forex

The U.S. dollar index was little changed at 105.54.

EUR/USD was flat at 1.0702. The Eurozone's data showed that retail sales shrank 0.3% on month in September (as expected).

USD/JPY advanced a further 62 pips to 150.99.

GBP/USD dropped 11 pips to 1.2289. In the U.K., the Royal Institute of Chartered Surveyors house price balance edged higher to -63% in October (vs -67% expected).

AUD/USD fell 33 pips to 0.6403.

USD/CHF dipped 8 pips to 0.8993.

USD/CAD gained 25 pips to 1.3792. Canada's data showed that the number of building permits sank 6.5% on month in September (vs -0.5% expected).

Bitcoin remained firm climbing to $35,800.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Thursday, major U.S. stock indexes ended their recent winning streak as investors were concerned about a sharp jump in Treasury yields. The Dow Jones Industrial Average fell 220 points (-0.65%) to 33,891, the S&P 500 dropped 35 points (-0.81%) to 4,347, and the Nasdaq 100 was down 125 points (-0.82%) to 15,187.

Treasury yields rallied after an auction of $24 billion in 30-year Treasury bonds revealed weak demand for bonds. The U.S. 10-year Treasury yield jumped 14 basis points to 4.630%, the 30-year yield bounced 11 basis points to 4.772%.

And market sentiment was further dragged by Federal Reserve Chair Jerome Powell's comments that the fight against inflation still has a long way to go.

Automobiles & components (-5.08%), pharmaceuticals & biotechnology (-2.80%), and real estate (-1.56%) stock sectors lost the most.

Tesla (TSLA) sank 5.46%. U.S. President Biden said he supports efforts by the United Auto Workers (UAW) union to unionize at Tesla and Toyota. The stock was also rated "New Reduce" at HSBC.

Lyft (LYFT) fell 5.97%. The ride-sharing company reported weak bookings figures.

Walt Disney (DIS) rose 6.91%. The media and entertainment giant's quarterly earnings exceeded expectations with the subscriber number of its video-streaming unit Disney+ growing strongly.

Virgin Galactic (SPCE) soared 19.23%. The space tourism company raised its fourth-quarter sales guidance.

Crypto-related stocks advanced along with bitcoin, as Marathon Digital (MARA) jumped 7.95%, Coinbase Global (COIN) rose 5.14%, and Microstrategy (MSTR) climbed 4.12%.

Regarding U.S. economic data, the latest number of initial jobless claims ticked down to 217,000 (vs 220,000 expected).

European stocks closed higher. The DAX rose 0.81%, the CAC 40 climbed 1.13%, and the FTSE 100 was up 0.73%.

U.S. WTI crude futures were little changed at $75.54 a barrel.

Gold price gained $8 to $1,958 an ounce.

Market Wrap: Forex

The U.S. dollar climbed along with Treasury yields and after Powell's rather hawkish comments. The dollar index rose to 105.91.

EUR/USD dropped 42 pips to 1.0667.

USD/JPY rose 38 pips to a one-week high of 151.36. This morning, the Bank of Japan reported that the M2 money stock increased 2.4% on year in October (vs +2.4% in September).

GBP/USD fell 64 pips to 1.2221, AUD/USD declined 34 pips to 0.6368.

USD/CHF gained 44 pips to 0.9037, and USD/CAD rose 19 pips to 1.3811.

USD/CNH jumped 115 pips to 7.2983. China's data showed that consumer prices fell 0.2% on year in October (vs +0.0% expected), and producer prices dropped 2.6% (vs -2.8% expected).

Bitcoin kept showing upward momentum, as it challenged the level of $38,000 before retreating to $36,600.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks rebounded strongly. The Dow Jones Industrial Average rose 391 points (+1.15%) to 34,283, the S&P 500 climbed 67 points (+1.56%) to 4,415, and the Nasdaq 100 jumped 341 points (+2.25%) to 15,529, marking its biggest one-day percentage gain since May 26.

The U.S. 10-year Treasury yield dipped 0.2 basis points to 4.620%.

The U.S. University of Michigan consumer sentiment index fell to 60.4 in November (vs 64.2 expected), posting a four-month decline.

Closely-watched U.S. inflation data will be released on Tuesday (November 14).

All S&P 500 stock sectors closed higher Friday, with semiconductors (+3.65%), software & services (+2.38%) and automobiles & components (+2.16%) sectors gaining the most.

Microsoft (MSFT) jumped 2.49% to another record close of $369.67.

Most other big-tech stocks climbed over 2%, with Nvidia (NVDA) gaining 2.95%, Netflix (NFLX) up 2.78%, Meta Platforms (META) up 2.56%, Tesla (TSLA) up 2.22%, Apple (AAPL) up 2.19%, and Amazon.com (AMZN) up 2.11%.

On the other hand, Wynn Resorts (WYNN) fell 5.69%. The resort-and-casino operator's Macau operation figures disappointed investors.

Illumina (ILMN) dropped 8.05%. The genetic testing firm lowered its full-year earnings forecast again.

Trade Desk (TTD) tumbled 16.66%. The advertising technology firm provided lower-than-expected fourth-quarter guidance.

European stocks closed lower. The DAX fell 0.77%, the CAC 40 dropped 0.96%, and the FTSE 100 was down 1.28%.

U.S. WTI crude futures rebounded $1.70 to $77.40 a barrel.

Gold price slid $21 to $1,936 an ounce.

Market Wrap: Forex

The U.S. dollar index declined slightly to 105.79.

EUR/USD added 16 pips to 1.0684.

USD/JPY rose 17 pips to 151.52, extending its winning streak to a fifth session. This morning, Japan's data showed that producer prices increased 0.8% on year in October (vs +1.3% expected, +2.2% in September).

GBP/USD remained stable at 1.2223. According to U.K. data, gross domestic product showed no quarter-on-quarter growth in the third quarter (as expected), and industrial production also stayed unchanged in September (vs +0.1% on month expected).

AUD/USD dipped 6 pips to 0.6361.

USD/CHF declined 6 pips to 0.9023, and USD/CAD dropped 11 pips to 1.3797.

Bitcoin managed to hold the $37,000 handle.

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