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On Friday, U.S. stocks extended their decline to a third session. The Dow Jones Industrial Average fell 281 points (-0.85%) to 32,920, the S&P 500 slid 43 points (-1.12%) to 3,852, and the Nasdaq 100 was down 101 points (-0.89%) to 11,243.

Automobiles (-4.68%), real estate (-2.96%), and consumer durables & apparel (-2.06%) sectors lost the most.

Tesla (TSLA) lost a further 4.72%.

Accenture (ACN) fell 5.92% after the information technology consulting firm reported lower-than-expected bookings.

Meta Platforms (META) advanced 2.82% after the stock was upgraded to "overweight" at JPMorgan.

Adobe (ADBE) rose 2.99% as the software developer posted better-than-expected fourth-quarter earnings.

From a technical point of view, 3M (MMM), American Express (AXP), Goldman Sachs (GS), and Verizon Communications (VZ) crossed under their 50-day moving average.

The U.S. 10-year Treasury yield rose 3.8 basis points to 3.484%.

The S&P Global U.S. manufacturing purchasing managers index (PMI) fell to 46.2 in December (vs 48.2 expected).

European stocks closed lower again. The DAX 40 fell 0.67%, the CAC 40 slid 1.08%, and the FTSE 100 was down 1.27%.

U.S. WTI crude futures dropped $1.80 to $74.33 a barrel.

Gold price rebounded $16 to $1,793 a barrel.

The U.S. dollar index climbed to 104.74.

EUR/USD declined 39 pips to 1.0589. December S&P Global manufacturing PMI was posted at 47.8 for the Eurozone (vs 46.6 expected), at 47.4 for Germany (vs 45.9 expected), and at 48.9 for France (vs 48.6 expected).

Argentina beat France to win the 2022 World Cup.

GBP/USD slid 25 pips to 1.2153. In the U.K., the GfK Consumer Confidence Index was posted at -42 in December (vs -43 expected), and retails sales declined 0.4% on month in November (vs +0.3% expected). The S&P Global U.K. manufacturing PMI was posted at 44.7 (vs 46.3 expected).

USD/JPY dropped 105 pips to 136.73.

AUD/USD fell 16 pips to 0.6687.

USD/CHF increased 58 pips to 0.9342, and USD/CAD was up 41 pips to 1.3699.

Bitcoin lost the $17,000 level trading lower to $16,840.

 

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MARKET COMMENTARY


On Monday, U.S. stocks extended their losing streak to a fourth session, as negative sentiment lingered. The Dow Jones Industrial Average declined 162 points (-0.49%) to 32,757, the S&P 500 fell 34 points (-0.91%) to 3,817, and the Nasdaq 100 was down 159 points (-1.42%) to 11,084.

Consumer durables & apparel (-2.34%), media (-2.32%), and retailing (-2.05%) sectors lost the most.

Meta Platforms (META) fell 4.14%, as the European Commission alerted the social technology company that its Facebook Marketplace is breaching European Union antitrust laws.

L3Harris Technologies (LHX) slid 3.62% after the aerospace and defense company agreed to buy Aerojet Rocketdyne (AJRD) for $4.7 billion. The latter rose 1.29% following the news.

Accenture (ACN) dropped a further 3.43% as Jefferies lowered its price target on the stock to $279 from $290.

The U.S. 10-year Treasury yield jumped 10.6 basis points to 3.588%.

European stocks closed higher. The DAX 40 rose 0.36%, the CAC 40 added 0.32%, and the FTSE 100 was up 0.40%.

U.S. WTI crude futures gained $1.40 to $75.69 a barrel.

Gold price was down $5 to $1,787 an ounce.

The U.S. dollar index was stable at 104.72.

EUR/USD climbed 18 pips to 1.0604. Germany's Ifo business climate index improved to 88.6 in December (vs 87.0 expected).

USD/JPY increased 42 pips to 137.02. Later today, the Bank of Japan is expected to keep its key interest rate at negative level of -0.100%.

GBP/USD dipped 5 pips to 1.2143.

AUD/USD added 11 pips to 0.6696.

USD/CHF slid 42 pips to 0.9295, and USD/CAD declined 45 pips to 1.3654.

Bitcoin traded lower to $16,400.

 

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MARKET COMMENTARY




On Tuesday, U.S. stocks pared early-session losses to close mixed. The Dow Jones Industrial Average rose 92 points (+0.28%) to 32,849, the S&P 500 added 4 points (+0.11%) to 3,821, while the Nasdaq 100 declined 12 points (-0.11%) to 11,072.



The U.S. 10-year Treasury yield jumped 10.5 basis points to 3.690% after the Bank of Japan surprised markets by allowing long-term government bond yields to rise.



Energy (+1.52%), insurance (+1.09%), and media (+0.83%) sectors were the top performers, while automobiles (-6.27%), transportation (-1.42%), and semiconductors (-0.73%) sectors lost the most.



Tesla (TSLA) slumped 8.05% after brokerages Evercore ISI and Mizuho cut their price targets on the stocks.



Wells Fargo (WFC) fell 2.01% after the bank agreed to a $3.7 billion settlement with authorities over mismanagement of automobile loans, mortgages and deposit accounts.



From a technical point of view, Walmart (WMT) crossed above its 50-day moving average.



Regarding U.S. economic data, the number of housing starts posted at an annualized rate of 1.427 million units (vs 1.40 million units expected).



European stocks closed mixed. The DAX 40 fell 0.42%, the CAC 40 dropped 0.35%, while the FTSE 100 edged up 0.13%.



U.S. WTI crude futures rose $0.6 to $75.96 a barrel.



Gold price jumped $31 to $1,818 an ounce.







As expected, the Bank of Japan kept its benchmark interest rate unchanged at negative level of -0.10%. However, the central bank shocked markets with a tweak to its yield curve control, allowing 10-year government bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band.



USD/JPY then plunged 521 pips (-3.81%) to 131.70, the lowest level since August.



The U.S. dollar index then fell to 103.99.



EUR/USD rose 17 pips to 1.0624. Germany's data showed that producer prices fell 3.9% on month (vs -2.0% expected) but rose 28.2% on year (vs +30.8% expected) in November.



GBP/USD added 28 pips to 1.2177.



AUD/USD declined 22 pips to 0.6678.



USD/CHF fell 20 pips to 0.9266, and the USD/CAD was down 40 pips to 1.3608.



Bitcoin rebounded over 2% to $16,850.

 

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MARKET COMMENTARY




On Wednesday, U.S. stocks closed over 1% higher. The Dow Jones Industrial Average rose 526 points (+1.60%) to 33,376, the S&P 500 gained 56 points (+1.49%) to 3,878, and the Nasdaq 100 rebounded 163 points (+1.48%) to 11,235.



Regarding U.S. economic data, the Conference Board consumer confidence index unexpectedly rose to 108.3 in December (vs 100.1 expected). The number of existing home sales dropped to an annualized rate of 4.09 million units in November (vs 4.30 million units expected).



The U.S. 10-year Treasury yield eased 1.3 basis points to 3.669%.



Consumer durables & apparel (+7.18%), semiconductors (+2.52%), and commercial & professional services (+2.06%) sectors led the market higher.



Nike (NKE) jumped 12.18% and Fedex (FDX) rose 3.43%, as both companies' quarterly earnings exceeded expectations.



From a technical point of view, 3M (MMM) and Verizon Communications (VZ) crossed above their 50-day moving average.



European stocks also closed higher. The DAX 40 rose 1.54%, the CAC 40 increased 2.01%, and the FTSE 100 was up 1.72%.



U.S. WTI crude futures climbed $2.20 (+2.88%) to $78.47 a barrel. The U.S. Energy Department reported a reduction of 5.89 million barrels in crude-oil stockpiles (vs -1.65 million barrels expected).



Gold price declined $3 to $1,814 an ounce.







The U.S. dollar index held steady at 104.21.



USD/JPY gained 66 pips to 132.39.



EUR/USD dipped 14 pips to 1.0610. In Germany, the GfK consumer confidence index improved to -37.8 for January (vs -36.0 expected).



GBP/USD dropped 100 pips to 1.2083. U.K. data showed that public-sector net borrowing rose to a record of 21.2 billion pounds in November from 13.4 billion pounds in October.



AUD/USD added 34 pips to 0.6712.



USD/CHF added 8 pips to 0.9268, while USD/CAD dipped 5 pips to 1.3606.



Bitcoin traded slightly lower to $16,790.
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MARKET COMMENTARY




On Thursday, U.S. stocks tumbled again. The Dow Jones Industrial Average slid 348 points (-1.05%) to 33,027, the S&P 500 fell 55 points (-1.44%) to 3,822, and the Nasdaq 100 slumped 279 points (-2.49%) to 10,956.



Regarding U.S. economic data, third-quarter gross domestic product growth was finalized at an annualized rate of 3.2% on quarter (vs +2.9% in the previous estimate). The latest number of initial jobless claims rose to 216,000 (vs 225,000 expected).



The U.S. 10-year Treasury yield added 2.2 basis points to 3.684%.



Automobiles (-7.81%), semiconductors (-4.6%), and energy (-2.31%) sectors lost the most.



Tesla (TSLA) slumped 8.88% after the electric-car maker offered a higher discount of $7,500 on Model 3 and Model Y vehicles in the U.S.



Micron Technology (MU) fell 3.44%, as the memory-chip maker reported lower-than-expected quarterly earnings and announced plans to cut its workforce by about 10%.



CarMax (KMX) declined 3.66% after the company posted an 86% drop in quarterly profit on weak demand for used cars.



From a technical point of view, 3M (MMM), McDonald's (MCD), Microsoft (MSFT), and Walmart (WMT) crossed under their 50-day moving average.



European stocks also closed lower. The DAX 40 fell 1.30%, the CAC 40 declined 0.95%, and the FTSE 100 was down 0.37%.



U.S. WTI crude futures settled little changed at $78.26 a barrel.



Gold price slid $21 to $1,792 an ounce.







The U.S. dollar index held steady at 104.40.



EUR/USD fell 12 pips to 1.0593.



USD/JPY dipped 7 pips to 132.39. This morning, Japan's data showed that consumer prices increased 3.8% on year in November (vs +3.9% expected).



GBP/USD declined 46 pips to 1.2036. U.K. data showed that third-quarter gross domestic product declined 0.3% on quarter (vs -0.2% in the previous estimate, +0.2% in the previous quarter).



AUD/USD dropped 42 pips to 0.6665.



USD/CHF gained 47 pips to 0.9314, and USD/CAD increased 33 pips to 1.3645.



Bitcoin was flat at $16,785.

 

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