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MARKET COMMENTARY


On Tuesday, U.S. stocks closed with little changes. The S&P 500 gained 3 points (+0.09%) to 4,154, and the Nasdaq 100 edged up 4 points (+0.03%) to 13,091, while the Dow Jones Industrial Average was down 10 points (-0.03%) to 33,976.

The U.S. 10-year Treasury yield retreated 2.7 basis points to 3.574%.

Consumer durables & apparel (+0.91%) and semiconductors (+0.78%) stock sectors were the top performers, while automobiles (-1.08%) and pharmaceuticals & biotechnology (-0.96%) sectors lagged behind.

Johnson & Johnson (JNJ) fell 2.81%. Although this healthcare products giant posted better-than-expected quarterly results, it warned that inflation would keep driving costs.

Goldman Sachs (GS) dropped 1.70% after reporting falling quarterly profit.

On the other hand, Nvidia (NVDA) rose 2.46% as the stock was upgraded to "buy" at HSBC.

Also, Lockheed Martin (LMT) gained 2.40%. The defense and aerospace contractor announced better-than-expected quarterly results and reiterated its full-year outlook.

U.S. data showed that the number of housing starts declined slightly to an annualized rate of 1.42 million units in March (vs 1.30 million units expected).

European stocks closed higher. The DAX 40 rose 0.59%, the CAC 40 gained 0.47%, and the FTSE 100 was up 0.38%.

U.S. WTI crude futures were steady at $80.85 a barrel.

Gold price rebounded $10 to $2,005 an ounce.

The U.S. dollar retreated against other major currencies. The dollar index declined to 101.72.

EUR/USD rose 47 pips to 1.0973. In Germany, the ZEW economic sentiment index fell to 4.1 in April (vs 15.0 expected).

GBP/USD gained 52 pips to 1.2428. U.K. data showed that the latest jobless rate climbed to 3.8% (as expected), while annual pay growth remained firm at 5.9% on year.

USD/JPY dropped 43 pips to 134.04.

AUD/USD increased 27 pips to 0.6728. In Australia, the Westpac leading index eased 0.01% on month in March (vs -0.06% in April).

China's gross domestic product growth accelerated to 4.5% on year in the first quarter (vs 3.2% expected), industrial production increased 3.9% on year in March (vs +2.7% expected), and retail sales were up 10.6% (vs +4.5% expected).

USD/CAD was little changed at 1.3392. Canada's data showed that the inflation rate slowed to 4.3% on year in March (vs 4.1% expected).

USD/CHF declined 23 pips to 0.8964.

Bitcoin bounced back 3% to $30,350.

 

[v1forex]

MARKET COMMENTARY


On Wednesday, U.S. stocks closed mixed. The S&P 500 ended broadly flat at 4,154, and the Nasdaq 100 edged down 3 points (-0.02%) to 13,088, while the Dow Jones Industrial Average dropped 79 points (-0.23%) to 33,897.

The U.S. 10-year Treasury yield added 1.7 basis points to 3.593%.

Transportation (+1.04%), retailing (+0.87%) and Utilities (+0.78%) stock sectors were the top performers, while automobiles (-2.04%), telecoms services (-0.81%) and Media (-0.71%) sectors lagged behind.

Tesla (TSLA) fell 2.02%. The electric-vehicle maker announced further price cuts for its Model Y and Model 3 vehicles. In after-market hours, Tesla dropped a further 5% after reporting lower-than-expected first-quarter results, with falling margins due to a series of aggressive price cuts.

NetFlix (NFLX) slid 3.17%. The video-streaming service firm gave a lower-than-expected second-quarter revenue outlook.

On the other hand, Amazon.com (AMZN) rose 1.96%. The tech giant is laying off employees in its advertising unit, according to CNBC.

Meanwhile, Intuitive Surgical (ISRG) surged 10.88%, Abbott Laboratories (ABT) jumped 7.82%, and US Bancorp (USB) rose 2.33%, as the company posted better-than-expected quarterly results.

In after-market hours, International Business Machines (IBM) gained over 1% as the company's first-quarter earnings exceeded expectations.

European stocks closed mixed. The DAX 40 edged up 0.08%, the CAC 40 gained 0.21%, while the FTSE 100 was down 0.13%.

U.S. WTI crude futures declined $1.80 to $79.09 a barrel. The U.S. Energy Department reported a reduction of 4.58 million barrels in crude-oil stockpiles (vs -1.09 million barrels expected).

Gold price retreated $11 to $1,994 an ounce.

The U.S. dollar index rebounded to 101.983.

EUR/USD dropped 19 pips to 1.0953.

GBP/USD gained 13 pips to 1.2438. U.K. data showed that the inflation rate slowed to 10.1% on year in March (vs 10.2% expected).

USD/JPY added 63 pips to 134.75. This morning, Japan's data showed that trade deficit narrowed to 0.75 trillion yen in March (vs 1.10 trillion yen expected) with exports growing 4.3% on year (vs +3.0% expected).

AUD/USD declined 10 pips to 0.6715.

USD/CHF added 14 pips to 0.8977.

USD/CAD rose 69 pips to 1.3459. In Canada, producer prices fell 1.8% on year in March (vs -1.9% expected).

Bitcoin sank over 4% to $29,000.

 

[v1forex]

MARKET COMMENTARY


On Thursday, U.S. stocks closed lower after Tesla and AT&T reported disappointing quarterly results. The Dow Jones Industrial Average fell 110 points (-0.33%) to 33,786, the S&P 500 dropped 24 points (-0.60%) to 4,129, and the Nasdaq 100 slid 102 points (-0.78%) to 12,985.

The U.S. 10-year Treasury yield dropped 6.1 basis points to 3.530%.

Automobiles (-8.12%), telecoms services (-5.69%), and banks (-1.22%) stock sectors led the market lower.

Tesla (TSLA) plunged 9.75% as the electric-car maker posted lower-than-expected first-quarter revenue and earnings. CEO Elon Musk signaled that the company could cut product prices further.

AT&T (T) plummeted 10.41% as the wireless carrier's first-quarter free cash flow missed expectations.

Meanwhile, Ford Motor (F) also fell 2.86%, Philip Morris International (PM) dropped 4.73%, Charles Schwab (SCHW) declined 2.79%, and American Express (AXP) was down 1.01%.

On the other hand, Las Vegas Sands (LVS) rose 3.66%, Lam Research (LRCX) climbed 7.23%, and D.R. Horton (DHI) was up 5.64%.

U.S. data showed that the latest number of initial jobless claims increased to 245,000 (vs 244,000 expected). The Philadelphia Fed manufacturing index dropped to -31.8 in April (vs -18.0 expected).

The number of existing home sales shrank 2.4% on month in March (vs -4.2% expected). The Conference Board leading index declined 1.2% on month in March (vs -0.4% expected).

European stocks closed mixed. The DAX 40 fell 0.62%, and the CAC 40 dropped 0.14%, while the FTSE 100 added 0.05%.

U.S. WTI crude futures declined $2.10 to $77.09 a barrel.

Gold price rebounded $9 to $2,004 an ounce.

The U.S. dollar index eased to 101.81.

EUR/USD rose 15 pips to 1.0970. Germany's data showed that producer-price growth slowed to 7.5% on year in March (vs +10.1% expected). France's business confidence index eased to 101 n April (vs 105 expected).

GBP/USD edged up 4 pips to 1.2443. This morning, the U.K. GfK consumer confidence index fell to -30 in April (vs -34 expected).

USD/JPY retreated 46 pips to 134.26. Japan's data showed that the inflation rate ticked down to 3.2% on year in March (as expected).

AUD/USD gained 28 pips to 0.6741.

USD/CHF sank 48 pips to 0.8927, while USD/CAD gained 16 pips to 1.3476.

Bitcoin slid a further 1.9% to $28,260.

 

[v1forex]

MARKET COMMENTARY


On Friday, U.S. stocks edged higher. The Dow Jones Industrial Average gained 22 points (+0.07%) to 33,808, the S&P 500 added 3 points (+0.09%) to 4,133, and the Nasdaq 100 was up 14 points (+0.11%) to 13,000.

The U.S. 10-year Treasury yield rose 3.2 basis points to 3.564%.

The S&P Global U.S. manufacturing purchasing managers index (PMI) climbed back to an expansion reading of 50.4 in April (vs 48.0 expected), and the services index rose to 53.7 (vs 51.8 expected).

Later this week, U.S. data on gross domestic growth (Thursday) and personal consumption expenditure prices (Friday) will be released.

Household & personal products (+2.39%), retailing (+1.66%), and telecoms services (+1.3%) stock sectors were market leaders, while banks (-0.95%) and materials (-0.91%) sectors were under pressure.

Amazon.com (AMZN) advanced 3.03% as investors awaited the company's quarterly earnings report due Thursday (April 27).

Tesla (TSLA) rose 1.28%. The electric-vehicle maker announced price increases for its Model S and Model X vehicles in the U.S.

Procter & Gamble (PG) advanced 3.46%. The consumer-product giant reported better-than-expected quarterly results, and gave a strong sales outlook.

XPO Logistics (XPO) jumped 7.92% after the stock was upgraded to "overweight" at JPMorgan.

On the other hand, Albemarle Corp (ALB) slumped 10.00% after Chile announced plans to nationalize the lithium industry.

Freeport-McMoRan (FCX) slid 4.11% as the copper miner said its first-quarter earnings more than halved compared to the prior year.

European stocks closed higher at close. The DAX 40 rose 0.54%, the CAC 40 gained 0.76%, and the FTSE 100 was up 0.54%.

U.S. WTI crude futures increased $0.50 to $77.87 a barrel.

Gold price retreated $21 to $1,982 an ounce.

The U.S. dollar index was little changed at 101.69.

EUR/USD gained 21 pips to 1.0991. In Europe, S&P Global manufacturing PMIs for April remained in contraction levels (the Eurozone: 45.5, Germany: 44.0, France: 45.5).

GBP/USD was steady at 1.2444. The S&P Global U.K. manufacturing PMI fell to 46.6 for April (vs 48.5 expected). U.K. retail sales declined 0.9% on month in March (vs -0.5% expected).

U.K. house prices added 0.2% on month in April (vs +0.8% in March) and 1.7% on year (vs +3.0% in March), according to online property agency Rightmove.

USD/JPY dropped 14 pips to 134.10.

AUD/USD declined 49 pips to 0.6694.

USD/CHF was unchanged at 0.8923.

USD/CAD rose 63 pips to 1.3540. Canada's data showed that retail sales fell 0.2% on month in February (vs -0.6% expected).

Bitcoin sank across the $28,000 mark.

 

[v1forex]

MARKET COMMENTARY


On Monday, U.S. stocks closed mixed with tech stocks underperforming the market. The Nasdaq 100 declined 31 points (-0.24%) to 12,969, while the S&P 500 added 3 points (+0.09%) to 4,137, and the Dow Jones Industrial Average gained 66 points (+0.20%) to 33,875.

The U.S. 10-year Treasury yield retreated 7 basis points to 3.502%.

Energy (+1.54%), consumer durables & apparel (+1.05%), and health-care equipment & services (+1.02%) stock sectors gained the most, while telecoms services (-1.62%), software & services (-0.97%), and automobiles (-0.74%) sectors were under pressure.

Microsoft (MSFT) fell 1.40%. The tech giant will report quarterly results after the market closes on Tuesday.

Tesla (TSLA) dropped 1.53%. The electric-vehicle maker raised its 2023 capital expenditure forecast to up to $9 billion.

Micron Technology (MU), a producer of memory chips, lost 2.65%.

Fox Corp (FOX) declined 2.95%. The entertainment & media company announced that Tucker Carlson, one of the most popular Fox News prime-time hosts, will leave the network with immediate effect.

Regarding U.S. economic data, the Dallas Fed manufacturing index fell to -23.4 in April (vs -17.0 expected). The Chicago Fed national activity index was stable at -0.19 in March (vs -0.30 expected).

European stocks lack upward momentum. The DAX 40 fell 0.11%, the CAC 40 dipped 0.04%, and the FTSE 100 eased 0.02%.

U.S. WTI crude futures gained $0.80 to $78.72 a barrel.

Gold price climbed $6 to $1,989 an ounce.

The U.S. dollar softened against other major currencies. The dollar index declined to 101.35.

EUR/USD charged 59 pips higher to 1.1045. In Germany, the Ifo business climate index edged up to 93.6 in April (vs 94.4 expected).

USD/JPY added 13 pips to 134.29. Bank of Japan Governor Kazuo Ueda said the central bank must maintain monetary easing at present as trend inflation is below 2%.

GBP/USD rose 53 pips to 1.2485.

AUD/USD was little changed at 0.6690.

USD/CHF slid 44 pips to 0.8879, while USD/CAD was flat at 1.3537.

Bitcoin remained subdued at levels around $27,400.

 

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed sharply lower ahead of tech giants reporting quarterly results, and on growing concerns that the economy may slow down. The Dow Jones Industrial Average fell 344 points (-1.02%) to 33,530, the S&P 500 dropped 65 points (-1.58%) to 4,071, and the Nasdaq 100 slid 244 points (-1.89%) to 12,725.

The U.S. 10-year Treasury yield sank 9.2 basis points to 3.398%.

Transportation (-4.47%), semiconductors (-2.98%), and retailing (-2.65%) stock sectors lost the most.

United Parcel Service (UPS) tumbled 9.99%. The global package delivery firm said full-year revenue would be at the lower end of its prior forecast.

NetFlix (NFLX) fell 1.97%. The video-streaming service company announced plans to invest $2.5 billion in TV and movie production in South Korea.

Also, Microsoft (MSFT) slid 2.25%, Apple (AAPL) declined 0.94%, Alphabet (GOOGL) lost 2.00%, Amazon.com (AMZN) sank 3.43%, Nvidia (NVDA) fell 2.96%, and Meta Platforms (META) dropped 2.46%, and Tesla (TSLA) was down 1.16%.

Gap (GPS) slid 6.36%. The Wall Street Journal reported that the apparel retailer is cutting hundreds of jobs.

First Republic Bank (FRC) plummeted 49.38% after reporting bigger-than-expected outflow of deposits.

On the other hand, Pepsico (PEP) rose 2.27%, and Spotify Technology (SPOT) jumped 5.14%, as both companies' quarterly results exceeded expectations.

In after-market hours, Microsoft (MSFT) rebounded 9% and Alphabet (GOOGL) gained up to 4% after both tech giants posted better-than-expected quarterly results. Alphabet even announced plans to buy back $70 billion in stock.

Regarding U.S. economic data, the Conference Board consumer confidence index fell to 101.3 in April (vs 106.0 expected). The number of new home sales jumped 9.6% to an annualized rate of 683,000 units in March (vs 640,000 units expected).

European stocks closed mixed. The DAX 40 edged up 0.05%, while the CAC 40 fell 0.56%, and the FTSE 100 was down 0.27%.

U.S. WTI crude futures declined $1.60 to $77.21 a barrel.

Gold price added $7 to $1,996.

The U.S. dollar got back some strength against other major currencies, as investors turned to safe-haven assets. The dollar index rebounded to 101.85.

The yen also gained on growing safe-haven demand. USD/JPY declined 54 pips to 133.70.

EUR/USD fell 71 pips to 1.0975.

GBP/USD dropped 76 pips to 1.2410.

AUD/USD slid 71 pips to 0.6625. Australia's latest inflation data will be released later today.

USD/CHF rose 43 pips to 0.8920, and USD/CAD jumped 86 pips to 1.3627.

Bitcoin regained the $28,000 level trading around $28,200.

 

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[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed mixed with tech stocks outperforming the market. The Nasdaq 100 rose 81 points (+0.64%) to 12,806, while the S&P 500 dropped 15 points (-0.39%) to 4,055, and the Dow Jones Industrial Average slid 228 points (-0.68%) to 33,301.

The U.S. 10-year Treasury yield gained 4 basis points to 3.439%.

Software & services (+4.17%), retailing (+0.53%), and semiconductors (+0.37%) stock sectors gained the most, while automobiles (-3.62%), transportation (-2.44%), and utilities (-2.37%) sectors lagged behind.

Microsoft (MSFT) jumped 7.24%. The software giant reported better-than-expected third-quarter sales and earnings. The company's cloud unit Azure and related services recorded revenue growth of 27%, higher than expected.

Alphabet (GOOGL) dipped 0.13% although the company's quarterly results exceeded expectations.

Amazon.com (AMZN) rose 2.35%. The tech giant is scheduled to report first-quarter results after market closes today.

Tesla (TSLA) slid 4.31%. Jefferies downgraded the stock to "hold".

Activision Blizzard (ATVI) plunged 11.45% after U.K. antitrust authorities blocked Microsoft's $75 billion takeover of the video-game maker.

First Republic Bank (FRC), a regional lender, sank a further 29.85% after plummeting over 49% in the prior session.

Regarding U.S. economic data, durable goods orders increased 3.2% on month in March (vs +0.6% expected). Wholesale inventories edged up 0.1% on month in March (as expected).

European stocks were lower at close. The DAX 40 fell 0.48%, the CAC 40 declined 0.86%, and the FTSE 100 was down 0.49%.

U.S. WTI crude futures fell $2.70 to $74.38 a barrel. The U.S. Energy Department reported a reduction of 5.05 million barrels in crude-oil stockpiles (vs -1.49 million barrels expected).

Gold price dropped $8 to $1,989 an ounce.

Market Wrap: Forex

The U.S. dollar retreated against other major currencies. The dollar index declined to 101.47.

EUR/USD gained 63 pips to 1.1036. In Germany, the GfK consumer confidence index improved slightly to -25.7 for May (vs -28.0 expected). France's official consumer confidence index edged up to 83 in April (vs 82 expected).

USD/JPY dipped 9 pips to 133.67.

GBP/USD added 54 pips to 1.2463.

AUD/USD dropped 29 pips to 0.6597. Australia's inflation rate slowed to 7.0% on year in the first quarter (vs 6.8% expected).

USD/CHF declined 5 pips to 0.8914.

USD/CAD increased 14 pips to 1.3641. Canada's data showed that manufacturing sales increased 0.7% on month in March (vs -0.3% expected).

Bitcoin saw volatile trading. It once jumped over 5% to $30,000 before retreating to $28,200.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks posted a sharp rally led by tech shares. The Nasdaq 100 jumped 353 points (+2.76%) to 13,160, the S&P 500 advanced 79 points (+1.96%) to 4,135, and the Dow Jones Industrial Average rose 524 points (+1.57%) to 33,826.

Media (+5.89%), retailing (+3.31%), and automobiles (+3.28%) stock sectors were market leaders.

Meta Platforms (META) soared 13.93% to $238.56, the highest close since February 2022. The parent company of Facebook reported better-than-expected first-quarter revenue and earnings, and provided an optimistic guidance for the second quarter.

Microsoft (MSFT) charged 3.20% higher after jumping 7% Wednesday. Apple (AAPL) rose 2.84%, Alphabet (GOOGL) gained 3.74%, Tesla (TSLA) advanced 4.19%, and NetFlix (NFLX) was up 1.46%.

Amazon.com (AMZN) bounced 4.61%. In after-market hours, the online retail giant retreated over 2% although the company's first-quarter revenue exceeded expectations with the help of its cloud and advertising businesses.

Eli Lilly (LLY) climbed 3.74% after the pharmaceutical producer boosted its full-year sales and earnings forecast.

Also, eBay (EBAY) gained 5.07%, and Honeywell (HON) traded 4.04% higher, as both companies reported upbeat quarterly results.

Regarding U.S. economic data, gross domestic product growth slowed to an annualized rate of 1.1% on month in the first quarter (vs +2.3% expected, +2.6% in the fourth quarter).

The latest number of initial jobless claims declined to 230,000 (vs 249,000 expected).

The U.S. 10-year Treasury yield rebounded 7 basis points to 3.519%.

European stocks closed mixed. The DAX 40 edged up 0.03%, the CAC 40 added 0.23%, while the FTSE 100 declined 0.27%.

U.S. WTI crude futures climbed $0.46 to $74.76 a barrel.

Gold price was little changed at $1,988 an ounce.

Market Wrap: Forex

The U.S. dollar index was steady at 101.47.

EUR/USD declined 13 pips to 1.1028. The Eurozone's official economic sentiment index was little changed at 99.3 in April (vs 99.8 expected).

USD/JPY added 26 pips to 133.93. This morning, Japan's data showed that industrial production grew 0.8% on month in March (vs +0.7% expected), and retail sales increased 0.6% (vs -0.6% expected).

Also, Japan's jobless rate climbed to 2.8% in March (vs 2.5% expected), and Tokyo's inflation rate accelerated to 3.5% on year in April (vs 3.1% expected).

GBP/USD gained 29 pips to 1.2498.

AUD/USD increased 26 pips to 0.6629.

USD/CHF rose 30 pips to 0.8942, while USD/CAD fell 44 pips to 1.3592.

Bitcoin kept challenging the key level of $30,000.

 

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