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[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks closed sharply lower, dragged by the lingering debt-limit drama. The Dow Jones Industrial Average fell 231 points (-0.69%) to 33,055, the S&P 500 dropped 46 points (-1.12%) to 4,145, and the Nasdaq 100 sank 177 points (-1.28%) to 13,672.

Another round of debt-limit talks between President Joe Biden's administration and congressional Republicans generated no progress on Tuesday.

Consumer Services (-2.27%), health-care equipment & services (-1.87%), and diversified financials (-1.84%) stock sectors led the market lower.

Palantir Technologies (PLTR) rose 6.76%. Cathie Wood's ARK Investment funds reported buying about $4 million worth of shares in the data mining company.

Apple (AAPL) fell 1.52% while Broadcom (AVGO) rose 1.20%. Apple said it has signed a multi-billion dollar deal with U.S. chip-maker Broadcom to develop 5G radio frequency components.

After reporting quarterly results, Lowe's (LOW), the second-largest home improvement retailer in the U.S., gained 1.72%, while Zoom Video Communications (ZM), a video-communication service provider, plunged 8.07%.

Chevron (CVX) rose 2.89%. The energy stock was upgraded to "buy" at HSBC.

Nvidia (NVDA) closed 1.57% lower. The semiconductor heavyweight will report first-quarter result after the market closes on Wednesday.

The U.S. 10-year Treasury yield retreated 1.5 basis points to 3.700%.

Regarding U.S. economic data, the number of new home sales increased to an annualized rate of 683,000 units in April (vs 670,000 units expected). The S&P Global manufacturing purchasing managers index (PMI) dropped to 48.5 in May (vs 50.3 expected).

European stocks also closed lower. The DAX 40 fell 0.44%, the CAC 40 dropped 1.33%, and the FTSE 100 was down 0.10%.

U.S. WTI crude futures gained $1.10 to $73.14 a barrel.

Gold price added $3 to $1,974 an ounce.

Market Wrap: Forex

The U.S. dollar index rose to 103.56.

EUR/USD fell 43 pips to 1.077. In Europe, the HCOB manufacturing PMI posted at 44.6 in May (vs 47.0 expected) for the Eurozone, at 42.9 (vs 43.6 expected) for Germany, and at 46.1 (vs 46.3 expected) for France.

GBP/USD slid 23 pips to 1.2414. In the U.K., the May S&P Global manufacturing PMI posted at 46.9 in May (vs 47.8 expected).

USD/JPY was little changed at 138.59.

AUD/USD fell 44 pips to 0.6609.

NZD/USD dropped 39 pips to 0.6248. New Zealand's data showed that retail sales declined 4.1% on year in the first quarter (vs -2.0% expected).

Later today, New Zealand's central bank is expected to hike its key interest rate by 25 basis points to 5.50%.

USD/CHF added 39 pips to 0.9018.

USD/CAD edged up 2 pips to 1.3507. In Canada, producer prices dropped 3.5% on year in April (vs -1.2% expected, -2.2% in March).

Bitcoin regained the $27,000 level trading higher to $27,200.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed lower for a second session. The Dow Jones Industrial Average fell 255 points (-0.77%) to 32,799, the S&P 500 dropped 30 points (-0.73%) to 4,115, and the Nasdaq 100 was down 68 points (-0.50%) to 13,604.

Real estate (-2.21%), automobiles (-1.84%), and transportation (-1.76%) stock sectors lost the most.

Urban Outfitters (URBN), a clothing retailer, jumped 17.59%, and Palo Alto Networks (PANW), a cybersecurity firm, gained 7.68%. Both companies reported better-than-expected quarterly results.

Netflix (NFLX) rose 2.49%. The video-streaming firm's target price was raised to $450 at Oppenheimer.

On the other hand, Agilent Technologies (A) slid 5.95%. The life sciences and diagnostics firm gave lower-than-expected earnings and sales guidance for the current quarter.

Also, Intuit (INTU) fell 7.53%, Analog Devices (ADI) dropped 7.83%, and Citigroup (C) slipped 3.09%.

The U.S. 10-year Treasury Yield added 4 basis points to 3.732%.

According to minutes of the Federal Reserve's last monetary-policy meeting showed that, central bank officials generally agreed that the need for further interest rate increases had become less certain.

European stocks also closed lower. The DAX 40 fell 1.92%, the CAC 40 dropped 1.70%, and the FTSE 100 was down 1.75%.

U.S. WTI crude futures increased $1.30 to $74.16 a barrel. The U.S. Energy Department reported a reduction of 12.45 million barrels in crude-oil stockpiles (vs an addition of 0.77 million barrels expected).

Gold price slid $17 to $1,957 an ounce.

Market Wrap: Forex

The U.S. dollar remained firm against other major currencies. The dollar index climbed to 103.88.

EUR/USD fell 17 pips to 1.0753. In Europe, Germany's Ifo business climate index eased to 91.7 in May (vs 93.2 expected).

GBP/USD dropped 48 pips to 1.2365. U.K. data showed that the inflation rate slowed to 8.7% on year in April (vs 8.5% expected).

USD/JPY jumped 74 pips to 139.33.

AUD/USD slid 69 pips to 0.6541.

NZD/USD sank 148 pips (-2.30%) to 0.6100. New Zealand's central bank raised its benchmark rate by 25 basis points to 5.50% (as expected), and signalled it was done tightening.

USD/CHF rose 37 pips to 0.9050, and USD/CAD jumped 91 pips to 1.3595.

Bitcoin slid along with other risky assets trading lower to $26,260.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, boosted by surging share prices of Nvidia (NVDA) and fellow artificial-intelligence-related stocks, the Nasdaq 100 jumped 334 points (+2.46%) to 13,938, and the S&P 500 rose 36 points (+0.88%) to 4,151. Meanwhile, the Dow Jones Industrial Average declined 35 points (-0.11%) to 32,764.

Semiconductors (+11.04%), software & services (+3.56%), and transportation (+1.24%) stock sectors were the top performers, while telecoms services (-3.64%), energy (-1.89%), and utilities (-1.38%) sectors underperformed the market.

Nvidia's (NVDA) share price rocketed 24.37% to a record close of $379.80. The semiconductor heavy-weight gave a much-better-than-expected sales guidance of $11 billion for the second quarter, citing surging demand for the company's artificial-intelligence (AI) chips.

Other AI-related stocks also performed well. Microsoft (MSFT) added 3.85%, Alphabet (GOOGL) gained 2.13%, Advanced Micro Devices (AMD) jumped 11.16%, Micron Technology (MU) rose 4.63%, and Broadcom (AVGO) was up 7.25%.

On the other hand, UiPath (PATH) fell 11.20%, and Snowflake (SNOW) plunged 16.50%. Both companies gave lower-than-expected revenue guidance for the second quarter.

The U.S. 10-year Treasury yield advanced a further 7.6 basis points to 3.817%.

Regarding U.S. economic data, the latest number of initial jobless claims ticked higher to 229,000 (vs 245,000 expected). The number of pending home sales showed no growth in April compared to the prior month (vs +1.4% expected).

European stocks closed lower. The DAX 40 fell 0.31%, the CAC 40 dropped 0.33%, and the FTSE 100 was down 0.74%.

U.S. WTI crude futures retreated $2.50 to $71.85 a barrel.

Gold price slid $16 to $1,940 an ounce.

Market Wrap: Forex

The U.S. dollar strengthened further against other major currencies. The dollar index climbed to a two-month high of 104.24.

EUR/USD fell 27 pips to 1.0723. Germany's economy entered recession, as gross domestic product fell 0.3% on quarter in the first quarter, following a decline of 0.5% in the fourth quarter.

Germany's GfK consumer confidence index ticked higher to -24.2 for June (vs -24.0 expected).

And France's business confidence index eased to 99 in May (vs 100 expected).

USD/JPY rose 62 pips to 140.09. This morning, Japan's data showed that Tokyo's core inflation rate slowed to 3.2% on year in May (vs 3.5% expected).

GBP/USD dropped 45 pips to 1.2320, and AUD/USD declined 40 pips to 0.6504.

USD/CHF added 13 pips to 0.9062.

USD/CAD climbed 45 pips to 1.3640. Canada's data showed that manufacturing sales dropped 0.2% on month in April (vs +0.7% expected).

Bitcoin traded higher to $26,460.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. technology stocks rallied sharply for a second session, pushing the Nasdaq 100 Index up by 359 points (+2.58%) to 14,298, the highest close since April 2022.

The S&P 500 rose 54 points (+1.30%) to 4,205, and the Dow Jones Industrial Average gained 328 points (+1.00%) to 33,093.

Semiconductors (+4.81%), automobiles (+4.53%), and retailing (+2.9%) stock sectors gained the most.

Nvidia's (NVDA) share price advanced a further 2.54% after rocketing over 24% Thursday.

Marvell Technology (MRVL) soared 32.42%. The semiconductor producer reported better-than-expected quarterly earnings, and said sales growth should accelerate in the second half.

Meanwhile, Broadcom Inc (AVGO) surged 11.52%, Micron Technology (MU) jumped 6.21%, Advanced Micro Devices (AMD) rose 5.55%, and Intel (INTC) rebounded 5.84%.

Tesla (TSLA) rose 4.72%, and Ford Motor (F) climbed 6.24%. Both companies reached an agreement such that Ford electric-vehicles could be charged at more than 12,000 Tesla Superchargers across the U.S. and Canada.

Workday (WDAY) gained 10.01%. The enterprise cloud applications provider's quarterly earnings exceeded expectations.

Gap (GPS) jumped 12.4%. The apparel retailer announced a strong improvement in quarterly margins.

Also, Costco Wholesale (COST) rose 4.26%.

Regarding U.S. economic data, the core personal consumption expenditure price growth ticked up to 4.7% on year in April (vs 4.5% expected). Durable goods orders rose 1.1% on month in April (vs -1.1% expected).

The U.S. 10-year Treasury yield eased 1.9 basis points to 3.798%.

European stocks also closed higher. The DAX 40 rose 1.20%, the CAC 40 gained 1.24%, and the FTSE 100 was up 0.74%.

U.S. WTI crude futures increased $1.00 to $72.80 a barrel.

Gold price added $5 to $1,946 an ounce.

In late Saturday, U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling, which could be a bullish factor for the stock market.

U.S. markets will be closed on Monday for the Memorial Day holiday.

Market Wrap: Forex

The U.S. dollar index was relatively stable at 104.20.

EUR/USD added 5 pips to 1.0730. France's official consumer confidence index remained stable at 83 in May (as expected).

USD/JPY climbed 54 pips to 140.60, the highest level since November 2022.

GBP/USD gained 30 pips to 1.2351. U.K. retail sales grew 0.5% on month in April (vs +0.3% expected).

AUD/USD climbed 15 pips to 0.6520.

USD/CHF eased 7 pips to 0.9050, and USD/CAD declined 27 pips to 1.3615.

Bitcoin surged over 4% to $28,100 after U.S. politicians agreed to a debt-ceiling deal.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

This morning (Tuesday), U.S. stock index futures opened broadly higher.

On Friday, U.S. technology stocks rallied sharply for a second session, pushing the Nasdaq 100 Index up by 359 points (+2.58%) to 14,298, the highest close since April 2022.

The S&P 500 rose 54 points (+1.30%) to 4,205, and the Dow Jones Industrial Average gained 328 points (+1.00%) to 33,093.

The U.S. 10-year Treasury yield eased 1.9 basis points to 3.798%.

Semiconductors (+4.81%), automobiles (+4.53%), and retailing (+2.9%) stock sectors gained the most.

Nvidia's (NVDA) share price advanced a further 2.54% Friday after rocketing over 24% Thursday.

Marvell Technology (MRVL) soared 32.42%. The semiconductor producer reported better-than-expected quarterly earnings, and said sales growth should accelerate in the second half.

Meanwhile, Broadcom Inc (AVGO) surged 11.52%, Micron Technology (MU) jumped 6.21%, Advanced Micro Devices (AMD) rose 5.55%, and Intel (INTC) rebounded 5.84%.

Tesla (TSLA) rose 4.72%, and Ford Motor (F) climbed 6.24%. Both companies reached an agreement such that Ford electric-vehicles could be charged at more than 12,000 Tesla Superchargers across the U.S. and Canada.

In fact, Broadcom (+11.52% to $812.73), NetFlix (+5.54% to $378.88), Meta Platforms (+3.7% to $262.04) Salesforce.com (+2.63% to $215.44) and Microsoft (+2.14% to $332.89) reached a new 52-week high.

Over the weekend, U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the nation’s debt ceiling, which could be a bullish factor for the stock market.

On Monday, European stocks closed mostly lower on Monday. The DAX 40 fell 0.20%, and the CAC 40 was down 0.21%. The U.K. market was closed for a bank holiday.

U.S. WTI crude futures settled flat at $73.04 a barrel.

Gold price dipped $3 to $1,943 an ounce.

Market Wrap: Forex

The U.S. dollar index remained stable at levels around 104.20.

USD/JPY hit a six-month high of 140.91 before retreating to 140.42. This morning, Japan's data showed that the jobless rate fell to 2.6% in April (vs 2.8% expected).

EUR/USD dropped 15 pips to 1.0708, while GBP/USD gained 12 pips to 1.2356.

AUD/USD added 22 pips to 0.6539.

USD/CHF declined 14 pips to 0.9043, and USD/CAD was down 25 pips to 1.3590.

Bitcoin fell back to levels below $28,000.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, despite a strong opening, U.S. stocks closed in mixed territory. The Nasdaq 100 rose 56 points (+0.40%) to 14,354, while the S&P 500 was unchanged at 4,205, and the Dow Jones Industrial Average fell 50 points (-0.15%) to 33,042.

Automobiles (+3.57%), semiconductors (+1.16%), and technology hardware & equipment (+0.94%) stock sectors were the top performers, while household & personal products (-1.59%), food, beverage & tobacco (-1.02%), and energy (-0.94%) sectors were under pressure.

Nvidia (NVDA) rose 2.99% to another record close of $401.11. The leading graphic-processor maker's market capitalization briefly surpassed $1 trillion during the session.

Other AI-related stocks also performed well. C3.ai (AI) surged 33.42%, and Palantir Technologies (PLTR) climbed 7.77%.

Tesla (TSLA) climbed 4.14%. Company CEO Elon Musk met with China's foreign minister, and said the company plans to boost business in China.

Ford Motor (F) rose 4.14%. The car maker was upgraded to "buy" at Jefferies.

UiPath (PATH) gained 6.08%. Ark Investment Management reported on May 25 that it purchased 4.97 million shares in this developer of robotic automation software,

Coinbase Global (COIN), a cryptocurrency exchange platform, gained 7.47% as Bitcoin hit a three-week high on Monday.

The U.S. 10-year Treasury yield dropped 10.6 basis points to 3.692%.

Regarding U.S. economic data, the Conference Board consumer confidence index dipped to 102.3 in May (vs 100.0 expected). The Dallas Fed manufacturing index fell to -29.1 in May (vs -25.0 expected).

The FHFA (Federal Housing Finance Agency) house price index rose 0.6% on month in March (vs +0.3% expected), and the S&P Case-Shiller home price index increased 1.5% (vs +0.3% expected).

European stocks closed lower. The DAX 40 fell 0.27%, the CAC 40 dropped 1.29%, and the FTSE 100 was down 1.38%.

U.S. WTI crude futures slid $3.00 to $69.67 a barrel.

Gold price gained $16 to $1,959 an ounce.

Market Wrap: Forex

The U.S. dollar index was little changed at 104.08.

EUR/USD gained 22 pips to 1.0730. In the Eurozone, the economic sentiment index declined to 96.5 in May (vs 99.1 expected).

USD/JPY retreated 63 pips to 139.82. This morning, Japan's data showed that retail sales unexpectedly fell 1.2% on month in April (vs +0.4% expected), and industrial production declined 0.4% (vs +0.9% expected).

GBP/USD added 51 pips to 1.2406.

USD/CHF stepped up 18 pips to 0.9061.

AUD/USD dipped 22 pips to 0.6517, while USD/CAD edged up 5 pips to 1.3597.

Bitcoin was little changed at $27,700.

 

[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed lower on the last trading day of May. The Dow Jones Industrial Average fell 134 points (-0.41%) to 32,908, the S&P 500 dropped 25 points (-0.61%) to 4,179, and the Nasdaq 100 slid 100 points (-0.70%) to 14,254.

For the whole month of May, the Dow lost 3.49%. while the S&P 500 added 0.25%, and the Nasdaq 100 jumped 7.61%.

Telecoms services (+1.47%), health-care equipment & services (+1.16%), and utilities (+0.96%) stock sectors were the top performers on Wednesday, while semiconductors (-3.03%), banks (-1.97%), and energy (-1.88%) sectors lost the most.

Tesla (TSLA) advanced a further 1.38% to $203.93 after jumping 4% Tuesday.

Nvidia (NVDA) retreated 5.68% after marking a record close on Tuesday.

Intel (INTC) jumped 4.83%. The chipmaker said second-quarter revenue would be at upper end of its forecast range.

Avis Budget Group (CAR) rose 2.77%. The car rental company was upgraded to "buy" at Deutsche Bank.

Hewlett Packard Enterprise (HPE) fell 7.09%, and HP (HPQ) slid 6.05%. Both companies reported lower-than-expected quarterly sales.

Advance Auto Parts (AAP) plunged 35.04%, as the company lowered its full-year guidance.

The U.S. 10-year Treasury yield retreated a further 4.4 basis points to 3.643%.

Regarding U.S. economic data, the Chicago purchasing managers index sank to 40.4 in May (vs 47.3 expected). The official number of job openings climbed to 10.10 million in April (vs 9.20 million expected).

Meanwhile, Federal Reserve Governor Philip Jefferson said that the central bank could pause interest rate hikes in June.

European stocks closed lower. The DAX 40 fell 1.54%, the CAC 40 slid 1.54%, and the FTSE 100 was down 1.01%.

U.S. WTI crude futures declined $1.50 to $68.00 a barrel.

Gold price added $3 to $1,963 an ounce.

Market Wrap: Forex

The U.S. dollar index remained firm at 104.22.

EUR/USD slid 46 pips to 1.0689. Germany's data showed that the inflation rate slowed to 6.1% on year in May (vs 6.7% expected), and the jobless rate remained stable at 5.6% (as expected).

France's inflation rate cooled down to 5.1% on year in May (vs 5.7% expected), producer prices fell 5.1% on month in May (vs +0.5% expected).

USD/JPY fell 45 pips to 139.34. This morning, Japan's data showed that private enterprises' capital spending increased 11.0% on year in the first quarter (vs +5.5% expected), the fastest growth since 2015..

GBP/USD rose 24 pips to 1.2438.

AUD/USD dipped 15 pips to 0.6502. China's official manufacturing purchasing managers index fell to 48.8 in May, the lowest level in five months.

USD/CHF rose 47 pips to 0.9106.

USD/CAD lost 24 pips to 1.3578. Canada's data showed that gross domestic product grew at an annualized rate of 3.1% in the first quarter (vs +2.1% expected).

Bitcoin traded lower to $27,200.

 

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[v1forex]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks rallied pushing both the S&P 500 (+41 points or 0.99% to 4,221) and the Nasdaq 100 (+187 points or 1.31% to 14,441) to their highest closes since August 2022. The Dow Jones Industrial Average rose 153 points (+0.47%) to 33,061.

The U.S. 10-year Treasury yield eased further to 4.4 basis points to 3.599%.

Regarding U.S. economic data. the Institute for Supply Management (ISM) manufacturing purchasing managers index fell to 46.9 in May (vs 48.0 expected).

The ADP jobs report showed that the economy added 278,000 private jobs in May (vs +200,000 expected). The latest number of initial jobless claims rose to 232,000 (vs 234,000 expected).

The closely-watched U.S. official jobs report for May will be released later today. It is expected that the economy added 180,000 non-farm payrolls, with the jobless rate ticking up to 3.5%.

Semiconductors (+2.26%), automobiles (+1.74%), and capital goods (+1.43%) stock sectors gained the most on Thursday.

Nvidia (NVDA) rebounded 5.12%, Tesla (TSLA) rallied a further 1.76%, and Netflix (NFLX) was up 2.00%.

Meta Platforms (META) rose 2.98%. CEO Mark Zuckerberg unveiled the company's new Quest 3 virtual reality headset.

Chewy (CHWY) soared 21.57%. The online pet-supply retailer posted an unexpected quarterly profit.

Domino's Pizza (DPZ) rose 2.35%, as the stock was upgraded to "overweight" at JPMorgan.

On the other hand, Salesforce.com (CRM) fell 4.69%. The business-software developer reported its lowest quarterly sales growth in thirteen years.

Dollar General (DG) plunged 19.51%. The operator of discount stores slashed its annual profit forecast.

C3.ai (AI) sank 13.22%. The artificial intelligence firm gave a lower-than-expected sales forecast for the current quarter.

Lucid Group (LCID) plunged 16.24%. The electric-vehicle maker is raising $3 billion in capital through a stock offering.

European stocks closed higher. The DAX 40 rose 1.21%, the CAC 40 climbed 0.55%, and the FTSE 100 was up 0.59%.

U.S. WTI crude futures rebounded $2.00 to $70.05 a barrel. The U.S. Energy Department reported an addition of 4.49 million barrels in crude-oil stockpiles (vs a reduction of 1.39 million barrels expected).

Gold price rose $14 to $1,977 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies. The dollar index declined to 103.55.

EUR/USD rose 71 pips to 1.0760. The Eurozone's data showed that the inflation rate slowed to 6.1% on year in May (vs 6.5% expected), and the jobless rate ticked down to 6.5% in April (as expected).

Germany's retail sales were up 0.8% on month in April (vs +1.5% expected).

USD/JPY slid 53 pips to 138.81. This morning, the Bank of Japan reported that the monetary base expanded 1.1% on year in May (vs +1.7% in April).

GBP/USD climbed 84 pips to 1.2525. In the U.K., the Nationwide housing price index declined 0.1% on month in May (vs +0.3% expected).

AUD/USD gained 69 pips to 0.6572.

USD/CHF dipped 47 pips to 0.9060.

USD/CAD fell 120 pips to 1.3454.

Bitcoin still lacked upward momentum trading lower to $26,700.