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Jun 1, 12:00 AM
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MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks advanced for a second consecutive session. The Dow Jones Industrial Average jumped 701 points (+2.12%) to 33,762, the S&P 500 rose 61 points (+1.45%) to 4,282, and the Nasdaq 100 climbed 105 points (+0.73%) to 14,546.
The U.S. official jobs report showed that the number of non-farm payrolls increased 339,000 in May, well above an addition of 180,000 expected and 294,000 in April. The jobless rate rose to 3.7% from 3.4%.
The U.S. 10-year Treasury yield jumped 9.8 basis points to 3.693%.
Consumer durables & apparel (+3.73%), capital goods (+3.57%), and materials (+3.37%) stock sectors were the top performers Friday.
Tesla (TSLA) rose 3.11%. China, a major market of the electric-vehicle maker, said it will extend and optimize purchase tax exception on new-energy vehicles.
3M (MMM) jumped 8.75%. Bloomberg reported that the conglomerate has reached a settlement of at least $10 billion with a number of U.S. cities and towns over water pollution claims related to chemicals made by the company.
DISH Network (DISH) surged 16.24%, and Amazon.com (AMZN) added 1.21%. It was reported that Amazon may offer DISH's mobile phone service to its Prime subscribers.
In other news, DISH Network (DISH) will be replaced by Palo Alto Networks (PANW) in the S&P 500 Index at the open on June 20, announced S&P Dow Jones Indices.
Lululemon Athletica (LULU) climbed 11.3%. The athletic clothing retailer reported better-than-expected quarterly earnings and raised its full-year guidance.
European stocks also closed higher. The DAX 40 rose 1.25%, the CAC 40 gained 1.87%, and the FTSE 100 was up 1.56%.
U.S. WTI crude futures rose $1.80 to $71.94 a barrel.
Gold price sank $29 to $1,948 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies after the upbeat jobs report. The dollar index rebounded to 104.03.
EUR/USD dropped 56 pips to 1.0706. France's data showed that industrial production grew 0.8% on month in April (vs +0.5% expected).
USD/JPY rebounded 116 pips to 139.96.
GBP/USD slid 74 pips to 1.2452, while AUD/USD rose 37pips to 0.6608.
USD/CHF added 35 pips to 0.9090, while USD/CAD fell 24 pips to 1.3425.
Bitcoin stabilized before trading higher to $27,200.
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks advanced for a second consecutive session. The Dow Jones Industrial Average jumped 701 points (+2.12%) to 33,762, the S&P 500 rose 61 points (+1.45%) to 4,282, and the Nasdaq 100 climbed 105 points (+0.73%) to 14,546.
The U.S. official jobs report showed that the number of non-farm payrolls increased 339,000 in May, well above an addition of 180,000 expected and 294,000 in April. The jobless rate rose to 3.7% from 3.4%.
The U.S. 10-year Treasury yield jumped 9.8 basis points to 3.693%.
Consumer durables & apparel (+3.73%), capital goods (+3.57%), and materials (+3.37%) stock sectors were the top performers Friday.
Tesla (TSLA) rose 3.11%. China, a major market of the electric-vehicle maker, said it will extend and optimize purchase tax exception on new-energy vehicles.
3M (MMM) jumped 8.75%. Bloomberg reported that the conglomerate has reached a settlement of at least $10 billion with a number of U.S. cities and towns over water pollution claims related to chemicals made by the company.
DISH Network (DISH) surged 16.24%, and Amazon.com (AMZN) added 1.21%. It was reported that Amazon may offer DISH's mobile phone service to its Prime subscribers.
In other news, DISH Network (DISH) will be replaced by Palo Alto Networks (PANW) in the S&P 500 Index at the open on June 20, announced S&P Dow Jones Indices.
Lululemon Athletica (LULU) climbed 11.3%. The athletic clothing retailer reported better-than-expected quarterly earnings and raised its full-year guidance.
European stocks also closed higher. The DAX 40 rose 1.25%, the CAC 40 gained 1.87%, and the FTSE 100 was up 1.56%.
U.S. WTI crude futures rose $1.80 to $71.94 a barrel.
Gold price sank $29 to $1,948 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies after the upbeat jobs report. The dollar index rebounded to 104.03.
EUR/USD dropped 56 pips to 1.0706. France's data showed that industrial production grew 0.8% on month in April (vs +0.5% expected).
USD/JPY rebounded 116 pips to 139.96.
GBP/USD slid 74 pips to 1.2452, while AUD/USD rose 37pips to 0.6608.
USD/CHF added 35 pips to 0.9090, while USD/CAD fell 24 pips to 1.3425.
Bitcoin stabilized before trading higher to $27,200.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks closed mixed. The Dow Jones Industrial Average fell 199 points (-0.59%) to 33,562, the S&P 500 dropped 8 points (-0.20%) to 4,273, while the Nasdaq 100 edged up 9 points (+0.07%) to 14,556.
Automobiles (+1.39%) and media (+0.60%) stock sectors gained the most, while consumer durables & apparel (-1.44%), semiconductors (-1.22%), and banks (-1.04%) stock sectors were under pressure.
Tesla (TSLA) added 1.70%. The electric-vehicle maker reported higher sales of its China-made cars in China in May.
Palantir Technologies (PLTR) rose 4.96%. The data mining firm obtained a contract worth up to $463 million from the U.S. Special Operations Command.
Palo Alto Networks (PANW), a cybersecurity company, gained 4.40%. The stock will replace Dish Network (DISH) in the S&P 500 Index on June 20.
Apple (AAPL) gave up earlier gain of over 2% to close 0.76% lower. The tech giant unveiled its first augmented reality headset called Apple Vision Pro.
Coinbase Global (COIN), a crypto-currency exchange platform, plunged 9.05% after the U.S. Securities and Exchange Commission (SEC) sued Binance, also a crypto exchange, and its founder Changpeng Zhao for securities-law violations.
Dollar General (DG) fell 4.36%. The discount-store operator was downgraded to "equal-weight" at JPMorgan.
Meanwhile, Estee Lauder (EL) dropped 3.82%, Target (TGT) was down 1.97%.
The U.S. 10-year Treasury yield dipped 0.4 basis point to 3.687%.
Regarding U.S. economic data, the Institute for Supply Management (ISM) services purchasing managers index declined to 50.3 in May (vs 52.4 expected). Factory orders grew 0.4% on month in April (vs +0.5% expected).
European stocks closed lower. The DAX 40 fell 0.54%, the CAC 40 dropped 0.96%, and the FTSE 100 was down 0.10%.
Oil prices remained buoyed by Saudi Arabia's decision to cut production by 1 million barrels per day from July. U.S. WTI crude futures increased $0.41 to $72.15 a barrel.
Gold price rebounded $13 to $1,961 an ounce.
Market Wrap: Forex
The U.S. dollar index was little changed at 104.01.
EUR/USD edged up 4 pips to 1.0712. In Europe, the Eurozone's producer-price growth slowed to 1.0% on year in April (vs 2.1% expected).
Germany’s data showed that trade surplus widened to 18.4 billion euros in April (vs 15.1 billion euros expected).
USD/JPY retreated 36 pips to 139.56. This morning, Japan's data showed that household spending declined 1.3% on month in April (vs +0.4% expected).
GBP/USD dropped 21 pips to 1.2432. U.K. like-for-like retail sales increased 3.7% on year in May (vs +5.4% expected), according to the British Retail Consortium.
AUD/USD added 6 pips to 0.6616. Later today, Australia’s central bank is expected to keep its key interest rate unchanged at 3.85%.
USD/CHF declined 30 pips to 0.9061, while USD/CAD gained 19 pips to 1.3444.
Bitcoin slumped 5% to $25,600, dragged by the SEC's legal action against Binance.
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks closed mixed. The Dow Jones Industrial Average fell 199 points (-0.59%) to 33,562, the S&P 500 dropped 8 points (-0.20%) to 4,273, while the Nasdaq 100 edged up 9 points (+0.07%) to 14,556.
Automobiles (+1.39%) and media (+0.60%) stock sectors gained the most, while consumer durables & apparel (-1.44%), semiconductors (-1.22%), and banks (-1.04%) stock sectors were under pressure.
Tesla (TSLA) added 1.70%. The electric-vehicle maker reported higher sales of its China-made cars in China in May.
Palantir Technologies (PLTR) rose 4.96%. The data mining firm obtained a contract worth up to $463 million from the U.S. Special Operations Command.
Palo Alto Networks (PANW), a cybersecurity company, gained 4.40%. The stock will replace Dish Network (DISH) in the S&P 500 Index on June 20.
Apple (AAPL) gave up earlier gain of over 2% to close 0.76% lower. The tech giant unveiled its first augmented reality headset called Apple Vision Pro.
Coinbase Global (COIN), a crypto-currency exchange platform, plunged 9.05% after the U.S. Securities and Exchange Commission (SEC) sued Binance, also a crypto exchange, and its founder Changpeng Zhao for securities-law violations.
Dollar General (DG) fell 4.36%. The discount-store operator was downgraded to "equal-weight" at JPMorgan.
Meanwhile, Estee Lauder (EL) dropped 3.82%, Target (TGT) was down 1.97%.
The U.S. 10-year Treasury yield dipped 0.4 basis point to 3.687%.
Regarding U.S. economic data, the Institute for Supply Management (ISM) services purchasing managers index declined to 50.3 in May (vs 52.4 expected). Factory orders grew 0.4% on month in April (vs +0.5% expected).
European stocks closed lower. The DAX 40 fell 0.54%, the CAC 40 dropped 0.96%, and the FTSE 100 was down 0.10%.
Oil prices remained buoyed by Saudi Arabia's decision to cut production by 1 million barrels per day from July. U.S. WTI crude futures increased $0.41 to $72.15 a barrel.
Gold price rebounded $13 to $1,961 an ounce.
Market Wrap: Forex
The U.S. dollar index was little changed at 104.01.
EUR/USD edged up 4 pips to 1.0712. In Europe, the Eurozone's producer-price growth slowed to 1.0% on year in April (vs 2.1% expected).
Germany’s data showed that trade surplus widened to 18.4 billion euros in April (vs 15.1 billion euros expected).
USD/JPY retreated 36 pips to 139.56. This morning, Japan's data showed that household spending declined 1.3% on month in April (vs +0.4% expected).
GBP/USD dropped 21 pips to 1.2432. U.K. like-for-like retail sales increased 3.7% on year in May (vs +5.4% expected), according to the British Retail Consortium.
AUD/USD added 6 pips to 0.6616. Later today, Australia’s central bank is expected to keep its key interest rate unchanged at 3.85%.
USD/CHF declined 30 pips to 0.9061, while USD/CAD gained 19 pips to 1.3444.
Bitcoin slumped 5% to $25,600, dragged by the SEC's legal action against Binance.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks closed higher. The Dow Jones Industrial Average gained 10 points (+0.03%) to 33,573, the S&P 500 rose 10 points (+0.24%) to 4,283, and the Nasdaq 100 edged up 1 point (+0.01%) to 14,558.
Automobiles (+1.91%), consumer durables & apparel (+1.91%), and banks (+1.84%) stock sectors were the top performers, while health-care equipment & services (-1.09%), household & personal products (-0.84%), and pharmaceuticals & biotechnology (-0.72%) sectors lagged behind.
Tesla (TSLA) advanced a further 1.70% posting an eight-session rally..
Intel (INTC) rose 3.68%. The chipmaker is expected to raise about $1.5 billion dollars through selling a part of its stake in Mobileye Global (MBLY).
Advanced Micro Devices (AMD) climbed 5.34%, ON Semiconductor (ON) gained 3.33%, and Qualcomm (QCOM) added 3.22%, while Nvidia (NVDA) was down 1.32%.
Morgan Stanley (MS) rose 2.53%. The investment firm was reported to expand its operations in Singapore.
Coinbase Global (COIN) sank a further 12.09% after plunging 9% in the prior session. The U.S. Securities and Exchange Commission (SEC) sued the crypto-currency exchange platform, accusing it of operating illegally without having first registered with the regulator.
The U.S. 10-year Treasury yield eased 0.8 basis points to 3.676%.
European stocks also closed higher. The DAX 40 rose 0.18%, the CAC 40 gained 0.11%, and the FTSE 100 was up 0.37%.
U.S. WTI crude futures retreated $0.70 to $71.45 a barrel.
Gold price was little changed at $1,963 an ounce.
Market Wrap: Forex
The U.S. dollar index was firm at 104.15.
EUR/USD fell 20 pips to 1.0693. The Eurozone's data showed that retail sales were flat on month in April (vs +0.3% expected)
In Germany, factory orders declined 0.4% on month in April (vs +4.1% expected).
AUD/USD jumped 55 pips to 0.6672. The Reserve Bank of Australia unexpectedly raised its key interest rate by 25 basis points to 4.10%, an 11-year high. The central bank also warned that further tightening may be required to bring inflation back to its target level.
GBP/USD declined 14 pips to 1.2424.
USD/JPY added 8 pips to 139.66.
USD/CHF increased 14 pips to 0.9077.
USD/CAD fell 43 pips to 1.3402. In Canada, the Ivey purchasing managers index declined to 53.5 in May (vs 56.5 expected). The number of building permits dropped 18.8% on month in May (vs -6.6% expected).
Bitcoin posted a strong rebound of over 5% returning to $27,200.
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks closed higher. The Dow Jones Industrial Average gained 10 points (+0.03%) to 33,573, the S&P 500 rose 10 points (+0.24%) to 4,283, and the Nasdaq 100 edged up 1 point (+0.01%) to 14,558.
Automobiles (+1.91%), consumer durables & apparel (+1.91%), and banks (+1.84%) stock sectors were the top performers, while health-care equipment & services (-1.09%), household & personal products (-0.84%), and pharmaceuticals & biotechnology (-0.72%) sectors lagged behind.
Tesla (TSLA) advanced a further 1.70% posting an eight-session rally..
Intel (INTC) rose 3.68%. The chipmaker is expected to raise about $1.5 billion dollars through selling a part of its stake in Mobileye Global (MBLY).
Advanced Micro Devices (AMD) climbed 5.34%, ON Semiconductor (ON) gained 3.33%, and Qualcomm (QCOM) added 3.22%, while Nvidia (NVDA) was down 1.32%.
Morgan Stanley (MS) rose 2.53%. The investment firm was reported to expand its operations in Singapore.
Coinbase Global (COIN) sank a further 12.09% after plunging 9% in the prior session. The U.S. Securities and Exchange Commission (SEC) sued the crypto-currency exchange platform, accusing it of operating illegally without having first registered with the regulator.
The U.S. 10-year Treasury yield eased 0.8 basis points to 3.676%.
European stocks also closed higher. The DAX 40 rose 0.18%, the CAC 40 gained 0.11%, and the FTSE 100 was up 0.37%.
U.S. WTI crude futures retreated $0.70 to $71.45 a barrel.
Gold price was little changed at $1,963 an ounce.
Market Wrap: Forex
The U.S. dollar index was firm at 104.15.
EUR/USD fell 20 pips to 1.0693. The Eurozone's data showed that retail sales were flat on month in April (vs +0.3% expected)
In Germany, factory orders declined 0.4% on month in April (vs +4.1% expected).
AUD/USD jumped 55 pips to 0.6672. The Reserve Bank of Australia unexpectedly raised its key interest rate by 25 basis points to 4.10%, an 11-year high. The central bank also warned that further tightening may be required to bring inflation back to its target level.
GBP/USD declined 14 pips to 1.2424.
USD/JPY added 8 pips to 139.66.
USD/CHF increased 14 pips to 0.9077.
USD/CAD fell 43 pips to 1.3402. In Canada, the Ivey purchasing managers index declined to 53.5 in May (vs 56.5 expected). The number of building permits dropped 18.8% on month in May (vs -6.6% expected).
Bitcoin posted a strong rebound of over 5% returning to $27,200.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. tech stocks posted losses, as the Nasdaq 100 fell 254 points (-1.75%) to 14,303, and the S&P 500 dropped 16 points (-0.38%) to 4,267. Meanwhile, the Dow Jones Industrial Average rose 91 points (+0.27%) to 33,665.
Investors felt uneasy after Australia's and Canada's central banks raised interest rates unexpectedly. Next week, latest U.S. inflation data will be released, and the Federal Reserve will decide on interest rates.
Software & services (-2.74%), media (-2.25%), and retailing (-2.1%) stock sectors lost the most, while energy (+2.65%), transportation (+2.23%), and capital goods (+1.98%) stock sectors outperformed the market.
Tesla (TSLA) once exceeded $230 before retreating to close at $224.57, still up 1.47% on day and posting a nine-session winning streak.
Ford Motor (F) gained 5.10%.
On the other hand, Microsoft (MSFT) fell 3.09%, Alphabet (GOOGL) dropped 3.78%, Amazon.com (AMZN) slid 4.25%, Meta Platforms (META) lost 2.77%, and Nvidia (NVDA) was down 3.05%.
Artificial intelligence (A.I.)-related stock Palantir Technologies (PLTR) surged 11% at open, only to reverse course and close 4.98% lower on day.
Meanwhile, Warner Bros Discovery (WBD) jumped 8.43%, Whirlpool Corp (WHR) rose 6.37%, Marathon Oil (MRO) climbed 4.87%, Phillips 66 (PSX) advanced 4.37%, and Halliburton (HAL) was up 4.23%.
The U.S. 10-year Treasury yield jumped 13.1 basis points to 3.791%
European stocks closed slightly lower. The DAX 40 fell 0.20%, the CAC 40 dropped 0.09%, and the FTSE 100 dipped 0.05%.
U.S. WTI crude futures increased $0.80 to $72.52 a barrel. The U.S. Energy Department reported a reduction of 452,000 barrels in crude-oil stockpiles (vs +1.02 million barrels expected).
Gold price slid $22 to $1,940 an ounce.
Market Wrap: Forex
The U.S. dollar index stayed firm at 104.14.
EUR/USD added 6 pips to 1.0699. Germany's data showed that industrial production grew 0.3% on month in April (vs +0.9% expected).
USD/JPY climbed 54 pips to 140.17.
GBP/USD gained 14 pips to 1.2438. In the U.K., the Halifax house price index was flat in May as compared to the previous month (vs -0.2% expected).
Also, the Royal Institute of Chartered Surveyors house price balance improved to -30% in May (vs -37% expected).
AUD/USD fell 19pips to 0.6652. Australia's data showed that gross domestic product grew 2.3% year over year in the first quarter (vs +2.4% expected).
USD/CHF rose 26 pips to 0.9102.
USD/CAD slid 30 pips to 1.3373. Canada's central bank raised its key interest rate by 25 basis points to 4.75%, compared to analyst expectations that it would keep rate unchanged at 4.50%.
Bitcoin slid over 3% back to $26,280.
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. tech stocks posted losses, as the Nasdaq 100 fell 254 points (-1.75%) to 14,303, and the S&P 500 dropped 16 points (-0.38%) to 4,267. Meanwhile, the Dow Jones Industrial Average rose 91 points (+0.27%) to 33,665.
Investors felt uneasy after Australia's and Canada's central banks raised interest rates unexpectedly. Next week, latest U.S. inflation data will be released, and the Federal Reserve will decide on interest rates.
Software & services (-2.74%), media (-2.25%), and retailing (-2.1%) stock sectors lost the most, while energy (+2.65%), transportation (+2.23%), and capital goods (+1.98%) stock sectors outperformed the market.
Tesla (TSLA) once exceeded $230 before retreating to close at $224.57, still up 1.47% on day and posting a nine-session winning streak.
Ford Motor (F) gained 5.10%.
On the other hand, Microsoft (MSFT) fell 3.09%, Alphabet (GOOGL) dropped 3.78%, Amazon.com (AMZN) slid 4.25%, Meta Platforms (META) lost 2.77%, and Nvidia (NVDA) was down 3.05%.
Artificial intelligence (A.I.)-related stock Palantir Technologies (PLTR) surged 11% at open, only to reverse course and close 4.98% lower on day.
Meanwhile, Warner Bros Discovery (WBD) jumped 8.43%, Whirlpool Corp (WHR) rose 6.37%, Marathon Oil (MRO) climbed 4.87%, Phillips 66 (PSX) advanced 4.37%, and Halliburton (HAL) was up 4.23%.
The U.S. 10-year Treasury yield jumped 13.1 basis points to 3.791%
European stocks closed slightly lower. The DAX 40 fell 0.20%, the CAC 40 dropped 0.09%, and the FTSE 100 dipped 0.05%.
U.S. WTI crude futures increased $0.80 to $72.52 a barrel. The U.S. Energy Department reported a reduction of 452,000 barrels in crude-oil stockpiles (vs +1.02 million barrels expected).
Gold price slid $22 to $1,940 an ounce.
Market Wrap: Forex
The U.S. dollar index stayed firm at 104.14.
EUR/USD added 6 pips to 1.0699. Germany's data showed that industrial production grew 0.3% on month in April (vs +0.9% expected).
USD/JPY climbed 54 pips to 140.17.
GBP/USD gained 14 pips to 1.2438. In the U.K., the Halifax house price index was flat in May as compared to the previous month (vs -0.2% expected).
Also, the Royal Institute of Chartered Surveyors house price balance improved to -30% in May (vs -37% expected).
AUD/USD fell 19pips to 0.6652. Australia's data showed that gross domestic product grew 2.3% year over year in the first quarter (vs +2.4% expected).
USD/CHF rose 26 pips to 0.9102.
USD/CAD slid 30 pips to 1.3373. Canada's central bank raised its key interest rate by 25 basis points to 4.75%, compared to analyst expectations that it would keep rate unchanged at 4.50%.
Bitcoin slid over 3% back to $26,280.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Thursday, U.S. stocks closed higher, led by technology shares. The Nasdaq 100 rose 181 points (+1.27%) to 14,484, the S&P 500 climbed 26 points (+0.62%) to 4,293, and the Dow Jones Industrial Average was up 168 points (+0.50%) to 33,833.
The latest number of initial jobless claims in the U.S. increased more than expected to 261,000 (vs 235,000 expected), indicating that the labor market is cooling, and that the Federal Reserve could pause hiking interest rates.
The U.S. 10-year Treasury Yield dropped 7.9 basis points to 3.716%.
Automobiles (+3.66%), semiconductors (+1.63%), and retailing (+1.5%) stock sectors were the top performers in the session.
Tesla (TSLA) gained 4.58% to $234.86, extending its winning streak to a tenth session, the longest one since 2021.
In after-market hours, the Tesla gained a further 5%, and General Motors (GM) was up 4%. Both companies announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles.
Amazon.com (AMZN) rose 2.49% as the tech giant was rated "overweight" at Wells Fargo.
At the same time, Apple (AAPL) climbed 1.55%, Nvidia (NVDA) advanced 2.76%, and Netflix (NFLX) was up 2.40%.
GameStop (GME) plunged 17.89%. The videogame retailer reported a bigger-than-expected quarterly loss, and ousted its chief executive.
In Europe, the DAX 40 rose 0.18%, the CAC 40 gained 0.27%, while the FTSE 100 was down 0.32%.
U.S. WTI crude futures fell $1.60 to $70.92 a barrel.
Gold price rebounded $25 to $1,965 an ounce.
Market Wrap: Forex
The U.S. dollar weakened against other major currencies on signs that the labor market is cooling. The dollar index fell to 103.33.
EUR/USD gained 82 pips to 1.0781, and GBP/USD jumped 120 pips to 1.2558.
USD/JPY slid 120 pips to 138.93. This morning, the Bank of Japan reported that the M2 money stock grew 2.7% on year in May (vs +2.6% in April).
AUD/USD climbed 63 pips to 0.6715. Australia's data showed that the trade surplus declined to A$11.16 billion in April (vs A$12.40 billion expected) with exports shrinking 5.0% on month.
USD/CHF dropped 108 pips to 0.8993, and USD/CAD dipped 15 pips to 1.3355.
Bitcoin was little changed at $26,480.
Market Wrap: Stocks, Bonds, Commodities
On Thursday, U.S. stocks closed higher, led by technology shares. The Nasdaq 100 rose 181 points (+1.27%) to 14,484, the S&P 500 climbed 26 points (+0.62%) to 4,293, and the Dow Jones Industrial Average was up 168 points (+0.50%) to 33,833.
The latest number of initial jobless claims in the U.S. increased more than expected to 261,000 (vs 235,000 expected), indicating that the labor market is cooling, and that the Federal Reserve could pause hiking interest rates.
The U.S. 10-year Treasury Yield dropped 7.9 basis points to 3.716%.
Automobiles (+3.66%), semiconductors (+1.63%), and retailing (+1.5%) stock sectors were the top performers in the session.
Tesla (TSLA) gained 4.58% to $234.86, extending its winning streak to a tenth session, the longest one since 2021.
In after-market hours, the Tesla gained a further 5%, and General Motors (GM) was up 4%. Both companies announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles.
Amazon.com (AMZN) rose 2.49% as the tech giant was rated "overweight" at Wells Fargo.
At the same time, Apple (AAPL) climbed 1.55%, Nvidia (NVDA) advanced 2.76%, and Netflix (NFLX) was up 2.40%.
GameStop (GME) plunged 17.89%. The videogame retailer reported a bigger-than-expected quarterly loss, and ousted its chief executive.
In Europe, the DAX 40 rose 0.18%, the CAC 40 gained 0.27%, while the FTSE 100 was down 0.32%.
U.S. WTI crude futures fell $1.60 to $70.92 a barrel.
Gold price rebounded $25 to $1,965 an ounce.
Market Wrap: Forex
The U.S. dollar weakened against other major currencies on signs that the labor market is cooling. The dollar index fell to 103.33.
EUR/USD gained 82 pips to 1.0781, and GBP/USD jumped 120 pips to 1.2558.
USD/JPY slid 120 pips to 138.93. This morning, the Bank of Japan reported that the M2 money stock grew 2.7% on year in May (vs +2.6% in April).
AUD/USD climbed 63 pips to 0.6715. Australia's data showed that the trade surplus declined to A$11.16 billion in April (vs A$12.40 billion expected) with exports shrinking 5.0% on month.
USD/CHF dropped 108 pips to 0.8993, and USD/CAD dipped 15 pips to 1.3355.
Bitcoin was little changed at $26,480.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks gained for a second trading session. The Dow Jones Industrial Average rose 43 points (+0.13%) to 33,876, the S&P 500 climbed 4 points (+0.11%) to 4,298, and the Nasdaq 100 was up 43 points (+0.30%) to 14,528.
Automobiles (+3.5%), software & services (+0.81%), and health-care equipment & services (+0.57%) stock sectors gained the most.
Tesla (TSLA) rose 4.06% to $244.40, extending its winning streak to an eleventh session. The electric-vehicle maker and U.S. auto giant General Motors (GM) announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles. General Motors closed 1.06% higher.
Oracle (ORCL) climbed 2.21% to close at $109.85, a 52-week high price. The software company will report quarterly results in after-market hours on Monday.
Adobe (ADBE) advanced 3.41%. The software developer was upgraded to "overweight" at Wells Fargo.
Target (TGT) fell 3.26%. The leading discount retailer was downgraded to "neutral" at Citi.
The U.S. 10-year Treasury yield rose 2.3 basis points to 3.741%.
European stocks closed lower. The DAX 40 fell 0.25%, the CAC 40 dipped 0.12%, and the FTSE 100 was down 0.49%.
U.S. WTI crude futures declined $0.90 to $70.37 a barrel.
Gold price dropped $4 to $1,960 an ounce.
Market Wrap: Forex
The U.S. dollar index climbed to 103.58. U.S. inflation data will be released on Tuesday, and the inflation rate is expected to slow to 4.7% on year in May.
Also, the U.S. Federal Reserve (Wednesday), the European Central Bank (Thursday), and the Bank of Japan (Friday) will set interest rates within this week.
EUR/USD dropped 35 pips to 1.0747.
USD/JPY jumped 49 pips to 139.41. This morning, Japan's data showed that producer-price growth declined to 5.1% on year in May (vs 4.9% expected).
GBP/USD added 17 pips to 1.2570, and AUD/USD rose 25 pips to 0.6741.
USD/CHF increased 44 pips to 0.9034.
USD/CAD dipped 11 pips to 1.3346. Canada's data showed that the economy unexpectedly shed 17,300 jobs in May (vs +40,000 expected), while the jobless rate rose to 5.2% (vs 5.1% expected).
Over the weekend, Bitcoin lost the $26,000 level falling to $25,850.
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks gained for a second trading session. The Dow Jones Industrial Average rose 43 points (+0.13%) to 33,876, the S&P 500 climbed 4 points (+0.11%) to 4,298, and the Nasdaq 100 was up 43 points (+0.30%) to 14,528.
Automobiles (+3.5%), software & services (+0.81%), and health-care equipment & services (+0.57%) stock sectors gained the most.
Tesla (TSLA) rose 4.06% to $244.40, extending its winning streak to an eleventh session. The electric-vehicle maker and U.S. auto giant General Motors (GM) announced a collaboration in which Tesla will open its fast-charging network in North America to General Motors electric vehicles. General Motors closed 1.06% higher.
Oracle (ORCL) climbed 2.21% to close at $109.85, a 52-week high price. The software company will report quarterly results in after-market hours on Monday.
Adobe (ADBE) advanced 3.41%. The software developer was upgraded to "overweight" at Wells Fargo.
Target (TGT) fell 3.26%. The leading discount retailer was downgraded to "neutral" at Citi.
The U.S. 10-year Treasury yield rose 2.3 basis points to 3.741%.
European stocks closed lower. The DAX 40 fell 0.25%, the CAC 40 dipped 0.12%, and the FTSE 100 was down 0.49%.
U.S. WTI crude futures declined $0.90 to $70.37 a barrel.
Gold price dropped $4 to $1,960 an ounce.
Market Wrap: Forex
The U.S. dollar index climbed to 103.58. U.S. inflation data will be released on Tuesday, and the inflation rate is expected to slow to 4.7% on year in May.
Also, the U.S. Federal Reserve (Wednesday), the European Central Bank (Thursday), and the Bank of Japan (Friday) will set interest rates within this week.
EUR/USD dropped 35 pips to 1.0747.
USD/JPY jumped 49 pips to 139.41. This morning, Japan's data showed that producer-price growth declined to 5.1% on year in May (vs 4.9% expected).
GBP/USD added 17 pips to 1.2570, and AUD/USD rose 25 pips to 0.6741.
USD/CHF increased 44 pips to 0.9034.
USD/CAD dipped 11 pips to 1.3346. Canada's data showed that the economy unexpectedly shed 17,300 jobs in May (vs +40,000 expected), while the jobless rate rose to 5.2% (vs 5.1% expected).
Over the weekend, Bitcoin lost the $26,000 level falling to $25,850.
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MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks extended their rally to a fourth session. The Dow Jones Industrial Average rose 145 points (+0.43%) to 34,212, the S&P 500 climbed 30 points (+0.69%) to 4,369, and the Nasdaq 100 advanced 116 points (+0.79%) to 14,900.
U.S. data showed that the inflation rate slowed further to 4.0% on year in May (vs 4.3% expected), the slowest pace since March 2021, leading to wide expectations that the Federal Reserve will hold interest rates at the 5.00%-5.25% range on Wednesday.
However, the U.S. 10-year Treasury yield still gained 8.4 basis points to 3.819%.
Automobiles (+3.32%), materials (+2.33%), and semiconductors (+1.8%) stock sectors were the top performers.
Tesla (TSLA) rose 3.55% to $258.71, posting a thirteen-session winning streak.
Nvidia (NVDA) climbed 3.90% to $410.22 boosting its market capitalization to $1 trillion.
At the same time, Intel (INTC) rose 2.54%, while Advanced Micro Devices (AMD) fell 3.61%.
GameStop (GME) jumped 10.91%. The video-game retailer's executive chairman and other executives reported purchasing shares in the company.
Apple (AAPL) ended 0.26% lower after the tech giant was downgraded to "neutral" at UBS.
Devon Energy (DVN) rose 2.00%, as the energy exploration firm was upgraded to "buy" at Goldman Sachs.
U.S.-listed shares of Chinese companies performed well after China's central bank lowered its short-term lending rate. Alibaba (BABA) rose 1.92%, Baidu (BIDU) gained 6.11%, and JD.com (JD) was up 3.51%.
European stocks closed higher. The DAX 40 rose 0.82%, the CAC 40 climbed 0.56%, and the FTSE 100 was up 0.32%.
U.S. WTI crude futures gained $2.30 to $69.37 a barrel.
Gold price retreated $14 to $1,943 an ounce.
Market Wrap: Forex
The U.S. dollar index closed at a three-week low of 103.29 on wide expectations that the Fed will pause interest rate hikes.
EUR/USD added 34 pips to 1.0791. In Germany, the ZEW economic sentiment index improved to -8.5 in June (vs -12.0 expected).
USD/JPY increased 60 pips to 140.20.
GBP/USD jumped 101 pips to 1.2610. U.K. data showed that the latest jobless rate dipped to 3.8% (vs 3.9% expected).
AUD/USD rose 16 pips to 0.6767. In Australia, the National Australia Bank (NAB) business confidence index dropped to -4 in May (vs 2 expected).
USD/CHF fell 36 pips to 0.9054, and USD/CAD dropped 55 pips to 1.3313.
Bitcoin was little changed at $25,860.
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks extended their rally to a fourth session. The Dow Jones Industrial Average rose 145 points (+0.43%) to 34,212, the S&P 500 climbed 30 points (+0.69%) to 4,369, and the Nasdaq 100 advanced 116 points (+0.79%) to 14,900.
U.S. data showed that the inflation rate slowed further to 4.0% on year in May (vs 4.3% expected), the slowest pace since March 2021, leading to wide expectations that the Federal Reserve will hold interest rates at the 5.00%-5.25% range on Wednesday.
However, the U.S. 10-year Treasury yield still gained 8.4 basis points to 3.819%.
Automobiles (+3.32%), materials (+2.33%), and semiconductors (+1.8%) stock sectors were the top performers.
Tesla (TSLA) rose 3.55% to $258.71, posting a thirteen-session winning streak.
Nvidia (NVDA) climbed 3.90% to $410.22 boosting its market capitalization to $1 trillion.
At the same time, Intel (INTC) rose 2.54%, while Advanced Micro Devices (AMD) fell 3.61%.
GameStop (GME) jumped 10.91%. The video-game retailer's executive chairman and other executives reported purchasing shares in the company.
Apple (AAPL) ended 0.26% lower after the tech giant was downgraded to "neutral" at UBS.
Devon Energy (DVN) rose 2.00%, as the energy exploration firm was upgraded to "buy" at Goldman Sachs.
U.S.-listed shares of Chinese companies performed well after China's central bank lowered its short-term lending rate. Alibaba (BABA) rose 1.92%, Baidu (BIDU) gained 6.11%, and JD.com (JD) was up 3.51%.
European stocks closed higher. The DAX 40 rose 0.82%, the CAC 40 climbed 0.56%, and the FTSE 100 was up 0.32%.
U.S. WTI crude futures gained $2.30 to $69.37 a barrel.
Gold price retreated $14 to $1,943 an ounce.
Market Wrap: Forex
The U.S. dollar index closed at a three-week low of 103.29 on wide expectations that the Fed will pause interest rate hikes.
EUR/USD added 34 pips to 1.0791. In Germany, the ZEW economic sentiment index improved to -8.5 in June (vs -12.0 expected).
USD/JPY increased 60 pips to 140.20.
GBP/USD jumped 101 pips to 1.2610. U.K. data showed that the latest jobless rate dipped to 3.8% (vs 3.9% expected).
AUD/USD rose 16 pips to 0.6767. In Australia, the National Australia Bank (NAB) business confidence index dropped to -4 in May (vs 2 expected).
USD/CHF fell 36 pips to 0.9054, and USD/CAD dropped 55 pips to 1.3313.
Bitcoin was little changed at $25,860.
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