Best Prop Firm - Smartproptrader Discount Code
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MARKET COMMENTARY
On Friday, U.S. stocks gave up some gains made in the prior session. The Dow Jones Industrial Average fell 143 points (-0.42%) to 33,886, the S&P 500 dropped 8 points (-0.21%) to 4,137, and the Nasdaq 100 was down 29 points (-0.23%) to 13,079.
The U.S. 10-year Treasury yield gained 6.6 basis points to 3.511%.
Banks (+3.51%), and transportation (+0.44%) stock sectors gained the most, while real estate (-1.73%), health-care equipment & services (-1.13%), and utilities (-1.11%) sectors were under pressure.
Big U.S. banks JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) posted better-than-expected quarterly results on rising interest rates. JPMorgan share price jumped 7.55%, Citigroup rose 4.78%, while Wells Fargo was little changed.
Blackrock (BLK) rose 3.07% as the investment-management firm's quarterly earnings exceeded expectations.
Boeing (BA) fell 5.56% as the airplane-maker warned of delayed 737 Max deliveries over production issue.
Lucid Group (LCID) slid 6.30% after the electric-vehicle maker reported lower-than-expected first-quarter vehicle deliveries. Peer Rivian Automotive (RIVN) dropped 6.89%.
U.S. data showed that retail sales declined 1.0% on month in March (vs -0.9% expected). Industrial production gained 0.4% on month in March (vs -0.1% expected).
The University of Michigan consumer sentiment index advanced to 63.5 for April (vs 62.4 expected).
European stocks also closed higher. The DAX 40 rose 0.50%, the CAC 40 added 0.52%, and the FTSE 100 was up 0.36%.
U.S. WTI crude futures were little changed at $82.64 a barrel.
Gold price slid $35 to $2,004 an ounce.
The U.S. dollar rebounded against other major currencies. The dollar index rose to 101.56 after marking a one-year low of 100.78 Thursday.
According to Fed funds futures, there is an 81% probability that the Federal Reserve will raise interest rates by an additional 25 basis points in May.
EUR/USD fell 49 pips to 1.0997, and GBP/USD dropped 106 pips to 1.2417.
USD/JPY jumped 118 pips to 133.76.
AUD/USD slid 72 pips to 0.671.
USD/CHF added 43 pips to 0.8939.
USD/CAD gained 29pips to 1.3366. Canada's data showed that manufacturing sales fell 3.6% on month in February (vs -2.8% expected).
Bitcoin continued to trade at levels above $30,300.
On Friday, U.S. stocks gave up some gains made in the prior session. The Dow Jones Industrial Average fell 143 points (-0.42%) to 33,886, the S&P 500 dropped 8 points (-0.21%) to 4,137, and the Nasdaq 100 was down 29 points (-0.23%) to 13,079.
The U.S. 10-year Treasury yield gained 6.6 basis points to 3.511%.
Banks (+3.51%), and transportation (+0.44%) stock sectors gained the most, while real estate (-1.73%), health-care equipment & services (-1.13%), and utilities (-1.11%) sectors were under pressure.
Big U.S. banks JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) posted better-than-expected quarterly results on rising interest rates. JPMorgan share price jumped 7.55%, Citigroup rose 4.78%, while Wells Fargo was little changed.
Blackrock (BLK) rose 3.07% as the investment-management firm's quarterly earnings exceeded expectations.
Boeing (BA) fell 5.56% as the airplane-maker warned of delayed 737 Max deliveries over production issue.
Lucid Group (LCID) slid 6.30% after the electric-vehicle maker reported lower-than-expected first-quarter vehicle deliveries. Peer Rivian Automotive (RIVN) dropped 6.89%.
U.S. data showed that retail sales declined 1.0% on month in March (vs -0.9% expected). Industrial production gained 0.4% on month in March (vs -0.1% expected).
The University of Michigan consumer sentiment index advanced to 63.5 for April (vs 62.4 expected).
European stocks also closed higher. The DAX 40 rose 0.50%, the CAC 40 added 0.52%, and the FTSE 100 was up 0.36%.
U.S. WTI crude futures were little changed at $82.64 a barrel.
Gold price slid $35 to $2,004 an ounce.
The U.S. dollar rebounded against other major currencies. The dollar index rose to 101.56 after marking a one-year low of 100.78 Thursday.
According to Fed funds futures, there is an 81% probability that the Federal Reserve will raise interest rates by an additional 25 basis points in May.
EUR/USD fell 49 pips to 1.0997, and GBP/USD dropped 106 pips to 1.2417.
USD/JPY jumped 118 pips to 133.76.
AUD/USD slid 72 pips to 0.671.
USD/CHF added 43 pips to 0.8939.
USD/CAD gained 29pips to 1.3366. Canada's data showed that manufacturing sales fell 3.6% on month in February (vs -2.8% expected).
Bitcoin continued to trade at levels above $30,300.
MARKET COMMENTARY
On Monday, U.S. stocks pared losses within the session to close higher. The Dow Jones Industrial Average rose 100 points (+0.30%) to 33,987, the S&P 500 climbed 13 points (+0.33%) to 4,151, and the Nasdaq 100 edged up 8 points (+0.06%) to 13,087.
U.S. data showed that the Empire State manufacturing index jumped to 10.8 in April (vs -16.0 expected), the first positive reading since November 2022. The National Association of Home Builders housing market index rose for a fourth straight month to 45 in April, the highest level since September.
The U.S. 10-year Treasury yield continued its rally gaining 9 basis points to 3.602%.
Real estate (+2.23%), banks (+2.1%), and insurance (+1.36%) stock sectors were the top performers, while media (-1.49%) and energy (-1.27%) sectors traded lower.
Alphabet (GOOGL) dropped 2.66% after the New York Times reported that Microsoft's (MSFT) Bing may replace Google as the default web search engine on Samsung Electronics devices. Microsoft rose 0.93% following the news.
Charles Schwab (SCHW) rose 3.94%. The investment brokerage group reported that deposits tumbled 30%, in line with expectations, and announced a halt in share buyback.
State Street (STT) slumped 9.18% as the investment services firm's quarterly earnings missed expectations.
Roblox (RBLX) sank 12.01%. The online video-game platform posted weaker-than-expected user metrics in March.
European stocks closed mixed. The DAX 40 eased 0.11%, the Cac 40 fell 0.28%, while the FTSE 100 was up 0.10%.
U.S. WTI crude futures declined $1.60 to $80.97 a barrel.
Gold price slipped $9 to $1,995 an ounce.
The U.S. dollar rose along with Treasury yields, as upbeat economic data boosted expectations that the Federal Reserve will keep raising interest rates in May. The dollar index rebounded to 102.09.
EUR/USD dropped 65 pips to 1.0927. On a daily chart, the pair remains supported by the ascending 20-day moving average.
USD/JPY gained 67 pips to 134.46. The pair has climbed back to levels above both 20-day and 50-day moving averages.
GBP/USD fell 37 pips to 1.2376.
AUD/USD edged down 4 pips to 0.6703. Later today, China is expected to report a higher gross domestic growth rate of 3.2% on year in the first quarter.
USD/CHF added 50 pips to 0.8987, and USD/CAD increased 19 pips to 1.3393.
Bitcoin failed to regain the $30,000 level as it traded lower to $29,480.
On Monday, U.S. stocks pared losses within the session to close higher. The Dow Jones Industrial Average rose 100 points (+0.30%) to 33,987, the S&P 500 climbed 13 points (+0.33%) to 4,151, and the Nasdaq 100 edged up 8 points (+0.06%) to 13,087.
U.S. data showed that the Empire State manufacturing index jumped to 10.8 in April (vs -16.0 expected), the first positive reading since November 2022. The National Association of Home Builders housing market index rose for a fourth straight month to 45 in April, the highest level since September.
The U.S. 10-year Treasury yield continued its rally gaining 9 basis points to 3.602%.
Real estate (+2.23%), banks (+2.1%), and insurance (+1.36%) stock sectors were the top performers, while media (-1.49%) and energy (-1.27%) sectors traded lower.
Alphabet (GOOGL) dropped 2.66% after the New York Times reported that Microsoft's (MSFT) Bing may replace Google as the default web search engine on Samsung Electronics devices. Microsoft rose 0.93% following the news.
Charles Schwab (SCHW) rose 3.94%. The investment brokerage group reported that deposits tumbled 30%, in line with expectations, and announced a halt in share buyback.
State Street (STT) slumped 9.18% as the investment services firm's quarterly earnings missed expectations.
Roblox (RBLX) sank 12.01%. The online video-game platform posted weaker-than-expected user metrics in March.
European stocks closed mixed. The DAX 40 eased 0.11%, the Cac 40 fell 0.28%, while the FTSE 100 was up 0.10%.
U.S. WTI crude futures declined $1.60 to $80.97 a barrel.
Gold price slipped $9 to $1,995 an ounce.
The U.S. dollar rose along with Treasury yields, as upbeat economic data boosted expectations that the Federal Reserve will keep raising interest rates in May. The dollar index rebounded to 102.09.
EUR/USD dropped 65 pips to 1.0927. On a daily chart, the pair remains supported by the ascending 20-day moving average.
USD/JPY gained 67 pips to 134.46. The pair has climbed back to levels above both 20-day and 50-day moving averages.
GBP/USD fell 37 pips to 1.2376.
AUD/USD edged down 4 pips to 0.6703. Later today, China is expected to report a higher gross domestic growth rate of 3.2% on year in the first quarter.
USD/CHF added 50 pips to 0.8987, and USD/CAD increased 19 pips to 1.3393.
Bitcoin failed to regain the $30,000 level as it traded lower to $29,480.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Payout
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.
Payout
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.
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.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks were little changed at close following weekend news that First Republic Bank (FRC) was auctioned off to JPMorgan Chase (JPM). The Dow Jones Industrial Average declined 46 points (-0.14%) to 34,051, the S&P 500 dipped 1 point (-0.04%) to 4,167, and the Nasdaq 100 was down 14 points (-0.11%) to 13,231.
The U.S. Institute for Supply Management (ISM) manufacturing purchasing managers index ticked up to 47.1 in April (vs 46.5 expected), still a contraction reading (below 50).
The U.S. 10-year Treasury yield jumped 15.8 basis points to 3.580%.
Semiconductors (+1.52%) and transportation (+1.5%) stock sectors were the top performers, while retailing (-1.93%), energy (-1.26%), and automobiles (-0.98%) sectors were under pressure.
Over the weekend, U.S. authorities seized failed bank First Republic Bank (FRC) and sold its assets to JPMorgan Chase (JPM) for $10.6 billion. Shares of JPMorgan Chase (JPM) closed 2.14% higher.
ON Semiconductor (ON) jumped 8.85% after reporting better-than-expected first-quarter earnings. Nvidia (NVDA) rose 4.18%, and Microchip Technology (MCHP) gained 3.27%.
Norwegian Cruise Line (NCLH) climbed 8.91% as the cruise operator's quarterly loss narrowed.
Meta Platforms (META) rose 1.19%. Bloomberg News reported that the Facebook parent company may raise $7 billion to finance capital expenditure and stock repurchase.
Meanwhile, Exxon Mobil (XOM) fell 3.1% as the stock was downgraded to "neutral" at Goldman Sachs.
European markets were closed for the Labor Day and bank holiday.
U.S. WTI crude futures dropped $1.10 to $75.70 a barrel.
Gold price declined $8 to $1,981 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies on the slight improvement in the ISM manufacturing index. The dollar index rose to 102.13.
EUR/USD declined 45 pips to 1.0974.
USD/JPY jumped 121 pips to 137.51. Japan's financial markets will be closed on Wednesday to Friday for different holidays.
GBP/USD dropped 76 pips to 1.2491.
AUD/USD added 15 pips to 0.6630. Later today, Australia's central bank is expected to keep its key interest rate unchanged at 3.60%.
USD/CHF climbed 15 pips to 0.8961, while USD/CAD declined 6 pips to 1.3546.
Bitcoin sank over 4% to test the support at the $28,000 level.
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks were little changed at close following weekend news that First Republic Bank (FRC) was auctioned off to JPMorgan Chase (JPM). The Dow Jones Industrial Average declined 46 points (-0.14%) to 34,051, the S&P 500 dipped 1 point (-0.04%) to 4,167, and the Nasdaq 100 was down 14 points (-0.11%) to 13,231.
The U.S. Institute for Supply Management (ISM) manufacturing purchasing managers index ticked up to 47.1 in April (vs 46.5 expected), still a contraction reading (below 50).
The U.S. 10-year Treasury yield jumped 15.8 basis points to 3.580%.
Semiconductors (+1.52%) and transportation (+1.5%) stock sectors were the top performers, while retailing (-1.93%), energy (-1.26%), and automobiles (-0.98%) sectors were under pressure.
Over the weekend, U.S. authorities seized failed bank First Republic Bank (FRC) and sold its assets to JPMorgan Chase (JPM) for $10.6 billion. Shares of JPMorgan Chase (JPM) closed 2.14% higher.
ON Semiconductor (ON) jumped 8.85% after reporting better-than-expected first-quarter earnings. Nvidia (NVDA) rose 4.18%, and Microchip Technology (MCHP) gained 3.27%.
Norwegian Cruise Line (NCLH) climbed 8.91% as the cruise operator's quarterly loss narrowed.
Meta Platforms (META) rose 1.19%. Bloomberg News reported that the Facebook parent company may raise $7 billion to finance capital expenditure and stock repurchase.
Meanwhile, Exxon Mobil (XOM) fell 3.1% as the stock was downgraded to "neutral" at Goldman Sachs.
European markets were closed for the Labor Day and bank holiday.
U.S. WTI crude futures dropped $1.10 to $75.70 a barrel.
Gold price declined $8 to $1,981 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies on the slight improvement in the ISM manufacturing index. The dollar index rose to 102.13.
EUR/USD declined 45 pips to 1.0974.
USD/JPY jumped 121 pips to 137.51. Japan's financial markets will be closed on Wednesday to Friday for different holidays.
GBP/USD dropped 76 pips to 1.2491.
AUD/USD added 15 pips to 0.6630. Later today, Australia's central bank is expected to keep its key interest rate unchanged at 3.60%.
USD/CHF climbed 15 pips to 0.8961, while USD/CAD declined 6 pips to 1.3546.
Bitcoin sank over 4% to test the support at the $28,000 level.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks came under pressure ahead of the Federal Reserve's interest-rate decision due Wednesday. The Dow Jones Industrial Average fell 367 points (-1.08%) to 33,684, the S&P 500 dropped 48 points (-1.16%) to 4,119, and the Nasdaq 100 was down 117 points (-0.89%) to 13,113.
While the Fed is widely expected to raise interest rates by a further 25 basis points, investors are wondering if the central bank will pause hiking rates thereafter.
The U.S. 10-year Treasury yield dropped 13.9 basis points to 3.430%.
Energy (-4.28%), banks (-3.21%), and telecoms services (-2.45%) stock sectors lost the most.
Shares of regional banks tumbled following the collapse of First Republic Bank. PacWest Bancorp (PACW) plunged 27.78%, and Western Alliance Bancorp (WAL) sank 15.12%.
Morgan Stanley (MS) fell 1.87%. Bloomberg reported that the bank may eliminate 3,000 jobs, about 5% of its workforce, by the end of the current quarter.
On the other hand, Uber Technologies (UBER) jumped 11.55%, and NXP Semiconductor (NXPI) rose 3.31%. Both companies posted better-than-expected quarterly earnings.
In after-market hours, after releasing quarterly results, both Ford Motor (F) and Starbucks (SBUX) declined about 1%, and Advanced Micro Devices (AMD) shed 6%.
Regarding U.S. economic data, an official report showed that the number of job openings declined to 9.59 million in March (vs 9.70 million expected). Factory orders rose 0.9% on month in March (vs +1.2% expected).
European stocks also closed lower. The DAX 40 fell 1.23%, the CAC 40 dropped 1.45%, and the FTSE 100 was down 1.24%.
U.S. WTI crude futures declined $4.00 (-5.29%) to $71.65 a barrel.
Gold price jumped $33 (+1.66%) to $2,016 an ounce.
Market Wrap: Forex
The U.S. dollar index declined to 101.90.
EUR/USD added 27 pips to 1.1003. The Eurozone's inflation rate ticked up to 7.0% on year in April (vs 6.9% expected). Germany's retail sales dropped 2.4% on month in March (vs +0.5% expected).
USD/JPY retreated 95 pips to 136.55. Japan's financial markets will be closed from Wednesday to Friday for various holidays.
GBP/USD fell 24 pips to 1.2472. In the U.K., the Nationwide housing price index added 0.5% on month in April (vs -0.4% expected).
AUD/USD rose 36 pips to 0.6666. The Reserve Bank of Australia surprised the market by raising its key interest rate by 25 basis points to 3.85%. The central bank said some further tightening of monetary policy may be required to ensure that inflation returns to its target level.
USD/CHF fell 24 pips to 0.8931, while USD/CAD climbed 81 pips to 1.3625.
Bitcoin rebounded over 2% to $28,700.
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks came under pressure ahead of the Federal Reserve's interest-rate decision due Wednesday. The Dow Jones Industrial Average fell 367 points (-1.08%) to 33,684, the S&P 500 dropped 48 points (-1.16%) to 4,119, and the Nasdaq 100 was down 117 points (-0.89%) to 13,113.
While the Fed is widely expected to raise interest rates by a further 25 basis points, investors are wondering if the central bank will pause hiking rates thereafter.
The U.S. 10-year Treasury yield dropped 13.9 basis points to 3.430%.
Energy (-4.28%), banks (-3.21%), and telecoms services (-2.45%) stock sectors lost the most.
Shares of regional banks tumbled following the collapse of First Republic Bank. PacWest Bancorp (PACW) plunged 27.78%, and Western Alliance Bancorp (WAL) sank 15.12%.
Morgan Stanley (MS) fell 1.87%. Bloomberg reported that the bank may eliminate 3,000 jobs, about 5% of its workforce, by the end of the current quarter.
On the other hand, Uber Technologies (UBER) jumped 11.55%, and NXP Semiconductor (NXPI) rose 3.31%. Both companies posted better-than-expected quarterly earnings.
In after-market hours, after releasing quarterly results, both Ford Motor (F) and Starbucks (SBUX) declined about 1%, and Advanced Micro Devices (AMD) shed 6%.
Regarding U.S. economic data, an official report showed that the number of job openings declined to 9.59 million in March (vs 9.70 million expected). Factory orders rose 0.9% on month in March (vs +1.2% expected).
European stocks also closed lower. The DAX 40 fell 1.23%, the CAC 40 dropped 1.45%, and the FTSE 100 was down 1.24%.
U.S. WTI crude futures declined $4.00 (-5.29%) to $71.65 a barrel.
Gold price jumped $33 (+1.66%) to $2,016 an ounce.
Market Wrap: Forex
The U.S. dollar index declined to 101.90.
EUR/USD added 27 pips to 1.1003. The Eurozone's inflation rate ticked up to 7.0% on year in April (vs 6.9% expected). Germany's retail sales dropped 2.4% on month in March (vs +0.5% expected).
USD/JPY retreated 95 pips to 136.55. Japan's financial markets will be closed from Wednesday to Friday for various holidays.
GBP/USD fell 24 pips to 1.2472. In the U.K., the Nationwide housing price index added 0.5% on month in April (vs -0.4% expected).
AUD/USD rose 36 pips to 0.6666. The Reserve Bank of Australia surprised the market by raising its key interest rate by 25 basis points to 3.85%. The central bank said some further tightening of monetary policy may be required to ensure that inflation returns to its target level.
USD/CHF fell 24 pips to 0.8931, while USD/CAD climbed 81 pips to 1.3625.
Bitcoin rebounded over 2% to $28,700.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks closed lower after market volatility increased in the Federal Reserve's interest-rate decision day. The Dow Jones Industrial Average fell 270 points (-0.80%) to 33,414, the S&P 500 dropped 28 points (-0.70%) to 4,090, and the Nasdaq 100 was down 83 points (-0.64%) to 13,030.
As expected, the Federal Reserve raised its key interest rate by 25 basis points to a target range of 5.00% - 5.25%. Major stock indexes posted gains as the central bank's statement hinted at pausing further rate hikes.
However, stocks reversed to the downside after Federal Reserve Chair Jerome Powell commented that it is too soon to say the rate-hike cycle is over as inflation remains too high.
The U.S. 10-year Treasury yield dropped 6.6 basis points to 3.358%.
Consumer services (-2.72%), energy (-1.92%), and banks (-1.68%) stock sectors led the market lower.
Advanced Micro Devices (AMD) sank 9.22% after the chip maker posted a lower-than-expected second-quarter sales guidance.
Starbucks (SBUX) shed 9.17% after the global cafe chain failed to raise its full-year result guidance.
Estee Lauder (EL) plunged 17.34% to $202.7. The cosmetics company cut its full-year result guidance.
On the other hand, Clorox Company (CLX) rose 4.70% after the supplier of cleaning and consumer products reported upbeat quarterly earnings and raised its full-year result guidance.
Eli Lilly (LLY) climbed 6.68% after the pharmaceutical developer released positive test results regarding an Alzheimer's treatment.
Regarding U.S. economic data, the ADP jobs report showed that the economy added 296,000 private jobs in April (vs +140,000 expected). The Institute for Supply Management (ISM) services purchasing managers index ticked up to 51.9 in April (vs 51.5 expected).
European stocks closed higher. The DAX 40 rose 0.56%, the CAC 40 added 0.28%, and the FTSE 100 gained 0.20%.
U.S. WTI crude futures dropped a further $3.40 to $68.30 a barrel. The U.S. Energy Department reported a reduction of 1.28 million barrels in crude-oil stockpiles (vs -1.10 million barrels expected).
Gold price climbed $13 to $2,030 an ounce.
Market Wrap: Forex
The U.S. dollar softened against other major currencies as the central bank signaled that it may pause further rate hikes. The dollar index declined to 101.37.
EUR/USD rose 54 pips to 1.1050. The Eurozone's data showed that the jobless rate eased to 6.5% in March (vs 6.6% expected).
USD/JPY retreated 139 pips to 135.16.
GBP/USD jumped 88 pips to 1.2555.
AUD/USD rose 10 pips to 0.6673. Australia's data showed that retail sales grew 0.4% on month in March (vs +0.3% expected).
USD/CHF fell 72 pips to 0.8860, and USD/CAD dipped 7 pips to 1.3619.
Bitcoin climbed back to levels above $29,000.
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks closed lower after market volatility increased in the Federal Reserve's interest-rate decision day. The Dow Jones Industrial Average fell 270 points (-0.80%) to 33,414, the S&P 500 dropped 28 points (-0.70%) to 4,090, and the Nasdaq 100 was down 83 points (-0.64%) to 13,030.
As expected, the Federal Reserve raised its key interest rate by 25 basis points to a target range of 5.00% - 5.25%. Major stock indexes posted gains as the central bank's statement hinted at pausing further rate hikes.
However, stocks reversed to the downside after Federal Reserve Chair Jerome Powell commented that it is too soon to say the rate-hike cycle is over as inflation remains too high.
The U.S. 10-year Treasury yield dropped 6.6 basis points to 3.358%.
Consumer services (-2.72%), energy (-1.92%), and banks (-1.68%) stock sectors led the market lower.
Advanced Micro Devices (AMD) sank 9.22% after the chip maker posted a lower-than-expected second-quarter sales guidance.
Starbucks (SBUX) shed 9.17% after the global cafe chain failed to raise its full-year result guidance.
Estee Lauder (EL) plunged 17.34% to $202.7. The cosmetics company cut its full-year result guidance.
On the other hand, Clorox Company (CLX) rose 4.70% after the supplier of cleaning and consumer products reported upbeat quarterly earnings and raised its full-year result guidance.
Eli Lilly (LLY) climbed 6.68% after the pharmaceutical developer released positive test results regarding an Alzheimer's treatment.
Regarding U.S. economic data, the ADP jobs report showed that the economy added 296,000 private jobs in April (vs +140,000 expected). The Institute for Supply Management (ISM) services purchasing managers index ticked up to 51.9 in April (vs 51.5 expected).
European stocks closed higher. The DAX 40 rose 0.56%, the CAC 40 added 0.28%, and the FTSE 100 gained 0.20%.
U.S. WTI crude futures dropped a further $3.40 to $68.30 a barrel. The U.S. Energy Department reported a reduction of 1.28 million barrels in crude-oil stockpiles (vs -1.10 million barrels expected).
Gold price climbed $13 to $2,030 an ounce.
Market Wrap: Forex
The U.S. dollar softened against other major currencies as the central bank signaled that it may pause further rate hikes. The dollar index declined to 101.37.
EUR/USD rose 54 pips to 1.1050. The Eurozone's data showed that the jobless rate eased to 6.5% in March (vs 6.6% expected).
USD/JPY retreated 139 pips to 135.16.
GBP/USD jumped 88 pips to 1.2555.
AUD/USD rose 10 pips to 0.6673. Australia's data showed that retail sales grew 0.4% on month in March (vs +0.3% expected).
USD/CHF fell 72 pips to 0.8860, and USD/CAD dipped 7 pips to 1.3619.
Bitcoin climbed back to levels above $29,000.
MARKET COMMENTARY
On Thursday, U.S. stocks closed in the red as the S&P 500 declined 29.38pts (-0.72%) to 4061, the Nasdaq 100 fell 47.73pts (-0.37%) to 12982 and the Dow Jones Industrial Average dropped 286.5pts (-0.86%) to 33127.
On the sector front, shares in the Banks (-2.82%), Consumer Durables & Apparel (-1.98%), and Media (-1.32%) sectors underperformed the most during the trading session.
On the U.S. equity front, PacWest Bancorp (PACW) plunged 50.62% to $3.17 and underperformed the Nasdaq 100 after Bloomberg reported the company is weighing strategic options, including a potential sale. Following that report, PacWest confirmed it is in talks with investors. Meanwhile, Western Alliance Bancorp (WAL) sank 38.45% to $18.2 after the bank denied a report that it is considering strategic options, including selling all or parts of its business, as per the Financial Times.
Paramount Global (PARA), a media company, slid 28.35% to $16.4 on first-quarter adjusted loss per share of -$1.81, against a profit of $0.14 expected, and after the company slashed its dividend by 79%. Also, QUALCOMM (QCOM), a maker of digital wireless communications equipment, fell 5.54% to $106.58 as the company delivered a poor top and bottom-line guidance for the current quarter while TripAdvisor (TRIP), an online travel research company, dropped 8.6% to $15.63 as quarterly earnings disappointed investors. Both stocks lagged the Nasdaq 100.
Oppositely, SolarEdge Technologies (SEDG), a global leader in smart energy technology, rose 6.6% to $281.22 as quarterly earnings beat expectations and Zillow Group (ZG), an online real estate marketplace, jumped 10.63% to $45.88 as first-quarter sales topped expectations. Finally, Advanced Micro Devices (AMD), a designer and producer of microprocessors, rose 6.11% to $86.61 after Bloomberg reported that Microsoft (MSFT) is working with the chipmaker and helping it expand into artificial intelligence processors to offer an alternative to Nvidia (NVDA)'s GPUs.
From a technical point of view, Home Depot (HD -2.5% to $285.75), Verizon Communications (VZ -1.66% to $37.35), and Walt Disney (DIS -3.38% to $97.45) crossed under their 50-day moving average.
On the U.S. economic data front, weekly initial jobless claims rose to 242,000, from 229,000 in the prior period and 245,000 anticipated, while March's trade deficit came in at 64.2 billion dollars, compared to 63.1 billion dollars forecasted.
The U.S. 10-year Treasury Yield gained 3bps to 3.366%.
European stocks were also lower at the close. The Dax 40 fell 0.51%, while the Cac 40 dropped 0.85% and the FTSE 100 decreased 1.10%.
After the close of Wall Street, WTI Crude Future (JUN 23) was about flat to $68.54. The contract was below its 20D MA (@ $77.59) and below its 50D MA (@ $75.91).
Gold was up $11.7 to $2050.7. The precious metal was above its 20D MA (@ $2004) and above its 50D MA (@ $1949).
Copper Future (JUL 23) on Comex was up 1.2c to 385.65c/lb. The contract was below its 20D MA (@ 397.84c) and below its 50D MA (@ 401.02c).
Market Wrap: FOREX
The U.S. dollar index was relatively flat at 101.41.
EUR/USD declined 48pips to 1.1014. In Europe, the European Central Bank raised its key interest rates by 25 basis points at 3.75%. Also, final readings of April's HCOB Services Purchasing Managers Index were released at 56.2, vs 56.6 expected for the Eurozone, at 56.0, vs 55.7 expected for Germany, and at 54.6, vs 56.3 expected for France. Meanwhile, the Eurozone's March Producer Prices Index was down 1.6% on month, vs -1.7% expected, while Germany's March trade surplus was released at 16.7 billion euros, against 16.5 billion expected.
GBP/USD added 7pips to 1.2571. In the U.K., a final reading of April's S&P Global Services PMI was released at 55.9, vs 54.9 expected, while March Mortgage Approvals stood at 52,011, above 45,100 expected.
USD/JPY slid 54pips to 134.17.
AUD/USD increased 20pips to 0.6691. In Australia, the trade surplus totaled 15.27 billion Australian dollars in March, above 13.20 billion Australian dollars expected, and exports were up 4% on month.
USD/CHF rose 18pips to 0.8858.
USD/CAD fell 75pips to 1.354. In Canada, the trade surplus was released at 970 million dollars for March, against 300 million dollars expected, while the April Ivey PMI was posted at 56.8, above 53 forecasted.
Bitcoin traded higher to 28829 while Ethereum climbed to 1874.
After Hours
After the market closed, Apple (AAPL), the consumer electronics company, traded higher after reporting second-quarter top and bottom-line figures that beat estimates while also authorizing an increase of up to 90 billion dollars to its share buyback plan. Oppositely, Lyft (LYFT), the ridesharing company, is sliding as second-quarter revenue forecast was below median expectations.
Meanwhile, Booking Holdings (BKNG), one of the largest online travel companies, dropped after hours as first-quarter revenue barely beat estimates while AIG (AIG), a global insurance and financial services firm, rose as first-quarter adjusted earnings per share topped estimates as well as after the company boosted its quarterly dividend.
On Thursday, U.S. stocks closed in the red as the S&P 500 declined 29.38pts (-0.72%) to 4061, the Nasdaq 100 fell 47.73pts (-0.37%) to 12982 and the Dow Jones Industrial Average dropped 286.5pts (-0.86%) to 33127.
On the sector front, shares in the Banks (-2.82%), Consumer Durables & Apparel (-1.98%), and Media (-1.32%) sectors underperformed the most during the trading session.
On the U.S. equity front, PacWest Bancorp (PACW) plunged 50.62% to $3.17 and underperformed the Nasdaq 100 after Bloomberg reported the company is weighing strategic options, including a potential sale. Following that report, PacWest confirmed it is in talks with investors. Meanwhile, Western Alliance Bancorp (WAL) sank 38.45% to $18.2 after the bank denied a report that it is considering strategic options, including selling all or parts of its business, as per the Financial Times.
Paramount Global (PARA), a media company, slid 28.35% to $16.4 on first-quarter adjusted loss per share of -$1.81, against a profit of $0.14 expected, and after the company slashed its dividend by 79%. Also, QUALCOMM (QCOM), a maker of digital wireless communications equipment, fell 5.54% to $106.58 as the company delivered a poor top and bottom-line guidance for the current quarter while TripAdvisor (TRIP), an online travel research company, dropped 8.6% to $15.63 as quarterly earnings disappointed investors. Both stocks lagged the Nasdaq 100.
Oppositely, SolarEdge Technologies (SEDG), a global leader in smart energy technology, rose 6.6% to $281.22 as quarterly earnings beat expectations and Zillow Group (ZG), an online real estate marketplace, jumped 10.63% to $45.88 as first-quarter sales topped expectations. Finally, Advanced Micro Devices (AMD), a designer and producer of microprocessors, rose 6.11% to $86.61 after Bloomberg reported that Microsoft (MSFT) is working with the chipmaker and helping it expand into artificial intelligence processors to offer an alternative to Nvidia (NVDA)'s GPUs.
From a technical point of view, Home Depot (HD -2.5% to $285.75), Verizon Communications (VZ -1.66% to $37.35), and Walt Disney (DIS -3.38% to $97.45) crossed under their 50-day moving average.
On the U.S. economic data front, weekly initial jobless claims rose to 242,000, from 229,000 in the prior period and 245,000 anticipated, while March's trade deficit came in at 64.2 billion dollars, compared to 63.1 billion dollars forecasted.
The U.S. 10-year Treasury Yield gained 3bps to 3.366%.
European stocks were also lower at the close. The Dax 40 fell 0.51%, while the Cac 40 dropped 0.85% and the FTSE 100 decreased 1.10%.
After the close of Wall Street, WTI Crude Future (JUN 23) was about flat to $68.54. The contract was below its 20D MA (@ $77.59) and below its 50D MA (@ $75.91).
Gold was up $11.7 to $2050.7. The precious metal was above its 20D MA (@ $2004) and above its 50D MA (@ $1949).
Copper Future (JUL 23) on Comex was up 1.2c to 385.65c/lb. The contract was below its 20D MA (@ 397.84c) and below its 50D MA (@ 401.02c).
Market Wrap: FOREX
The U.S. dollar index was relatively flat at 101.41.
EUR/USD declined 48pips to 1.1014. In Europe, the European Central Bank raised its key interest rates by 25 basis points at 3.75%. Also, final readings of April's HCOB Services Purchasing Managers Index were released at 56.2, vs 56.6 expected for the Eurozone, at 56.0, vs 55.7 expected for Germany, and at 54.6, vs 56.3 expected for France. Meanwhile, the Eurozone's March Producer Prices Index was down 1.6% on month, vs -1.7% expected, while Germany's March trade surplus was released at 16.7 billion euros, against 16.5 billion expected.
GBP/USD added 7pips to 1.2571. In the U.K., a final reading of April's S&P Global Services PMI was released at 55.9, vs 54.9 expected, while March Mortgage Approvals stood at 52,011, above 45,100 expected.
USD/JPY slid 54pips to 134.17.
AUD/USD increased 20pips to 0.6691. In Australia, the trade surplus totaled 15.27 billion Australian dollars in March, above 13.20 billion Australian dollars expected, and exports were up 4% on month.
USD/CHF rose 18pips to 0.8858.
USD/CAD fell 75pips to 1.354. In Canada, the trade surplus was released at 970 million dollars for March, against 300 million dollars expected, while the April Ivey PMI was posted at 56.8, above 53 forecasted.
Bitcoin traded higher to 28829 while Ethereum climbed to 1874.
After Hours
After the market closed, Apple (AAPL), the consumer electronics company, traded higher after reporting second-quarter top and bottom-line figures that beat estimates while also authorizing an increase of up to 90 billion dollars to its share buyback plan. Oppositely, Lyft (LYFT), the ridesharing company, is sliding as second-quarter revenue forecast was below median expectations.
Meanwhile, Booking Holdings (BKNG), one of the largest online travel companies, dropped after hours as first-quarter revenue barely beat estimates while AIG (AIG), a global insurance and financial services firm, rose as first-quarter adjusted earnings per share topped estimates as well as after the company boosted its quarterly dividend.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks rebounded sharply following Apple's (AAPL) strong quarterly results and higher job growth reported. The Dow Jones Industrial Average rose 546 points (+1.65%) to 33,674, the S&P 500 climbed 75 points (+1.85%) to 4,136, and the Nasdaq 100 jumped 276 points (+2.13%) to 13,259.
U.S. data showed that the economy added 253,000 nonfarm payrolls in April (vs 190,000 expected) with the jobless rate declining to 3.4% (vs 3.6% expected), a 53-year low.
However, the nonfarm-payroll number for March was revised lower to 165,000 from 236,000 previously reported.
The U.S. 10-year Treasury yield gained 4.7 basis points to 3.426%.
Automobiles (+5.1%), technology hardware & equipment (+4.04%), and banks (+3.24%) stock sectors led the market higher.
Apple (AAPL) jumped 4.69%. The consumer electronics giant reported better-than-expected second-quarter revenue and earnings, and enlarged its share-buyback plan to $90 billion.
Tesla (TSLA) rallied 5.50%, Nvidia (NVDA) rose 4.06%, Microsoft (MSFT) climbed 1.72%, and Amazon.com (AMZN) was up 1.59%.
Expedia (EXPE) rose 4.90%. The online travel agency's quarterly sales exceeded expectations.
Coinbase Global (COIN) surged 18.33%, and Carvana (CVNA) soared 24.44%, as both companies posted smaller-than-expected quarterly losses.
On the other hand, Lyft (LYFT) sank 19.27%, as the ridesharing company gave a lower-than-expected second-quarter revenue forecast.
European stocks also closed higher. The DAX 40 rose 1.44%, the CAC 40 gained 1.26%, and the FTSE 100 was up 0.98%.
U.S. WTI crude futures jumped $2.80 (+4.09%) to $71.31 a barrel. However, they were still down 7% for the week.
Gold price retreated $33 to $2,016 an ounce.
Market Wrap: Forex
The U.S. dollar index dipped to 101.28.
EUR/USD added 8 pips to 1.1020. The Eurozone's data showed that retail sales declined 1.2% on month in March (vs -0.1% expected).
Germany's factory orders slumped 10.7% on month in March (vs -2.3% expected). France's industrial production dropped 1.1% on month in March (vs -0.4% expected).
USD/JPY added 56 pips to 134.85.
GBP/USD gained 61 pips to 1.2635.
AUD/USD climbed 60 pips to 0.6753.
USD/CHF climbed 47 pips to 0.8904.
USD/CAD dropped 159 pips to 1.3380. Canada's data showed that the jobless rate ticked down to 5.0% in April (vs 5.2% expected).
Over the weekend, Bitcoin dipped below $29,000. In Sunday morning, Binance, the world's largest crypto exchange, temporarily paused Bitcoin withdrawals as the Bitcoin blockchain became overwhelmed with pending transactions and surging fees.
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks rebounded sharply following Apple's (AAPL) strong quarterly results and higher job growth reported. The Dow Jones Industrial Average rose 546 points (+1.65%) to 33,674, the S&P 500 climbed 75 points (+1.85%) to 4,136, and the Nasdaq 100 jumped 276 points (+2.13%) to 13,259.
U.S. data showed that the economy added 253,000 nonfarm payrolls in April (vs 190,000 expected) with the jobless rate declining to 3.4% (vs 3.6% expected), a 53-year low.
However, the nonfarm-payroll number for March was revised lower to 165,000 from 236,000 previously reported.
The U.S. 10-year Treasury yield gained 4.7 basis points to 3.426%.
Automobiles (+5.1%), technology hardware & equipment (+4.04%), and banks (+3.24%) stock sectors led the market higher.
Apple (AAPL) jumped 4.69%. The consumer electronics giant reported better-than-expected second-quarter revenue and earnings, and enlarged its share-buyback plan to $90 billion.
Tesla (TSLA) rallied 5.50%, Nvidia (NVDA) rose 4.06%, Microsoft (MSFT) climbed 1.72%, and Amazon.com (AMZN) was up 1.59%.
Expedia (EXPE) rose 4.90%. The online travel agency's quarterly sales exceeded expectations.
Coinbase Global (COIN) surged 18.33%, and Carvana (CVNA) soared 24.44%, as both companies posted smaller-than-expected quarterly losses.
On the other hand, Lyft (LYFT) sank 19.27%, as the ridesharing company gave a lower-than-expected second-quarter revenue forecast.
European stocks also closed higher. The DAX 40 rose 1.44%, the CAC 40 gained 1.26%, and the FTSE 100 was up 0.98%.
U.S. WTI crude futures jumped $2.80 (+4.09%) to $71.31 a barrel. However, they were still down 7% for the week.
Gold price retreated $33 to $2,016 an ounce.
Market Wrap: Forex
The U.S. dollar index dipped to 101.28.
EUR/USD added 8 pips to 1.1020. The Eurozone's data showed that retail sales declined 1.2% on month in March (vs -0.1% expected).
Germany's factory orders slumped 10.7% on month in March (vs -2.3% expected). France's industrial production dropped 1.1% on month in March (vs -0.4% expected).
USD/JPY added 56 pips to 134.85.
GBP/USD gained 61 pips to 1.2635.
AUD/USD climbed 60 pips to 0.6753.
USD/CHF climbed 47 pips to 0.8904.
USD/CAD dropped 159 pips to 1.3380. Canada's data showed that the jobless rate ticked down to 5.0% in April (vs 5.2% expected).
Over the weekend, Bitcoin dipped below $29,000. In Sunday morning, Binance, the world's largest crypto exchange, temporarily paused Bitcoin withdrawals as the Bitcoin blockchain became overwhelmed with pending transactions and surging fees.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks showed muted actions compared to the strong rally in the prior session. The Nasdaq 100 advanced 32 points (+0.25%) to 13,291, the S&P 500 added 1 point (+0.05%) to 4,138, while the Dow Jones Industrial Average fell 55 points (-0.17%) to 33,618.
The U.S. 10-year Treasury yield gained 7.8 basis points to 3.515%.
Media (+1.45%), automobiles (+0.95%), and insurance (+0.77%) stock sectors gained the most, while real estate (-0.65%) and software & services (-0.48%) sectors underperformed the market.
Tyson Foods (TSN) plunged 16.41%. The largest U.S. producer of processed chicken and beef posted an unexpected quarterly loss and cut its full-year sales guidance.
KKR & Co (KKR) slid 4.27%. The investment firm's first-quarter earnings dropped 26% on year.
American Airlines (AAL) rose 3.53% as the stock was upgraded to "overweight" at JPMorgan.
Albemarle Corp (ALB) gained 3.44%. The world's largest lithium producer was upgraded to "neutral" at Bank of America.
Advanced Micro Devices (AMD) jumped 5.79% posting a strong three-day rally.
Tesla (TSLA) climbed a further 1.02% after rallying 5.50% Friday.
PacWest Bancorp (PACW) once surged about 30% but ended with a gain of only 3.65%. The regional bank announced a sharp cut in its quarterly dividend to boost capital.
In Europe, the DAX 40 edged down 0.05%, while the CAC 40 added 0.11%. The U.K. stock market was closed for a bank holiday for the coronation of King Charles III.
Oil prices continued to rebound as recession fears seemed to be fading. U.S. WTI crude futures rose $1.50 to $72.80 a barrel.
Gold price added $4 to $2,020 an ounce.
Market Wrap: Forex
The U.S. dollar index edged up to 101.40.
EUR/USD declined 16 pips to 1.1003. Germany's data showed that industrial production dropped 3.4% on month in March (vs +0.7% expected).
USD/JPY added 28 pips to 135.08. This morning, Japan's data showed that household spending fell 1.9% on year in March (vs +0.5% expected).
GBP/USD fell 19 pips to 1.2617. This morning, the British Retail Consortium reported that U.K. like-for-like retail sales increased 5.2% on year in April (vs +4.1% expected).
AUD/USD increased 33 pips to 0.6782. In Australia, the National Australia Bank (NAB) business confidence index improved to 0 in April from -1 in March.
USD/CHF declined 10 pips to 0.8899, and USD/CAD eased 4 pips to 1.3371.
Bitcoin sank a further 3% to $27,600. Binance, the world's largest crypto exchange, temporarily paused Bitcoin withdrawals twice due to heavy volumes and surging processing fees for the Bitcoin miners.
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks showed muted actions compared to the strong rally in the prior session. The Nasdaq 100 advanced 32 points (+0.25%) to 13,291, the S&P 500 added 1 point (+0.05%) to 4,138, while the Dow Jones Industrial Average fell 55 points (-0.17%) to 33,618.
The U.S. 10-year Treasury yield gained 7.8 basis points to 3.515%.
Media (+1.45%), automobiles (+0.95%), and insurance (+0.77%) stock sectors gained the most, while real estate (-0.65%) and software & services (-0.48%) sectors underperformed the market.
Tyson Foods (TSN) plunged 16.41%. The largest U.S. producer of processed chicken and beef posted an unexpected quarterly loss and cut its full-year sales guidance.
KKR & Co (KKR) slid 4.27%. The investment firm's first-quarter earnings dropped 26% on year.
American Airlines (AAL) rose 3.53% as the stock was upgraded to "overweight" at JPMorgan.
Albemarle Corp (ALB) gained 3.44%. The world's largest lithium producer was upgraded to "neutral" at Bank of America.
Advanced Micro Devices (AMD) jumped 5.79% posting a strong three-day rally.
Tesla (TSLA) climbed a further 1.02% after rallying 5.50% Friday.
PacWest Bancorp (PACW) once surged about 30% but ended with a gain of only 3.65%. The regional bank announced a sharp cut in its quarterly dividend to boost capital.
In Europe, the DAX 40 edged down 0.05%, while the CAC 40 added 0.11%. The U.K. stock market was closed for a bank holiday for the coronation of King Charles III.
Oil prices continued to rebound as recession fears seemed to be fading. U.S. WTI crude futures rose $1.50 to $72.80 a barrel.
Gold price added $4 to $2,020 an ounce.
Market Wrap: Forex
The U.S. dollar index edged up to 101.40.
EUR/USD declined 16 pips to 1.1003. Germany's data showed that industrial production dropped 3.4% on month in March (vs +0.7% expected).
USD/JPY added 28 pips to 135.08. This morning, Japan's data showed that household spending fell 1.9% on year in March (vs +0.5% expected).
GBP/USD fell 19 pips to 1.2617. This morning, the British Retail Consortium reported that U.K. like-for-like retail sales increased 5.2% on year in April (vs +4.1% expected).
AUD/USD increased 33 pips to 0.6782. In Australia, the National Australia Bank (NAB) business confidence index improved to 0 in April from -1 in March.
USD/CHF declined 10 pips to 0.8899, and USD/CAD eased 4 pips to 1.3371.
Bitcoin sank a further 3% to $27,600. Binance, the world's largest crypto exchange, temporarily paused Bitcoin withdrawals twice due to heavy volumes and surging processing fees for the Bitcoin miners.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks closed mostly higher after data showed that inflation cooled further. The S&P 500 rose 18 points (+0.45%) to 4,137, and the Nasdaq 100 jumped 146 points (+1.11%) to 13,347, while the Dow Jones Industrial Average declined 30 points (-0.09%) to 33,531.
The U.S. inflation rate slowed further to 4.9% on year in April (as expected), below 5.0% for the first time in two years.
Fed funds futures indicate that traders are expecting in a pause in interest-rate hikes in June.
The U.S. 10-year Treasury yield dropped 8 basis points to 3.439%.
Media (+1.92%), software & services (+1.59%), and retailing (+1.54%) stock sectors gained the most, while energy (-1.15%), consumer durables & apparel (-0.98%), and banks (-0.74%) sectors lagged behind.
Alphabet (GOOGL) rose 4.10% after the company's chief executive said Google will begin integrating its artificial intelligence chatbot Bard into its search engine.
At the same time, Amazon.com (AMZN) climbed 3.35%, Apple (AAPL) gained 1.04%, Microsoft (MSFT) added 1.73%, and Nvidia (NVDA) was up 1.10%.
Rivian Automotive (RIVN) closed 1.80% higher. The electric-vehicle maker posted a smaller-than-expected first-quarter loss per share.
Li Auto (LI) jumped 13.93% as the company's second-quarter revenue exceeded expectations.
On the other hand, Twilio (TWLO) slid 12.64%, as the cloud-platform company gave a lower-than-expected forecast for the current-quarter results.
Airbnb (ABNB) dropped 10.92%. The home rental platform provided a down-beat second-quarter revenue forecast.
Occidental Petroleum (OXY) declined 3.58%. The energy company's first-quarter adjusted earnings per share missed expectations.
European stocks closed lower. The DAX 40 fell 0.37%, the CAC 40 dropped 0.49%, and the FTSE 100 was down 0.29%.
U.S. WTI crude futures declined $0.90 to $72.85 a barrel. The U.S. Energy Department reported an addition of 2.95 million barrels in crude-oil stockpiles (vs -0.92 million barrels expected).
Gold price eased $3 to $2,031 an ounce.
Market Wrap: Forex
The dollar index edged down to 101.43.
EUR/USD climbed 20 pips to 1.0982, GBP/USD added 6 pips to 1.2627.
USD/JPY slid 89 pips to 134.34.
AUD/USD gained 16 pips to 0.6778.
USD/CHF declined 11 pips to 0.8894.
USD/CAD eased 7 pips to 1.3377. Canada's data showed that the number of building permits climbed 11.3% on month in March (vs +1.4% expected).
Bitcoin once jumped to levels around $28,300 before retreating to $27,600.
Personal Payout. Received within a few hours. Very quick payout.
Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks closed mostly higher after data showed that inflation cooled further. The S&P 500 rose 18 points (+0.45%) to 4,137, and the Nasdaq 100 jumped 146 points (+1.11%) to 13,347, while the Dow Jones Industrial Average declined 30 points (-0.09%) to 33,531.
The U.S. inflation rate slowed further to 4.9% on year in April (as expected), below 5.0% for the first time in two years.
Fed funds futures indicate that traders are expecting in a pause in interest-rate hikes in June.
The U.S. 10-year Treasury yield dropped 8 basis points to 3.439%.
Media (+1.92%), software & services (+1.59%), and retailing (+1.54%) stock sectors gained the most, while energy (-1.15%), consumer durables & apparel (-0.98%), and banks (-0.74%) sectors lagged behind.
Alphabet (GOOGL) rose 4.10% after the company's chief executive said Google will begin integrating its artificial intelligence chatbot Bard into its search engine.
At the same time, Amazon.com (AMZN) climbed 3.35%, Apple (AAPL) gained 1.04%, Microsoft (MSFT) added 1.73%, and Nvidia (NVDA) was up 1.10%.
Rivian Automotive (RIVN) closed 1.80% higher. The electric-vehicle maker posted a smaller-than-expected first-quarter loss per share.
Li Auto (LI) jumped 13.93% as the company's second-quarter revenue exceeded expectations.
On the other hand, Twilio (TWLO) slid 12.64%, as the cloud-platform company gave a lower-than-expected forecast for the current-quarter results.
Airbnb (ABNB) dropped 10.92%. The home rental platform provided a down-beat second-quarter revenue forecast.
Occidental Petroleum (OXY) declined 3.58%. The energy company's first-quarter adjusted earnings per share missed expectations.
European stocks closed lower. The DAX 40 fell 0.37%, the CAC 40 dropped 0.49%, and the FTSE 100 was down 0.29%.
U.S. WTI crude futures declined $0.90 to $72.85 a barrel. The U.S. Energy Department reported an addition of 2.95 million barrels in crude-oil stockpiles (vs -0.92 million barrels expected).
Gold price eased $3 to $2,031 an ounce.
Market Wrap: Forex
The dollar index edged down to 101.43.
EUR/USD climbed 20 pips to 1.0982, GBP/USD added 6 pips to 1.2627.
USD/JPY slid 89 pips to 134.34.
AUD/USD gained 16 pips to 0.6778.
USD/CHF declined 11 pips to 0.8894.
USD/CAD eased 7 pips to 1.3377. Canada's data showed that the number of building permits climbed 11.3% on month in March (vs +1.4% expected).
Bitcoin once jumped to levels around $28,300 before retreating to $27,600.
Personal Payout. Received within a few hours. Very quick payout.
MARKET COMMENTARY
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks closed slightly lower. The Dow Jones Industrial Average slipped 8 points (-0.03%) to 33,300, the S&P 500 declined 6 points (-0.16%) to 4,124, and the Nasdaq 100 dropped 49 points (-0.37%) to 13,340.
The University of Michigan consumer sentiment index fell to a 57.7 for May (vs 64.0 expected, 63.5 in April), the lowest level since November.
The U.S. 10-year Treasury yield rebounded 7.8 basis points to 3.463%.
Automobiles (-2.26%), banks (-1.16%), and consumer durables & apparel (-0.91%) stock sectors lost the most.
Tesla (TSLA) once jumped over 2%, but eventually closed 2.38% lower. Company chief executive Elon Musk said he has hired Linda Yaccarino as Twitter's new chief executive. The company also announced the need to fix 1.1 million cars it sold in China due to a braking-system issue.
Rivian Automotive (RIVN) dropped 6.72%.
First Solar (FSLR) soared 26.48%. The maker solar modules announced plans to acquire European perovskite technology company Evolar for $80 million.
European stocks were higher at close. The DAX 40 edged up 0.05%, the CAC 40 rose 0.45%, and the FTSE 100 was up 0.31%.
Swiss-listed Richemont's share price hit a record intraday level, as the luxury goods group reported upbeat full-year results citing strong demand from Chinese consumers for jewellery and watches.
U.S. WTI crude futures fell $0.80 to $70.07 a barrel.
Gold price dipped $4 to $2,011 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened further against other major currencies. U.S. Federal Reserve Governor Michelle Bowman said the central bank will probably need to raise interest rates further if inflation stays high.
The dollar index advanced to 102.69.
EUR/USD dropped 65 pips to 1.0851.
GBP/USD fell 61 pips to 1.2450. U.K. data showed that gross domestic product shrank 0.3% on month in March (vs +0.1% expected), while industrial production grew +0.7% (vs +0.2% expected).
USD/JPY jumped 116 pips to 135.69. This morning, Japan's data showed that producer-price growth slowed to 5.8% on year in April (vs 6.5% expected).
AUD/USD slid 57 pips to 0.6645
USD/CHF gained 45 pips to 0.8987, and USD/CAD rose 64 pips to 1.3555.
Over the weekend, Bitcoin managed to trade higher to $26,880.
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks closed slightly lower. The Dow Jones Industrial Average slipped 8 points (-0.03%) to 33,300, the S&P 500 declined 6 points (-0.16%) to 4,124, and the Nasdaq 100 dropped 49 points (-0.37%) to 13,340.
The University of Michigan consumer sentiment index fell to a 57.7 for May (vs 64.0 expected, 63.5 in April), the lowest level since November.
The U.S. 10-year Treasury yield rebounded 7.8 basis points to 3.463%.
Automobiles (-2.26%), banks (-1.16%), and consumer durables & apparel (-0.91%) stock sectors lost the most.
Tesla (TSLA) once jumped over 2%, but eventually closed 2.38% lower. Company chief executive Elon Musk said he has hired Linda Yaccarino as Twitter's new chief executive. The company also announced the need to fix 1.1 million cars it sold in China due to a braking-system issue.
Rivian Automotive (RIVN) dropped 6.72%.
First Solar (FSLR) soared 26.48%. The maker solar modules announced plans to acquire European perovskite technology company Evolar for $80 million.
European stocks were higher at close. The DAX 40 edged up 0.05%, the CAC 40 rose 0.45%, and the FTSE 100 was up 0.31%.
Swiss-listed Richemont's share price hit a record intraday level, as the luxury goods group reported upbeat full-year results citing strong demand from Chinese consumers for jewellery and watches.
U.S. WTI crude futures fell $0.80 to $70.07 a barrel.
Gold price dipped $4 to $2,011 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened further against other major currencies. U.S. Federal Reserve Governor Michelle Bowman said the central bank will probably need to raise interest rates further if inflation stays high.
The dollar index advanced to 102.69.
EUR/USD dropped 65 pips to 1.0851.
GBP/USD fell 61 pips to 1.2450. U.K. data showed that gross domestic product shrank 0.3% on month in March (vs +0.1% expected), while industrial production grew +0.7% (vs +0.2% expected).
USD/JPY jumped 116 pips to 135.69. This morning, Japan's data showed that producer-price growth slowed to 5.8% on year in April (vs 6.5% expected).
AUD/USD slid 57 pips to 0.6645
USD/CHF gained 45 pips to 0.8987, and USD/CAD rose 64 pips to 1.3555.
Over the weekend, Bitcoin managed to trade higher to $26,880.
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