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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed slightly higher. The Dow Jones Industrial Average rose 47 points (+0.14%) to 33,348, the S&P 500 climbed 12 points (+0.30%) to 4,136, and the Nasdaq 100 gained 73 points (+0.55%) to 13,413.

Semiconductors (+2.42%), banks (+1.85%), and materials (+0.85%) stock sectors were the top performers, while utilities (-1.24%), telecoms services (-1.02%), and automobiles (-0.76%) sectors lagged behind.

Meta Platforms (META) climbed 2.16% as the stock was upgraded to "buy" at investment bank & brokerage Loop Capital.

Alphabet (GOOGL) declined 0.85% after being downgraded to "hold" at Loop Capital.

Microsoft (MSFT) edged up 0.16%, while Activision Blizzard (ATVI) added 1.24%. The European Union's antitrust regulators approved Microsoft's 69-billion-dollar acquisition of Activision Blizzard.

Newmont Mining (NEM) rose 2.50%. The gold and copper mining company's takeover offer of 17.5 billion dollars for Australian gold miner Newcrest Mining has been accepted by the latter.

The U.S. 10-year Treasury yield advanced a further 3.8 basis points to 3.500%.

Regarding U.S. economic data, the New York State manufacturing index fell to -31.8 in May (vs +8.0 expected).

European stocks were higher at close. The DAX 40 edged up 0.02%, the CAC 40 added 0.05%, and the FTSE 100 was up 0.30%.

U.S. WTI crude futures rose $1.30 to $71.30 a barrel.

Gold price climbed $5 to $2,016 an ounce.

Market Wrap: Forex

The U.S. dollar retreated from a five-week high, as the dollar index declined to 102.41.

EUR/USD rose 27 pips to 1.0876. the European Commission raised its 2023 Eurozone GDP growth forecast to 1.1% from 0.9% previously, and its inflation forecast to 5.8% from 5.6%.

GBP/USD gained 72 pips to 1.2530.

USD/JPY climbed 36 pips to 136.06.

AUD/USD rose 57 pips to 0.6703. In Australia, the Westpac consumer confidence index dropped to 79.0 in May (vs 82.1 expected).

USD/CHF added 24 pips to 0.8951.

USD/CAD dropped 84 pips to 1.3466. Canada's data showed that housing starts increased to 261,600 units in April (vs 221,000 units expected).

Bitcoin regained the $27,000 level before trading higher to $27,600.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks closed mostly lower. The Dow Jones Industrial Average fell 336 points (-1.01%) to 33,012, and the S&P 500 dropped 26 points (-0.64%) to 4,109, while the Nasdaq 100 pared earlier gains to close just 12 points higher (+0.09%) at 13,426.

Real estate (-2.67%), energy (-2.54%), and utilities (-2.3%) stock sectors lost the most, while media (+0.93%), and software & services (+0.48%) posted gains.

Alphabet (GOOGL) rose 2.57%. Hedge fund Pershing Square revealed a new stake worth over one billion dollars in the tech giant.

Amazon.com (AMZN) climbed 1.98%. Bloomberg reported that the company is planning to bring a ChatGPT-style search tool to its online store.

Home Depot (HD) slid 2.15%. The home improvement specialty retailer lower its full-year sales forecast.

Amgen (AMGN) fell 2.42%. The U.S. Federal Trade Commission sued to block the biotech-medicine developer's proposed 28-billion-dollar deal to buy Horizon Therapeutics Plc (HZNP) citing anti-competition concerns. Horizon Therapeutics (HZNP) sank 14.17%.

On the other hand, Baidu (BIDU) rose 3.97%. The Chinese tech giant posted better-than-expected quarterly earnings.

Capital One Financial (COF) gained 2.05% after a filing showed that Berkshire Hathaway Inc has taken a stake in the bank.

The U.S. 10-year Treasury yield gained a further 4 basis points to 3.541%.

U.S. data showed that retail sales grew 0.4% on month in April (vs +0.7% expected), and industrial production expanded 0.5% (vs -0.1% expected).

European stocks closed lower. The DAX 40 fell 0.12%, the CAC 40 dropped 0.16%, and the FTSE 100 was down 0.34%.

U.S. WTI crude futures declined $0.60 to $70.55 a barrel.

Gold price slid $27 to $1,988 an ounce.

Market Wrap: Forex

The U.S. dollar index climbed to 102.60.

EUR/USD dropped 12 pips to 1.0862. In Germany, the ZEW economic sentiment index fell to -10.7 in May (vs -2 expected).

GBP/USD slid 48 pips to 1.2481. U.K. data showed that the latest jobless rate rose to 3.9% (vs 3.8% expected).

USD/JPY added 27 pips to 136.39. This morning, Japan's data showed that the gross domestic product grew at an annualized rate of 1.6% on quarter in the first quarter (vs +0.8% expected).

USD/CAD gained 11 pips to 1.3478. Canada's inflation rate ticked up to 4.4% on year in April (vs 3.9% expected).

AUD/USD declined 46 pips to 0.6654.

USD/CHF rose 10 pips to 0.8966.

Bitcoin dipped back below $27,000.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks rallied leading major indexes to gain over 1%. The Dow Jones Industrial Average climbed 408 points (+1.24%) to 33,420, the S&P 500 rose 48 points (+1.19%) to 4,158, and the Nasdaq 100 gained 163 points (+1.22%) to 13,589.

Banks (+4.46%), automobiles (+4.03%), and semiconductors (+2.42%) stock sectors led the market higher.

Tesla (TSLA) rose 4.41%. Chief executive Elon Musk revealed at the company's shareholders meeting that it is working on two new vehicle models.

Nvidia (NVDA) jumped 3.30%, and cloud-based software firm ServiceNow (NOW) added 5.27%. Both companies announced plans to jointly develop generative artificial intelligence (AI) capabilities.

Alphabet (GOOGL) climbed 1.11%, Amazon.com (AMZN) advanced 1.85%, and Meta Plaforms (META) gained 1.53%.

Western Alliance Bancorp (WAL) surged 10.19%. The regional bank reported a deposit growth in the current quarter.

Target (TGT) rose 2.58%. The discount retailer posted better-than-expected first-quarter sales and earnings.

Regarding U.S. economic data, the number of housing starts rose 2.2% on month in April (vs -1.5% expected), and the number of building permits dropped 1.5% (vs +0.2% expected).

The U.S. 10-year Treasury yield rose 4.3 basis points further to 3.577%.

European stocks closed mixed. The DAX 40 rose 0.34%, while the CAC 40 declined 0.09%, and the FTSE 100 was down 0.36%.

U.S. WTI crude futures increased $1.80 to $72.69 a barrel. The U.S. Energy Department reported an addition of 5.04 million barrels in crude-oil stockpiles (vs a reduction of 0.92 million barrels expected).

Gold price dropped $6 to $1,982 an ounce.

Market Wrap: Forex

The U.S. dollar got firmer against other major currencies. The dollar index rose to 102.85.

EUR/USD fell 24 pips to 1.0838, while GBP/USD was little changed at 1.2487.

USD/JPY jumped 126 pips to 137.65. This morning, Japan's data showed that trade deficit narrowed to 432.4 billion yen in April (vs 690.0 billion yen expected), with export growth slowing to 2.6% on year (vs 3.0% expected).

AUD/USD added 6 pips to 0.6662.

USD/CHF gained 21 pips to 0.8986, while USD/CAD slipped 33 pips to 1.3449.

Bitcoin managed to hold the $27,000 level and climbed to $27,400.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks advanced further following a sharp rally Wednesday. The Dow Jones Industrial Average rose 115 points (+0.34%) to 33,535, the S&P 500 climbed 39 points (+0.94%) to 4,198, and the Nasdaq 100 jumped 245 points (+1.81%) to 13,834.

Semiconductors (+3.59%), media (+2.15%), and software & services (+1.74%) stock sectors gained the most, while household & personal products (-1.15%) and telecoms services (-0.85%) sectors underperformed the market.

Micron Technology (MU) rose 4.08%. The chip maker announced plans to invest up to 500 billion yen ($3.70 billion) to manufacture next-generation chips in Japan.

Peer semiconductor stocks also performed well. Nvidia (NVDA) climbed 4.97%, Lam Research (LRCX) gained 4.29%, Broadcom (AVGO) advanced 3.11%, and Applied Materials (AMAT) was up 3.36%.

NetFlix (NFLX) jumped 9.22%. The video-streaming service provider reported that its ad-supported service tier has nearly 5 million active users per month.

Palantir Technologies (PLTR) surged 14.54%. Cathie Wood's Ark Investment Management revealed buying 1.26 million shares in the data mining company for its exchange traded funds.

Walmart (WMT) added 1.30%. The the retail giant posted better-than-expected quarterly earnings, and raised its full-year guidance.

Take-Two Interactive Software (TTWO) bounced 11.69%. The video game publisher's quarterly sales exceeded expectations.

The U.S. 10-year Treasury yield charged 8.2 basis points higher to 3.646%.

Regarding U.S. economic data, the latest number of initial jobless claims fell to 242,000 (vs 270,000 expected). The Philadelphia Fed manufacturing index improved to -10.4 in May (vs -22.0 expected).

European stocks also closed higher. The DAX 40 rose 1.33%, the CAC 40 gained 0.64%, and the FTSE 100 was up 0.25%.

U.S. WTI crude futures declined $0.80 to $72.00 a barrel.

Gold price slid $24 to $1,957 an ounce.

Market Wrap: Forex

The U.S. dollar kept strengthening against other major currencies. The dollar index advanced to 103.52.

EUR/USD dropped 65 pips to 1.0775.

USD/JPY climbed 101 pips to 138.69. This morning, Japan's data showed that the inflation rate accelerate to 3.5% on year in April (vs 3.2% expected).

GBP/USD slid 78 pips to 1.2409.

AUD/USD fell 36 pips to 0.6624.

USD/CHF gained 64pips to 0.9048.

USD/CAD rose 43 pips to 1.3498. Canada's new housing price index dipped 0.1% on month in April (as expected).

Bitcoin lack upward momentum falling over 2% to $26,840.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks closed slightly lower after debt-ceiling negotiations between President Joe Biden and top Republican Kevin McCarthy stalled. The Dow Jones Industrial Average fell 109 points (-0.33%) to 33,426, the S&P 500 dropped 6 points (-0.14%) to 4,191, and the Nasdaq 100 was down 31 points (-0.23%) to 13,803.

The consumer durables & apparel (-2.69%), retailing (-1.4%), and semiconductors (-0.82%) stock sectors lost the most.

Foot Locker (FL) plunged 27.24% after the athletic footwear and apparel retailer cut its annual sales forecast.

Apparel retailer Gap Inc (GPS) also fell 4.07%.

Applied Materials (AMAT) slid 2.29%. The semiconductor-industry equipment maker projected declining sales for the current quarter.

Morgan Stanley (MS) dropped 2.66% as CEO James Gorman said he would step down in the next 12 months.

On the other hand, Occidental Petroleum (OXY) rose 1.51% after Berkshire Hathaway reported an extra stake in the oil & gas exploration company.

The U.S. 10-year Treasury yield gained a further 3.3 basis points to 3.678%.

European stocks closed higher. The DAX 40 rose 0.69%, the CAC 40 gained 0.61%, and the FTSE 100 was up 0.19%.

U.S. WTI crude futures settled relatively flat at $71.71 a barrel.

Gold price rebounded $20 to $1,977 an ounce.

Market Wrap: Forex

The U.S. dollar retreated against other major currencies after Federal Reserve Chair Jerome Powell hinted that the central bank may not need to raise interest rates as aggressively as before.

The dollar index declined to 103.18.

EUR/USD rose 36 pips to 1.0806. Germany's data showed that producer-price growth slowed to 4.1% on year in April (vs 6.1% expected).

USD/JPY dropped 74 pips to 137.97.

GBP/USD gained 35 pips to 1.2444, and AUD/USD rose 28 pips to 0.6650.

USD/CHF declined 56 pips to 0.8996.

USD/CAD was little changed at 1.3501. Canada's data showed that retail sales declined 1.4% on month in March (as expected).

Over the weekend, Bitcoin failed to secure the $27,000 level.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed mixed. The Nasdaq 100 gained 46.25pts (+0.34%) to 13,849, the S&P 500 was nearly flat at 4,192, while and the Dow Jones Industrial Average fell 140 points (-0.42%) to 33,286.

Automobiles (+3.93%), media (+1.26%), and banks (+0.75%) stock sectors were the top performers, while consumer durables & apparel (-2.59%), household & personal products (-2.32%), and consumer services (-1.64%) sectors were under pressure.

Tesla (TSLA) advanced 4.85% posting a five-session rally.

Meta Platforms (META) rose 1.09%. The parent company of Facebook said it will appeal the European Union's decided that it has to pay a record fine of $1.3 billion on privacy concerns.

Pfizer (PFE) climbed 5.38%. The drug maker reported positive results from its experimental weight-loss pill.

PacWest Bancorp (PACW) surged 19.55%. The regional bank announced plans to sell $2.6 billion worth of real estate loans to shore up capital.

On the other hand, Micron Technology (MU) fell 2.85%. The chip maker's products have been banned by China on security concerns.

Foot Locker (FL) dropped a further 8.54% after being downgraded to "neutral" from "buy" at Citi.

Nike (NKE) lost 3.99%.

The U.S. 10-year Treasury yield added a further 4 basis points to 3.713%.

European stocks also closed mixed. The DAX 40 fell 0.32%, the CAC 40 slipped 0.18%, while the FTSE 100 was up 0.18%.

U.S. WTI crude futures rose $0.44 to $71.99 a barrel.

Gold price declined $5 to $1,972 an ounce.

Market Wrap: Forex

The U.S. dollar index edged higher to 103.24.

EUR/USD gained 9 pips to 1.0814. The Eurozone's official consumer confidence index was little changed at -17.4 for May (vs -16.0 expected).

USD/JPY climbed 60 pips to 138.58. This morning, the Jibun Bank Japan manufacturing purchasing managers index posted at 50.8 for May (vs 50.2 expected), the first expansion reading (over 50) in seven months.

GBP/USD eased 7 pips to 1.2438.

AUD/USD was flat at 0.6651. This morning, the Judo Bank manufacturing Australia purchasing managers index posted at 48.0 for May (vs 47.6 expected).

USD/CHF declined 19 pips to 0.8978, while USD/CAD was little changed at 1.3506.

Bitcoin traded higher to $26,860.

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

The U.S. dollar index rose to 103.56.

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

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

USD/JPY was little changed at 138.59.

AUD/USD fell 44 pips to 0.6609.

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

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

USD/CHF added 39 pips to 0.9018.

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

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

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

USD/JPY jumped 74 pips to 139.33.

AUD/USD slid 69 pips to 0.6541.

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

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

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

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

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

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

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

USD/CHF added 13 pips to 0.9062.

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

Bitcoin traded higher to $26,460.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

Also, Costco Wholesale (COST) rose 4.26%.

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

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

AUD/USD climbed 15 pips to 0.6520.

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

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

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

AUD/USD added 22 pips to 0.6539.

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

Bitcoin fell back to levels below $28,000.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

GBP/USD added 51 pips to 1.2406.

USD/CHF stepped up 18 pips to 0.9061.

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

Bitcoin was little changed at $27,700.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

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

GBP/USD rose 24 pips to 1.2438.

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

USD/CHF rose 47 pips to 0.9106.

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

Bitcoin traded lower to $27,200.

 

[supertrader9]

MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Wrap: Forex

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

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

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

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

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

AUD/USD gained 69 pips to 0.6572.

USD/CHF dipped 47 pips to 0.9060.

USD/CAD fell 120 pips to 1.3454.

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



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[supertrader9]

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[supertrader9]

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.

 

[supertrader9]

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.

 

[supertrader9]

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.