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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Tuesday, major U.S. indices were under pressure as the Chinese yuan slid to a 9-month low against the dollar, while Fitch ratings said it may have to slash the credit ratings of more U.S. banks. The S&P 500 declined 52 points (-1.16%) to 4,437, the Nasdaq 100 decreased 168 points (-1.10%) to 15,037 and the Dow Jones Industrial Average dropped 361 points (-1.02%) to 34,946.

The Banks (-2.75%), Automobiles & Components (-2.70%), and Energy (-2.44%) sectors underperformed the most during the trading session. JPMorgan Chase (JPM) fell 2.55%, Wells Fargo (WFC) slid 2.31%, Bank of America (BAC) dropped 3.2%, and US Bancorp (USB) lost 2.79%.

Meanwhile, PayPal (PYPL) slid 6.01% after Elliot Investment Management sold its stake in the online payment firm during the second quarter.

Tesla (TSLA), the electric-vehicle maker, dropped 2.84% as it revealed new, lower-priced base vehicles for its Model S and X lines.

Target (TGT), a leading general merchandise discount retailer, fell 3.38% ahead of its quarterly report, which is due Wednesday August 16th, as the company is expected to unveil its first sales decline in four years.

DR Horton (DHI) rose 2.89%, Lennar (LEN) gained 1.77%, and NVR (NVR) added 0.52% as a regulatory filing showed that Berkshire Hathaway (BRK/B) increased its stakes in those companies.

On the U.S. economic data front, July's retail sales grew 0.7% on month, above 0.3% estimated, and the Empire State Manufacturing Index was released at -19 for August, compared to 4.0 expected. Also, import prices rose 0.4% on month in July, above 0.2% anticipated, while business inventories were flat, compared with an expected increase of 0.2%.

The U.S. 10-year Treasury Yield gained 2.2 basis points to 4.213%, up for a fourth straight session.

European stocks were broadly lower. The Dax 40 fell 0.86%, the Cac 40 slid 1.10% and the FTSE 100 declined 1.57%.

WTI Crude Futures (September) lost $1.52 to $80.99. The American Petroleum Institute reported that the U.S. crude inventories dropped 6.20 million barrels in the week ending August 11, compared with an expected draw of 2.05 million barrels.

Spot gold was down $5 to $1,902.

Market Wrap: Forex

The U.S. dollar index was steady at 103.20. Later today, the Federal Reserve will release its latest FOMC meeting minutes.

USD/CNH jumped to a 9-month high at 7.3249. China's central bank lowered the rate on one-year medium-term lending facility loans by 15 basis points to 2.50%, the second time in three months. Meanwhile, China's industrial production grew 3.7% on year in July, below 4.7% expected, and retail sales were up 2.5%, below 4.6% estimated.

EUR/USD fell 3 pips to 1.0903. Germany's ZEW economic sentiment index was published at -12.3 in August, vs -15.0 expected, while the current conditions index was released at -71.3, against -61.0 expected.

GBP/USD gained 16 pips to 1.2699. In the U.K., the jobless rate for the April-June period rose to 4.2%, above 4.0% expected.

USD/JPY and USD/CHF were little changed at 145.57 and 0.8785 respectively.

Commodity-linked currencies were broadly under pressure against the greenback. AUD/USD dropped 33 pips to 0.6454 and NZD/USD slipped 21 pips to 0.5952, while USD/CAD climbed 40 pips to 1.3501. Canada's consumer price index climbed 3.3% on year in July, above 3.1% estimated and 2.8% in June.

Meanwhile, The Reserve Bank of New Zealand is anticipated to keep its benchmark rate unchanged at 5.50% later in the day.

Bitcoin traded lower to $29,176.

 

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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks once again posted an intraday reverse to the upside. The Dow Jones Industrial Average closed 197 higher (+0.59%) at 33,604, the S&P 500 rose 27 points (+0.63%) to 4,335, and the Nasdaq 100 was up 73 points (+0.49%) to 15,047.

The U.S. 10-year Treasury yield stayed flat at 4.801%.

Energy (+3.54%), capital goods (+2.06%) and telecoms services (+1.68%) stock sectors gained the most.

Energy stocks rallied along with oil prices, which were boosted by the surprise attack on Israel staged by Palestinian group Hamas. Hess Corp (HES) rose 5.31%, Exxon Mobil (XOM) gained 3.50%, and Chevron (CVX) climbed 2.77%.

U.S. WTI crude futures advanced $3.60 (+4.35%) to $86.43 a barrel.

Military industry stocks also performed well. Raytheon Technologies (RTX) rose 4.62%, and Lockheed Martin (LMT) jumped 8.93%. Lockheed Martin also announced an increase in its quarterly dividend and approved an additional $6 billion share buyback.

On the other hand, airline stocks underperformed the market due to rising oil prices and flight cancellations. American Airlines (AAL) fell 4.08%, and United Airlines (UAL) dropped 4.88%.

Tesla (TSLA) dipped 0.33% on reports that the electric-vehicle maker's China-made cars declined 12% on month in September.

In Europe, the DAX 40 fell 0.67%, the CAC 40 dropped 0.55%, and the FTSE 100 was little changed.

Gold price bounced $28 to $1,861 an ounce.

Market Wrap: FOREX

The U.S. dollar index remained relatively stable at 106.03.

EUR/USD declined 17 pips to 1.0569. In the Eurozone, the Sentix investor confidence index ticked down to -21.9 for October (vs -24.0 expected).

Germany's data showed that industrial production fell 0.2% on month in August (vs +1.0% expected).

USD/JPY sank 82 pips to 148.50.

GBP/USD added 5 pips to 1.2242.

AUD/USD gained 26 pips to 0.6412. This morning, Australia's Westpac consumer confidence index rebounded 82.0 in October (vs 79.1 expected).

USD/CHF rose 37 pips to 0.9061, while USD/CAD retreated 74 pips to 1.3587.

Bitcoin failed to secure the level of $28,000 trading lower to $27,610.


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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks turned sharply lower. The S&P 500 fell 60 points (-1.43%) to 4,186, losing the 4,200 level for the first time since May. The Nasdaq 100 slumped 364 points (-2.47%) to 14,381, its biggest loss since February, and the Dow Jones Industrial Average slipped 105 points (-0.32%) to 33,035.

Stock indexes were weighed down by Google parent company Alphabet (GOOGL), which tumbled 9.51%, its largest decline since March 2020. Though the company's third-quarter revenue and earnings beat expectations, revenue from its cloud unit disappointed investors.

At the same time, the U.S. 10-year Treasury yield bounced back 12.1 basis points to 4.940%.

Media (-6.38%), semiconductors (-4.09%), and retailing (-3.58%) stock sectors lost the most in the Wednesday session.

Microsoft (MSFT) rose 3.07%, while Meta Platforms (META) fell 4.17%, Amazon.com (AMZN) dropped 5.58%, Nvidia (NVDA) lost 4.31%, Tesla (TSLA) declined 1.89%, and Apple (AAPL) was down 1.35%.

Texas Instruments (TXN) declined 3.49%, as the chip-maker gave a lower-than-expected revenue forecast for the fourth quarter.

Snap (SNAP) slid 5.36% though the social media company posted upbeat quarterly results.

On the other hand, General Dynamics (GD) rose 4.03%, as the defense contractor's third-quarter results beat analysts' estimates.

In after-market hours, Meta Platforms (META) sank over 3%. The company reported better-than-expected third-quarter revenue and earnings, while its Reality Labs division showed an operating loss of $3.74 billion for the quarter.

International Business Machines (IBM) traded 1% higher after market closed, as its third-quarter sales and earnings exceeded expectations.

Amazon.com (AMZN) will report third-quarter results after the market closes Thursday (October 26).

Regarding U.S. economic data, the number of new home sales rose to an annualized rate of 759,000 units in September (vs 650,000 units expected).

European stocks closed higher. The DAX 40 added 0.08%, the CAC 40 gained 0.31%, and the FTSE 100 was up 0.33%.

U.S. WTI crude futures rose $1.50 to $85.24 a barrel.

The U.S. Energy Department reported an addition of 1.37 million barrels in crude-oil stockpiles (vs an addition of 0.24 million barrels expected).

Gold price climbed $7 to $1,978 an ounce.

Market Wrap: Forex

The U.S. dollar remained firm against other major currencies. The dollar index rose to 106.52.

EUR/USD fell 21 pips to 1.0569. In Germany, the Ifo business climate index improved to 86.9 in October (vs 85.3 expected).

Later today, the European Central Bank (ECB) is expected to keep its key interest rate unchanged at 4.50%

The yen once weakened to 150.23 per dollar within the session, the lowest level since August 1990.

GBP/USD slid 47 pips to 1.2113, AUD/USD declined 44 pips to 0.6311.

USD/CHF rose 32 pips to 0.8964.

USD/CAD rose 51 pips to 1.3792. As expected, the Bank of Canada maintained its key interest rate unchanged at 5.00%.

Bitcoin struck the key level of $35,000 for a third session before retreating to $34,450.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks rebounded following a recent round of selloffs. The Dow Jones Industrial Average jumped 511 points (+1.58%) to 32,928, the S&P 500 rose 49 points (+1.20%) to 4,166, the Nasdaq 100 climbed 155 points (+1.09%) to 14,335.

The U.S. 10-year Treasury yield gained 4.9 basis points to 4.880%.

Retailing (+2.93%), telecoms services (+2.79%), and transportation (+2.11%) stock sectors gained the most in the trading session.

The automobiles & components (-4.09%) was the only losing stock sector within the S&P 500, dragged by a 4.79% fall of Tesla (TSLA). The Nikkei newspaper reported that Japan's Panasonic is slashing production of its electric batteries supplied to Tesla, leading investors to expect falling demand for Tesla cars.

Amazon.com (AMZN) advanced a further 3.89% after gaining over 6% Friday.

Apple (AAPL) added 1.23% before the tech giant unveiled new products including new Mac computers.

McDonald's (MCD) climbed 1.72%. The global fast-food restaurant chain reported better-than-expected quarterly comparable sales.

On the other hand, ON Semiconductor (ON) slumped 21.77%, as the chip-maker offered a downbeat fourth-quarter earnings forecast.

Regarding U.S. economic data, the Dallas Fed manufacturing index dropped to -19.2 in October (vs -15 expected).

European stocks also closed higher. The DAX 40 rose 0.20%, the CAC 40 gained 0.44%, and the FTSE 100 was up 0.50%.

Oil prices fell on easing fears about oil supply disruption caused by the Israel-Hamas war. U.S. WTI crude futures retreated $3.00 to $82.54 a barrel.

Gold price softened $10 to $1,996 an ounce.

Market Wrap: Forex

The U.S. dollar weakened against other major currencies. The dollar index dropped to 106.12.

The yen once strengthened to 148.81 against the dollar, as the Nikkei newspaper said the Bank of Japan may allow the 10-year Japanese government bond yield to surpass 1% when it concludes its policy meeting later today.

This morning, Japan's data showed that the jobless rate dipped to 2.6% in September (vs 2.7% expected), industrial production grew 0.2% on month (vs +2.3% expected), while retail sales declined 0.1% on month (as expected).

EUR/USD rose 52 pips to 1.0617. Germany's data showed that the inflation rate slowed to 3.8% on year in October (vs 4.0% expected)

GBP/USD gained 49 pips to 1.2171, and AUD/USD added 41 pips to 0.6376.

USD/CHF slipped 5 pips to 0.9018, and USD/CAD fell 45 pips to 1.3825.

Bitcoin held up well at $34,500.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks rallied for a fourth session as Treasury yields continued to fall. The S&P 500 rose 79 points (+1.89%) to 4,317, its biggest gain since April. The Dow Jones Industrial Average jumped 564 points (+1.70%) to 33,839, and the Nasdaq 100 bounced 254 points (+1.74%) to 14,919.

Meanwhile the U.S. 10-year Treasury yield sank a further 7.3 basis points to 4.660%.

Automobiles & components (+4.99%), banks (+3.57%), and consumer durables & apparel (+3.51%) stock sectors led the market higher.

Tesla (TSLA) rallied 6.25%, Nvidia (NVDA) rose 2.79%, Apple (AAPL) added 2.07%, and NetFlix (NFLX) was up 1.08%.

Starbucks (SBUX) jumped 9.48%. The global coffee chain's quarterly comparable sales exceeded expectations.

Also, after reporting upbeat quarterly results, Qualcomm (QCOM) rose 5.83%, Palantir Technologies (PLTR) surged 20.44%, and Roku (ROKU) soared 30.74%.

At the same time, Shopify (SHOP) bounced 22.36%, and PayPal (PYPL) climbed 6.58%.

On the other hand, Airbnb (ABNB) fell 3.32%, as the home rental platform's current-quarter sales guidance disappointed investors.

Moderna (MRNA) fell 6.52%, and SolarEdge Technologies (SEDG) dropped 3.96%. Both companies reported quarterly losses.

Regarding U.S. economic data, the latest number of initial jobless claims increased to 217,000 (as expected), and factory orders grew 2.8% on month in September (vs +0.8% expected).

The closely-watched U.S. official non-farm payroll report for October will be released later today.

In after-market hours, Apple (AAPL) slipped 3%. Though the tech giant posted better-than-expected quarterly sales and earnings, sales in fact fell for the fourth quarter in a row, and company executives signaled that a return to sales growth in the holiday quarter is unlikely.

European stocks were up for a second session. The DAX 40 rose 1.48%, the CAC 40 gained 1.85%, and the FTSE 100 added 1.42%.

U.S. WTI crude futures increased $2 to $82.54 a barrel.

Gold price climbed $3 to $1,985 an ounce.

Market Wrap: Forex

The U.S. dollar weakened along with declining Treasury yields. The dollar index slipped to 106.17.

GBP/USD increased 51 pips to 1.2203. As expected, the Bank of England maintained its key interest rate unchanged at a 15-year high of 5.25%. The central bank pointed out that monetary policy is likely to be restrictive for an extended period of time.

EUR/USD gained 49 pips to 1.0619. Germany's data showed that the jobless rate climbed to 5.8% in October (as expected).

USD/JPY retreated a further 44 pips to 150.51.

AUD/USD added 35 pips to 0.6428.

USD/CHF fell 18 pips to 0.9060, and USD/CAD slid 111 pips (-0.80%) to 1.3745, its biggest decline since June.

Bitcoin nearly touched $36,000 before pulling back to $34,880.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks closed mixed. The S&P 500 added 4 points (+0.10%) to 4,382, and the Nasdaq 100 gained 17 points (+0.11%) to 15,313, while the Dow Jones Industrial Average eased 40 points (-0.12%) to 34,112 halting a seven-session winning streak.

The U.S. 10-year Treasury yield declined 7.4 basis points to 4.490%.

Software & services (+0.77%), commercial & professional services (+0.68%), and real estate (+0.67%) stock sectors gained the most, while energy (-1.22%), food & staples retailing (-0.98%), and utilities (-0.73%) sectors lagged behind.

Microsoft (MSFT) rose 0.74% to another record-high close of $363.20.

Extra Space Storage (EXR) rose 10.57%. The storage properties owner and operator posted better-than-expected third-quarter earnings.

DaVita HealthCare Partners (DVA) climbed 5.89%. The dialysis services provider raised its full-year earnings guidance.

Take-Two Interactive Software (TTWO) gained 5.21%. The video game publisher announced that a new version of the popular game "Grand Theft Auto" is coming soon.

Warner Bros. Discovery (WBD) fell 19.04%, as the media and entertainment conglomerate posted a bigger-than-expected third-quarter loss due to a significant decline in network advertising.

Paramount Global (PARA) also lost 7.94%.

Robinhood Markets (HOOD) dropped 14.29%. The commission-free stock trading platform's third-quarter sales missed expectations.

Lucid Group (LCID) declined 8.14%. The electric vehicle maker lowered its production forecast.

Rivian Automotive (RIVN) also eased 2.41%.

In after-market hours, Walt Disney (DIS) rose 3%, as the media and entertainment giant reported better-than-expected quarterly earnings with strong growth in the subscriber number of its video-streaming unit Disney+.

In Europe, the DAX advanced 0.51%, and the CAC 40 gained 0.69%, while the FTSE 100 declined 0.11%.

U.S. WTI crude futures fell $1.80 to $75.62 a barrel.

Gold price dropped $19 to $1,950 an ounce.

Market Wrap: Forex

The U.S. dollar index was little changed at 105.54.

EUR/USD was flat at 1.0702. The Eurozone's data showed that retail sales shrank 0.3% on month in September (as expected).

USD/JPY advanced a further 62 pips to 150.99.

GBP/USD dropped 11 pips to 1.2289. In the U.K., the Royal Institute of Chartered Surveyors house price balance edged higher to -63% in October (vs -67% expected).

AUD/USD fell 33 pips to 0.6403.

USD/CHF dipped 8 pips to 0.8993.

USD/CAD gained 25 pips to 1.3792. Canada's data showed that the number of building permits sank 6.5% on month in September (vs -0.5% expected).

Bitcoin remained firm climbing to $35,800.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Thursday, major U.S. stock indexes ended their recent winning streak as investors were concerned about a sharp jump in Treasury yields. The Dow Jones Industrial Average fell 220 points (-0.65%) to 33,891, the S&P 500 dropped 35 points (-0.81%) to 4,347, and the Nasdaq 100 was down 125 points (-0.82%) to 15,187.

Treasury yields rallied after an auction of $24 billion in 30-year Treasury bonds revealed weak demand for bonds. The U.S. 10-year Treasury yield jumped 14 basis points to 4.630%, the 30-year yield bounced 11 basis points to 4.772%.

And market sentiment was further dragged by Federal Reserve Chair Jerome Powell's comments that the fight against inflation still has a long way to go.

Automobiles & components (-5.08%), pharmaceuticals & biotechnology (-2.80%), and real estate (-1.56%) stock sectors lost the most.

Tesla (TSLA) sank 5.46%. U.S. President Biden said he supports efforts by the United Auto Workers (UAW) union to unionize at Tesla and Toyota. The stock was also rated "New Reduce" at HSBC.

Lyft (LYFT) fell 5.97%. The ride-sharing company reported weak bookings figures.

Walt Disney (DIS) rose 6.91%. The media and entertainment giant's quarterly earnings exceeded expectations with the subscriber number of its video-streaming unit Disney+ growing strongly.

Virgin Galactic (SPCE) soared 19.23%. The space tourism company raised its fourth-quarter sales guidance.

Crypto-related stocks advanced along with bitcoin, as Marathon Digital (MARA) jumped 7.95%, Coinbase Global (COIN) rose 5.14%, and Microstrategy (MSTR) climbed 4.12%.

Regarding U.S. economic data, the latest number of initial jobless claims ticked down to 217,000 (vs 220,000 expected).

European stocks closed higher. The DAX rose 0.81%, the CAC 40 climbed 1.13%, and the FTSE 100 was up 0.73%.

U.S. WTI crude futures were little changed at $75.54 a barrel.

Gold price gained $8 to $1,958 an ounce.

Market Wrap: Forex

The U.S. dollar climbed along with Treasury yields and after Powell's rather hawkish comments. The dollar index rose to 105.91.

EUR/USD dropped 42 pips to 1.0667.

USD/JPY rose 38 pips to a one-week high of 151.36. This morning, the Bank of Japan reported that the M2 money stock increased 2.4% on year in October (vs +2.4% in September).

GBP/USD fell 64 pips to 1.2221, AUD/USD declined 34 pips to 0.6368.

USD/CHF gained 44 pips to 0.9037, and USD/CAD rose 19 pips to 1.3811.

USD/CNH jumped 115 pips to 7.2983. China's data showed that consumer prices fell 0.2% on year in October (vs +0.0% expected), and producer prices dropped 2.6% (vs -2.8% expected).

Bitcoin kept showing upward momentum, as it challenged the level of $38,000 before retreating to $36,600.



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MARKET COMMENTARY


Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks rebounded strongly. The Dow Jones Industrial Average rose 391 points (+1.15%) to 34,283, the S&P 500 climbed 67 points (+1.56%) to 4,415, and the Nasdaq 100 jumped 341 points (+2.25%) to 15,529, marking its biggest one-day percentage gain since May 26.

The U.S. 10-year Treasury yield dipped 0.2 basis points to 4.620%.

The U.S. University of Michigan consumer sentiment index fell to 60.4 in November (vs 64.2 expected), posting a four-month decline.

Closely-watched U.S. inflation data will be released on Tuesday (November 14).

All S&P 500 stock sectors closed higher Friday, with semiconductors (+3.65%), software & services (+2.38%) and automobiles & components (+2.16%) sectors gaining the most.

Microsoft (MSFT) jumped 2.49% to another record close of $369.67.

Most other big-tech stocks climbed over 2%, with Nvidia (NVDA) gaining 2.95%, Netflix (NFLX) up 2.78%, Meta Platforms (META) up 2.56%, Tesla (TSLA) up 2.22%, Apple (AAPL) up 2.19%, and Amazon.com (AMZN) up 2.11%.

On the other hand, Wynn Resorts (WYNN) fell 5.69%. The resort-and-casino operator's Macau operation figures disappointed investors.

Illumina (ILMN) dropped 8.05%. The genetic testing firm lowered its full-year earnings forecast again.

Trade Desk (TTD) tumbled 16.66%. The advertising technology firm provided lower-than-expected fourth-quarter guidance.

European stocks closed lower. The DAX fell 0.77%, the CAC 40 dropped 0.96%, and the FTSE 100 was down 1.28%.

U.S. WTI crude futures rebounded $1.70 to $77.40 a barrel.

Gold price slid $21 to $1,936 an ounce.

Market Wrap: Forex

The U.S. dollar index declined slightly to 105.79.

EUR/USD added 16 pips to 1.0684.

USD/JPY rose 17 pips to 151.52, extending its winning streak to a fifth session. This morning, Japan's data showed that producer prices increased 0.8% on year in October (vs +1.3% expected, +2.2% in September).

GBP/USD remained stable at 1.2223. According to U.K. data, gross domestic product showed no quarter-on-quarter growth in the third quarter (as expected), and industrial production also stayed unchanged in September (vs +0.1% on month expected).

AUD/USD dipped 6 pips to 0.6361.

USD/CHF declined 6 pips to 0.9023, and USD/CAD dropped 11 pips to 1.3797.

Bitcoin managed to hold the $37,000 handle.

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MARKET COMMENTARY





Market Wrap: Stocks, Bonds, Commodities

On Friday, major U.S. stock indexes were again little changed at close. The Dow Jones Industrial Average added 1 point to 34,947, the S&P 500 gained 5 points (+0.13%) to 4,514, and the Nasdaq 100 edged up 4 points (+0.03%) to 15,837.

On a weekly basis, the three major indexes all extended their rallies to a third week.

The U.S. 10-year Treasury yield was relatively flat at 4.437%.

Energy (+2.12%), retailing (+1.25%), and banks (+1.19%) stock sectors gained the most.

Microsoft (MSFT) retreated 1.68% from its record closing price marked in the prior session. OpenAI, in which Microsoft is the biggest investor, announced that its board has removed Sam Altman as chief executive officer.

Amazon.com (AMZN) advanced 1.65%, and Tesla (TSLA) was up 0.30%.

Gap (GPS) soared 30.58%, and Ross Stores (ROST) rose 7.22%. Both apparel retailers reported better-than-expected quarterly results.

Analog Devices (ADI) rose 1.78%. The chip-maker was upgraded to "overweight" at Morgan Stanley.

Intel (INTC) also climbed 1.06%.

Meanwhile, Applied Materials (AMAT) fell 4.02% on news that the chip-maker is facing a U.S. criminal investigation over alleged violation of restrictions on exports to China.

Regarding U.S. economic data, the number of housing starts increased 1.9% on month in October (vs -1.3% expected), and the number of building permits grew 1.1% (vs -1.5% expected).

European stocks closed higher, with the DAX 40 rising 0.84%, the CAC 40 up 0.91%, and the FTSE 100 up 1.26%.

U.S. WTI crude futures rebounded $2.80 (+3.84%) to $75.75 a barrel.

Gold price held steady at $1,980 an ounce.

Market Wrap: Forex

The U.S. dollar showed downward momentum against other major currencies, as the dollar index declined to 103.87.

EUR/USD jumped 57 pips to 1.0909.

USD/JPY broke below the 150.00 level for the first time in nearly two weeks, as it slid 106 pips to 149.67.

GBP/USD rose 49 pips to 1.2463. U.K. data showed that retail sales unexpectedly shrank 0.3% on month in October (vs +0.2% expected).

AUD/USD gained 45 pips to 0.6515.

USD/CHF fell 28 pips to 0.8859, and the USD/CAD dropped 38 pips to 1.3717.

Over the weekend, Bitcoin showed upward momentum pressing against the level of $37,000.



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MARKET COMMENTARY

Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks saw relatively quiet trading in the Thanksgiving-holiday-shortened session. The Dow Jones Industrial Average gained 117 points (+0.33%) to 35,390, the S&P 500 added 2 points (+0.06%) to 4,559, while the Nasdaq 100 declined 19 points (-0.12%) to 15,982.

Meanwhile, on a weekly basis, the three major indexes all posted a four-week rally.

The U.S. 10-year Treasury yield rose 6.2 basis points to 4.467%.

The S&P Global U.S. manufacturing purchasing managers index (PMI) slipped to a contraction reading of 49.4 in November (vs 50.0 expected).

Food & staples retailing (+0.64%), automobiles & components (+0.59%), and pharmaceuticals & biotechnology (+0.58%) stock sectors gained the most, while media (-0.76%), semiconductors (-0.61%), and technology hardware & equipment (-0.51%) sectors lagged behind.

Nvidia (NVDA) contributed to the pressure on the Nasdaq 100 index as it slid a further 1.93%. Reuters reported that the chip-maker is delaying the launch of a new artificial intelligence chip for Chinese customers.

Tesla (TSLA) closed 0.53% higher. The electric-vehicle maker is facing a labor strike in Sweden.

iRobot Corp (IRBT) surged 39.08% on news that the European Union is likely to approve the robot-vacuum maker's $1.4 billion acquisition by Amazon.com (AMZN).

Baidu (BIDU) climbed 2.73%. The Chinese tech giant was upgraded to "buy" at Nomura.

European stocks stayed firm. The DAX 40 rose 0.22%, the CAC 40 climbed 0.20%, and the FTSE 100 edged up 0.06%.

Gold price gained $8 (+0.43%) to reach $2,000 an ounce.

U.S. WTI crude oil futures retreated $1.56 (-2.02%) to $75.54 a barrel.

Market Wrap: Forex

The U.S. dollar kept weakening against other major currencies. The dollar index declined to 103.37.

EUR/USD rose 42 pips to 1.0947. In Germany, the Ifo business climate index climbed to 87.3 in November (vs 87.7 expected).

USD/JPY declined 9 pips to 149.47.

GBP/USD climbed 72 pips to 1.2606. In the U.K., the GfK Consumer confidence index improved to -24 in November (vs -28 expected).

AUD/USD gained 31 pips to 0.6589.

USD/CHF fell 24 pips to 0.8818.

USD/CAD dropped 68 pips to 1.3628. Canada's data showed that retail sales grew 0.6% on month in September (vs zero growth expected).

Bitcoin bounced to a year-to-date high of $38,454 before retreating to $37,700.

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[supertrader9]

Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks started December trading on an upbeat note. The Dow Jones Industrial Average rose 294 points (+0.82%) to 36,245, the highest close year to date, the S&P 500 climbed 26 points (+0.59%) to 4,594, also the highest close so far in 2023, and the Nasdaq 100 was up 49 points (+0.31%) to 15,997.

On a weekly basis, all three major indexes extended their gains to a fifth consecutive week.

The U.S. 10-year Treasury yield sank a further 11.6 basis points to 4.210%.

U.S. Federal Reserve Chairman Jerome Powell said the risk of under- or over-tightening is now more balanced, while reiterating that the central bank was ready to further tighten monetary policy if necessary.

U.S. data showed that the Institute for Supply Management (ISM) manufacturing purchasing managers index remained unchanged at 46.7 in November (vs 47.2 expected).

Consumer durables & apparel (+3.14%), transportation (+2.8%), and real estate (+2.06%) stock sectors gained the most Friday.

Microsoft (MSFT) retreated 1.16%, the biggest loss among big-tech stocks.

MicroStrategy (MSTR) gained 5.90%. The software firm announced an additional acquisition of 16,130 bitcoins boosting its total holding to 174,530 bitcoins, the biggest one among listed companies.

Walt Disney (DIS) dipped 0.12% after announcing a cash dividend of $0.30 per share, its first in four years.

After reporting quarterly results, Ulta Beauty (ULTA) surged 10.81%, while Marvell Technology (MRVL) fell 5.26%, and Dell Technologies (DELL) slid 5.19%.

European stocks also ended higher, with the DAX 40 rising 1.12%, the CAC 40 up 0.48%, and the FTSE 100 up 1.01%.

U.S. WTI crude oil fell $1.71 (-2.25%) to $74.25 a barrel.

Gold price touched an all-time high of $2,075 an ounce.

Market Wrap: Forex

The U.S. dollar saw its recent downtrend resume, as the dollar index pulled back to 103.22.

EUR/USD dipped 7 pips to 1.0881.

USD/JPY fell 135 pips to 146.85.

GBP/USD rose 85 pips to 1.2709. In the U.K., the Nationwide housing price index gained 0.2% on month in November (vs +0.4% expected).

AUD/USD climbed 70 pips to 0.6675.

USD/CHF declined 60 pips to 0.8692.

USD/CAD lost 65 pips to 1.3496. Canada's data showed that employment increased by 24,900 in November (vs +20,000 expected), while the jobless rate edged up to 5.8% (as expected).

Over the weekend, Bitcoin remained buoyed while approaching the key level of $40,000.



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[supertrader9]

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