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MARKET WRAP: STOCKS, BONDS, COMMODITIES


On Tuesday, U.S. stocks closed lower, with the Dow Jones Industrial Average dropping 240 points (-0.60%) to 39,567, the S&P 500 down 10 points (-0.20%) to 5,244 and the Nasdaq 100 down 171 points (-0.94%) to 18,121.

The U.S. 10-year Treasury yield advanced a further 2.4 basis points to 4.353%.

Energy and utilities stock sectors outperformed the market, while healthcare, consumer discretionary and real estate sectors were under pressure.

Tesla (TSLA) slid 4.90% to $166.63. The electric-vehicle maker reported that deliveries dropped 8.5% to 386,810 vehicles in the first quarter, its first decline in quarterly deliveries in nearly four years.

Nio (NIO) fell 2.16%. The Chinese electric-vehicle maker was downgraded to "underweight" at Barclays.

PVH Corp (PVH) sank 22.22%. The apparel designer gave a downbeat first-quarter revenue forecast.

Meanwhile, UnitedHealth (UNH) fell 6.44%, CVS Health (CVS) dropped 7.21%, and Humana (HUM) was down 13.41%.

Regarding U.S. economic data, factory orders rose 1.4% on month in February (vs +1.3% expected).

European stocks also closed lower, with the DAX 40 falling 1.13%, the CAC 40 down 0.92%, and the FTSE 100 down 0.22%.

U.S. WTI crude-oil futures gained $1.56 (+1.86%) to $85.27 a barrel. Oil prices were buoyed by news that a Ukrainian drone struck Russia's oil refinery in the Tatarstan region.

Gold price jumped $28 (+1.27%) to an all-time high of $2,279 an ounce.


MARKET WRAP: FOREX


The U.S. dollar softened against other major currencies, with the dollar index retreating to 104.79.

EUR/USD rose 24 pips to 1.0767. Germany's inflation rate eased to 2.2% on year in March (vs 2.4% expected).

USD/JPY dipped 6 pips to 151.57.

GBP/USD gained 25 pips to 1.2575.

AUD/USD added 28 pips to 0.6516.

USD/CHF climbed 38 pips to 0.9079, while USD/CAD dipped 4 pips to 1.3565.

Bitcoin encountered a sell-off, crushing over 7% or $5,000 down to $64,521 before climbing back to $65,460.






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MARKET COMMENTARY

MARKET WRAP: STOCKS, BONDS, COMMODITIES


On Wednesday, U.S. stocks were little changed. The Dow Jones Industrial Average eased a further 43 points (-0.11%) to 39,127, while the S&P 500 added 5 points (+0.11%) to 5,211, and the Nasdaq 100 was up 38 points (+0.21%) to 18,160.

U.S. Federal Reserve Chairman Jerome Powell hinted at an interest-rate cut not coming soon.

The U.S. 10-year Treasury yield retreated 1.8 basis points to 4.347%.

Energy, basic materials and industrial stock sectors were the top performers, while utilities and consumer discretionary sectors were under pressure.

Intel (INTC) sank 8.22%. The chipmaker announced a bigger operating loss of $7 billion its chip-making division in 2023.

Ulta Beauty (ULTA) plunged 15.34%. The beauty retailer's chief executive warned of a slowdown in demand in the industry.

Boeing (BA) was down 1.66% after Reuters reported that the production rate of the Boeing 737 jets fell due to factory inspections by regulators.

Wolfspeed (WOLF) dropped 2.63% as the stock was downgraded to "equal-weight" at Wells Fargo.

Regarding U.S. economic data, the Institute for Supply Management (ISM) services purchasing managers index declined to 51.4 in March (vs 52.4 expected).

The ADP jobs report showed that the economy added 184,000 private jobs in March (vs +125,000 expected). The official U.S. jobs report for March will be released on Friday.

European stocks closed higher, with the DAX 40 rising 0.46%, the CAC 40 up 0.29%, and the FTSE 100 up 0.03%.

U.S. WTI crude-oil climbed $0.46 (+0.54%) to $85.61 a barrel, a fresh 5-month high. The Organization of Petroleum Exporting Countries and its allies (OPEC+) decided to keep oil supply policy unchanged.

The U.S. Energy Department reported an addition of 3.2 million barrels in crude-oil stockpiles (vs a reduction of 1.5 million barrels expected).

Gold price bounced a further $18 to a record high of $2,298 an ounce.


MARKET WRAP: FOREX


The U.S. dollar kept softening against other major currencies. The dollar index fell to 104.26.

EUR/USD gained 64 pips to 1.0832. The Eurozone's inflation rate slowed to 2.4% on year in March (vs 2.6% expected).

USD/JPY climbed 15 pips to 151.70.

GBP/USD rose 70 pips to 1.2647, and AUD/USD gained 44 pips to 0.6561.

USD/CHF fell 50 pips to 0.9028, and USD/CAD dropped 33 pips to 1.3531.

Gold price bounced a further $18 to a record high of $2,298 an ounce.

Bitcoin stabilized after a heavy sell-off in the prior session, managing to keep the $66,000 level.






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MARKET WRAP: STOCKS, BONDS, COMMODITIES


On Monday, U.S. stocks were little changed at close, with the Dow Jones Industrial Average dipping 11 points (-0.03%) to 38,892, the S&P 500 down 2 points (-0.04%) to 5,202, and the Nasdaq 100 down 8 points (-0.05%) to 18,100.
The U.S. 10-year Treasury yield rose 4.6 basis points to 4.424%.
Real estate, utilities and consumer discretionary stock sectors posted gains, while energy, healthcare and consumer staples sectors were under pressure.
Tesla (TSLA) jumped 4.90% as Chief Executive Elon Musk said the electric-vehicle maker will unveil "Robotaxi" on August 8.
Spirit Airlines (SAVE) climbed 6.55%. The airline announced plans to postpone aircraft deliveries from Airbus and to place 260 pilots on temporary leave.
Taiwan Semiconductor Manufacturing (TSM) rose 1.01%. The chip maker has won a U.S. government subsidy of $6.6 billion for advanced semiconductor production in Phoenix, Arizona.
Take-Two Interactive Software (TTWO), a video game publisher, rose 1.73% after the stock was upgraded to "buy" at Citigroup.
European stocks closed higher, with the DAX 40 rising 0.79%, the CAC 40 up 0.72%, and the FTSE 100 up 0.41%.
U.S. WTI crude-oil futures fell $0.43 (-0.49%) to $86.48 a barrel.
Gold price hit another record high of $2,353 an ounce.


MARKET WRAP: FOREX


The U.S. dollar softened against other major currencies ahead of U.S. inflation data due Wednesday. The dollar index eased to 104.14.
EUR/USD rose 21 pips to 1.0856. Germany's industrial production grew 2.1% on month in February (vs +0.3% expected).
Also, Germany's trade surplus narrowed to 21.4 billion euros in February with exports declining 2.0% on month (vs -0.5% expected).
USD/JPY climbed 24 pips to 151.85.
GBP/USD gained 16 pips to 1.2652. This morning, the British Retail Consortium reported that U.K. retail sales increased 3.2% on year in March (vs +1.1% expected).
AUD/USD added 26 pips to 0.6603.
USD/CHF increased 38 pips to 0.9052, while USD/CAD dipped 14 pips to 1.3574.
Bitcoin gained traction, as it bounced to $72,777, its highest level since March 14, before retreating to $71,650, still up over 3% on day.






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MARKET WRAP: STOCKS, BONDS, COMMODITIES

On Monday, U.S. stocks regained some traction, with the Dow Jones Industrial Average rising 253 points (+0.67%) to 38,239, the S&P 500 up 43 points (+0.87%) to 5,010, and the Nasdaq 100 up 173 points (+1.02%) to 17,210.

The U.S. 10-year Treasury yield dipped 0.4 basis point to 4.611%.

Financial, technology, consumer staples and utilities stock sectors led the market higher.

Nvidia (NVDA) rebounded 4.35% after tumbling 10% Friday.

Tesla (TSLA) slid 3.40%. The electric-vehicle maker is cutting vehicle prices again in China and Europe.

Li Auto (LI), also an electric-vehicle maker, dropped 5.57%.

Salesforce.com (CRM) rose 1.27% while Informatica (INFA) tumbled 10.51%. Reuters reported that Salesforce.com ended talks on acquiring Informatica.

Verizon Communications (VZ) fell 4.67%. The wireless provider posted lower-than-expected first-quarter revenue.

European stocks closed higher, with the DAX 40 rising 0.70%, the CAC 40 up 0.22%, and the FTSE 100 up 1.62%.

U.S. WTI crude-oil futures eased $0.12 to $82.85 a barrel.

Gold price sank $60 (-2.55%) to $2,329 an ounce, as geopolitical tensions in the Middle East appeared to be easing.


MARKET WRAP: FOREX


The U.S. dollar index was little changed at 106.12.

USD/JPY chalked a fresh 34-year high at 154.85. The Bank of Japan is expected to keep its key interest rate unchanged at 0.000% on Friday.

EUR/USD dipped 2 pips to 1.0652.

GBP/USD dropped 21 pips to 1.2350.

AUD/USD climbed 31 pips to 0.6448.

USD/CHF gained 16 pips to 0.9116.

USD/CAD dropped 56 pips to 1.3697. Canada's data showed that producer prices declined 0.5% on year in March (vs -1.3% expected).

Bitcoin showed resilience, grinding higher to $66,600.






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On Wednesday, U.S. indices closed in mixed territory as the S&P 500 added 1.08pt (+0.02%) to 5071 while the Nasdaq 100 rose 55.33pts (+0.32%) to 17526 and the Dow Jones Industrial Average fell 42.77pts (-0.11%) to 38460.

On the U.S. economic data front, durable goods orders rose 2.6% on month in March, above the initially anticipated increase of 2.2%.

On the U.S. equity front, shares in the Consumer Discretionary (XLY), Utilities (XLU), and Consumer Staples (XLP) sector ETFs were the top performers while shares in the Industrials (XLI), Health Care (XLV), and Financials (XLF) sector ETFs underperformed the most during the trading session. Additionally, following today's trading action, the CBOE Volatility Index (VIX) gained 0.28pt (+1.78%) to 15.97 and the 10 year yield rose 0.05 to 4.648%.

Tesla (TSLA), the electric-vehicle maker, jumped 12.06% as the company said they'll be accelerating the release of more affordable models after releasing earnings figures that missed estimates. Additionally, Texas Instruments (TXN), a designer of semiconductors, climbed 5.64% after issuing upbeat second quarter earnings guidance while Boston Scientific (BSX), a developer of invasive medical devices, soared 5.68% after raising its annual profit forecast on strong demand for heart devices.

On the other hand, Enphase Energy (ENPH), a manufacturer of solar-powered solutions, slid 5.56% as second quarter forecasts missed estimates while Humana (HUM), a health insurance provider, lost 3.66% after withdrawing its profit guidance for 2025 despite topping first-quarter adjusted EPS expectations.

From a technical perspective, Dow Inc (DOW +0.42% to $56.98), UnitedHealth (UNH +0.23% to $487.3), Walmart (WMT +1.32% to $59.87) and Walt Disney (DIS +0.18% to $113.92) crossed above their 50-day moving average. Oppositely, Amazon.com (AMZN -1.64% to $176.59) crossed under its 50-day moving average.

Considering the relative strength compared to the S&P 500, Amgen (AMGN -0.19% to $273.01), Cisco Systems (CSCO +0.06% to $48.35), Honeywell (HON -0.7% to $194.79) and Verizon Communications (VZ -0.53% to $39.49) crossed under their 50-day moving average.

The major indices in Europe concluded the trading session in the red for the first time this week as the Dax 40 fell 0.27%, while the Cac 40 decreased 0.17% and the FTSE 100 lost 0.06%.

In the commodities market, Gold fell $7.22 (-0.31%) to 2314.59 and WTI Crude Oil dropped $0.61 (-0.73%) to 82.75.

Market Wrap: FOREX

The U.S. dollar index gained 0.15pts (+0.14%) to 105.827.

EUR/USD dipped 1pip (-0.01%) to 1.0698. In Germany, the Ifo Business Climate Index improved to 89.4 in April, from 87.9 in March (revised from 87.8) and higher than the estimated 88.9.

GBP/USD gained 15pips (+0.12%) to 1.2461.

USD/JPY climbed 52pips (+0.34%) to 155.34.

USD/CHF added 33pips (+0.36%) to 0.915.

AUD/USD rose 10pips (+0.15%) to 0.6495.

USD/CAD increased 42pips (+0.31%) to 1.3703. In Canada, retail sales slid 0.1% on month in February, against an expected rise of 0.1%.

Bitcoin traded lower to 63895 while Ethereum fell to 3125.

After Hours

Meta Platforms (META), a social technology company, is plunging in extended trading on weaker than expected second-quarter guidance. Meanwhile, International Business Machines (IBM), an IT company, is also trading lower after on first-quarter pretax profit and revenue figures that missed estimates. The company also announced the 6.4 billion dollar purchase of HashiCorp (HCP).






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