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Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks closed higher after declining for most of the week. The Dow Jones Industrial Average climbed 330 points (+1.00%) to 33,375, the S&P 500 rose 73 points (+1.89%) to 3,972, and the Nasdaq 100 jumped 323 points (+2.86%) to 11,619.
The U.S. 10-year Treasury yield rebounded a further 8.9 basis points to 3.481%.
Media (+4.61%), automobiles (+3.78%), and semiconductors (+3.51%) sectors gained the most.
NetFlix (NFLX) jumped 8.46% after the video-streaming company signed up more subscribers than expected in the fourth quarter. Also, company co-founder Reed Hastings will step down as chief executive.
Alphabet (GOOGL) rose 5.34% as the parent company of Google announced plans to cut about 12,000 jobs or over 6% of its global workforce.
Meanwhile, Tesla (TSLA) gained 4.91%, Nvidia (NVDA) jumped 6.41%, Amazon.com (AMZN) added 3.81%, Microsoft (MSFT) advanced 3.57%, and Apple (AAPL) was up 1.92%.
Regarding U.S. economic data, the number of existing-home sales dropped at an annualized rate of 1.5% on month in December (vs -2.0% expected).
European stocks also closed higher. The DAX 40 rose 0.76%, the CAC 40 gained 0.63%, and the FTSE 100 was up 0.30%.
U.S. WTI crude futures increased $1.20 to $81.84 a barrel, as investors turned optimistic on higher oil demand coming from China.
Gold price retreated $4 to $1,927 an ounce.
Market Wrap: Forex
The U.S. dollar index dipped to 101.99.
EUR/USD added 24 pips to 1.0857. Germany's data showed that producer prices grew 21.8% on year in December (vs +19.9% expected, +28.2% in November).
USD/JPY surged 115 pips (+0.90%) to 129.58. Bank of Japan Governor Haruhiko Kuroda reiterated that the central bank will maintain its "extremely accommodative" monetary policy.
GBP/USD edged up 8 pips to 1.2399. U.K. data showed that retail sales declined 1.0% on month in December (vs +0.3% expected).
AUD/USD rose 63 pips to 0.6973.
USD/CHF gained 42 pips to 0.9203, while USD/CAD fell 89 pips to 1.3377.
Over the weekend, Bitcoin continued its recent rally striking $23,000, the highest level since August.
Morning Trading
In Asian trading hours, EUR/USD advanced to 1.0895 and GBP/USD rose to 1.2425.
Meanwhile, USD/JPY retreated to 129.15.
Gold bounced to $1,933.
Bitcoin held gains at $22,765.
Expected Today
The eurozone's January consumer confidence index is estimated at -17.0.
In the U.S., leading index is expected to drop 0.7% on month in December. | | |
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