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Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks remained under pressure. The Dow Jones Industrial Average dropped 350 points (-1.03%) to 33,596, the S&P 500 fell 57 points (-1.44%) to 3,941, and the Nasdaq 100 was down 237 points (-2.01%) to 11,549.
Media (-3.11%), energy (-2.65%), and semiconductors (-2.58%) sectors lost the most.
Apple (AAPL) dropped 2.54% after Bloomberg reported that the tech giant plans to delay the launch of its electric vehicle to 2026.
Meta Platforms (META) slid 6.79% on reports that European Union regulators do not allow the company to place personalized ads.
NRG Energy (NRG) plunged 15.08% after the company agreed to buy Vivint Smart Home (VVNT) for 2.8 billion dollars.
Goldman Sachs (GS) declined 2.32%. Reuters reported that the bank is considering buying crypto-currency companies.
The U.S. 10-year Treasury yield retreated 4 basis points to 3.533%.
European stocks also closed lower. The DAX 40 fell 0.72%, the CAC 40 dipped 0.14%, and the FTSE 100 was down 0.61%.
U.S. WTI crude futures fell $2.70 (-3.51%) to $74.27 a barrel.
Gold price added $2 to $1,771 an ounce.
Market Wrap: Forex
The U.S. dollar regained further strength against other major currencies. The dollar index climbed to 105.58.
EUR/USD fell 25 pips to 1.0466. Data showed that Germany’s factory orders grew 0.8% on month in October (vs +0.6% expected). November S&P Global construction purchasing managers index was posted at 43.6 for the Eurozone (vs 46.0 expected), at 41.5 for Germany (vs 45.1 expected), and at 40.7 for France (vs 49.9 expected).
GBP/USD slid 61 pips to 1.2129.
USD/JPY rose 31 pips to 137.06.
AUD/USD declined 13 pips to 0.6685.
USD/CHF dipped 5 pips to 0.9421, and USD/CAD increased 65 pips to 1.3653.
Bitcoin kept struggling around the $17,000 level.
Morning Trading
In Asian trading hours, Australia's data showed that third-quarter gross domestic product grew 0.6% on quarter (vs +0.8% expected) and 5.9% on year (vs +6.4% expected).
China’s data showed that trade surplus declined to $69.84 billion (vs $81.00 billion expected) in November with exports slumping 8.7% on year (vs -3.5% expected).
AUD/USD was stable at 0.6689, while USD/JPY traded higher at 137.20.
EUR/USD dipped to 1.0461, and GBP/USD was flat at 1.2130.
Gold price was little changed at $1,771 an ounce.
Bitcoin managed to take back the level of $17,000.
Expected Today
The U.K. Halifax house price index is expected to decline 0.1% on month but rise 7.1% on year in November.
Germany’s industrial production is expected to decline 0.8% on month in October.
Canada's central bank is expected to hike its key interest rate by 25 basis points to 4.00%.
The U.S. Energy Department is expected to report a reduction of 3.88 million barrels in crude-oil stockpiles. | | |
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