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Market Wrap: Stocks, Bonds, Commodities
On Tuesday, major U.S. stock indexes closed lower dragged by Tesla (TSLA) and Apple (AAPL). The S&P 500 fell 15 points (-0.41%) to 3,823, and the Nasdaq 100 slid 77 points (-0.70%) to 10,862, while the Dow Jones Industrial Average dipped 10 points (-0.03%) to 33,136.
The U.S. 10-year Treasury yield dropped 11.3 basis points to 3.761%.
Automobiles (-8.73%), energy (-3.63%), and technology hardware & equipment (-2.8%) sectors lost the most, while consumer durables & apparel (+1.52%), media (+1.42%), and telecoms services (+1.28%) sectors posted gains.
Tesla (TSLA) plunged 12.24% as the market viewed the electric-vehicle maker's fourth-quarter deliveries as lower than expected.
Apple (AAPL) fell 3.74% as the stock was downgraded to "neutral" from "outperform" at Exane BNP Paribas.
On the other hand, Wynn Resorts (WYNN) rose 3.81% as the stock was upgraded to "overweight" from "equal-weight" at Wells Fargo.
Regarding U.S. economic data, construction spending rose 0.2% on month in November (vs -0.4% expected).
European stocks closed higher. The DAX 40 rose 0.80%, the CAC 40 gained 0.44%, and the FTSE 100 was up 1.37%.
U.S. WTI crude futures fell $3.10 (-3.86%) to $77.13 a barrel.
Gold price climbed $15 to $1,839 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies. The dollar index rose to 104.64. The Federal Reserve will release minutes of its December monetary-policy meeting later on Wednesday.
EUR/USD declined 114 pips to 1.0553. Germany's data showed that the inflation rate slowed to 8.6% on year in December (vs +9.1% expected), and the jobless rate was stable at 5.5% (vs 5.6% expected).
GBP/USD slid 75 pips to 1.1971.
USD/JPY rose 13 pips to 130.93. The pair hit a six-month low of 129.51 within the session.
AUD/USD dropped 75 pips to 0.6727.
USD/CHF added 98 pips to 0.9359, and USD/CAD jumped 99 pips to 1.3672.
Bitcoin traded slightly lower to $16,660.
Morning Trading
In Asian trading hours, USD/JPY retreated to 130.75 from an intraday high near 131.44.
Meanwhile, EUR/USD rebounded to 1.0565 and GBP/USD climbed to 1.1985.
Gold rose to $1,844.
Bitcoin edged up to $16,726.
Expected Today
Final readings of December S&P Global services purchasing managers index is expected at 49.1 for the eurozone, 49.0 for Germany and 48.1 for France.
France's December consumer price index is expected to be up 6.3% on year.
U.K. mortgage approvals are estimated at 56,500.
In the U.S., December ISM manufacturing purchasing managers index is expected at 49.0, while November JOLTS job openings are estimated at 10.1 million. Also, the Federal Reserve will release its latest FOMC meeting minutes. | | |
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