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Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks remained under pressure. The Dow Jones Industrial Average dropped 365 points (-1.10%) to 32,875, the S&P 500 fell 46 points (-1.20%) to 3,783, and the Nasdaq 100 was down 143 points (-1.32%) to 10,679.
Technology hardware & equipment (-2.67%), energy (-2.22%), and consumer durables & apparel (-2.17%) sectors lost the most.
Apple (AAPL) slid 3.07% on concerns that a potential recession would impact demand for the company's products.
Amazon.com (AMZN) fell 1.47%.
Southwest Airlines (LUV) declined 5.16% following its mass flight cancellations and delays due to winter storms in the U.S.
MicroStrategy (MSTR), a big bitcoin-holding listed-company, sank 6.53% as the company sold some of its Bitcoins for the first time ever.
From a technical point of view, Chevron (CVX), IBM (IBM), and Visa (V) crossed under their 50-day moving average.
Regarding U.S. economic data, the number of pending home sales fell for a sixth consecutive month in November, declining 4.0% on month (vs -0.9% expected).
The U.S. 10-year Treasury yield advanced 4.4 basis points to 3.885%.
European stocks closed mixed. The DAX 40 fell 0.50%, the CAC 40 declined 0.61%, while the FTSE 100 rose 0.32%.
U.S. WTI crude futures dropped $0.90 to $78.67 a barrel.
Gold price was down $9 to $1,804 an ounce.
Market Wrap: Forex
The U.S. dollar index climbed to 104.52.
EUR/USD fell 29 pips to 1.0611.
USD/JPY jumped 96 pips to 134.45. The Bank of Japan issued a summary of opinions from its latest policy meeting, showing that policymakers backed a continuation of ultra-accommodative policy.
GBP/USD declined 7 pips to 1.2018.
AUD/USD added 6 pips to 0.6738.
USD/CHF edged up 4 pips to 0.9294, and USD/CAD gained 85 pips to 1.3608.
Bitcoin traded further lower to $16,490.
Morning Trading
In Asian trading hours, USD/JPY retreated to 133.72.
Meanwhile, EUR/USD edged up to 1.0625 and GBP/USD climbed to 1.2035.
Gold rebounded to $1,807.
Bitcoin remained subdued at $16,523.
Expected Today
The eurozone's November M3 money supply is expected to grow 4.8% on year.
In the U.S., weekly initial jobless claims are estimated at 220,000. | | |
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