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Market Wrap: Stocks, Bonds, Commodities
On Monday, major U.S. stock indexes rose over 1%. The Dow Jones Industrial Average advanced 528 points (+1.58%) to 34,005, the S&P 500 rose 56 points (+1.43%) to 3,990, and the Nasdaq 100 was up 143 points (+1.24%) to 11,706.
The U.S. 10-year Treasury yield added 3.7 basis points to 3.615%.
U.S. inflation data will be released on Tuesday, and the Federal Reserve will set interest rates on Wednesday.
Transportation (+2.86%), energy (+2.49%), and software (+2.45%) sectors led the market higher.
Microsoft (MSFT) rose 2.89% after announcing it will purchase a 4% stake in London Stock Exchange Group.
Coupa Software (COUP) surged 26.67%. The cloud-based business software firm said it has agreed to be taken private by buyout firm Thoma Bravo in a deal that values the company at $8 billion.
Amgen (AMGN) agreed to buy Horizon Pharma (HZNP) for $116.50 per share or $27.8 billion in total. Amgen's share price closed 0.67% higher, and Horizon Pharma jumped 15.49%.
Rivian Automotive (RIVN) declined 6.16%. The company said it paused discussions with Mercedes-Benz on forming a strategic partnership over electric pickup trucks.
European stocks closed lower. The DAX 40 fell 0.45%, the CAC 40 declined 0.41%, and the FTSE 100 was down 0.41%.
Oil prices were supported by a prolonged outage of the Canada-to-U.S. Keystone crude-oil pipeline. U.S. WTI crude futures gained $2.40 (+3.38%) to $73.46 a barrel.
Gold price slid $16 to $1,781 an ounce.
Market Wrap: Forex
The U.S. dollar held up well against other major currencies. The dollar index climbed to 105.02.
USD/JPY jumped 115 pips to 137.71.
EUR/USD dipped 5 pips to 1.0535.
GBP/USD rose 9 pips to 1.2268. U.K. gross domestic product grew 0.5% on month (vs +0.4% expected) and 1.5% on year (vs +1.6% expected) in October. Industrial production showed no growth in October, as expected,
AUD/USD dropped 47 pips to 0.6748. This morning, the Westpac consumer confidence index rebounded 3.0% on month in December (vs -6.9% in November).
USD/CHF added 23 pips to 0.9365, while USD/CAD was down 14 pips to 1.3631.
Bitcoin regained the $17,000 level.
Morning Trading
In Asian trading hours, USD/JPY held up well at 137.70, while AUD/USD remained under pressure at 0.6742.
EUR/USD was little changed at 1.0533, while GBP/USD traded lower to 1.2256.
Gold price was flat at $1,781 an ounce.
Bitcoin kept trading at levels around $17,100.
Expected Today
In the U.K., the latest jobless rate is expected to edge up to 3.7%.
In Germany, the ZEW economic sentiment index is expected to improve to -27 in December. And the November inflation rate is expected to be finalized at 10.0% on year.
In the U.S., the inflation rate is expected to tick down to 7.6% on year in November. | | |
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