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Market Wrap: Stocks, Bonds, Commodities
On Tuesday, U.S. stocks closed higher. The Dow Jones Industrial Average rose 186 points (+0.56%) to 33,704, the S&P 500 increased 27 points (+0.70%) to 3,919, and the Nasdaq 100 gained 97 points (+0.88%) to 11,205.
Investors were relieved to see that Federal Reserve Chair Jerome Powell avoided commenting on interest rates in his first speech in 2023.
Retailing (+1.74%), telecoms services (+1.53%), and semiconductors (+1.26%) sectors gained the most.
Coinbase Global (COIN) surged 12.96% after the crypto-currency exchange announced plans to cut 950 employees.
Amazon.com (AMZN) rose 2.87%. The company said that it will shut down three warehouses in the U.K. this year.
NetFlix (NFLX) gained 3.92%. Goldman Sachs raised its price target on the stock to $225 from $220 while keeping a "sell" rating on it.
Jefferies Financial Group (JEF) climbed 3.76%. The financial services firm reported that fourth-quarter earnings fell 53% on year.
The U.S. 10-year Treasury yield rebounded 7.7 basis points to 3.610%.
Regarding U.S. economic data, wholesale inventories increased 1.0% on month in November (vs expected).
European stocks closed lower. The DAX 40 declined 0.12%, the CAC 40 fell 0.55%, and the FTSE 100 was down 0.39%.
U.S. WTI crude futures settled flat at $74.87 a barrel.
Gold price advanced a further $5 to $1,877 an ounce.
Market Wrap: Forex
The U.S. dollar was stable against other major currencies. The dollar index climbed to 103.27.
EUR/USD added 5 pips to 1.0735. France's industrial production grew 2.0% on month in November (vs +0.6% expected).
GBP/USD dropped 32 pips to 1.2152.
USD/JPY climbed 38 pips to 132.26.
AUD/USD declined 20 pips to 0.6892.
USD/CHF gained 17 pips to 0.9230, and USD/CAD rose 37 pips to 1.3426.
Bitcoin remained firm and traded higher to $17,460.
Morning Trading
In Asian trading hours, AUD/USD was little changed at 0.6890. This morning, Australia's data showed that the inflation rate rose to 7.4% on year in November (vs +7.5% expected), and retail sales grew 1.4% on month in November (vs +0.3% expected).
Meanwhile, EUR/USD was broadly flat at 1.0733 while GBP/USD remained subdued at 1.2150.
USD/JPY rose further to 132.50.
Gold was stable at $1,876.
Bitcoin fell to $17,403.
Expected Today
No major economic data expected. | | |
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