| MARKET WRAP: STOCKS, BONDS, COMMODITIES | |
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On Tuesday, the S&P 500 regained the key level of 4,000 as it climbed 53 points (+1.36%) to 4003, its highest level in 2-1/2 months. The Dow Jones Industrial Average rose 397 points (+1.18%) to 34,098, and the Nasdaq 100 gained 171 points (+1.48%) to 11,724.
While investors awaited Wednesday's release of minutes of the Federal Reserve's November meeting, the U.S. 10-year Treasury yield retreated 6.7 basis points to 3.760%.
Semiconductors (+3.34%), energy (+3.18%), and consumer durables & apparel (+2.26%) sectors were market leaders.
Best Buy (BBY) surged 12.78%, as the consumer electronics retailer raised its full-year comparable sales guidance.
Agilent Technologies (A) jumped 8.07%, after the life science company posted better-than-expected quarterly earnings and raised its full-year earnings guidance.
Dell Technologies (DELL) climbed 6.77% and Urban Outfitters (URBN) advanced 8.89%, as both companies' quarterly results exceeded expectations.
On the other hand, Dollar Tree (DLTR) plunged 7.79% after the discount store chain said it now expects full-year earnings at the lower end of its target range.
Zoom Video Communications (ZM) fell 3.87%, and Medtronic (MDT) dropped 5.30%, as both companies gave down-beat business outlook.
Regarding U.S. economic data, the Richmond Fed manufacturing index posted at -9 for November (vs +5 expected).
European stocks also closed higher. The DAX 40 rose 0.29%, the CAC 40 gained 0.35%, and the FTSE 100 was up 1.03%.
Oil prices were boosted by Saudi Arabia saying that OPEC+ was sticking with output cuts. U.S. WTI crude futures gained $1.10 to $81.14 a barrel.
Gold price added $2 to $1,740 an ounce. | | |
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The U.S. dollar index softened against other major currencies. The dollar index fell back to 107.16.
EUR/USD rose 60 pips to 1.0302. The Eurozone's official consumer confidence index posted at -23.9 for November (vs -26.8 expected).
USD/JPY dropped 96 pips to 141.18.
GBP/USD gained 66 pips to 1.1889.
AUD/USD increased 41 pips to 0.6646. This morning, the S&P Global Australia manufacturing purchasing managers index fell to 51.5 in November.
NZD/USD rebounded 53 pips to 0.6153. Later today, New Zealand's central bank is expected to raise its key interest rate by 75 basis points to 4.25%.
USD/CHF slid 65 pips to 0.9520.
USD/CAD declined 77 pips to 1.3371. Canada's retail sales declined 0.5% on month in September (as expected).
Bitcoin rebounded 3% to $16,100. | | |
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In Asian trading hours, NZD/USD traded higher to 0.6178. New Zealand's central bank increased its key interest rate by a record 75 basis points to 4.25%, and signaled further tightening going forward.
EUR/USD traded higher to 1.0317, GBP/USD was stable at 1.1884, and AUD/USD was little changed at 0.6644.
USD/JPY edged higher to 141.32.
Gold price was flat at $1,740 an ounce.
Bitcoin advanced a further 1% to $16,450. | | |
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November S&P Global manufacturing purchasing managers index will be announced for the Eurozone (45.7 expected), Germany (45.4 expected), France (46.8 expected), the U.K. (45.6 expected) and the U.S. (50.1 expected).
In the U.S., durable goods orders are expected to grew 0.3% on month in October. The latest number of initial jobless claims is expected to rise to 228,000.
The number of U.S. new home sales is expected to fall to an annualized rate of 580,000 units in October.
U.S. crude-oil stockpiles are expected to decline 1.055 million barrels last week. | | |
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