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Market Wrap: Stocks, Bonds, Commodities
On Wednesday, U.S. stocks still lacked upward momentum. The Dow Jones Industrial Average closed flat at 33,597, the S&P 500 declined 7 points (-0.19%) to 3,933, and the Nasdaq 100 was down 52 points (-0.45%) to 11,497.
Consumer durables & apparel (+0.86%), pharmaceuticals & biotechnology (+0.85%), and health-care equipment & services (+0.84%) sectors gained the most, while automobiles (-2.67%), consumer services (-1.32%), and technology hardware & equipment (-1.2%) sectors were under pressure.
Carvana (CVNA) plunged 42.92% after Bloomberg reported that the used-car platform is consulting lawyers and investment banks about options for managing its debt.
Tesla (TSLA) fell 3.21%, TripAdvisor (TRIP) slid 6.41%, and Southwest Airlines (LUV) dropped 4.71%.
On the other hand, Campbell Soup (CPB) rose 6.02%, as the company posted better-than-expected first-quarter earnings, and raised its annual outlook.
Regarding U.S. economic data, third-quarter unit labor costs rose 2.4% on quarter (vs +3.5% expected), and nonfarm productivity gained 0.8% on quarter (vs +0.3% expected).
The U.S. 10-year Treasury yield retreated 11.3 basis points to 3.419%.
European stocks closed lower. The DAX 40 fell 0.57%, the CAC 40 dropped 0.41%, and the FTSE 100 was down 0.43%.
U.S. WTI crude futures declined $1.80 to $72.46. The U.S. Energy Department reported a reduction of 5.19 million barrels in crude-oil stockpiles (vs -3.88 million barrels expected).
Gold price jumped $14 to $1,786 an ounce.
Market Wrap: Forex
The U.S. dollar weakened against other major currencies. The dollar index fell to 105.15.
USD/CAD was little changed at 1.3655. The Bank of Canada raised its benchmark interest rate by 50 basis points (vs +25 basis points expected) to 4.25%, the highest level in almost 15 years. The central bank signaled that its tightening campaign was near an end.
USD/JPY fell 45 pips to 136.55.
EUR/USD rose 41 pips to 1.0508. Germany's data showed that industrial production edged down 0.1% on month in October (vs -0.8% expected).
GBP/USD climbed 77 pips to 1.2210. In the U.K., the Halifax house price index dropped 2.3% on month in November (vs -0.1% expected).
AUD/USD gained 36 pips to 0.6724.
USD/CHF lost 11 pips to 0.9409.
Bitcoin traded slightly lower to $16,800.
Morning Trading
In Asian trading hours, USD/JPY advanced further to 136.85. Japan's data showed that third-quarter gross domestic product growth was confirmed at -0.8% annualized on quarter (vs -1.0% estimated).
AUD/USD traded lower to 0.6715. Australia's data showed that trade surplus declined to 12.22 billion Australian dollars in October with exports falling 1.0% on month (vs +1.0% expected).
EUR/USD was little changed at 1.0503, and GBP/USD retreated to 1.2188.
Gold price dipped to $1,783 an ounce.
Bitcoin held up well at $16,870.
Expected Today
In the U.S., the latest number of initial jobless claims is expected to rise to 240,000. | | |
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