Market Wrap: Stocks, Bonds, Commodities
On Thursday, U.S. stocks ended higher, with the Dow Jones Industrial Average climbing 117 points (+0.28%) to 42,215, the S&P 500 up 23 points (+0.40%) to 5,912, and the Nasdaq 100 up 45 points (+0.22%) to 21,363.
Stock gains were much bigger earlier in the session, as investors were encouraged to see a U.S. federal trade court block the Trump administration’s broad tariffs on imports.
After the market closed, a federal appeals court temporarily reinstated the tariffs.
Nvidia (NVDA) closed 3.25% higher after reporting better-than-expected quarterly results on Wednesday.
Salesforce.com (CRM) dropped 3.30% although the cloud-based software firm’s quarterly results exceeded market expectations.
HP Inc (HPQ) slid 8.27%, becoming the worst performing stock in the S&P 500. The personal computer company gave a downbeat current-quarter guidance.
Best Buy (BBY) fell 7.27%. The electronics retailer lowered its full-year guidance, citing impact from tariffs.
The U.S. 10-year Treasury yield fell 5.3 basis points to 4.426%.
European stocks closed lower, with the DAX 40 dropping 0.44%, the CAC 40 down 0.11%, and the FTSE 100 down 0.11%.
U.S. WTI crude-oil futures declined 90 cents (-1.50%) to $60.94 a barrel. U.S. data showed a reduction of 2.8 million barrels in crude-oil stockpiles, in contrast to an addition of 0.6 million barrels expected.
Gold price rebounded 30 dollars to 3,317 dollars an ounce, halting a three-session decline.
Market Wrap: Forex
The U.S. dollar softened as the Trump administration engaged in a court battle over tariffs. The dollar index declined 0.52 point to 99.35.
EUR/USD rebounded 72 pips to 1.1364.
USD/JPY fell 63 pips to 144.19.
GBP/USD advanced 19 pips to 1.3491.
AUD/USD added 18 pips to 0.6444.
USD/CHF dipped 43 pips to 0.8230, and USD/CAD was down 26 pips to 1.3807.
Bitcoin extended its decline to a third session, breaking below the level of 106,000 dollars.
Morning Trading
In Asian trading hours, USD/JPY slipped to 143.90. Japan's industrial production dropped 0.9% month-on-month in April, compared with an expected decline of 0.7%, while retail sales rose 0.5%, compared with an estimated drop of 0.3%. Also, jobless rate was steady at 2.5% as anticipated.
Meanwhile, AUD/USD retreated to 0.6428. Australia's retail sales fell 0.1% month-on-month in April, compared with an estimated growth of 0.2%.
EUR/USD eased to 1.1352 and GBP/USD was down to 1.3474.
Gold retreated to 3,299 dollars.
Bitcoin was little changed at 106,009 dollars.
Expected Today
Germany's retail sales are estimated to increase by 0.6% month-on-month in April, while inflation rate is anticipated to ease to 2.0% year-on-year in May.
In the U.S., core personal consumption expenditures index is estimated to grow 0.2% month-on-month in April, while personal income is expected to increase by 0.4% and personal spending is anticipated to be up 0.1%. Also, Chicago purchasing manager index is estimated to climb to 47.0 in May.
Canada's first quarter gross domestic product is expected to grow 0.3% quarter-on-quarter.
Source : Trading Central