Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks closed with modest gains despite pressure exerted by rallying Treasury yields. The Dow Jones Industrial Average rose 43 points (+0.13%) to 34,006, the S&P 500 climbed 17 points (+0.40%) to 4,337, and the Nasdaq 100 was up 67 points (+0.46%) to 14,768.
The U.S. 10-year Treasury yield advanced 10.4 basis points to 4.538%.
Energy, retailing, and semiconductors were the top-performing stock sectors.
Amazon.com (AMZN) rose 1.67%. The e-commerce giant announced plans to invest up to $4 billion Anthropic, an artificial intelligence startup firm.
Nvidia (NVDA) advanced 1.47%, NetFlix (NFLX) gained 1.31%, and Tesla (TSLA) was up 0.86%.
Dow Inc (DOW) climbed 1.67%. The chemical giant was upgraded to "Overweight" at JPMorgan.
Alcoa (AA), a major American aluminum producer, slid 6.07%.
Regarding U.S. economic data, the Chicago Fed national activity index fell to -0.16 in August (vs 0.15 expected). The Dallas Fed manufacturing index fell to -18.1 in September (vs -10.0).
European stocks closed lower. The DAX 40 fell 0.98%, the CAC 40 dropped 0.85%, and the FTSE 100 was down 0.78%.
U.S. WTI crude futures eased $0.35 to $89.68 a barrel.
Gold price declined $9 to $1,915 an ounce.
Market Wrap: Forex
The U.S. dollar kept strengthening against other major currencies. The dollar index ran up to 105.95, a 10-month high.
USD/JPY jumped 46 pips to 148.83, the highest level since October 2022. Investors are watching closely if Japanese authorities would carry out forex intervention if the yen sink further to 150 to the dollar.
EUR/USD fell 60 pips to 1.0593. Germany's Ifo business climate index posted at 85.7 for September (vs 84.8 expected).
GBP/USD dropped 27 pips to 1.2214.
AUD/USD declined 16 pips to 0.6425.
USD/CHF jumped 54 pips to 0.9120, while USD/CAD was down 27 pips to 1.3456.
Bitcoin traded slightly lower to $26,350.
Source: Trading Central Economic Insight