Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks rebounded for a second straight session, led by tech stocks – particularly artificial-intelligence-related (AI) ones, with the Nasdaq 100 gaining 634 points (+2.62%) to 24,873.
The S&P 500 advanced 102 points (+1.55%) to 6,705, and the Dow Jones Industrial Average was up 202 points (+0.44%) to 46,448.
Alphabet (GOOGL), a top player within the AI theme, advanced a further 6.31% after rebounding 4% Friday.
Nvidia (NVDA) rebounded 2.05% after losing for two sessions.
Other AI-related stocks outperforming the market included Broadcom (AVGO) +11.10%, Micron (MU) +7.99%, Advanced Micro Devices (AMD) +5.53%, and Palantir (PLTR) +4.78%.
Meanwhile, other tech giants also did well: Tesla (TSLA) +6.82%, Meta (META) +3.16%, Amazon (AMZN) +2.53%, and Apple (AAPL) +1.63%.
The U.S. 10-year Treasury yield was down for a third session, slipping 4 basis points to 4.027%.
U.S. markets will be on Thursday (November 27) for Thanksgiving Day, and will end early on Black Friday (November 28).
In Europe, the DAX 40 closed 0.64% higher, while the CAC 40 dropped 0.29%, and the FTSE 100 dipped 0.05%.
Gold price bounced 70 dollars (+1.71%) to 4,135 dollars an ounce.
U.S. WTI crude futures gained 85 cents (+1.46%) to 58.91 dollars a barrel, halting a three-session decline.
Market Wrap: Forex
The U.S. dollar softened a bit following dovish comments from Federal Reserve officials that raised expectations for a rate cut at the central bank’s December 9-10 policy meeting.
The dollar index edged down to 100.18.
EUR/USD increased 10 pips to 1.1521.
USD/JPY rebounded 44 pips to 156.83.
GBP/USD added 14 pips to 1.3108. Investors are watching closely the U.K. government’s Autumn Budget to be announced on Wednesday (November 26). Further tax rises are expected.
AUD/USD gained 11 pips to 0.6465.
USD/CHF dipped 4 pips to 0.8080, while USD/CAD was relatively stable at 1.4102.
Bitcoin showed further upward momentum, climbing over 2% to levels close to 89,000 dollars.
Source: Trading Central Economic Insight