Markets: Gold down $41 to $4444 US 10-yuear yields up 3.4 bps to 4.49% WTI crude oil up $2.27 to $96.03 S&P 500 down 0.6% Nasdaq Comp down 0.8% USD leads, NZD lags The dollar moves were substantial on Wednesday in a worrisome sign of geopolitical risk as oil rose another 2.5%. The reports of an imminent deal between the US and Iran have dried up and there's a sense we are at a turning point in the war as patience wears thin. In particular focus is USD/JPY as it rose above 160.00 and into the range where Japan will be tempted to intervene. Elsewhere, oil prices chopped around and hit $97 before fading to $94.40 and then rising back to $96.17.The bond market has started to notice rising oil as yields ticked higher. Outside of Iran-driven news, the AI trade showed a bit less resilience than usual. There were some attempts to drag stock markets higher but it was Nvidia that struggled, falling 3.6% in a continuation of yesterday's reversal. We also saw a big swing lower in software stocks, where were a main catalyst in the May rally. The IGV software ETF was down 4.3%. Alphabet shares also fell to the lowest since April in a 0.8% decline in the fourth day of losses; Microsoft was down 3.2%. On the flipside, Meta was up 4.2% on upgrades. The meme-like rally in MRVL after Jensen Huang said it will be the next trillion dollar compay continued in early trade but stumbled later and it finished up 3.7%. Precious metals and crypto were under pressure in a sign of the deleveraging trade. Bitcoin is nearing $65,000 and threatening the late-March lows. This article was written by Adam Button at investinglive.com.
investingLive Americas market news wrap: Dollar firms as war angst creeps in
Markets: Gold down $41 to $4444 US 10-yuear yields up 3.4 bps to 4.49% WTI crude oil up $2.27 to $96.03 S&P 500 down 0.6% Nasdaq Comp down 0.8% USD leads, NZD lags The dollar moves were substantial on Wednesday in a worrisome sign of geopolitical risk as oil rose another 2.5%. The reports of an imminent deal between the US and Iran have dried up and there's a sense we are at a turning point in the war as patience wears thin. In particular focus is USD/JPY as it rose above 160.00 and into the range where Japan will be tempted to intervene. Elsewhere, oil prices chopped around and hit $97 before fading to $94.40 and then rising back to $96.17.The bond market has started to notice rising oil as yields ticked higher. Outside of Iran-driven news, the AI trade showed a bit less resilience than usual. There were some attempts to drag stock markets higher but it was Nvidia that struggled, falling 3.6% in a continuation of yesterday's reversal. We also saw a big swing lower in software stocks, where were a main catalyst in the May rally. The IGV software ETF was down 4.3%. Alphabet shares also fell to the lowest since April in a 0.8% decline in the fourth day of losses; Microsoft was down 3.2%. On the flipside, Meta was up 4.2% on upgrades. The meme-like rally in MRVL after Jensen Huang said it will be the next trillion dollar compay continued in early trade but stumbled later and it finished up 3.7%. Precious metals and crypto were under pressure in a sign of the deleveraging trade. Bitcoin is nearing $65,000 and threatening the late-March lows. This article was written by Adam Button at investinglive.com.
Markets: Gold down $41 to $4444 US 10-yuear yields up 3.4 bps to 4.49% WTI crude oil up $2.27 to $96.03 S&P 500 down 0.6% Nasdaq Comp down 0.8% USD leads, NZD lags The dollar moves were substantial on Wednesday in a worrisome sign of geopolitical risk as oil rose another 2.5%. The reports of an imminent deal between the US and Iran have dried up and there's a sense we are at a turning point in the war as patience wears thin. In particular focus is USD/JPY as it rose above 160.00 and into the range where Japan will be tempted to intervene. Elsewhere, oil prices chopped around and hit $97 before fading to $94.40 and then rising back to $96.17.The bond market has started to notice rising oil as yields ticked higher. Outside of Iran-driven news, the AI trade showed a bit less resilience than usual. There were some attempts to drag stock markets higher but it was Nvidia that struggled, falling 3.6% in a continuation of yesterday's reversal. We also saw a big swing lower in software stocks, where were a main catalyst in the May rally. The IGV software ETF was down 4.3%. Alphabet shares also fell to the lowest since April in a 0.8% decline in the fourth day of losses; Microsoft was down 3.2%. On the flipside, Meta was up 4.2% on upgrades. The meme-like rally in MRVL after Jensen Huang said it will be the next trillion dollar compay continued in early trade but stumbled later and it finished up 3.7%. Precious metals and crypto were under pressure in a sign of the deleveraging trade. Bitcoin is nearing $65,000 and threatening the late-March lows. This article was written by Adam Button at investinglive.com.
- Elsewhere, oil prices chopped around and hit $97 before fading to $94.40 and then rising back to $96.17.The bond market has started to notice rising oil as yields ticked higher.
- There were some attempts to drag stock markets higher but it was Nvidia that struggled, falling 3.6% in a continuation of yesterday's reversal.
- Alphabet shares also fell to the lowest since April in a 0.8% decline in the fourth day of losses; Microsoft was down 3.2%.
- The meme-like rally in MRVL after Jensen Huang said it will be the next trillion dollar compay continued in early trade but stumbled later and it finished up 3.7%.
- Bitcoin is nearing $65,000 and threatening the late-March lows.
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