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US stocks closed higher on Wednesday, with the Nasdaq gaining 1%, the S&P 500 rising 0.6%, and the Dow advancing 0.7%, as renewed enthusiasm for AI-related stocks lifted market sentiment.
SpaceX shares surged around 7% following 161% third-quarter revenue growth, while news that SpaceX and Tesla had formed committees to discuss a potential merger helped push Tesla shares up more than 3%. AI-related stocks also rallied, with AMD gaining over 3% and Nvidia rising more than 2%.
Oil prices climbed today amid fears of escalating Middle East tensions. Brent crude rose 1.7% to $110.72 per barrel, while WTI gained 1.4% to $98.61.
Gold is holding relatively steady around $4,125 per ounce today, as investors weighed escalating Middle East tensions against expectations for tighter US monetary policy. Markets see an 83% probability that the Federal Reserve will leave interest rates unchanged at its October meeting, but expectations of a possible December rate hike continue to limit gold’s upside.
In the currency market, USDJPY fell to a one-week low near 157.70, pressured by a weaker US dollar and a stronger Japanese yen. The dollar has softened alongside declining US Treasury yields, while hawkish comments from Bank of Japan Governor Kazuo Ueda have strengthened expectations of a possible Japanese rate hike in December. However, expectations of further Fed tightening and escalating Middle East tensions could limit further dollar losses.
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