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GLOBAL MARKETS-Wall St whipsaws to mixed close as Amazon reports; payrolls on tap
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GLOBAL MARKETS-Wall St whipsaws to mixed close as Amazon reports; payrolls on tap
Feb 6, 2025 1:48 PM

(Updates to U.S. market close)

*

European shares touch record high

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Amazon ( AMZN ) revenue beats estimates; cloud computing

disappoints

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Gold snaps winning streak

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Bank of England cuts UK interest rates, pound weakens

By Stephen Culp

NEW YORK, Feb 6 (Reuters) - U.S. stocks were mixed at

the end of choppy session on Thursday as investors digested a

spate of earnings, while waning concerns over widening tariff

conflicts capped gold's string of record highs.

Amazon's ( AMZN ) shares fell in extended trading as

investors scrutinized its after-the-bell earnings, and awaited

the January employment report due from the Labor Department on

Friday.

During regular trading, the S&P 500 and the Nasdaq see-sawed

to modest daily gains, while the Dow inched lower and benchmark

Treasury yields appeared set to snap their three-day slide.

"Today's market action is largely driven by the earnings

that came out last night and this morning," said Peter Tuz,

president of Chase Investment Counsel in Charlottesville,

Virginia. "You had a totally mixed bag of earnings and slashed

guidance from a variety of companies in a variety of

industries."

Honeywell ( HON ) shares fell after the industrial

conglomerate announced it would split into three separate

companies and provided downbeat 2025 forecasts.

On the economic front, jobless claims, layoffs and labor

costs/productivity provided a prologue to Friday's keenly

anticipated January employment report.

Domestic and international political uncertainties kept

simmering, although fears have eased that U.S. President Donald

Trump's approach to tariffs could escalate into a global trade

war.

"We are witnessing a resilient economy ... against a

backdrop of geopolitical concerns, and an expectation of some

sort of chaos down the road," said Oliver Pursche, senior vice

president at Wealthspire Advisors in New York.

The Dow Jones Industrial Average fell 125.65

points, or 0.28%, to 44,747.63, the S&P 500 rose 22.09

points, or 0.36%, to 6,083.57 and the Nasdaq Composite

rose 99.66 points, or 0.51%, to 19,791.99.

European shares touched an all-time high, powered by upbeat

earnings, as investors weighed the possibility of a Ukraine

peace plan.

Britain's FTSE 100 also reached a record peak as the BoE cut

interest rates by 25 basis points but warned it would be

cautious going forward, in the face of a potential inflation

uptick and geopolitical worries.

MSCI's gauge of stocks across the globe

rose 0.88 points, or 0.10%, to 872.57.

The STOXX 600 index rose 1.17%, while Europe's

broad FTSEurofirst 300 index rose 26.54 points, or

1.24%.

Emerging market stocks rose 6.63 points, or 0.61%,

to 1,102.42. MSCI's broadest index of Asia-Pacific shares

outside Japan closed higher by 0.62%, to 580.13,

while Japan's Nikkei rose 235.05 points, or 0.61%, to

39,066.53.

U.S. Treasury yields drifted slightly higher, on course to

snap a three-day slide to multi-week lows as trade war jitters

subsided and investors trained their focus on Friday's payrolls

report.

The yield on benchmark U.S. 10-year notes rose

1.8 basis points to 4.438%, from 4.42% late on Wednesday.

The 30-year bond yield rose 0.4 basis points to

4.6457% from 4.642% late on Wednesday.

The 2-year note yield, which typically moves in

step with interest rate expectations for the Federal Reserve,

rose 2.7 basis points to 4.212%, from 4.185% late on Wednesday.

The dollar edged higher as the Japanese yen hit an 8-week

high while sterling lost ground in the wake of the BoE rate

decision, after reaching a one-month high on Wednesday.

The dollar index, which measures the greenback

against a basket of currencies including the yen and the euro,

rose 0.02% to 107.67, with the euro down 0.14% at

$1.0387.

Against the Japanese yen, the dollar weakened 0.72%

to 151.5.

Sterling weakened 0.54% to $1.2439.

The Mexican peso strengthened 0.69% versus the dollar at

20.46.

The Canadian dollar strengthened 0.01% versus the

greenback to C$1.43 per dollar.

In cryptocurrencies, bitcoin fell 0.12% to

$96,808.46. Ethereum declined 2.6% to $2,713.94

Oil prices reversed earlier gains amid choppy trading as

President Trump's renewed pledge to boost production raised

oversupply concerns.

U.S. crude dropped 0.59% to $70.61 per barrel, while

Brent fell to $74.29 per barrel, down 0.43% on the day.

Gold reversed its multi-session rally, which was driven by a

risk-off flight to safety that drove the precious metal to a

record high.

Spot gold fell 0.3% to $2,856.40 an ounce. U.S. gold

futures fell 0.39% to $2,860.50 an ounce.

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