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Wall St bounced back from Thursday losses with a strong session overnight. The Dow Jones finished flat while the S&P 500 and NASDAQ gained 0.7% and 1.1%. The utilities and technology led rally came after economic data indicated a strong US economy with falling inflation expectations. Core capital goods orders increased by 0.3% vs expectations of a 0.1% rise. This is seen as a proxy for business spending while consumer inflation expectations fell from 3.5% to 3.3%. The five-year inflation outlook now sits at 3%. On the negative side, consumer sentiment dropped to a five-month low. Chances of a Fed September rate cut dropped again, now down to 49%. For the week, the Dow Jones lost 934 points or 2.34%, halting its five week rally. The NASDAQ in contrast gained 1.41% and the S&P 500 finished near flat. The ASX 200 closed out the week down 1.1%.
ASX SPI up 47 points.
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The ASX 200 falls another 84 points to 7728 as US markets and commodities weigh. Down 1% for the week. No recovery from lows either, although it tried once; banks were hit as profit takers moved in, and the Big Bank Basket went down to $207.50 (-1.4%). CBA crashed 1.5% with WBC off 1.2% and MQG down 0.8%. Insurers slid too with QBE down 1.5%. REITS slipped away led lower by GMG off 1.5% and SCG down 1.6%. Industrials were hit with WES continuing its slide down another 3.8%. WOW and COL also in the doghouse today with falls around 1.2%. Tech down as XRO fell 2.7% and WTC off 1.4%. REA and others in the platform space fell, with healthcare seeing sellers ahead of a long US weekend. RMD down 3.2% and SHL falling 3.0%. Resources were a slight surprise, outperforming after the rout yesterday. BHP was down a modest 0.6%, FMG fell 0.8%, and lithium stocks fell hard again. PLS down 1.5% and MIN off 1.9%. Gold miners could have been worse, NEM down only 0.9% and EVN up 0.5%. Oil and gas stocks better, STO up 0.1% and WDS gaining 0.7%. In corporate news, APX rose 2.5% on an update, PPT lifted its stake in SGR to 8.8%. Nothing on the economic front locally. Asian markets all weaker. European markets set to follow the US lower. 10-year yields are relatively steady at 4.31%.
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U.S. stocks ended Thursday’s trading session in the red. The Dow Jones Industrial Average declined 605.78 points, or 1.53%, marking its worst day of 2024. The S&P 500 dropped 0.74%, and the Nasdaq Composite fell 0.39%.
Oil falls for fourth straight session on US inflation jitters.Gold slips to over one-week low on hawkish Fed.Copper dips for third straight day on profit-taking, weak demand.Texas power demand to break May record in heat wave on Friday.China's food security dream faces land, soil and water woes.China state stockpiler aims to buy up to 15,000 T of cobalt.Copper’s M&A mania obscures a dysfunctional market.Russia finds it challenging to keep the lid on oil output.
Boeing falls over 7% dragging Dow lower. Nvidia up 9.3% helping Nasdaq.
ASX SPI Futures down 83.
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The ASX 200 falls 36 points to 7812 (0.5%) off the session lows as defensives rallied hard. NASDAQ futures improved helped by Nvidia results a positive. Healthcare and supermarkets did well. CSL up 1.4% with RMD rallying 1.0% and COH up 1.6%. WOW and COL also bucking the trend with WES continuing to fall. TLS managed a 1.2% rally after the recent drubbing. BXB put on 1.0% and SVW up 1.0%. Utilities doing ok, ORG up 1.9% on the power station news, and Tech better led by XRO with some good results rallying 8.7%. The All-Tech Index up 0.9%. In the banks, a little sloppy today The Big Four off around 1% and the Basket down to $210.38 (0.8%). Insurers better with QBE up 1.1% but MQG down 1.0%. REITS dipped with SCG off 0.9% and GPT down 1.1%. Resources were the problem today, BHP dropped 2.9% on its third and ‘final’ bid for Anglo being 9% higher and rejected again. RIO was dumped down 2.0% and FMG off 1.1%. Lithium and base metal stocks fell hard. Uranium was smacked down, PDN down 5.0% with BOE off 5.3%. PLS fell 1.5% and gold miners also on the seller’s lists. NST down 3.3% and NEM off 3.8%. AWC had a nasty day down 3.3%. Oil and gas unchanged. In corporate news, NUF sank 7.1% on falling profits and TRS fell 5.2% on a profit warning. NEU in a trading halt pending news on a drug trial. Nothing on the economic front today. Asian markets mixed with Japan up 0.6%. China down 1.3% and HK off 1.7%. 10-year yields steady at 4.26%.
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U.S. stocks ended Wednesday’s session in the red. The Dow Jones Industrial Average fell around 202 points, or 0.5%. The S&P 500 and Nasdaq Composite declined 0.3% and 0.2%, respectively.
Nvidia reports after hours beating expectation up around 5.5%
ASX to fall. SPI futures down 74 points.
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ASX 200 fell 4 points today to 7848 as we await Nvidia results in US. Mixed session all round. Banks were slightly higher with ANZ up 1.1% and the Big Bank Basket up to $211.98. MQG rallied 1.3%, with insurers doing well too, QBE up 1.1%. GQG had a good day, up 6.3% on a director's interest; REITs are generally better, with GMG up 0.5%. Industrials were weaker, APE crashed 15.0% on a profit warning, WES fell 1.8%, and WTC rose 1.5% in mixed techs. ‘Old Skool’ platform stocks eased, retailers fell, PMV down 2.2%, and SUL of 3.4%. In resources, iron ore picked up and the ‘Three Amigos’ rallied further, FMG up 1.1% and RIO up 1.6%. BHP a little left behind, but it is crunch day today in London. Lithium stocks fell, PLS down 2.2% and MIN off 1.0%. IGO tumbled 3.3%, with NIC under pressure off 2.4%. Gold miners, too, fell out of bed, NST down 1.6%. In corporate news, TLS gave us yet another reason not to buy it with the job losses and shrinking to mediocrity, down 4.2%. WEB took off as it floated plans to demerge the company and announced very positive results. TLX jumped 2.5% on US listing plans. PMT raised money at 85c. In economic news, the RBNZ kept rates unchanged. Asian markets mixed again, Japan down 0.8%, China and HK up a small amount. 10-year yields at 4.27%.
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The ASX 200 holds onto most of yesterday's gains.
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ASX 200 fell 67 points to 7814 (-0.9%) as broad-based losses after a huge run yesterday. Index up 0.84% this week. Banks eased back despite an 8.2% run in BEN after results beat expectations. The Big Bank Basket fell to $210.47 (-0.6%). MQG dropped 1.3%, and other financials under pressure. Insurers slid, QBE down 1.5% and SUN off 0.2%. MPL dropped 2.2% as hacking concerns remain. REITs under pressure today, with GMG down 1.1% and GPT falling 2.9%. Healthcare was whacked, CSL down 2.4% and SHL off 1.5% with RHC falling 1.9%. Industrials also eased, WOW down 0.6% with COL off 0.9%. Tech fell back after a stellar run yesterday, XRO fell 5.1%, with the All-Tech Index down 2.1%. Retail is under pressure, with PMV down 2.0% and LOV off 2.7%. DMP stuffed crust down 3.2%. Travel stocks on the nose too. Resources were better, Iron ore stocks continued to find friends, BHP up 0.8% and FMG up 1.2%. Lithium, too, saw buyers, PLS up 2.2%, and LTR rising 4.9%. Gold miners fell as bullion dropped, NST down 1.7% and NEM down 1.3%. Oil and gas stocks continued to be unloved, WDS off 1.5%. In corporate news, BEN rose 8.2% as trading update, and margins were better than expected. LLC fell 2.1% after it agreed to sell its Asian businesses, SGR had the casino licences in QLD suspended now until December 24, down 2.2%. Nothing locally on the economic front, China saw some positive and negative data, as usual, it's complicated. Asian markets were quiet, Japan up 0.3%, HK up 0.6%, and China up 0.3%. 10-year yields at 4.21%.
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The Dow Jones Industrial Average closed slightly lower Thursday after briefly jumping above 40,000 for the first time. At its high of the day, the blue-chip average reached 40,051.05, the culmination of a bull market that began in October 2022.
Base metals are broadly higher. Copper +0.13%, Nickel +0.23%, Zinc +0.08%, Lead -0.20% and Tin +0.18%.Aluminium is marginally higher, +0.04%, as LME aluminium stocks rise to their highest levels since October 2021.Gold slipped 0.44% as the dollar rebounded.Oil prices edged higher on positive economic data. WTI +0.77% and Brent Crude +0.66%.10Y Bond Yields – US 4.377%, Australia 4.219%, and Germany 2.456%.Currencies – AUD -0.01%, USD Index +0.15%, Euro +0.01%, and Bitcoin -0.97%.
Ultimately, the 30-stock Dow ended the day down 38.62 points, or 0.1%, closing at 39,869.38. The S&P 500 fell 0.21%, closing at 5,297.10. The Nasdaq Composite finished the day lower by 0.26%, ending at 16,698.32.
The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each.
ASX to fall. SPI Futures down 44 points (-0.56%).
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ASX 200 jumped 128 points (+1.7%) to 7881 as good US CPI and better-than-expected local jobs data created a tsunami of buying in large caps. Big banks closed higher, CBA was up 1.9% to fresh highs, and the Big Bank Basket was up to $211.81 (+2.0%), close to a record high. NAB the standout up 2.4%. MQG also doing well up 2.9%, with insurers and financials rallying hard. QBE up 1.0% and SUN up 0.8% with MPL under another hacking cloud down 0.5%, but it seems it was not them this time. REITS screamed higher on lower rates and possible rate cuts. 4.1% the headline number on the unemployed is good news for Bullock, just not such good news for the unemployed. GMG up 4.1% with SGP up 1.7% and SCG rallying another 2.8%. Industrials firm across the board. WOW up 1.7%, and COL up 1.5%. TCL rose 1.6%, and SVW had a good day up 3.2% with BLD rising in its wake. Tech stocks on a tear, with WTC up 4.4% and XRO up 4.8% as the All-Tech Index rose %. Resources were also in demand. The ‘Three Amigos’ all doing well, BHP up 1.0% and FMG up 2.2%, with lithium plays shrugging off some early losses, PLS up 0.8% and MIN up 1.6%. Gold miners were in demand, with big rallies in EVN up 2.6%, and BGL up 2.2%. Oil and gas stuck in the slow lane. In corporate news, ACCC has intervened in the bidding war for NAM, ALL jumped 12.3% on better-than-expected results. And IPL better by 5.3% on its results. On the economic front, revisions for March and a worse (better) than expected 4.1% in April on the unemployment number saw all bets on a rate hike erased. Asian markets better, with Japan up 0.2% HK up 1.7% and China up 0.4%.
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ASX 200 finishes up 27 points to 7754 (+0.4%), basking in a warm post-budget glow. The main driver of the advance was retail stocks and BHP, which was buoyed by talk it may just walk from Anglo discussions. Up 2.2%. Some budget winners in focus today, with some of the critical metal stocks finding some friends, although gains were muted in the end. Gold miners slightly better, with NST up 0.4% and PRU up 2.2%. Lithium stocks took the cue from better prices overseas, PLS up 0.3% and LTR rising 1.5%. Oil and gas stocks eased as oil prices fell. Banks were slightly easier, with the Big Bank Basket down to $207.72 (-0.1%). ANZ the big faller down 1.2%. MQG also in trouble off 1.0%, with ASX off 1.4% on a broker downgrade. REITs better across the spectrum, SCG up 1.6% and SGP up 2.4%. Industrials firmed, TLS having a good day up 0.6%, and informed me I had won a new phone. TCL slipped 1.8%, with healthcare mixed on budget news, RHC down 1.0%. Tech flat, retail better, PMV up 2.4% and JBH up 0.4%. In corporate news, STO announced 2000 job cuts, SXL rejected the ARN deal, and IRE sank 1.8% on data leak news. AAC dropped 1.4% after a challenging year, and CSR's aluminium operations sharply fell to an annual loss of $29m. In economic news, wage growth slowed to 0.8%. Asian markets mixed again, with Japan unchanged, HK closed and China off 0.5%. 10Y yields steady at 4.324%. Dow Futures up 14 points. NASDAQ Futures down 8 points.
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Wall Street ended higher overnight, near best levels in another lower volume trading session leading into CPI results tomorrow. Markets shrugged off a mixed reading on producer inflation, and Powell signalled that interest rates will be higher for longer. Dow +127 points (+0.32%). Up 185 points at best. Down 60 points at worst. S&P 500 gained 0.48%, just a few points away from its record, and the NASDAQ rose 0.75%, closing at record high, with Tesla +3.3% and Nvidia +1.1% leading gains in Megacap tech stocks. US PPI rose more than expected in April, up 0.52% MonM, significantly above expectations of 0.3% as the cost of services and goods rose sharply. Powell described PPI results as more mixed than hot, given the prior period was revised lower. US treasury yields slipped, following PPI results, 10Y down 4.5bps, 2Y down 4.7bps, with the inversion between the 2Y and 10Y little changed at -38.1bps. US President Biden unveiled steep tariff rises on Chinese imports, including EV batteries, computer chips, and medical products affecting $18bn in imported Chinese goods.
Base metals mixed. Copper %, Nickel %, Aluminium %, Zinc %, Lead % and Tin %.Copper fell 1.32% on arbitrage trading and speculative buying by funds. Copper producers and traders are shipping more metal to the US to profit from higher prices for CME futures compared to LME.Gold gained 0.90% helped by a pullback in the USD and treasury yields.Oil prices eased after US data raised concerns that interest rates may stay higher for longer but supply concerns put a floor under prices. WTI down 1.35% and Brent Crude off 0.76%.Currencies – AUD +0.03%, USD Index -0.19%, Euro +0.02%, and Bitcoin -1.87%.10Y Bond Yields – US 4.445%, Australia 4.343%, and Germany 2.540%.
ASX to rise. SPI Futures up 30 points (+0.40%).
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ASX 200 closed down 23 points at 7727 (0.3%). Sloppy quiet markets across the board with banks down modestly. The Big Bank Basket unchanged at $207.93. ANZ fell 0.7% with MQG falling 0.1% and insurers down on lower yields, QBE off 1.3% and SUN off 1.3%. REITs dropped led by GMG down 0.8 % with SCG off 1.0% with VCX falling 0.8%. Industrials weaker but no real damage, TCL down 1.8% with COL off 1.2% and SVW down 3.1% as it increased its BLD shareholding to close to 92%. ALX saw IFM lift its holding to 26%. Tech stocks eased with the All-Tech Index down 0.5%. Resources slipped with BHP off 0.2% as Anglo knocked back the latest approach, FMG down 0.9% with gold miners weaker, NST off 1.2%. Oil and gas stocks lower and uranium shares easing back. In corporate news, GUD rose 12.2% on a late trading update yesterday. HLS up 4.7% on refinancing news and a lower debt facility. On the economic front, not much here ahead of the well-leaked budget. Asian markets slightly lower with Japan up 0.1%, HK and China pretty much unchanged.
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The 30-stock Dow posted its first losing session in nine at the end of Monday’s regular trading session, snapping what had been its longest daily win streak since December. The S&P 500 inched lower by 0.02%. The Nasdaq Composite was the outperformer, rising roughly 0.3%.
S&P 500 barely changes as investors hold tight ahead of inflation data.Fed to cut rates in September, say nearly two-thirds of economists.Israeli forces press Gaza offensive from north and south.ASX to slip, S&P 500 dips as CPI awaited – AFR.Australia sees second straight budget surplus, inflation easing sharply.NY Fed survey finds general expectations of higher inflation.ASX set to open slightly lower. SPI futures down 8 points.
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ASX 200 rose 1 point to 7750 in quiet pre-budget trade. Narrow trading range with banks weaker as ANZ and MQG went Ex Dividend. The Big Bank Basket up to $208.05 (+0.5%). Insurers tickled higher QBE down 0.1% and SUN up 0.4% with REITS slightly lower, GPT off 0.7% and SCG down 0.6%. Industrials mixed, WOW up 1.0% but REA off 1.6%, SVW fell 2.4% and WES up 0.8%. Tech stocks mixed too XRO down 1.9% with WTC up 0.7% and the All-Tech Index down 0.6%. In resources, BHP pushing higher as FMG fell 0.6% and RIO dropped %. Lithium and uranium stocks falling hard in places, NXG dropped % with PLS off 1.5% and MIN down 0.9%. Gold miners mixed as DEG cap raise weighed on the sector. Oil and gas stocks are falling, WDS is down 1.1%, and BPT is up modestly. In corporate news, FBU has yet another profit warning falling 10.9%, SXL fell 9.0% as part of the consortium pulled out, RMS upgraded its Mt Magnet outlook rallying 1.5% and SYA down 6.8% on drilling results in Canada. In economic news, plenty of leaks from the Budget due tomorrow night, NAB business survey was pretty much stable. Asian markets mixed, Japan down 0.3%, China unchanged and HK up 0.7%. 10-year yields 4.34%.
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Wall Street closed narrowly mixed after fresh data showed consumer sentiment fell to a six-month low and short-term inflation expectations picked up. Dow up 125 points (+0.32%), marking its eighth consecutive gain, S&P 500 rose 0.16%, and the NASDAQ ended marginally lower, off 0.03%. For the week, Dow +2.16%, S&P 500 +1.85%, and NASDAQ +1.14%. Q1 reporting season in the US is nearing the finish line. Of the 459 companies in the S&P 500 that have reported, 77% exceeded expectations, according to LSEG data. Treasury yields rose ahead of inflation data next week, with the 10Y up 4.1bps and the 2Y up 5.2bps.
Base metals mixed. Nickel +0.47%, Zinc +0.76%, Lead -0.23% and Tin -1.21%.Aluminium down 1.42% as LME registered warehouse reported an 88% jump in aluminium stocks to 903,850 metric tons, their highest level since January 2022.Copper up 0.80% as traders chased arbitrage opportunities with growing gaps between prices in Chicago, London and Shanghai. Gold up 0.78%, building on momentum fuelled by weaker US jobs data this week. Oil prices fell nearly $1 a barrel overnight on further comments from Fed officials reinforced higher for longer interest rates. WTI -1.30% and Brent Crude -1.52%.Currencies – AUD -0.26%, USD Index +0.07%, Euro -0.11%, and Bitcoin -3.01%.10Y Bond Yields – US 4.500%, Australia 4.360%, and Germany 2.514%.
ASX SPI Futures down 19 points. Quiet day ahead.
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