CommSec Market Update

Wall Street slumps as investors worry over weakening job growth and debate the potential for larger rate cuts ahead of key inflation data. Technology stocks were hit hard, with the NASDAQ dropping 6% last week due to growth concerns. Apple’s annual iPhone event, launching the iPhone 16, begins today and is a key event to watch. Locally, the ASX 200 is expected to open 1% lower on Monday, with energy stocks in focus following a 2% decline in oil prices

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The ASX saw a slight recovery today, however, global markets remain nervous ahead of the key U.S. non-farm payrolls report tonight, which could influence interest rate decisions and recession fears. This week, energy and mining stocks in Australia had their worst week of the year, weighed down by lower commodity prices, ex-dividend trades, and concerns over slowing economies in the U.S. and China. While tech giant Nvidia's massive 10% drop this week underscored tech sector volatility, major banks like CBA performed strongly, reaching record highs. Looking ahead, next week will be quieter locally, but critical inflation data from the U.S. and a European Central Bank meeting will shape global market movements.

 

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Wall Street has seen mixed results as weak employment data weighed on sentiment, with U.S. private payrolls falling to a three-and-a-half-year low. Ryan also previews the highly anticipated U.S. government payroll data set for release on Friday. In company news, Tesla is preparing to launch a new drive-assist system in China and Europe. Meanwhile, oil prices remain at a 14-month low due to demand concerns, while metal prices firmed. Aussie shares are expected to rise, with the Aussie dollar supported as the RBA maintains its hawkish stance.

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The Australian stock market managed a modest rebound, with the ASX 200 rising slightly after a significant drop yesterday. U.S. job market data remains pivotal, influencing global markets amid recession fears. Data center stocks surged following a landmark acquisition deal for Air Trunk, highlighting growing demand for data storage amid AI advancements. Meanwhile, energy stocks took a hit due to ex-dividend trading and declining oil prices, while financials and miners saw mixed performances.

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Wall Street struggles to find composure amid lingering growth concerns. Nvidia is in the spotlight after reportedly experiencing the largest single-day market cap drop in history. Commodities remain under pressure, including oil, which has slumped to its lowest levels since late 2023. Locally, Aussie shares are expected to open flat on Thursday ahead of a key speech by Reserve Bank Governor Michelle Bullock.

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Laura would rather ‘stare directly into the sun’ than look at the market today.  An odd admission, but one fuelled by the poor performance of the Aussie market which saw significant declines following drops in the US market.  Data out of China also weighed on the market so they discuss this, and look at the local economic data that played a part.  With all 11 sectors down they look at their individual performances, oil prices are in conversation, and they look to what could lie ahead.

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Wall Street took a sharp downturn, experiencing significant sell-offs driven by growth concerns, reminiscent of August's market drop. Nvidia shares plunged 10%, leading chip stocks to their worst day since March 2020. The sell-off also impacted commodity prices, with oil slumping 5% amid hopes for a resolution to the Libyan dispute, and copper falling to a two-week low on concerns about Chinese demand. Meanwhile, Australian shares are expected to decline ahead of key economic growth data.

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It has been a quiet start to the month after a rocky August, with Laura describing the session today as ‘directionless’ with the US market shut.  Laura and Stevie look at the performance of the sectors which was evenly split across gains and declines with materials and consumer staples seeing some losses.  They look at the stocks that caught their eye as CBA hits record highs once again, discuss the large number of stocks trading ex-dividend, and look to what to expect as the US market reopens. 

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Northern hemisphere markets remain neutral as Wall Street celebrates Labor Day. German stocks reached a record high despite its ongoing political uncertainty. Meanwhile, Rightmove shares surged following REA Group's bid, while iron ore experienced its steepest decline in two years. Locally, Aussie shares are expected to open slightly higher, ex-dividend stocks are in focus and the Aussie dollar has risen as the Greenback weakens ahead of the upcoming jobs report.

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It was a mixed performance for the Aussie market today with reporting season having come to a close.  Laura and Stevie reflect on a session which started with declines but gradually clawed those losses back to finish in the green.  They reflect on the performance of the last month and look at the stocks that drove the gains today.  They dive into the performance of each of the sectors, Gold prices are in the conversation, and they discuss the stocks that caught their attention including REA Group and Star Entertainment.

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