CommSec Market Update

Wall Street ended mixed in choppy trade after the Federal Reserve cut rates and signalled a cautious path for further easing. Fed Chair Jerome Powell cited labour market weakness as a key factor in the decision. Bond yields rose following the Fed move and Powell’s comments, while oil prices eased on U.S. demand concerns. Back home, SPI futures indicate an early loss for the ASX 200, with Aussie shares expected to decline ahead of key jobs data.

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The Aussie market stumbled to its weakest performance in a fortnight, with the ASX200 closing firmly lower and now sitting about 3% shy of record highs. Losses across miners, financials and consumer stocks outweighed gains for energy shares, helped by a stronger oil price, and Whitehaven Coal, which jumped more than 5%. DroneShield also climbed after securing fresh US defence contracts, while New Hope and gold miners lagged. Attention now shifts to the Federal Reserve’s widely expected rate cut, the tone of Jerome Powell’s comments, and tomorrow’s Australian jobs data.

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Wall Street pulled back slightly, with the S&P 500 easing from record highs as traders look ahead to the Federal Reserve’s rate decision. Fresh data showed U.S. retail sales rose strongly in August, underscoring resilience in consumer spending. In company news, Microsoft unveiled a $30 billion investment in UK AI infrastructure, while Google’s Gemini app climbed to the top of Apple’s store rankings. In commodities, oil gained more than 1% following drone attacks in Ukraine, and gold surged to fresh record highs. Back home, Aussie shares are expected to open lower on Wednesday as investors await the Fed’s move.

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Australian shares recovered modestly on Tuesday, with the ASX200 up about 0.25% as strength in energy, uranium and gold miners outweighed declines in Qantas, CSL and Super Retail Group. Commodity prices supported the resource sector, with gold hitting fresh record highs and oil rising on supply concerns. Investors remain cautious as they look ahead to a likely US rate cut later this week, as well as local jobs data, and Reserve Bank commentary.

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Wall Street has started the week on the front foot, as Elon Musk’s $1 billion purchase of Tesla shares sent the stock sharply higher. The S&P 500 hit an intraday record as bond yields eased ahead of the Federal Reserve’s policy decision. Globally, the U.S. and China reached a consensus on TikTok, while Beijing moved to target Nvidia under anti-monopoly laws. Meanwhile, President Trump also renewed calls to scrap quarterly earnings reports. Back home, Aussie shares are expected to rise on Tuesday, recovering from a slow start to the week.

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The ASX200 started the week slightly lower, easing less than 0.2% despite soft Chinese economic data and a mixed US lead. Lithium and uranium miners topped the winners list after last week’s heavy losses, while gold stocks retreated following a strong six-week run. AMP and WiseTech also featured among notable movers. Looking ahead, investors will focus on local jobs data, ex-dividends, and a busy week of global central bank meetings, including a widely expected US rate cut.

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Wall Street posted weekly gains, thanks to some resilience from the Nasdaq, though U.S. equities lost ground in the final hours of trade as investors looked ahead to this week’s Federal Reserve decision. U.S. interest rates retreated from five-month lows, while European markets saw mixed moves after a French credit downgrade kept rates in focus. Back home, futures point to a weaker open for the ASX 200 on Monday, with the Aussie dollar holding above 66 U.S. cents.

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Aussie stocks have posted their best lift today since last Thursday, as Steve recounts the session that saw the ASX making up for the modest moves lower of recent days.  The strength of the US market had a part to play in this following their unemployment data, locally energy stocks continued to decline, and financials saw gains.  Ex-dividend trading continued for a number of stocks, gold miners saw more significant improvements, and Virgin Australia caught attention.  Steve looks to the week ahead with jobs growth data something that investors should be watching, and around $2.5 billion in dividends set to be paid to investors.

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Wall Street surged to fresh record highs as investors bet a Federal Reserve rate cut is all but certain. US core CPI rose in line with expectations, keeping the Fed on track to ease policy, while a spike in jobless claims in Texas pointed to ongoing labour market weakness. In company news, Paramount and Skydance are preparing a bid for Warner Bros Discovery. Elsewhere, the European Central Bank left interest rates unchanged. In commodities, oil prices fell 2% due to concerns about oversupply, while iron ore prices declined amid elevated Chinese steel inventories. Back home, Aussie shares are expected to finish the week on a positive note.

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The Aussie market has slid for a third time this week.  Steve discusses this session which reversed the small gains of Wednesday and discusses the catalysts likely to spark a US rate cut.  Locally healthcare and banking seen declines, and gold miners continued to gain attention with the precious metal on a tear.  PolyNovo has bounced back from the recent declines, defence contracts saw some well-known names grow, and a lot of ex-dividend stocks saw declines.

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