CommSec Market Update

Wall Street closed at new record highs, with investors now digesting fresh earnings from Nvidia, though the stock slipped after its data centre revenue fell short of estimates. Elsewhere, Cracker Barrel surged on news of a logo revamp, while American Eagle tapped Travis Kelce in the wake of the Sweeney controversy. Meanwhile, bond yields fell as markets shrugged off Fed drama, and Albemarle gained on a stronger lithium price outlook. Energy stocks also led the advance as US crude inventories declined. Back home, the ASX is set for a flat start on Thursday ahead of results from Wesfarmers.

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The ASX200 edged higher on Wednesday despite hotter-than-expected inflation numbers dampening near-term rate cut hopes, while Woolworths sank 14% on weak earnings. Domino’s plunged 22% after swinging to a loss, and WiseTech dropped 11% on a profit miss. In contrast, Tabcorp surged 24% on a return to profit, SiteMinder jumped 21%, and Lovisa rose 13%. Gold miners also climbed as safe-haven demand lifted prices.

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Wall Street eked out modest gains overnight, led by industrials, as Donald Trump’s renewed attacks on the Federal Reserve reignited concerns over its independence. Signet Jewellers shares jumped on news of Taylor Swift’s engagement, while Nvidia edged higher ahead of its earnings release. Apple also drew attention, setting September 9 for the launch of its new iPhone 17. In bonds, the US yield curve steepened after Trump moved to oust Fed Governor Lisa Cook. Elsewhere, oil fell 2% from a near three-week high, while back home, Aussie shares are expected to rise on Wednesday ahead of key inflation data and Woolworths’ results.

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The market has taken a much-needed breather today falling slightly following the recent run of record highs seen in nine of the past twelve trading sessions.  Stevie unpacks the session discussing the easing of US markets overnight, and how the firing of Fed board member Lisa Cook may impact markets.  Locally, Coles was one of the winners today following better than expected earnings data, Woolworths is expected to deliver their results tomorrow, and Fortescue Metals dragged on the mining sector.  In the day ahead monthly inflation data could gain attention, a number of stocks will trade ex-dividend, and the profits reporting continues.

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Wall Street ended lower as investors digested the hangover from the Jackson Hole symposium over the weekend. Stocks pulled back, halting their Fed-fuelled rally as bond yields moved higher, with bond investors taking a cautious view of the next fortnight. In company news, Keurig Dr Pepper tumbled after announcing an $18 billion acquisition, while sector-specific tariffs weighed on furniture makers. Meanwhile, the US dollar steadied following its slump on Powell’s dovish surprise, and oil prices climbed as Russia-Ukraine peace talks dragged on. Back home, Aussie shares are expected to slip from record highs, with earnings results from Coles and Fortescue in focus today.

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The ASX200 edged higher on Monday, briefly hitting its ninth record in 11 sessions before slipping back below 9,000. Resource stocks rose on stronger gold, oil and iron ore prices, while banks weighed. Southern Cross Media and Aussie Broadband jumped around 20% on upbeat results, while Ansell, Pilbara Minerals, PolyNovo and Zip also gained. In contrast, Reece had one of its worst days in decades, with EVT and Endeavour also sliding. Investors now turn to a packed week of earnings from Coles, Fortescue and more, alongside growing expectations of a September US rate cut.

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Wall Street surged to fresh record highs after the Jackson Hole symposium, with Fed Chair Jerome Powell hinting at the prospect of lower interest rates. US stocks rallied broadly, lifting most sectors, while bond yields sank on growing bets of a September rate cut. Locally, futures point to record levels for the ASX 200, as commodity prices firm, the US dollar softens, and the Aussie dollar strengthens on Greenback weakness.

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The Aussie market eased on Friday, snapping its run of record highs as the ASX 200 slipped around half a percent to just under 9,000 points. Healthcare stocks weighed heavily, with CSL plunging after its restructure plans, while James Hardie also disappointed. On the flipside, Zip surged after strong US growth, while NRW and Helia posted gains. Ingham’s and Guzman y Gomez tumbled on results, and Regis Resources pulled back despite a strong year. Attention now shifts to Jerome Powell’s keynote at Jackson Hole and a busy week of earnings ahead, with results due from Coles, Woolworths, Qantas, Wesfarmers, and NVIDIA.

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US stocks slumped overnight with the S&P 500 posting its fifth straight losing day and as investors count down the hours to Jackson Hole. US Treasuries also weakened as traders trimmed their rate-cut bets. Elsewhere, Walmart tumbled on a rare profit miss, while oil gained 1% amid stalled Russia-Ukraine peace talks. Back home, Aussie shares are set to ease from record highs, with results due from Inghams, Zip, and Guzman y Gomez today.

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The Aussie market has hit another milestone today showcasing the best performance in a couple of weeks, with a number of stocks growing by more than 10%.  Steve discusses this monumental session driven by the busiest day of profits reporting for the year.  All of the sectors saw gains with 7 in every 10 stocks rising.  Among the winners today were Bega Cheese, Brambles, and Downer EDI, and IPH was the worst performer, and Steve looks at what could move markets in the day ahead.

The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.

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