Market Updates

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%.

Boeing falls over 7% dragging Dow lower. Nvidia up 9.3% helping Nasdaq.

ASX SPI Futures down 83.

• 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.

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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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