Market Updates

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The Dow Jones Industrial Average slid 375.12 points, or 0.98%, to close at 38,085.80, weighed down by steep declines in Caterpillar and IBM. The S&P 500 dropped 0.46% to finish the session at 5,048.42, and the Nasdaq Composite lost 0.64% to 15,611.76.

U.S. gross domestic product expanded 1.6% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones forecast GDP growth would come in at 2.4%.
US personal consumption expenditures price index increased at a 3.4% pace, well above the previous quarter’s 1.8% advance.

ASX 200 SPI down 26 for a two day total of 86 points lower.

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ASX 200 fell 1 point to 7683 (-0.01%) after a CPI gut punch stole the momentum. Inflation is once again higher than expected, and insurance costs and education continue to pressure the upside. Banks again led the charge higher, with the Big Bank Basket up to $203.73 (+0.4%). WBC the standout up 0.9% despite news yesterday on profit hit. REITs mixed as rates pushed higher, GMG up 1.7% with most of the sector down. Insurers better on bond yields. Healthcare mixed too, CSL taking a break. Industrials mixed, retail fell after the CPI number as rates now seem on hold for longer. Tech eased, the All-Tech Index flat. In resources, FMG gained 0.7% on production report, Gold miners found a level and bounced. NST up 1.0% and EVN up 0.5%. Lithium miners were better on Tesla sentiment moves, PLS up 1.3% and IGO up 1.5%. LTR had a good day, up 2.3%. Oil and gas stocks slightly better, copper still finding buyers, BOC up 15.4%. Must be a boom. In corporate news, NCK is raising money to push into the UK. Richard Goyder was elected Chair again at WDS with 80% voting for him. PPT fell 3.5% on FUM news, KGN crashed 27.5% on a business update, and CWY dropped back to where it started Tuesday morning on denial of takeover talk from WES. On the economic front, CPI came in above expectations and showed that inflation is still a clear and present danger with rents, insurance and school fees. Asian markets better with Japan screaming ahead by 1.7%. China up modestly with HK up 2.1%. 10Y yields boosted to 4.4%. European futures are set to open higher. Dow Futures up 61 points. NASDAQ Futures up 128 points.
 
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Wall Street ended higher overnight, near best levels, building on the positive momentum from yesterday's session as gains in mega-cap tech stocks lifted the broader market. Dow up 264 points (+0.69%), S&P 500 +1.20%, and NASDAQ +1.59%. Treasurys eased a touch following a solid $69bn sale of 2Y notes, and economic data showed US business activity cooled in April to a four-month low. Tesla 1.9% kicked off the earnings cycle for heavy-weight tech stocks, rising 10.68% in after-hours after announcing it would accelerate the launch of more affordable models, and United Parcel Service +2.41% (an economic barometer) beat profit expectations.

ASX to rise. SPI Futures up 27 points (+0.35%).

• Base metals are broadly lower on profit-taking and hedging by producers. Copper -1.0%, Zinc -1.29%, Nickel -2.66%, Tin -6.3% and Lead -0.83%.
• Aluminium down 3.53%. Traders found profits by taking Russian aluminium from the LME and returning it later to benefit from recent rule changes to comply with the latest US and UK sanctions on Russia.
• Gold eased 0.19% after briefly touching a more than two-week low.
• Oil prices advanced on a weak USD, with the USD Dollar Index falling to its lowest level in more than a week. WTI +0.42% and Brent Crude 1.49%.
• 10Y Bond Yields – US 4.607%, Australia 4.299%, and Germany 2.508%.
• Currencies – AUD +0.02%, USD Index -0.36%, Euro -0.02%, and Bitcoin -0.29%.

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ASX 200 has risen 34 points to 7684 (+0.5%) as the market waits for US earnings. Banks leading the charge higher with the Big Bank Basket up to $202.84 (+1.3%). CBA up 1.5%, WBC up 0.9% and MQG gaining 1.2% with insurers slightly higher. REITs better with GMG up 0.8%, SCG up 1.9%. Healthcare better again, with CSL up 1.3% and RHC up 2.9%, bid rumours from WES. Industrials firmed and tech better, with the All-Tech Index up 1.2%. Some slippage in spots as TLS down 0.3%, and BXB falling 6.3% on a 3Q trading update. Resources eased with iron ore stocks holding, but gold miners fell as bullion cracked. NST down 3.5%, NEM off 4.6% and EVN off 1.5%. Lithium slid a little, PLS down 1.3%. Oil and gas holding just, WDS off 0.7%. In corporate news, SVW up 2.0% as it moved to 82.4% of BLD, LIC announced lower settlements falling 13.5%. SHV off 9.5% on wet weather and soft conditions. PLT up 4.8% on revenue numbers and WBC gained 0.9% despite a $136m charge due to reporting changes. In economic news, Australia's Services PMI dips to a 2-month low of 54.2 in April. Asian markets mixed again, Japan up 0.1%, China down 0.6% and HK up 1.5%. 10-year yield easing to 4.27%. European markets opening up around 0.5%.

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The Dow Jones Industrial Average climbed 253.58 points, or 0.67%, to close at 38,239.98. The S&P 500 traded 0.87% higher to finish the session at 5,010.60, while the Nasdaq Composite advanced 1.11% to 15,451.31. Both the S&P 500 and Nasdaq ended a six-day losing streak.

ASX to rise. SPI Futures up 19 points (+0.25%).

• Base metals mixed. Copper -0.42%, Zinc +1.40%, Aluminium +0.23%, Nickel +1.40%, and Lead +-2.28%.
• Tin down % on profit-taking after prices touched a 22-month high.
• Gold sharply fell 2.67% as worries over a wider Middle East conflict subsided.
• Oil prices flat.  WTI +0.04% and Brent Crude +0.01%.
• Currencies – AUD -0.05%, USD Index -0.02%, Euro flat, and Bitcoin +2.35%.
• 10Y Bond Yields – US 4.611%, Australia 4.298%, and Germany 2.489%.

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ASX 200 rallies 82 points to close at 7649 (1.1%) a long way from the high of the day at 7679. Euphoria gave way to some pre-tech result nerves. No news over the weekend on Israel or Iran helped early sentiment with broad-based gains across the board. Iron ore stocks in demand, BHP up 1.8% with RIO modestly higher despite copper heading to $10,000. Nickel stocks back as the metal hits a 7-month high, IGO up 2.3% and S32 doing well on a production report, up 5.6%. Gold miners slipped as tensions eased, EVN down 1.5% and NST off 1.4%. Oil and gas in a similar boat, WDS down 2.6% with STO off % and KAR copping some downgrades down %. Banks firmed but well off highs as Citi plays the ‘widowmaker’ trade and says sell banks. CBA up 0.9% and the Big Bank Basket up to $200.24 (+0.8%). MQG doing well up 1.8% with NWL in focus up 4.6%. REITs better despite bond yields rising, SGP up 1.6% and MGR up 0.9%. Industrials solid, WOW and COL up around 1.5%. QAN gained 3.6% on easing tensions and lower oil prices, TLS is up 1.4%, and CSL is doing very well, up 2.2% with COH to rallying 2.3%. In corporate news, some production reports out, BOE produced its first drum from Honeymoon. AIZ downgraded again, SGR fell again as inquiry continues. Dead man walking really. In economic news, China left rates unchanged. Asian market mixed, Japan up 0.6%, HK up 1.8% and China down slightly. 10-year yields higher at 4.32%

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Wall Street finished mostly lower overnight following a sharp sell-off of mega-cap tech stocks. Gains by American Express +6.22%, kept the Dow in the green, up 211 points (+0.56%). Up 327 points at best. Early gains on the S&P 500 and NASDAQ didn’t last, turning lower to book six straight sessions of losses, the longest streak of declines since October 2022. S&P 500 eased 0.88%, breaking below 5,000, and the NASDAQ stumbled over 2%. For the week, the S&P 500 fell 3.05%, NASDAQ 5.52%, and the Dow edged up 0.01%. Treasury yields eased marginally, oil eked out a miner gain after Iran downplayed the effect of Israeli strikes, and the VIX broke above 20 overnight before settling lower. The tech sector came under significant pressure this week after TSMC scaled back its outlook for a chip-market expansion and ASML Holdings posted disappointing orders, raising further concerns about what's to come from tech next week.

ASX set to rise. SPI futures up 27 points 

• Copper hits two-year high, nickel surges on talk of China buying.
• Nickel price hits seven-month high on talk of Chinese government buying.
• Iron ore retreats but set for second weekly gain on improving China demand.
• Gold on track for weekly rise as Middle East risks loom.
• Oil settles slightly higher as Iran plays down reported Israeli attack.
• US EPA allows temporary expansion of higher-ethanol gasoline blend this summer.

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ASX 200 drops 75 points to 7568 (-1.0%). Anyone would think there was a war on. Down 2.8% for the week, News filtered through during the morning of an Israeli strike in Iran, US futures plummeted, gold shot higher to $2415 at one stage and oil catapulted above $90 again. Down around 150 at it nadir. Some bargain hunters returned with news that it was a limited strike and buyers found courage, banks were hit with CBA down 0.8% and ANZ off 1.1% with the Big Bank Basket down to $198.67 (0.9%)% as MQG tumbled 1.6%. Financials were generally weaker as insurers fell hard, with bond yields falling as bond buyers back on safety trades. REITS also under pressure GMG down 1.6% and SGP off 2.7%. Defensive healthcare stocks held up slightly, with CSL off 0.7% and RMD bouncing a little up 1.1%. Industrials slightly squished across the board, WOW down 1.1% and WES off 0.8%, travel stocks also under pressure, FLT down 5.0% and CTD hit 4.6%. In resources, gold miners are obviously finding some friends, NST up 1.3%, with modest gains only with iron ore miners falling, BHP down 1.0%, and FMG hitting 2.0%. Lithium stocks depressed, PLS down 2.3% after quarterly report, in line but no one cared, MIN down 3.5% and oil and gas stocks surprisingly weak considering. In corporate news, WDS saw revenue collapse 31% and fell 0.2%, Richard Goyder announced he would be handing over the Captain’s hot seat early at QAN. WHC unchanged after coal sales slipped 17% On the economic front, Japanese inflation came in better than expected at 2.7%. Asian markets tugged lower by events in Iran, Japan down 1.9%, HK off 1.5%, China off 0.5%. 10-year yields down to 4.26%. Dow and NASDAQ Futures sharply lower down 295 and 194 points.   Rallying though. European markets down around 1%.

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The S&P 500 lost 0.22% to 5,011.12, while the Nasdaq Composite dropped 0.52% to 15,601.50. The Dow Jones added 22.07 points, or 0.06%, to finish at 37,775.38, still closing just above its flatline for 2024.  The S&P 500 and Nasdaq each notched their fifth straight down day. For the S&P 500, it is the first losing streak of that length since late October.

ASX to fall. SPI Futures down 55 points (-0.72%)

• Base metals mostly higher. Copper +1.87%, Nickel +1.87%, Zinc -0.86%, and Lead +1.47%
• Aluminium gained 1.04% after LME inventories slid by 20k tons.
• Tin jumped 4.85% after one party took a large position, fund buying, and supply concerns. Tin is by far the top performer on the LME exchange this year, adding 31%, compared to copper, which is up 13%, as speculators pile into the market.
• Gold advanced 0.74%, as persistent tensions in the Middle East added to the metal's safe-haven appeal.
• Oil prices edged lower, nearing three-week lows on mixed US economic data and sanctions on Venezuela and Iran. WTI -0.10% and Brent Crude -0.51%.
• 10Y Bond Yields – US 4.637%, Australia 4.341%, and Germany 2.472%.
• Currencies - Aussie dollar flat, USD Index +0.20%, Euro +0.02%, and Bitcoin +3.88%.

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