Market Updates

The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward pressure on the market. The broad index lost 0.58% to 5,022.21, while the Nasdaq slid 1.15% to 15,683.37. The Dow Jones fell by 45.66 points, or 0.12%, to 37,753.31, despite rising nearly 238 points at its high of the day.

ASX to rise. SPI Futures up 20 points (+0.26%).

• Base metals are higher across the board, supported by a weaker USD and supply concerns. Copper +1.36%, Nickel +3.17%, Aluminium +1.19%, Zinc +2.73%, Lead %, and Tin +3.02%.
• Gold eased 0.92% but traded near record highs hit last week.
• Oil prices fell sharply pressure by a rise in US crude inventories and weak economic data from China, WTI -2.98% and Brent Crude 3.03%.
• Iron ore futures rebounded overnight to hit a more than five-week high in anticipation of pre-holiday restocking by steelmakers in China. Dalian Iron ore +4.95, and Iron ore +5.41%
• 10Y Bond Yields – US 4.589%, Australia 4.326%, and Germany 2.467%.
• Currencies - Aussie dollar flat, USD Index -0.30%, Euro +0.01%, and Bitcoin -4.09%.

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ASX 200 closes down 7 to 7606 (-0.1%) in an anaemic bounce snuffed out at the close despite better US futures. Nerves surrounding Israel continue. Banks staged a slight recovery as BOQ beat forecasts despite a dividend cut, up 5.2%. The Big Bank Basket rose slightly to $199.04 (+0.2%). MQG slid another 1.0% with insurers finding friends as QBE rose 1.4% and SUN up 1.3%. REITs mixed too with GMG up 0.5% and SGP down 0.7%.  Healthcare mixed CSL down 0.8%, with RMD up 0.7%. Industrials were generally firm but uninspiring. WES up 0.7%, WOW and COL barely changed. Tech was better, with the All-Tech Index up 0.1% as XRO rose 0.7%. Retailers bouncing back too. In resources, BHP weighed in iron ore with a 1.2% loss. Gold shares finally perked up, with EVN shooting 7.5% higher on production numbers and falling AISC. Lithium stocks also slightly higher and LYC up 5.9% on Hancock stake. RNU up 26.5% in the graphite space after a government loan to develop Siviour. Oil and gas remain under pressure in the majors. Coal stocks slightly higher. In corporate news, RIO disappointed slightly with production numbers, DRO soared 18.5% on NATO news on drone orders. In economic news, nothing locally, Asian LNG prices hit highs not seen since January. Asian markets still suffering from the strong USD. Japan down 1.3%, China up 1.4% and HK off 0.5%. 10Y yields higher again at 4.38%. Dow Futures down 55 points. NASDAQ Futures down 82 points.

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Wall Street closed mixed overnight in choppy trading as the market weighed the latest round of quarterly reports and Powell's comments which drove bond yields to fresh 2024 highs. The Dow gained 64 points (+0.14%), getting a boost from UnitedHealth’s +5.2% better-than-expected Q1 results. Up 257 points at best, down 21 points at worst. The S&P 500 lost 0.21%, falling for a third consecutive session, and the NASDAQ slipped 0.12%. The S&P 500 and NASDAQ are now ~4% off record their record highs reached last month. Powell said recent inflation data has not given policymakers enough confidence to ease rates soon, noting that the Fed may need to keep rates higher for longer than previously expected. 2Y treasury yields briefly hit 5%, and the USD Index rose for a fifth consecutive session, hitting its highest level since November 1st.

ASX to fall. SPI Futures down 23 points (-0.30%).

• Base metals lower, Copper -1.72%, Zinc -0.90%, Lead -1.74%, and Tin -1.43%.
• Aluminium was little changed, slipping 0.41% after hitting 22-month highs on Monday, and Nickel gave back some recent gains, falling 2.83%.
• Oil prices edged lower, WTI -0.07% and Brent Crude -0.31%.
• 10Y Bond Yields – US 4.670%, Australia 4.373%, and Germany 2.485%.
• Currencies – AUD flat, USD Index +0.14%, Euro +0.02%, and Bitcoin +1.50%.
• Gold held steady at +0.01% amid ongoing tensions in the Middle East.

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ASX 200 falls hard by 140 points to 7613 (-1.8%) on Middle East tensions, US sell-off and Chinese data. Banks got sliced and diced, with CBA down 2.1% and the Big Bank Basket down to $199.47 (2.1%). MQG off 1.2%, and Insurers falling despite yields rising. REITs came under renewed pressure, with GMG down 2.0% and MGR off 3.6%. Healthcare fell too in defensives. CSL down 1.4% and COH off 1.1%. Industrials sold off across the board with tech hit hard, WTC down 0.4% and XRO off 1.6%, with the All-Tech Index off 1.6%. Supermarkets enjoyed a day in the red with a senate grilling on the menu with WOW off 1.2% with the CEO unable to say what ROE was. WES down 2.3% with TCL falling 1.4% and retailers finding willing sellers. PMV down 1.8%, APE off 1.5%, and JBH falling 2.9%. In resources, despite a falling AUD and rising commodity prices, iron ore stocks were under pressure BHP down 1.8% and RIO giving back all its gains from yesterday down 2.9%. FMG off 2.8%. S32 fell 4.7%, and MIN off 2.7%. Even gold miners enjoying a record bullion price fell again, NST down 0.6% and EVN down 1.5%. Lithium stocks eased, uranium fell too, PDN down 6.3%. Despite oil heading higher on Israel concerns, WDS fell yet again down 1.3%. In corporate news, DCG got a 30c bid from MAH. MAQ is in a trading halt pending a placement and strategic land acquisition. ZIP fell 11.0% on 3Q numbers. In economic news, Chinese data was the focus as GDP rose more than expected, but will it last. Asian market smacked, Japan off 2.0%, HK down 1.7%, and China falling 0.7%.10Y yields marching higher to 4.31% on safe-haven allure perhaps. Dow Futures 47 points. NASDAQ Futures down 19 points.

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The Dow Jones Industrial Average lost 248.13 points, or 0.65%, to close at 37,735.11. The 30-stock index relinquished an advance of more than 1% seen early in the session to mark its sixth straight losing day, a streak not seen since June. 

The S&P 500 slipped 1.2% to finish at 5,061.82, despite trading up as much as 0.88% earlier in the session. The Nasdaq Composite tumbled 1.79% to 15,885.02 as Salesforce and other technology stocks dropped.

ASX SPI Futures down 63 points.

• Base metals broadly higher, Copper +1.79%, Zinc -1.38%, Lead +0.46%, and Tin +0.64%.
• Aluminium rose to 22-month highs, +3.14% and Nickel advanced 2.28%, hitting seven-month highs as the market digests the potential implications of the new restrictions on Russian metals.
• Gold gained 1.10% despite an uptick in the USD and treasury yields due to safe-haven demand triggered by rising tensions in the Middle East.
• Oil prices mixed after Iran’s weekend attack on Israel proved to be less damaging than anticipated, WTI -0.29% and Brent Crude +0.22%.
• Currencies - Aussie dollar flat, USD Index +0.16%, and Bitcoin -4.02%.
• 10Y Bond Yields – US 4.610%, Australia 4.291%, and Germany 2.438%.

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The ASX 200 has dropped 36 points to 7753 (0.5%) on US falls. Banks eased back led lower by CBA down 1.4% with the Big Bank Basket down to $203.73 (0.8%). Insurers fell away as did MQG off 0.8% and GQG off 4.2%. REITs fell too, GMG down 0.8% and SGP off 0.9%. Industrials with a light dusting of negativity across the board. Tech eased with WTC off 1.2% and XRO down 1.7%. Interest rate sensitive stocks fell TCL off 0.8% and REA falling 0.7%. Retailers also slipping lower, JBH down 0.5% and APE off 1.1%. In resources, Iron ore was the bright spot as BHP rose 0.6%, RIO shooting the lights out up 3.6% and FMG flat. Gold miners fell despite record high bullion prices, EVN down 1.3%, GMD falling 4.5% and GOR down 6.6% on a potential acquisition. Lithium stocks remain under pressure, PLS down 3.7% with LTR off 2.7%. Aluminium and Nickel stocks doing well on LME changes, AWC up 6.0% and NIC up 4.1%. Oil and gas modestly better, and coal is up slightly. In corporate news, TIE received a revised bid, NXT returned to trade following rights issue, little else. No economic news. In Asian markets, Japan slipped 0.2%, China up 1% and HK down 0.6%. 10-year yields rising to 4.26%.

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US equities ended lower, near worst levels, after major US bank results failed to impress, and geopolitical tensions rose after news reports that Israel was bracing for an attack by Iran on government targets. The Dow tumbled 476 points (-1.24%), down 582 points at worst. The S&P 500 lost 1.46%, and the NASDAQ slipped 1.62%. The Dow and S&P 500 have fallen for a second consecutive week, down 2.37% and 1.55% and the NASDAQ fell 0.45%, now down three weeks straight. Banks earnings season kicked off, JPMorgan fell 6.14% after NII forecasts fell short of expectations, Wells Fargo edged lower 0.39% after posting profits fell 7% as NII dropped on weak borrowing demand, and Citi -1.7% reported a loss due to costs on employee severance and deposit insurance. US treasury yields rose, with the 10Y and 2Y both falling more than 5bps each as geopolitical tensions spurred safe-haven buying and Wall Street's “Fear gauge”, the VIX, spiked 16.1%, levels not seen since October.

ASX SPI Futures down 49 points Saturday Morning

• Base metals higher, Nickel +0.40%, Lead +1.31%, and Tin +0.58%.
• Aluminium +1.26 and Zinc +2.04% at 14 and 12-month highs on signs of economic recovery in China.
• Copper gained 1.09% on expectations of a demand upswing on the back of potential rate cuts in the coming months.
• Gold fell 1.24%, paring earlier gains after hitting a record high.
• Brent Crude flat and WTI up 0.78%.
• Currencies – AUD -1.12%, USD Index +0.68%, Euro -0.36%, and Bitcoin -4.23%.
• 10Y Bond Yields – US 4.520%, Australia 4.211%, and Germany 2.368%.

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ASX 200 falls 26 points to 7788 (-0.3%). For the week, the index is up a mere 15 points. Quiet day, banks eased back slightly as yields push to 4.28%. The Big Bank Basket down to $205.36 (-0.4%). Insurers better, and GQG doing better up 0.4%. MQG slipped 0.1%. REITs under pressure, GMG down 0.1% and MGR falling 1.8%. Industrials lower, WES fell 0.7%, WOW down 1.1% with TLS falling 1.1%. Tech slightly higher in places, WTC up 1.2%, the All-Tech Index pretty flat. In resources, iron ore miners under a little pressure, BHP down 0.9%, with PLS bucking the trend up 0.8% as gold miners back in favour as AUD bullion hits $3650. Not racing away though, NEM up 0.8% and GMD up 3.7%. NST down 0.4%. Oil and gas weaker, WDS off to Crufts again down another 1.3%. Uranium stocks better. In corporate news, BLD got a special dividend to sweeten the deal, GNX received an increased bid, DMP had an investor day, Japan is the focus, market underwhelmed.  SGR revealed that high rollers had moved on, CTT updated an unimpressed market falling 5.67%. Nothing on the economic front locally. Asian markets mixed again with Japan up 0.5% and HK down 1.8%. China up 0.1%. Dow Futures up 37 points. NASDAQ Futures up 5 points. 

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The S&P 500 gained 0.74% to close at 5,199.06. The Nasdaq Composite added 1.68% to end the day at 16,442.20, a record level. The Dow Jones Industrial Average underperformed and slipped 2.43 points, or 0.01%, at 38,459.08.

Technology stocks lifted the S&P 500 and Nasdaq Composite into positive territory midday Thursday as investors bought into the dip from earlier in the week.

The producer price index, a measure of inflation at the wholesale level, increased 0.2% for the month, less than the 0.3% estimate from the Dow Jones consensus.

ASX to fall. SPI Futures down 29 points (-0.37%).

• Base metals broadly lower, Nickel -4.14%, Aluminium -0.30%, Zinc +0.95%, Lead -1.24%, and Tin -0.11%.
• Copper dips 0.30% on weak CPI data from China.
• Gold prices firmed 1.73% following softer-than-expected PPI data.
• 10Y Bond Yields – US 4.585%, Australia 4.306%, and Germany 2.461%.
• Currencies - Aussie dollar +0.05%, USD Index +0.01%, Euro +0.04%, and Bitcoin +0.83%.
• Oil prices edged lower as stubborn US inflation dampened near-term rate cuts, but concerns Iran may attack Israel kept crude prices near six-month highs, WTI -1.37% and Brent Crude -0.46%.

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