Market Updates

Dow Jones up 22 points (+0.07%). It was up 72 at best and down 98 at worst. The NASDAQ and the S&P 500 both up 0.11%. The first solid week of US results ended with a bit of a whimper. Lots of results next week (see below). S&P 500 down 0.1% this week, Dow Jones down 0.2%, NASDAQ down 0.4%.

• Wall Street posts slim gain ahead of big earnings week.
• Stocks edge down, US yields climb after PMI data.
• Wall Street edges higher. Big Tech results pending.
• Tech earnings to test markets most crowded trade. (Results this week from Microsoft, Alphabet, Apple, Amazon, Meta).
• Chances of Fed to pause on May 3 down from 80% during bank crisis to 14.3% now.
• Bond market bets that next rate hike will be the last.
• Chile bid to boost state control over lithium spooks investors.
• Eurozone business activity accelerates to 11 month high in April.
• Fed tilts towards rate hike, with a possible pause in view as lending slows.
• US financial regulators to tightened rules on nonbanks, systemic risks.
• Dominic Raab quits as UK deputy PM over bullying enquiry.
• As DeSantis stumbles, Republicans fear a trumpet rerun in 2024 campaign.

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ASX 200 closed down 32 points at 7330 (+0.4%) in quiet trade again. Down 31 points this week. It tried to recover from early losses but ahead of a potential long weekend, it struggled. Resources were mixed today as BHP reported its quarterly and iron ore slipped in Asia, the stock down 2.3%, RIO off 2.8% and FMG falling 4.2%. Lithium stocks finding some support after early losses, PLS up 3.3%, AKE up 1.0% and SYA better. LYC did well on its quarterly with record production, up 4.8%. Gold miners better as bullion pushed higher, EVN up 0.9% and BGL rallying 1.1%. Coal stocks back in favour with WHC gaining 5.9% after its production report. NHC up 2.3% and oil and gas stocks slightly higher. Healthcare better led by CSL up 0.6% and RMD rallying 1.0%. Industrials firm, QAN up 1.1%, CPU up 1.5% and BXB continuing to find buyers up 1.5%. Banks slid after recent gains, BOQ copped broker downgrades falling 5.0% and CBA dropped 1.1% with MQG bucking the trend up 0.8%. The Big Bank Basket finished down at $175.19 (-1.1%). In corporate news, BHP numbers innocuous, LYC record production but still question marks over Malaysia and WDS quarterly production numbers and guidance maintained. Nothing on the economic front, Asian markets eased, Japan down 0.4%, China down 1% and HK off 0.9%. 10-year yields slightly weaker at 3.47%. Dow futures down 25 points. NASDAQ futures up 12 points.

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US equities finished lower overnight after disappointing quarterly results from companies including Tesla and AT&T weighed down the market while softening US economic data and concerns around the debt ceiling pushed Treasury yields lower. Weekly jobless claims rose, and manufacturing activity in the mid-Atlantic region fell to its lowest level in three years, while home sales fell in March. European shares ended lower for a second consecutive session as earnings reports disappointed. Dow Jones down 110 points (-0.33%). Dow down 219 at worst. S&P 500 down 0.60%. NASDAQ down 0.80%. VIX Volatility Index up 4.5%. In Europe, Stoxx 50 -0.2%, FTSE +0.1%, CAC -0.1%, and DAX -0.6%. SPI Futures are down 38 points (-0.52%).

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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ASX 200 closed down 3 points to 7362 in a mixed day of trading as BOQ, RIO and ZIP all came out with earnings reports. Resources getting whacked today on the back of RIO activities report, down 2.3% and demand concerns from China. BHP down 2.6% and FMG down 0.9% Lithium down as well, with prices continuing to slip as lithium supply cycles through in China. LTR down 0.4%, MIN down 5.5% and PLS down 4.9%. Gold stocks lower as bullion price drops to $2979, NST down 4.2%, and NCM down 0.5%. Energy stocks are down for a third consecutive day as Oil dropped overnight, WDS down 0.5% and STO off 0.4%. Banks gaining today after BOQ released a positive report, Big Bank Basket up 1.4% to $177.05, BOQ up 1.1%, WBC up 1.5%, and ANZ up 1.3%. Technology mostly unchanged, the All-Tech Index fell 0.4%. With WTC down 0.5% and SQ2 down 1.14% REITs gained. Consumer discretionary bouncing back from yesterday’s losses, up 1%. On the corporate front it was a busy day, RIO released quarterly activities report with record export shipments, also warned of lithium delays. The ACCC blocked QAN acquisition of AQZ citing a lack of competition in the airline industry. BOQ released an earnings report with positive results released, including $4m in statutory net profit. In economic news, Japan’s exports increased higher than expected. New Zealand inflation decreased more than forecasted. Asian markets down, Japan flat, HK down 0.1%, and China off 0.4%. 10-year yields up to 3.51%. Dow Jones futures down 28 points and Nasdaq futures down 74 points.

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Dow Jones down 80 points (-0.23%). Dow down 162 at worst. S&P 500 down 0.01%. NASDAQ up 0.03%. VIX Volatility Index down 2.3%. In Europe, Stoxx 50 -0.01%, FTSE -0.1%, CAC +0.2%, and DAX +0.1%. SPI Futures are down 7 points (-0.09%).

• ASX to slip, S&P flat, Lowe to speak at midday.
• TBA changes announced/
• Yields hit four-week highs on British inflation, Fed expectations.
• Dow dips, S&P 500 stable after medtech gains, Netflix drag.
• Tesla's margins drop on aggressive discounting, shares fall.
• Morgan Stanley beats estimates as wealth management shines.
• IBM beats first-quarter profit estimates, signals demand holding up.
• Bed Bath & Beyond prepares for bankruptcy filing.
• Oil exports from Russia's western ports hit 4-yr high in April.
• Copper falls as markets fret over interest rates.
• Gold slides as yields climb, doubts grow about Fed's rate-hike pause.
• Record demand pushes silver into new era of deficits, Silver Institute says.
• Europe's strikes could spell more flights havoc into summer.
• EU plans farmer support, import curbs on Ukraine grain.

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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Why not sign up for a free trial? Get access to expert insights and research and become a better investor.

Dow Jones down 11 points (-0.03%). Dow up 31 at best, and down 195 at worst. S&P 500 up 0.09%. NASDAQ down 0.04%. VIX Volatility Index down 0.7%. In Europe, Stoxx 50 +0.6%, FTSE +0.4%, CAC +0.5%, DAX +0.6%. SPI Futures are up 9 points (+0.12%).

• ASX to edge higher, S&P 500 advances modestly.
• S&P 500 ekes out gain as tech supports, J&J, Goldman disappoint.
• Stocks advance, US 10-year yield slips as earnings roll in.
• Bitcoin miners escape the bear trap.
• Fed's Bullard discounts recession talk, favors more rate hikes.
• BofA profit beats estimates as it cashes in on higher rates, bond trading.
• Fox settles Dominion defamation lawsuit for $787.5 million, avoiding trial.
• Goldman Sachs profit falls on sluggish deals and bond trading.
• Netflix reports mixed earnings as password crackdown set to expand.
• United Airlines sees return to profit on 'strong' international travel demand.
• Nvidia surges to year high after bearish HSBC analyst capitulates.
• Gold rebounds above $2,000 as dollar, yields retreat.
• Oil prices steady as strong China data offsets US rate worries.
• Global steel demand to bounce 2.3% in 2023 on factory recovery.
• Copper edges higher after strong Chinese growth data.
• Russian court rejects US reporter Gershkovich's detention appeal.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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ASX 200closed down 21 to 7360 (-0.3%) in a dull day of trade, as the market digested RBA meeting minutes which warned more rate hikes may be needed. Energy sector pummelled, as Treasurer Chalmers is anticipated to hike taxes on big gas producers, STX down 7.1%, STO down 1.9%, and WDS slipping 2.4%. Gold miners failed to impress, AGG and NST down 2.9% and 0.1%. Utilities sector stronger, APA up 1.6%. Banks mostly lower, ANZ flat, and CBA down 0.3%. The Big Bank Basket dropped to $174.64 (-0.1%). REITS mixed. Tech fell with the All-Tech Index down 0.4%. XRO down 1.3%. ALU down 0.9%. Healthcare not healthy, CSL down 0.5%, RMD off 0.7%, COH slipped 0.5%. Industrials flat, A2M and ELD higher but WOW fell 1.9%, COL down 1.2% and REA off 0.8%. In corporate news, TLX surges 12.7% after posting net operating cashflow of $2.5m, EVN resumes mining at Ernest Henry operation, HUB, PPS, and RPL all reported FUM/FUA. In economic news, ANZ-Roy Morgan consumer confidence fell marking the seventh straight week below 80 as consumers turn pessimistic after a series of interest rate rises, China’s GDP rose 4.5% beating expectations in the first quarter after Xi lifted COVID-19 restrictions triggering a rebound in factory and consumer activity. Asian markets mixed, Japan up 0.7% and HK down 0.7% with China up 0.2%. Dow Jones futures up 11 points and Nasdaq futures down 6 points.

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Dow Jones up 101 points (+0.30%) closing near highs. Dow up 105 at best, and down 90 at worst. S&P 500 up 0.33%. NASDAQ up 0.28%. VIX Volatility Index down 0.7%. In Europe, Stoxx 50 -0.5% FTSE +0.1% CAC -0.3% DAX -0.1%. SPI Futures are down 17 points (-0.23%).

• ASX to fall, RBA minutes ahead.
• Stocks weaker as U.S. yields, dollar rise.
• Wall St ends higher; investors await earnings, Fed cues.
• Yields bounce, Fed speakers in focus before blackout period.
• Euro zone bond yields hit one-month highs as markets focus on ECB.
• Cleveland Fed report says near-term inflation expectations data now key.
• Alphabet shares fall on report Samsung may dump Google Search for Bing.
• Boeing's latest production problem compounds operational headache for US carriers.
• US financial institutions hit by deposit flight as clients seek higher returns.
• Tin jumps 10% on news of mining ban in major producer Myanmar.
• Gold slides below $2,000, market eyes Fed rate hike cues.
• Oil drops 2% on higher dollar, interest rate concerns.
• G7 coalition to keep Russian oil price cap at $60 per barrel.
• Ukraine grain import bans mount as Kyiv seeks transit deal.

Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead.

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ASX 200 closes up 20 points in a quiet trade to 7382 (+0.3%). Resources took a hit early but recovered from lows. Gold miners worse off NCM down 2.3%, NST off 2.5%, and EVN down 2.2%. REITS the best-performing sector today, SCG, URW, and MGR up 2.6%, 3.5% and 1.8%. Lithium stocks mixed, MIN up 1.7%, PLS up 1.3%, while AKE slipped 0.3%. Banks were also mixed. ANZ up 1% and NAB rose 0.7%, while BOQ slipped 1.1% ahead of results later this week. The Big Bank Basket rose to $174.88 (+0.6%). Tech stronger with WTC up 1.2% and XRO rose 1.1%. The All-Tech Index rose 0.5%. Healthcare better led by CSL up 0.2%, RMD up 0.6%, COH up 0.2%. Elsewhere, WES up 0.9%, WOW down 0.4%, and TLS flat. In corporate news, Transurban (TLC) reports 12.9% increase in average daily traffic YoY a record third-quarter result, Evergreen Lithium (EG1) rocketed to 69c today after its IPO last Tuesday at just 25c per share before closing down 20%, Regis Resources (RRL) dropped 11.2% on updated guidance with lower-than-expected gold output for March quarter, and Virgin Australian cancels Aussie IPO meetings for now. Nothing on the economic front today. Asian markets up, Japan up 0.4%, HK up 1.2% and China up 1.1%. 10-year yields 3.36% steady here. Dow Jones futures up 62 points and Nasdaq futures up 11 points.

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