Market Updates

Wall Street recorded a negative session as markets contemplated US fiscal concerns while Congress debated a bill for tax cut. Ended a streak of six consecutive gains for the S&P 500. S&P 500 down 0.39%, NASDAQ down 0.38%. Dow down 115 points. Dropped at open and maintained level for most of session. Ended mid range. Mostly negative sector performance. Energy once again worst sector. Long-term global growth concerns. Growth sectors performed poorly. Tech down. Alphabet down 1.5% despite pushing AI at its Input/Output annual conference. Cyclicals also down. Tesla (+0.5%) rare positive as Musk stated its ready to trial robotaxi in Austin this June. Financials also eased as growth and fiscal concerns came into spotlight. JP Morgan (+0.3%) exception as shareholders approved executive pay packages and appointment of new directors. Utilities and Healthcare only two sectors up. Utilities benefitted from shift into defensives. Healthcare regained some of recent losses after Trump stated tariffs on sector on the way – no update as of yet. Home Depot down 0.6% despite beating estimates. Stated it would swallow tariffs rather than pass on to consumers. Resources up. Weaker dollar a boost. Aluminium, zinc, lead all up over 1%.  

ASX to rise. SPI futures up 48 points (+0.62%).

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 ASX 200 rallies 48 points to 8343 (0.6%), regaining yesterday’s loss as the RBA cuts rates by 25bps, as expected. Banks better, led by NAB up 1% with the Big Bank Basket up to $269.90 (+0.7%). MQG rallied 2.0% with other financials better, too, ZIP up 3.1% and PNI up 1.7%. Insurers firmed, and REITS pushed higher as rates fell. 10-year yields fell to 4.44%. Industrials are also doing well, with WES up 0.8% and TLS rising 2.2% as it pushed up phone plans. SGH is up 1.4%, and retail is doing better as rates fall. JBH is up 1.3% with TPW rising 2.9% and travel stocks also in demand, CTD up 1.9% and FLT up 1.5%. KGN fell on disappointing results, off 8.9%. Tech stocks rose, with TNE the standout, up 11.3%, beating expectations and hitting new records.  The All-Tech Index is up %. Resources mixed, iron ore miners gave up early gains, and gold miners too started well but wilted with NST down 1.4% and NEM off 11.4%. Coal stocks are flat, oil and gas mixed, and uranium slightly weaker. In corporate news, OFX crashed 34.6% after a huge run yesterday and a trading halt. On the economic front, the RBA cut rates to 3.85% lowest in two years. China eased rates back too. Asian markets were positive with CATL listing in HK today. European futures pointing to a solid opening. 

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Wall Street recorded a flat session following Moody’s downgrade of the US’s credit rating after market close on Friday. US indices dropped at open but recovered by the end of session. S&P 500 up 0.09%, NASDAQ up 0.02%. Dow up 137 points. Ended near high. Mostly positive sector performance. Healthcare best performing sector. Novarax (+15%) boosted sector as received FDA approval for Covid vaccine. Utilities second best performer. Other defensives did well too. Materials and Industrials both up. Energy worst performing sector by over 1%. Moody’s downgrade renewed global growth concerns. Cyclicals also showing weakness. Tesla (-2.3%) dragged sector down. Barron’s report from over weekend showed Chinese sales fell about 25% in April and first half of May. Market reacted negatively to AMD (-2.1%) selling recently acquired ZT Systems’ server-manufacturing business to Sanmina for $3Bn. Microsoft up 1.0% after offering its data centres to various AI companies while announcing new AI tool for coding. Resources mixed. Weaker dollar benefitted oil, copper, tin. But many base metals fell on weak Chinese data. Iron ore, Aluminium both down.

ASX to rise. SPI futures up 73 points (+0.88%).

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ASX 200 followed US futures down on Moody’s downgrade, off 49 points at 8295 (0.6%).  Banks tried to hold off the selling, but the Big Bank Basket rose to $267.97 (+0.3%). MQG fell 3.4% as it went Ex-dividend. Financials slid, ZIP off 6.2% and PPT down 2.9% with PNI off 2.4%. Insurers unchanged, REITs fell as bond yields pushed up a little to 4.51%. GMG down 0.6% and SCG off 0.3%. Industrials eased back too, CPU down 1.0% and WTC falling 2.1% with retail and travel stocks down. DMP fell 2.6% as CEO ANZ resigned. Resources pounded by lower commodity prices, BHP off 2.4%, RIO down 1.3% and FMG being crunched 4.9%. Lithium stocks depressed, PLS off 10.0% as the shorts came roaring back in LTR too off 16.6%. MIN fell 8.8% after announcing a new chair. Gold miners were better on haven buying, NST up 1.9% and NEM bouncing 2.5%. Coal stocks hit hard as NHC downgraded guidance, off 7.1% with WHC down 3.4%. Uranium stocks also seeing fallout, PDN down 4.1% and the oil and gas sector easing back too. In corporate news, MYX in a trading halt pending more information on the Cosette bid, EOS jumped 14.7% on a Euro contract, LLC down 0.4% after signing JV with the King. On the economic front, Chinese data mixed. Asian markets eased back in line with US futures.

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Another good night on Wall St despite bearish headlines. S&P 500 up 0.7%. Nasdaq up 0.52% and the Dow up 332 points. Closing on the high. Michigan consumer sentiment dropped on Friday for the 5th month in a row to a 10Y low. Inflation expectations hit 4.6%. The highest reading since the measure began in 2008. Sounds bad but both numbers are sentiment based, not real data. The rise in stocks was attributed to continued momentum and optimism surrounding the US/China trade deal. Pretty much every newswire is saying the rally will soon run out of steam due to ‘future’ economic data turning sour. The market ploughs ahead. The key number quoted is the ‘effective’ US tariff on imports. Following Monday it’s down from 24% to 14% but still well above the pre-Trump level of 2.3%.

SPI down 7 - US Futures fall on Sunday - Dow down 263 - Nasdaq down 143

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The ASX 200 wilted slightly from 8400, to close up only 46 points at 8344, touching a 3-month high. Today, it was all about resources as BHP, RIO, and FMG rallied. The gold sector, too, was back in demand, with GMD up 4.4% and NEM rising 3.6% after a bruising week. LYC bounced too much 2.7% with LTR continuing to find friends and shorts covering. Up another 3.2%. In oil and gas, WDS unchanged and STO rose 0.5%, with uranium stocks giving back some recent gains, PDN down 8.0%, and BOE off 7.2%. Banks took a breather with NAB pushing higher again, CBA off slightly, and MQG fell 1.5% with IAG down 2.8%. The Big Bank Basket $267.18 (+0.1%) Financials were stronger, PNI up 2.8% and IFL rising 1.2%.  ZIP is up another 2.4%. REITs also benefitted from lower yields and pushed higher, GMG up 2.9% and SCG rising 2.5%.  Healthcare was better as CSL rose 1.4% with industrials a slight green tinge. TCL is up 0.9%, and QAN is doing well, Retail is, too, ahead of RBA next week. Tech slipped, XRO was down 1.1%, and WTC was off 2.2%. The All-Tech Index is down 0.1%. In corporate news, APX jumped 18.7% on an update at the AGM, NWH shrugged off Valhalla news, and DXS went down 1.1% after APAC moved on breach of contracts.  Nothing locally on the economic front, Japanese GDP fell slightly, and China and HK went down 0.6%. 10-year yields down to 4.45%.

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Wall Street recorded another mixed day in a choppy session as US data came in weaker than expected. US producer prices unexpectedly dropped and retail sales were mixed. S&P 500 up 0.41%, NASDAQ down 0.18%. Dow up. Dropped at open but steadily rose throughout day. Ended near high, up 272 points. Mostly positive sector performance. Growth sectors returned some recent gains. Tech slightly down, Cyclicals down. Amazon (-2.4%) and Tesla (-1.4%) dragged Cyclicals down. Tesla impacted by news Musk took leased cars back to sell after saying they were taken back to become robotaxis. All other sectors up. Rate-sensitive sectors best performing. Weak data caused yields to fall, boosted REITS and Utilities. Non-Cyclicals also did well despite Walmart (-0.5%) warning of price hikes following Trump’s tariffs. Healthcare also up following recent struggles as Trump demands costs consumers’ face are lowered. UAE to build biggest AI campus outside of US. Priced into Big Chips in the days prior. UnitedHealth dropped 10.9% as DoJ began criminal probe into potential Medicare fraud. Down 28.9% last 5 days, down 53.0% in last month. Meta down 2.3% as it delayed release of flagship AI model due to capability concerns. Resources down. Oil down after Trump claimed US close to Iran nuclear deal. OPEC+ hike also to increase supply faster than expected according to IEA. Base metals down. Fears of longer-term US-China trade. Iron ore still near 5 week high. Zinc, Aluminium, Nickel all down.

ASX to rise. SPI futures up 80 points (+0.96%). Gold up 2% Oil down. 

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The ASX 200 rose 18 points to 8298 (+0.2%) as the banks put in another solid day. CBA is up 1.3% with NAB once again slightly outperforming, ANZ up 1.7% with the Big Bank Basket up to $266.85 (+1.3%). MQG rallied 1.2% with other financials mixed. Insurers better, IAG rose 5.7% after signing a deal with RACWA. Up 5.7%. REITs were once again under pressure as yields continued higher as job numbers came in better than expected. SCG down 1.9% and GMG off 1.0%. Industrials rose, WES up 2.2%, and ALL recovered some of the dips yesterday,y up 1.9%, with WOW and COL slightly better. Tech rallied, and XRO released some good numbers, rising 4.7%. Resources failed to launch again, BHP down 0.7% with RIO off 0.4% and gold miners under siege as bullion falls again. GMD down 3.2% and NEM off 4.0%. Base metal and lithium stocks eased, MIN up 1.9%. Oil and gas slid back, WDS down 1.8%, and uranium mixed again.

In corporate news, GNC leaped 8.8% on a positive update, and NWH fell 8.3% after a warning on the Valhalla steelworks sale process. MYX jumped 8.2% after Deloitte reviewed the Cosette $672m deal. TWE fell 5.2% as the CEO stepped down.

On the economic front, the labour market showed strength, with a jump of 89k jobs in April, more than the 20k forecast. Asian markets drifted lower, with Japan down 0.9%, HK down 1.0%, and China down 0.7%. Dow futures down 0.5%, NASDAQ futures down 0.2%. 

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Wall Street recorded another mixed session as sectors diverged in their reactions to the US-China trade deal. S&P 500 up 0.10%, NASDAQ up 0.72%. Dow down. Rose at the open and fell throughout the day before recovering somewhat near end. Ended down 89 points. Mid-range. Primarily negative sector performance. Tech only sector up more than 1%, Cyclicals only other sector up, Financials flat. Alphabet Tech leader, up 3.7% without major news, recovering from some recent weakness. Nvidia up 4.2% after reports US close to allowing UAE to import millions of Nvidia chips. Healthcare worst performing sector, continuing recent struggles. Pharma companies have begun considering moving early stage trials outside of US following US layoffs and policy changes. REITS down as yields tick higher. Cisco down 0.8% despite raising annual results forecast on AI demand. Netflix up 1.1% after announcing ad-supported service has 94m subscribers. Ford down 0.6% after recalling 273,000 vehicles in US as break fluid leakage increases risk of accident. Resources up. Oil down after recent rises. Base metals had good night. Iron ore hits 5 week high, up over 2%. Zinc, Aluminium, Nickel all up over 1%.

ASX to fall. SPI futures down 36 points (-0.43%). Gold and oil down - Iron ore up

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The ASX 200 was up 11 at 8280 (0.1%), with some big movers hurting positive sentiments. ALL had an 8.9% fall on an earnings miss, and MQG slid 1.6% as ASIC looks at short selling reports. CBA reported a better-than-expected number and rose 0.8% with the Big Bank Basket up to $263.99 (+0.6%). NAB is rallying hard again. Insurers were better, SUN was up 0.9% with financials mixed, IFL toppled 15.8% as Bain pulled the plug, GQG saw some profit-taking, and XYZ and ZIP both showed a clean pair of heels. REITs remain under some pressure as yields hit 4.47% in the 10s. Healthcare slipped, CSL down 0.4% and SIG falling 2.3% with PME pushing higher again. Retail stocks slipped a little, APE down 2.4% on a broker downgrade, but JBH up 0.6%. ALL weighed on the sector. Tech stocks built on Tuesday’s gains, WTC down 0.6% and the All-Tech Index up 1.5%. Resources were a mixed bag. BHP and RIO were around 0.5% higher, FMG was moving 2.2% higher, gold miners were mixed, GMD up 3.5% and CYL up 6.4% with NEM down 2.0%. MIN rose 4.0%, and LTR continues to roar ahead in the lithium space, up another 6.1%. Oil and gas better, WDS up 3.4% as oil prices rose, and it signed a deal with Aramco in Louisiana. In corporate news, MYX back from a trading pause as the US regulatory deadline draws close. On the economic front, wage growth came in at 3.4%, slightly higher than expected. Asian markets mixed, with Japan down 0.2%, HK up 1.7%, and China up 0.9%.  

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