Market Updates

Wall St closed mixed overnight. Financials, Tech and Energy stocks doing well while the rest of the market fell. Dow Jones down 165 points, up 243 for the week. S&P 500 flat, up 1.47% for the week. Nasdaq outperformed thanks to Nvidia (+2.6%). Up 0.41% and finishing the week 2.59% higher. Meta (+1.1%) set it’s 20th straight gain. +26% YTD. We’re glad it’s in FANG. No major news stories resulted in a narrow trading range. Trump’s reciprocal tariff plans still being analysed. He did announce auto tariffs will come on April 2 (no details yet). Focus is on a) delays to their implementation and b) how well other countries can negotiate. Optimism on that front and expectations the next PCE inflation reading will be lower, outweighed a slump in Retail Sales. A January reading of -0.9% (-0.1% expected) was the biggest drop in nearly two years as consumers reigned in spending. Factory output slightly missed expectations.

SPI down 52 - WBC Results _ US markets Closed tonight for President's Day

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ASX 200 rallied 16 points to 8556(0.2%) after stalling at record highs. For the week the index is up 45 points. RBA next week. Once again results dominated after a strong lead from US markets. Banks flat with the Big Bank Basket at $272.43 (-0.5%). CBA lost 0.8% and MQG eased 0.3%. AMP results saw a big rerating downwards, off 14.9% and GQG rose another 3.0% on FUM and results. ASX saw some upgrades and rose 1.0%. Insurers bounced back a little with IAG finding some support rising 0.1%. REITs mixed, GMG down 1.8%, the remainder better. Industrials were firm again, JBH up 0.6% with WES up 0.8% and ALL up 0.7%. SGH continued 2.4% higher with CPU flat. TWE bounced 3.0% after broker comments on results. Tech slightly better, WTC up 0.5% and the All- Tech Index up 0.9%. Resources mixed, iron ore miners opened very firm on cyclone news, but iron ore failed to kick in Asian trade. Lithium back in the canine club. MIN down 4.9% and PLS off 0.9%. Gold miners were again in demand, NEM up another 1.6% with GMD up 2.5%. BSL continued to push higher up 1.6%. Energy stocks listless. In corporate news, COH results were at the bottom end of expectations and we saw another downgrade, down 13.7%. MGR jumped 5.5% on results, WGX doubled half year revenue and rose 2.4% with URW down 4.4% on earnings. Nothing on the economic front today. RBA the focus. Asian markets mixed again, HK continuing to power ahead up 2.2%. Japan down 0.6% and China up 0.7%.

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ASX 200 rallied 5 points as banks lost momentum. CBA up 0.5%, the Big Bank Basket closed at $273.85 (+0.3%). Insurers slumped led lower by IAG on disappointing numbers, losing 12.6%, SUN also off 4.6% with SDF falling 3.1%. Other financials were ok, MQG up 0.3% and GQG up 0.9%. ASX had a good results driven by volume increases on futures and options. REITs slipped, SCG off 3.0% and industrials mixed. Utilities fell as ORG was underwhelming down 1.2% and QAN dropped 2.0% on a broker downgrade. JBH fell 1.1% with LOV up 1.7% and TPW doing very well on positive results. Up 13.0%. ALL and LNW both pushed higher. TLS fell 1.0% despite plans to offload its data-centre business. Resources were the go-to today. Iron ore stocks in demand, BHP up 2.1% and FMG up 1.8% with good numbers from S32. MIN rallied 7.0% on governance news, PLS up 4.7% and LTR better by 9.2% on a presentation. Gold miners in demand again, NEM up 3.2% and NST up 0.2% with EVN seeing some profit taking down 0.6%. BSL continuing to rally on tariff news. Energy stocks fell as oil dropped on Ukraine's peace plan. In corporate news, SIG rose 6.1% kicking off as Chemist Warehouse with several block trades done as some exited. TWE fell 5.7% on no deal on its cheaper brands. DHG ran 7.0% on news of a new CEO from REA. PME also failed to live up to some expectations falling 3.2% on results. Nothing on the economic front, Asian markets firm, HK continues to charge up 1.9%, China flat but Japan up 1.4%. 10-year yields up to 4.48%.

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US equity markets experienced mixed performances following the release of hotter-than-expected inflation data. The Consumer Price Index (CPI) for January increased by 0.5% month-over-month and 3% year-over-year, surpassing market expectations. This development has led to speculation that the Federal Reserve may maintain elevated interest rates throughout the year. 

The S&P 500 declined by 0.3%, closing at 6,066.89. The Dow Jones Industrial Average fell 0.5%, ending the session at 44,503.06. In contrast, the Nasdaq Composite remained relatively flat, closing just above its 50-day moving average. 

Treasury yields saw a significant uptick, with the benchmark 10-year yield experiencing its largest one-day rise since December 18, 2024. This surge in yields added pressure to the equity markets.

In corporate news, CVS Health reported better-than-expected fourth-quarter earnings, leading to a notable increase in its stock price. Conversely, companies in the homebuilding and housing retail sectors faced challenges due to persistently high mortgage rates. 

Overall, the unexpected rise in inflation has heightened concerns about the Federal Reserve's monetary policy trajectory, contributing to the day's mixed market performance.

SPI up 4 - Results deluge. Barrick up 6% plus on numbers. NEM up 2.9% - TWE, IAG, S32 results.

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ASX 200 rallied 51 points to a new record of 8535 (+0.6%) after a slow start dominated by results. CBA set the tone and gained 2.5%, with other banks following in its wake, the Big Bank Basket up to $272.97 (+2.0%). MQG found some love from brokers, up 1.7%, and SUN delivered a special dividend up 1.3%. GQG continued higher by 1.7% with MFG going down 2.7%. BVS knocked the lights out with its results up 18.6%, and CPU also doing well on upgrades to guidance, up 15.5%. REITs mixed but uneventful despite yields pushing higher, CQE continued to gather fans up 2.9% after the good result yesterday. Industrials firmed, supermarkets were better, WOW and COL doing ok. SGH continued to grind higher on broker upgrades, up another 2.8%, and REA rose 1.5%. Healthcare seems to be struggling with US concerns on cutbacks, with PME down 1.2% and TLX off 1.0%. CSL stumbling around but trying hard to find fans, In resources, the Three Amigos were mixed, FMG up and RIO down. Gold miners took a breath, NEM down 2.5% ahead of Barrick results tonight, EVN delivered on promise and rose 1.1%. Lithium miners still squirming, MIN off 2.4% and PLS up 0.5%. Oil and gas stocks were slightly firmer as STO upgraded its reserves, uranium slipping slightly and coal not such a merry old soul, WHC off 2.7%. In corporate news, AGL rose 0.2% on better numbers, and AOV fell 7.1% on less than GUD results. On the economic front, lending indicators today. Asian markets a little mixed, with Japan off 0.1%, China unchanged and HK up 1.6%. 

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The S&P 500 posted a narrow gain on Tuesday as investors digested cautious commentary from Federal Reserve Chair Jerome Powell on interest rates. Concerns remain over the direction of the economy amid U.S. tariffs and the possible escalation of a global trade war.

The S&P 500 added 0.03% to end at 6,068.50, while the Nasdaq Composite lost 0.36% to close at 19,643.86. The Dow Jones Industrial Average gained 123.24 points, or 0.28%, to 44,593.65.

SPI up 2. CBA slight beat to expectations. SUN special dividend. EVN postive result.

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ASX 200 gave back early gains to close up 1 points at 8484 as falls in CSL post results, took its toll. CSL down after analyst briefing and US flu shots underwhelming. Banks held firm although CBA down % ahead of numbers tomorrow. WBC up % and ANZ up % with the Big Bank Basket at $267.86 (-0.2%). MQG reported 9-month numbers. Nothing much to get excited about but it tried to rally up 1.6% with other financials doing well. HUB up 1.4% and NWL up 2.7%.  Insurers too better, SUN up 0.6%. REITs firmed with results from CQE up 8.5%. Industrials also in demand, ALL up another 1.7% with JBH up 2.0% on broker comments. SGH rose 6.1% on Boral lift, REA continue to push higher, with WTC under pressure still as the All-Tech Index rose 0.9%. Resources were mixed. Lithium nixed by the reopening of low-grade production in China, PLS off 3.6% and MIN down 6.9%. Gold miners were better with bullion at records still. NST up 4.0% and NEM up 3.2% with iron ore stocks drifting mainly lower. Energy stocks mixed, uranium stocks relatively firm. In corporate news, BRG lost 2.2% on results. RHC was 1.4% better despite a $305m hit to the balance sheet. On the economic front, The Westpac-Melbourne Institute Consumer Sentiment Index rose just 0.1% in February to 92.2, up from 92.1 in January. Asian markets flat with China down 0.3% and HK off 0.2%. Japan closed. Another holiday. 10-year yields steady at 4.39%.

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The Dow Jones Industrial Average added 167.01 points, or 0.38%, led by a 4.8% gain in McDonald's. The 30-stock index closed at 44,470.41. The S&P 500 gained 0.67% to end at 6,066.44, and the Nasdaq Composite climbed 0.98% to 19,714.27. The market remains jittery on a mix of inflation worry coupled with concern over how Trump's plan for tariffs could adversely affect the U.S. economy.

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ASX 200 falls 29 points to 8483(0.3%). Banks steady as she goes ahead of CBA results later this week. MQG fell 0.9% and PNI sliding 4.2% with GQG up 3.1% on FUM numbers. REITs mixed as GMG fell 0.9% and SCG rose 1.1%. Healthcare better, RMD up 0.6% and PME up 0.5% with CSL bucking the trend down %. Industrials flat as retail came under some pressure on JBH results, reversing early gains after conference call. LOV down 2.2% and NCK falling 3.7% despite brokers positive. Travel stocks better, WEB up 0.8% and LNW doing well up 7.9%. DMP steady after the big run Friday. Tech stocks dominated by front page headlines for WTC again, the All-Tech Index down 1.0% with WTC off 4.4%.  In resources, iron ore stocks fell, FMG off 1.5% and RIO fell 1.2% on proposed tariffs in the US on aluminum. Gold miners held up, NEM up 0.7% and EVN up 0.3%. LYC continued higher up 1.9% with PLS down slightly on an earnings update. BSL rose 1.8% on Trump steel tariffs. Energy stocks mixed, STO up 0.4% with BPT firming 4.0%. In corporate news, ANN rose 8.1% on better-than-expected numbers, CAR crashed 6.5% on some disappointment on growth and US price rises and JBH down on rethink. SGR rallied 13.6% on news of proposals for its Queen Street Wharf complex in Brisbane. Citi upgraded its gold price forecast to US$2900 this year. In Asian markets, Japan unchanged, HK up 1.4% and China unchanged. 10-year yields at 4.39%.

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