Market Updates

The S&P 500 slipped Thursday, ending a three-day winning streak, as big tech shares pulled back.

The broad market index slid 0.21% to 5,937.34. The tech-heavy Nasdaq Composite dropped 0.89% to 19,338.29. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13.

Apple shares were down 4%, posting their worst day since Aug. 5. Tesla tumbled more than 3%. Nvidia slid nearly 2%, and Alphabet lost around 1%.

SPI up 11 - RIO and Glencore no longer in talks about a merger - Chinese GDP at 1pm.

COMMODITIES

• Gold climbs to over one-month high on weaker yields after US data.
• Oil settles lower on expected halt to Houthi shipping attacks.
• Copper hits five-week peak on China stimulus hopes.
• Iron ore hits four-week high on lower shipments, softer dollar.
• Mideast oil prices jump on robust China, India demand post-sanctions.

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 ASX 200 jumped 114 points to 8324 (+1.4%) following the US rally. Jobs numbers stifled gains to some extent coming in at 4% with any RBA cut in February a distant dream. Banks as usual led the charge higher as US banks delivered in spades, CBA up 3.0% and ANZ up 2.7% with the Big Bank Basket up to $256.84 (+2.9%). MQG put in a solid day up 3.2% with insurers and other financials also doing well. GQG finally saw some reasons to be cheerful, up 2.5%. REITs too were in demand led by tech GMG, up 3.2% and SGP leaping 3.7%. Industrials firmed, Tech did well with the All-Tech Index up 1.4% as WTC rallied 2.6% and XRO up 1.5%. TLS fell another 0.5% as the trading bots trumped the customer service bot upgrade. Retail found some friends as MYR and PMV rallied hard on the upcoming vote. In resources, Iron ore went nowhere, RIO production report failed to ignite any animal spirits, gold miners were generally better, GMD up 4.4% on a presentation and lithium stocks finding some support again. PLS up 2.2% and IGO up 0.6%. Energy stocks modestly better. DYL up 3.6% and STO up 1.0%. In corporate news, TAH soared on news of its first chief wagering officer. Whatever that is. NEU rallied hard on a Healthcare conference presentation. On the economic front, economists were once again wrong-footed with soaring PT jobs created and the headline rate modestly higher at 4%. RBA will continue to be sidelined! Asian markets better. Korea keeps rates unchanged.

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The Dow Jones Industrial Average advanced 703.27 points, or 1.65%, to close at 43,221.55. The S&P 500 climbed 1.83% to 5,949.91, and the Nasdaq Composite rallied 2.45% to 19,511.23. It was the best day for all three major averages since Nov. 6. December’s consumer price index showed that core inflation, which excludes food and energy, rose 3.2%.

The 10-year Treasury yield sharply dropped on the back of the CPI report and was last down roughly 13 basis points at about 4.65%. Growth stocks such as Tesla and Nvidia popped around 8% and 3%, respectively, as Treasury yields fell.

Ceasefire in the Middle East but oil up 3%. Bank results very positive in US.

ASX SPI up 104 – RIO Production Report

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ASX 200 fell 18 points to 8213 (0.2%) in quiet trade after a positive start gave way to some caution ahead of the US CPI tonight. Banks flat as yields firmed to 4.63% in 10-years. Financials mixed with MPL down 1.6% on news of potential premium increases. NWL continued to fall. REITs firm with GMG under some pressure as a ‘tech’ stock off 0.6%. Tech stocks remain on the nose here with WTC down 3.7% and TNE off 1.9%. REA and CAR also fell whilst TLS announced a new AI deal and fell 1.2%. Retail mixed with PMV still under pressure, MYR down 1.8% and travel stocks a little higher with CTD up 2.0%. GYG jumped 4.4% on a broker upgrade. Resources mixed, iron ore miners a mixed bag, BHP fell 1.0% and FMG up 1.8%. Gold miners better with NST up 1.0% and NEM up 1.3%. Lithium stocks saw some short covering with PLS up 4.1% and LTR rising 7.4% on hopes for lithium prices bottoming. Energy and uranium are slightly weaker. In corporate news, AVJ got a new 70c bid, ARU rose 17.4% on the government support for a convertible note. BBN rallied 13.9% on a trading update. In economic news, China’s central bank pumped a near-historic amount of short-term funds into its financial system today. Asian markets slightly weaker.

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The Dow Jones Industrial Average rose on Tuesday as traders weighed a lighter-than-expected producer price index report.The Dow gained 221.16 points, or 0.52%, to close at 42,518.28. The S&P 500 advanced 0.11% to 5,842.91, while the tech-heavy Nasdaq Composite slipped 0.23% to end at 19,044.39. Big Tech stocks slipped on Tuesday, weighing on the S&P 500 and Nasdaq. Nvidia dropped 1.1%, and Meta Platforms fell 2.3%. Utilities stocks outperformed Tuesday, boosting the S&P 500 sector 1.4%.

The producer price index, which measures wholesale inflation, increased just 0.2% in December better than 0.4% forecast. CPI tomorrow.

ASX SPI up 6 points.

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ASX 200 rallied 39 points to 8231 (0.5%) with a better US market giving us the lead. Banks though were once again weaker as resources continued to find buyers. All change for 25! BHP rose 1.4% on stronger iron ore prices, FMG rallied 2.9% with gold miners also better despite falling bullion prices, a broker report helping sentiment. NST up 1.9% and EVN up 1.3% with lithium stocks finding friends, MIN up 2.0% and LYC up 1.6%. Energy stocks once again better, WDS up 0.5% and coal and uranium stocks better, PDN up 3.4% and WHC up 6.6%. Banks slipped ever so slightly with the Big Bank Basket at $249.96 (-0.3%). Insurers rose and other financials mixed. PNI down 1.9% and ZIP falling 1.4%. REITs improved with GMG up 0.4% and SCG rising 1.1%. Industrials better, retail though still under pressure. JBH off 1.6% and PMV and MYR both down again. Travel stocks in demand, FLT up 0.6% and CTD up 2.2%. Tech still under a little pressure with the All-Tech Index up 0.4% with WTC off 1.3%. In corporate news, MSB raised more money at 250c, CCX jumped 14.6% on a trading update. Iron ore surged back over $100 a tonne as Chinese imports reached a record. No local economic news. In Asian Markets, Japan played some catch up after a holiday yesterday and fell over 2% with both China and HK both showing plus 1% gains.

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The Dow Jones Industrial Average climbed Monday, outperforming the market, while the Nasdaq Composite slipped as traders continued to sell off major tech stocks that have powered the bull market. The Dow rose 358.67 points, or 0.86%, to close at 42,297.12 as investors rotated into non-tech shares such as Caterpillar, JPMorgan and UnitedHealth.

Investors are hoping the start of the fourth-quarter earnings season will stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.

ASX SPI up 37.

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The ASX 200 fell 102 points to 8192 (1.2%) as a rethink on banks, and US leads, saw across the board selling. A downgrade to banks clobbered the sector with higher yields probably not helping. The Big Bank Basket dropped to $250.75 with WBC off 2.2% and the insurers seeing sellers despite higher yields. QBE down 2.0% and SUN off 2.2%. Other financials also under pressure, MQG down 2.4% and GQG off 3.8%. IFL better, a rarity, on another competing bid from Bain at 430c. SQ2 and ZIP under pressure with retail also on the nose today thanks to PMV and MYR trading updates. Challenging mentioned four times! WES also fell 2.3% with LOV down another 1.8% on broker downgrades. Tech stocks eased, WTC down 3.6% and XRO off 2.8% with the All-Tech Index down 2.6%. Resources fared better, the ‘Three Amigos’ BHP, FMG and RIO barely changed, MIN up 2.0% and gold stocks better as AUD hit highs again. NST up 1.3% and EVN up 1.2%. Energy stocks getting a boost from oil prices. WDS up 2.0% and STO rising 2.2%. In corporate news, quarterlies are kicking off. MYR and PMV fell hard on trading updates, NWL fell % on a Citi downgrade, NWH dropped 9.5% on a CFO change. Nothing on the economic front locally. Chinese trade surplus soared to US$1 trillion on pre-Trump exports. Record exports and weak imports.

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ASX set to drop. SPI futures down 71 points or 0.86%.

Stocks in the US broadly fell on Friday night after non-farm payrolls data implied the labour market is in better shape than expected. A classic case of good news is bad news, it reinforced fears from Tuesday night that there will only be one Fed rate cut this year, down from two indicated by the Fed last month. Dow Jones down 697 points, closing near the low. Nasdaq down 1.63% and the S&P 500 down 1.54%. The Nasdaq fell 2.35% for the week while the ASX 200 gained 0.53%. A rare week of outperformance for our market.

December non-farm payrolls showed 256k jobs in the US were added, well above expectations of a 212k rise while the unemployment rate fell to 4.1% (no change was expected). Concerns the strong labour market will keep inflation elevated saw the chance of two rate cuts this year fall. Bond yields had a huge jump. US10Y up 7bp and the 2Y up 12bp.

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The S&P 500 gained 0.73% to 5,974.07. The tech-heavy Nasdaq Composite rose 0.98% to 19,764.89, as Tesla and Meta Platforms added more than 2% and Nvidia climbed more than 3%. The Dow Jones Industrial Average erased earlier losses and ended the day 66.69 points higher, or 0.16%, to 42,906.95.

Weak economic data seemed to sour the sentiment a bit earlier in the session. The Conference Board’s consumer confidence index for December fell to 104.7, its lowest level since September and below a Dow Jones estimate of 113.0.

Month to date, the 30-stock Dow is down 4.5% in December, while the S&P 500 is off by nearly 1%. The tech-heavy Nasdaq Composite bucked the downtrend, rising 2.8% this month.

ASX SPI up 5 - No news today.

COMMODITIES

• Lithium Americas and GM close joint venture for Thacker Pass mine.
• Oil prices ease on surplus concerns, dollar strength.
• Gold eases as US dollar, yields rise in thin holiday trading.
• Copper eases as dollar hovers near two-year high.
• Iron ore rises on expectations of Chinese pre-holiday restocking.

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