| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38111.48 | -330.06 | -0.86% |
| S&P 500 | 5235.48 | -31.47 | -0.60% |
| Nasdaq | 16737.08 | -183.50 | -1.08% |
| VIX | 14.47 | 0.19 | 1.33% |
| Gold | 2364.30 | -2.10 | -0.09% |
| Oil | 77.81 | -0.10 | -0.13% |
US MARKET
Stocks fell on Thursday, extending the week’s sell-off. First-quarter GDP was revised down to 1.3%, showing weaker growth and cooler inflation. Markets await Friday’s PCE inflation data.
US stocks dropped as traders evaluated economic data and anticipated the Federal Reserve’s inflation gauge. The Dow Jones fell further, led by a 16% drop in Salesforce after weak guidance.
Bill Adams, Chief Economist at Comerica Bank, suggested cooler inflation might lead the Fed to cut rates by September. The 10-year Treasury yield fell to 4.57%, and jobless claims rose to 219,000, indicating a cooling labor market.
As of Thursday’s market close, the S&P 500 was at 5,235.48, down 0.6%. The Dow Jones stood at 38,111.48, down 0.86%, and the Nasdaq was at 16,737.08, down 1.08%.
The local bourse erased its monthly gains, recording its seventh losing day out of eight sessions as sentiment turned bearish.
On Thursday, the S&P/ASX200 index fell 37.4 points, or 0.49%, to 7,628.2, and the All Ordinaries dropped 39.8 points, or 0.5%, to 7,895.9. The ASX200 is down 0.47% for May.
Kyle Rodda of Capital.com attributed the declines to rising global yields and potential rate hikes. Assistant Reserve Bank governor Sarah Hunter emphasised the RBA’s focus on inflation, with the futures market now suggesting a 27% chance of a rate hike.
Six of the ASX’s 11 sectors finished lower, with mining hit hardest, dropping 1.9%. BHP fell 1.7% to $44.30 after deciding not to bid for Anglo American. Fortescue dropped 3.1%, Rio Tinto slipped 1.5%, and Northern Star fell 2.8%.
In the financial sector, ANZ added 0.2%, NAB dipped 0.1%, while Westpac and CBA both fell 0.3%.
Catapult Group rose 9.7% after reporting a 20% revenue increase to a record $100 million.
The Australian dollar fell to a three-week low, buying 65.97 US cents.
The NZX 50 lost 1.05%, while the Nikkei dropped 1.32%.