| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40665.02 | -533.06 | -1.29% |
| S&P 500 | 5544.59 | -43.68 | -0.78% |
| Nasdaq | 17871.22 | -125.70 | -0.70% |
| VIX | 15.93 | 1.45 | 10.01% |
| Gold | 2447.40 | -9.00 | -0.37% |
| Oil | 82.35 | -0.47 | -0.57% |
US MARKET
Stocks mostly rose after a previous day’s drop, buoyed by a positive revenue outlook from TSMC which helped semiconductor stocks recover, lifting the Nasdaq from its lowest point since 2022.
Unexpectedly high weekly jobless claims suggested a cooling job market, increasing speculation about potential interest rate cuts, with a 93% likelihood of a cut by September according to predictions.
The S&P 500 was down -0.78% to 5,544.59, the Dow Jones dropped by -1.29% to 40,665.02, and the Nasdaq also fell -0.70% to 17,871.22.
Market news also highlighted vulnerabilities in small-cap stocks and ongoing defaults in high-quality commercial real estate. In commodities, West Texas Intermediate crude fell to $82.57 a barrel, Brent crude to $82.12, and gold to $2,463.51 per ounce.
The 10-year Treasury yield ticked up slightly, and Bitcoin increased by 1.26% to $64,932.
LOCAL MARKET
The Australian stock market closed slightly lower, nearly touching a record high despite a major tech sector sell-off and mixed reactions to the latest job market data.
The S&P/ASX200 fell by 0.27% to 8,036.5 and the All Ordinaries dropped by 0.37% to 8,272.7.
Concerns grew about a potential interest rate hike by the Reserve Bank after ambiguous job figures showed strong employment growth but a slight increase in unemployment to 4.1%.
Tech stocks faced the largest decline, dropping 3.4% following global trends influenced by potential U.S. sanctions on China’s semiconductor industry.
Notably, Domino Pizza Enterprises plummeted by 8.2%, marking significant losses.
In contrast, Accent Group surged 10.2% after reporting improved sales, and Evolution Mining rose 2.8% following a record cash flow report.
Bank stocks showed mixed results, and the Australian dollar remained stable against the U.S. dollar.