| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40287.53 | -377.49 | -0.93% |
| S&P 500 | 5505.00 | -39.59 | -0.71% |
| Nasdaq | 17726.94 | -144.28 | -0.81% |
| VIX | 16.52 | 0.59 | 3.70% |
| Gold | 2406.80 | 7.70 | 0.32% |
| Oil | 80.49 | 0.36 | 0.45% |
US MARKET
U.S. stocks fell on Friday following a global tech outage that affected airports and businesses worldwide. The Nasdaq Composite dropped 0.8%, the S&P 500 fell 0.7%, and the Dow Jones shed 377.49 points, or 0.9%.
CrowdStrike, a cybersecurity firm, caused widespread disruptions with a faulty update, impacting various sectors and grounding flights.
Despite this, their rivals SentinelOne and Palo Alto Networks saw stock increases of 7.9% and 2.2%, respectively.
Market trading remained stable, and despite some payment issues reported by financial entities like TD Bank and Visa, the Russell 2000 index rose by 1.7%.
Amidst volatility, experts suggest the market might still benefit from potential rate cuts, though uncertainty looms with the upcoming presidential election and Federal Reserve policies.
LOCAL MARKET
The Australian stock market dipped but managed to extend its winning streak to three weeks. The S&P/ASX200 index initially fell by 1.4% but closed down only 0.81% at 7,971.6, while for the week it slightly rose by 0.15%.
The All Ordinaries also fell by 0.77% to 8,209.2. The downturn was influenced by uncertainty around U.S. politics and a potential Trump victory in November.
Most sectors saw declines, particularly materials and mining, with significant drops in major companies like BHP, Fortescue, and Rio Tinto due to falling base metal prices and a stronger US dollar.
Conversely, the telecommunications sector remained steady, and Universal Store Holdings and Droneshield saw notable gains amidst overall market challenges.
The Australian dollar fell against the US dollar, reaching a two-week low.