| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39935.07 | 81.20 | 0.20% |
| S&P 500 | 5399.22 | -27.91 | -0.51% |
| Nasdaq | 17181.72 | -160.69 | -0.93% |
| VIX | 18.46 | 0.42 | 2.33% |
| Gold | 2363.30 | 9.80 | 0.42% |
| Oil | 78.25 | -0.03 | -0.04% |
US MARKET
Stocks were mostly unchanged on Thursday, recovering slightly from significant losses the previous day. Both the Nasdaq and S&P 500 aimed to rebound from their steepest declines since 2022. U.S. GDP grew by 2.8% in Q2, surpassing expectations and indicating a robust economy.
Concerns over slowing tech earnings were heightened after disappointing reports from Tesla and Alphabet. Markets are evaluating if the recent downturn represents a major correction or a temporary adjustment.
Investors are now weighing stronger-than-anticipated GDP growth against potential Federal Reserve rate cuts, with upcoming inflation data also in focus.
The Fed is expected to cut rates only once in 2024 due to persistent inflation and a strong job market.
LOCAL MARKET
The Australian stock market fell to a two-week low, influenced by a decline in U.S. tech stocks and disappointing earnings.
The S&P/ASX 200 dropped 1.3% to 7,861.2, and the All Ordinaries decreased by 1.4% to 8,094.3. Tech stocks led the downturn, losing 2.7%.
Energy and consumer discretionary sectors also experienced losses, with energy stocks declining for the sixth consecutive day.
U.S. stocks had their worst day in over a year, driven by high valuations and various market pressures including the upcoming election. Weakness in big tech stocks was further compounded by soft inflation data and anticipation of a Federal Reserve rate cut.
In Australia, major companies like Fortescue and Macquarie also saw significant drops in their share prices.
The Australian dollar fell against the U.S. dollar, reflecting broader market uncertainties.