| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40842.79 | 99.46 | 0.24% |
| S&P 500 | 5522.30 | 85.86 | 1.58% |
| Nasdaq | 17599.40 | 451.98 | 2.64% |
| VIX | 16.36 | -1.33 | -7.52% |
| Gold | 2492.40 | 19.40 | 0.78% |
| Oil | 78.66 | 0.75 | 0.96% |
US MARKET
US stocks rallied, led by tech and chipmakers, with the tech-heavy Nasdaq climbing over 2% amid anticipation of the Federal Reserve’s rate decision.
Investors expect the Fed to maintain current rates but see a potential rate cut in September.
Key to the market’s direction will be Fed Chair Powell’s upcoming remarks, expected to provide clarity on future rate adjustments.
The focus is also on corporate earnings and market predictions extending into 2025, alongside movements in commodities, bonds, and cryptocurrencies.
LOCAL MARKET
The Australian share market reached a record high, its best in 20 months, driven by promising inflation data suggesting potential rate cuts in 2024.
The S&P/ASX200 index rose by 1.75% to 8,092.3, surpassing its previous high, while the All Ordinaries increased by 1.76% to 8,320.4.
This surge followed a report indicating a slight decrease in the year-to-June inflation measure, prompting forecasts of a Reserve Bank rate cut by November.
The market optimism also affected the Australian dollar, which briefly dipped below 65 US cents.
Every sector saw gains, particularly energy and tech, with significant rises in major companies’ stock prices.