| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40347.97 | -494.82 | -1.21% |
| S&P 500 | 5446.68 | -75.62 | -1.37% |
| Nasdaq | 17194.15 | -405.25 | -2.30% |
| VIX | 18.59 | 2.23 | 13.63% |
| Gold | 2490.70 | 9.90 | 0.40% |
| Oil | 76.84 | 0.53 | 0.69% |
US MARKET
Market indexes fell on Thursday, despite Meta’s stock soaring after a strong earnings report. Jobless claims rose, nearing a year-high, heightening economic concerns and leading investors to fully expect a Federal Reserve rate cut in September.
Meta’s shares jumped 11% after it topped earnings estimates and raised its revenue forecast. However, rising jobless claims suggested an economic slowdown, supporting the likelihood of Fed rate cuts.
In technology, Arm’s shares dropped over 7% despite high revenue due to a cautious outlook, and Qualcomm’s stock fell 3% after exceeding earnings expectations.
US indexes slightly declined, with commodity prices seeing mixed results: Brent crude was up 1.3%, gold rose 0.8%, and Bitcoin dropped slightly by 0.7%.
LOCAL MARKET
The Australian share market hit new highs after Fed Chairman Jerome Powell indicated a potential U.S. interest rate cut in September. The S&P/ASX200 index breached the 8,100 mark for the first time, closing up 0.28% at 8,114.7, while the All Ordinaries also rose by 0.28% to 8,343.8.
This surge followed Powell’s dovish remarks as the Fed maintained current U.S. rates, with a rate cut likely if inflation eases by September. The positive sentiment spilled over from Wall Street, leading to the ASX’s 10th record high of 2024.
Most sectors advanced, led by a 1.7% increase in property. In contrast, industrials and financials slightly declined. Key stock movements included Zip Co rising 5.2%, while there were mixed results among the Big Four banks. The mining sectors, particularly gold and lithium, also showed strong performance.
The Australian dollar strengthened to 65.31 US cents.