| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43,621.16 | 159.95 | 0.37% |
| S&P 500 | 5,955.25 | -28 | -0.47% |
| Nasdaq | 19,026.39 | -260.54 | -1.35% |
| VIX | 19.43 | 0.45 | 2.37% |
| Gold | 2,928.60 | -34.6 | -1.17% |
| Oil | 69.12 | -1.58 | -2.23% |
US MARKET
Stocks got hit and bonds surged as another disappointing reading on the US consumer fuelled concern about the health of the world’s largest economy. The S&P 500 fell 0.3%. The Nasdaq 100 slid 1%. The Dow Jones Industrial Average rose 0.4%. A gauge of the “Magnificent Seven” megacaps sank 2%. On the eve of Nvidia Corp.’s results, the shares slumped as much as 4.5%, before paring losses. Tesla was 8.7% lower after a report that its European sales plummeted by 45 per cent in January. The yield on 10-year Treasuries sank nine basis points to 4.31%. Money markets are now pricing in more than two quarter-point reductions by the Fed in 2025. A dollar gauge slid 0.2%. Crypto got slammed, down 7%. In short, it was a material ‘risk off’ day.
US consumer confidence fell this month by the most since August 2021 on concerns about the outlook for the broader economy, adding to evidence that uncertainty over the Trump administration’s policies is weighing on households. The drop in confidence was broad across age groups and incomes. Consumers were more pessimistic about current and future labour-market conditions, as well as the outlook for incomes and business conditions. Perceptions of present and future financial situations worsened, and the share of respondents expecting a recession in the next year rose to a nine-month high.
Not only have equities rejected a move beyond their all-time highs, the market is also in a state of vulnerability from three of it biggest drivers. Retail flows are fading, trend followers are estimated to be sellers in every scenario and option flows are unfavourable.
LOCAL MARKET
The S&P/ASX 200 Index dropped 0.68% to close at 8,252 on Tuesday, approaching a six-week low and mirroring declines seen on Wall Street overnight as technology and artificial intelligence stocks faced selling pressure. Investors are also awaiting Australia’s monthly inflation report on Wednesday, which is expected to provide key insights into the future direction of monetary policy following the Reserve Bank of Australia’s recent hawkish interest rate cut.
Almost all sectors declined, with notable losses from heavyweights like Wisetech Global (-2.8%), Fortescue (-2.8%), and Wesfarmers (-3.4%). In corporate news, Viva Energy plunged 26.9% after issuing a weaker-than-expected earnings forecast. On a positive note, digital retail finance firm Zip Co surged 13.9% following strong half-year results.
Results on Wednesday’s calendar include Scentre Group, Smartgroup, Bapcor, Cettire, Flight Centre, Kelsian Group, Lynas Rare Earths, Mayne Pharma, National Storage REIT, Siteminder, Tyro Payments, Worley, Woolworths, WiseTech Global, Light & Wonder and Meridian Energy. ASX futures are pointing down 20 points or 0.2 per cent to 8201.