| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44,785.50 | -152.81 | -0.34% |
| S&P 500 | 6,370.17 | -25.61 | -0.40% |
| Nasdaq | 21,100.31 | -72.55 | -0.34% |
| VIX | 16.6 | 0.91 | 5.80% |
| Gold | 3,375.90 | -5.7 | -0.17% |
| Oil | 63.43 | -0.09 | -0.14% |
OVERVIEW OF THE US MARKET
U.S. stocks staged a late-session rebound Wednesday after a week-long selloff in technology shares, though indices still closed lower as investors braced for Federal Reserve Chair Jerome Powell’s upcoming Jackson Hole speech. The S&P 500 fell 0.2% and the Nasdaq 100 slid 0.6% after earlier dropping almost 2%, marking the fourth straight loss for both indices. Mega-cap tech stocks once again led declines, with the “Magnificent Seven” index down 1.1%, heightening concerns that weakness in the sector could spill over into the broader market.
Despite the selling pressure, many sectors outside of tech advanced, suggesting selective dip-buying. Analysts cautioned, however, that the market’s heavy reliance on big tech makes sustained rotation difficult. JPMorgan’s Andrew Tyler said Powell’s remarks could shift sentiment, while Oaktree’s Howard Marks warned equities are in the “early days” of a bubble. The Fed’s latest minutes reinforced inflation as the key risk, though traders continued to price in a September rate cut. Evercore’s Marco Casiraghi noted the minutes were “stale” given softer July jobs data, but emphasized the Fed remains positioned to respond quickly.
Bond markets rallied modestly, with the 10-year Treasury yield down two basis points to 4.28%. The dollar was little changed, the yen strengthened, and oil rose 1.4% to $63.21 a barrel. Gold advanced 1% to $3,348.66 an ounce, while Bitcoin gained 0.6%.
Corporate news also drove activity. Target appointed Michael Fiddelke as CEO to revive weak sales, while TJX raised earnings guidance on strong demand. Microsoft limited Chinese firms’ access to cybersecurity updates, Alphabet launched new AI-powered gadgets, and Lowe’s agreed to acquire Foundation Building Materials for $8.8 billion. Estée Lauder warned on profits, Guess? announced a go-private deal, and Novo Nordisk imposed a global hiring freeze.
Overall, sentiment remains fragile: investors are balancing earnings resilience with lofty valuations, weaker jobs growth, and Fed uncertainty. Markets now look to upcoming PMI data and Powell’s Jackson Hole remarks as potential catalysts.
OVERVIEW OF THE AUSTRALIAN MARKET
Australia’s share market smashed through 9,000 points for the first time on August 21, 2025, closing at a record high as all sectors advanced amid strong earnings beats and easing global tensions, including promising US-Russia-Ukraine peace talks in Alaska that advanced with Trump’s Putin call and potential trilateral meeting, raising hopes for de-escalation and reduced energy volatility. The S&P/ASX 200 surged 1.13%, or 101.1 points, to 9,019.1—up 1.4% weekly—while the broader All Ordinaries rose 1.16% to 9,284.2. Advancers dominated decliners on the S&P/ASX 300, underscoring bullish momentum.
All 11 sectors gained, led by Industrials (+3.43%) on Brambles (+13.2%) buyback and profit beat, Consumer Staples (+2.14%) broadly, and Consumer Discretionary (+2.05%) paced by Super Retail (+12.3%) record sales. Materials +0.80%: BHP (+0.7%), Rio Tinto (+1.0%) backed by Trump’s US copper project support. Energy +1.56%: Ampol (+7.7%) on acquisition. Health Care +0.87%: Pro Medicus strong despite sector moderation.
Standouts: Artrya (+37.7%) on FDA clearance, Redox (+23.8%) FY25 results, Radiopharm Theranostics (+22.4%) webinar. Decliners: WA1 Resources (-19.5%) placement, Temple & Webster (-11.7%) downgrade, Amcor (-9.7%) Q4 miss.
August PMIs expanded: Manufacturing 52.9 (up from 51.3), Services 55.1, Composite 54.9, affirming growth post-RBA 3.60% cut. US Philly Fed missed at -0.3 (vs. poll 7), but PMIs beat: Manufacturing 53.3 (vs. 49.5), Services 55.4 (vs. 54.2), Home Sales 4.01M (vs. 3.92M). Aussie dollar -0.25% to 64.17 US cents.