| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43221.55 | 703.27 | 1.65% |
| S&P 500 | 5949.91 | 107.00 | 1.83% |
| Nasdaq | 19511.23 | 466.84 | 2.45% |
| VIX | 16.12 | -2.59 | -13.84% |
| Gold | 2723.00 | 5.40 | 0.19% |
| Oil | 80.30 | 0.27 | 0.34% |
US MARKET
US markets surged on Wednesday, buoyed by robust bank earnings and a key inflation report showing slower-than-expected price growth in December. The S&P 500 jumped 1.8%, the Dow Jones Industrial Average gained 1.6% (adding over 700 points), and the tech-heavy Nasdaq Composite soared 2.5%.
The Consumer Price Index (CPI) revealed progress toward the Federal Reserve’s 2% inflation target. Core CPI, excluding volatile food and gas prices, rose just 0.2% month-on-month, down from November’s 0.3% gain. Annually, core CPI increased by 3.2%, marking the first deceleration since July after four consecutive months of 3.3% growth.
Investor sentiment also strengthened on stellar earnings from major financial institutions. JPMorgan Chase reported a second consecutive year of record profit, while Goldman Sachs beat forecasts on surging deal activity and investment banking strength. BlackRock, Wells Fargo, and BNY Mellon also posted robust quarterly results, underscoring a revival in dealmaking and profitability across the sector.
Australian shares are set to rise over 1% today, with ASX futures up 122 points, or 1.5%, at 7.10am AEDT, following a strong rally on Wall Street.
The labour force data for December may also signal easing inflationary pressures. Economists anticipate a slight rise in the unemployment rate to 4% and a halving of employment growth.
In commodities, oil prices continued their ascent as Brent crude rose 2.1% overnight to $US81.61 a barrel, supported by news of a ceasefire deal between Israel and Hamas.
Rio Tinto reported lower December quarter iron ore shipments, slightly missing expectations despite increased sales volumes. Bell Financial announced an expected 25% rise in full-year profit to $37.1 million ahead of its February result. Meridian Energy recorded a 1.3% increase in retail sales volumes despite challenging weather and demand conditions.
Regis Resources repaid a $300 million loan ahead of schedule, while Ora Banda Mining reported a quarterly dip in gold production but affirmed its full-year guidance.