| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39,606.57 | 419.59 | 1.07% |
| S&P 500 | 5,375.86 | 88.1 | 1.67% |
| Nasdaq | 16,708.05 | 407.63 | 2.50% |
| VIX | 28.45 | -2.12 | -6.93% |
| Gold | 3,323.60 | 29.5 | 0.90% |
| Oil | 62.28 | 0.01 | 0.02% |
US MARKET
Signs Donald Trump is rethinking the most-aggressive elements of his combative stances on trade and the Federal Reserve sent stocks to the first back-to-back gains since his tariff war escalated, while soothing volatility across asset classes. The S&P 500 rose 1.7%, though it pared an earlier rally that had swelled to as much 3.4%, as investors tried to gauge how seriously to take pronouncements of flexibility in negotiations with China and other trading partners. The Nasdaq gaining 2.5%, and the Dow climbing 419 points.
All three indexes pulled back from their highs as investors questioned whether a trade resolution is truly in sight. Treasury Secretary Bessent noted Trump hasn’t proposed a unilateral tariff cut and that talks with China haven’t started, tempering early optimism. This statement followed the President’s remarks suggesting that tariffs may not stay at the current 145% level
Meanwhile, Trump’s shift in tone regarding Powell helped ease concerns over the central bank’s independence. Tesla shares surged 5.4% after CEO Elon Musk announced he would significantly cut back his involvement with the government to concentrate on leading his companies. Boeing also advanced by 6.1%, supported by improved aircraft deliveries.
LOCAL MARKET
The S&P/ASX 200 Index jumped 1.33% to close at 7,921 on Wednesday, reaching a three-week high as Australian shares tracked a strong rebound on Wall Street. Stocks rallied globally after US Treasury Secretary Scott Bessent helped lift sentiment by describing the current tariff standoff as “unsustainable,” signaling a possible shift toward de-escalation. Later, President Donald Trump added to the market’s optimism by stating he has no plans to remove Federal Reserve Chair Jerome Powell, reducing uncertainty around central bank independence and policy continuity.
On the domestic front, data showed that Australia’s private sector activity expanded for a seventh consecutive month in April, fuelled by strong gains in both manufacturing and services output. Mining and energy stocks led the advance on stronger commodity prices, with gains from BHP Group (3.4%), Fortescue (3.1%), and Woodside Energy (3.8%). However, gold stocks declined as bullion prices pulled back from record highs.