| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42740.42 | -324.80 | -0.75% |
| S&P 500 | 5815.26 | -44.59 | -0.76% |
| Nasdaq | 18315.59 | -187.10 | -1.01% |
| VIX | 20.64 | 0.94 | 4.77% |
| Gold | 2675.90 | -3.00 | -0.11% |
| Oil | 71.00 | 0.42 | 0.60% |
US MARKET
Stocks were mixed this morning as traders digested key earnings reports and broader market trends. Early gains were supported by strong third-quarter earnings from Citigroup, Goldman Sachs, and Bank of America, all of which exceeded estimates.
In addition to earnings, investors are focused on upcoming economic data, including September’s retail sales and jobless claims set for release on Thursday. Commentary from Federal Reserve officials, including Governor Adriana Kugler and President Mary Daly, will also be closely watched on Tuesday.
Despite concerns about market fragility, with some analysts warning of heightened risks, others like Piper Sandler argue that even with the stock market overvalued by 8%, there’s no reason for investors to sell just yet.
LOCAL MARKET
Australian shares are set to open lower, following a decline on Wall Street, where a surprising report from Dutch chipmaker ASML weighed heavily on the US tech sector. Futures suggest the S&P/ASX 200 will fall by 32 points, or 0.4%, by around 8am AEST, after the index reached a new record high on Tuesday.
In commodities, oil prices fell sharply after reports emerged that Israel assured the Biden administration its expected retaliatory strike would focus on Iran’s military rather than its oil infrastructure. West Texas Intermediate dropped over 4%, settling below $US71 a barrel, while Brent crude declined to around $US74 a barrel.
Locally, Rio Tinto’s iron ore shipments came in slightly below expectations, with the company shipping 84.5 million tonnes from Western Australia in the three months to September 30, compared to the 85.1 million tonnes anticipated by analysts. Challenger reaffirmed its fiscal 2025 net profit guidance, which remains between $440 million and $480 million.