| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42063.36 | 38.17 | 0.09% |
| S&P 500 | 5702.55 | -11.09 | -0.19% |
| Nasdaq | 17948.32 | -65.66 | -0.36% |
| VIX | 16.15 | -0.18 | 1.10% |
| Gold | 2644.90 | -2.50 | -0.09% |
| Oil | 71.29 | 0.27 | 0.41% |
US MARKET
U.S. markets are set to open lower as investor sentiment cools following last week’s strong performance, driven by optimism over the Federal Reserve’s recent half-point rate cut. U.S. equities began to lose steam by the end of last week, with both the S&P 500 and Nasdaq 100 edging 0.2% lower on Friday. The Dow Jones Industrial Average managed a modest 0.1% gain, closing at a new high. Futures indicate a 0.8% decline for the S&P 500, signaling a cautious start to the week.
Micron Technology reports earnings Wednesday, with a focus on memory chip pricing and AI investments. Costco reports Thursday, providing insight into consumer spending ahead of the holidays.
Major risks include jobless claims data and the Fed’s preferred inflation measure, the PCE price index, both due later this week. The Commerce Department will also release its Q2 GDP revision on Thursday.
LOCAL MARKET
Australian shares are set to decline from record highs as concerns grow that the Reserve Bank of Australia may delay a rate cut into next year, even as other central banks ease policy. Futures suggest the S&P/ASX 200 will drop 0.8 per cent at Monday’s open, after closing at a record 8209.5 on Friday.
Investors are now focused on the RBA’s Tuesday meeting, where the cash rate is expected to hold at 4.35 per cent. Wednesday’s inflation report could show annual inflation falling to 2.7 per cent, entering the RBA’s target range for the first time since 2021.
The Australian dollar rose to US68¢, supported by rate differentials.
In corporate news, Fletcher Building is raising $NZ700 million through a fully underwritten placement and entitlement offer, and Heartland Group Holdings named Andrew Dixson as its incoming CEO, effective 1 October.