| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40415.44 | 127.91 | 0.32% |
| S&P 500 | 5564.41 | 59.41 | 1.08% |
| Nasdaq | 18007.57 | 280.63 | 1.58% |
| VIX | 14.91 | -1.61 | -9.75% |
| Gold | 2397.70 | 3.00 | 0.13% |
| Oil | 79.95 | -0.18 | -0.22% |
US MARKET
US stocks rebounded on Monday, led by technology sector gains, following President Joe Biden’s announcement that he would not seek re-election and endorsed Vice President Kamala Harris.
Investors are evaluating the potential impacts of a Harris presidency, especially on tech companies.
This week’s focus will also be on the release of the second-quarter GDP and the June PCE index, with expectations of 1.9% growth and a 2.5% rise in inflation measures, respectively.
The S&P 500 rose by 1.08%, the Dow Jones increased by 0.32%, and the Nasdaq was up by 1.58%.
Additional market concerns include fluctuations in Warren Buffett’s favored stock market valuation indicator and movements in commodity prices.
LOCAL MARKET
The Australian share market faced its third consecutive day of losses, dropping to an 11-day low.
This downturn was influenced by President Joe Biden’s decision not to run for reelection, increased conflict in the Middle East, and a global IT outage affecting Crowdstrike’s networks.
The S&P/ASX200 index closed down by 0.5%, while the All Ordinaries fell 0.52%.
Markets are now speculating on Vice President Kamala Harris’s prospects against Donald Trump in the upcoming U.S. election, with prediction markets favoring Trump.
In addition, Israeli airstrikes on a Yemeni oil port have escalated Middle Eastern tensions.
Domestically, sectors like energy and mining saw significant declines, with Woodside Energy and South32 among the notable losers.
Meanwhile, the Australian dollar weakened following China’s interest rate cuts.