| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40954.48 | 742.76 | 1.85% |
| S&P 500 | 5667.20 | 35.98 | 0.64% |
| Nasdaq | 18509.34 | 36.77 | 0.20% |
| VIX | 13.19 | 0.07 | 0.53% |
| Gold | 2471.90 | 4.10 | 0.17% |
| Oil | 80.89 | 0.13 | 0.16% |
US MARKET
June’s retail sales exceeded expectations, bolstering economic growth as consumers continued spending. Bank of America’s earnings beat estimates, lifting its shares, and U.S. stocks also climbed.
Retail sales, excluding autos, rose by 0.4% in June, signaling strong consumer confidence amid stable wage and job growth, as noted by Navy Federal’s Robert Frick.
Stock indexes are near record highs, with the market showing resilience. Post-market opening on Tuesday, the S&P 500 was up 0.31%, the Dow Jones increased by 0.43%, and the Nasdaq rose by 72.24 points.
Other financial news included a dip in the 10-year Treasury yield following dovish comments from Fed Chair Jerome Powell. WTI crude oil and Brent crude prices fell, while gold prices rose, and Bitcoin declined slightly.
LOCAL MARKET
The local share market ended a three-day winning streak, with the S&P/ASX200 falling 0.23% to 7,999.3, and the All Ordinaries down by the same percentage to 8,243.3.
Weakness in the mining sector, particularly from BHP and Rio Tinto, contributed to the drop. Despite this, the ASX200 posted its second-highest close.
Fed Chair Jerome Powell’s dovish comments raised expectations of multiple U.S. interest rate cuts in 2024. Consumer confidence remains low, according to the ANZ-Roy Morgan survey.
The materials sector led losses, while other sectors like consumer staples were flat, and some stocks like Electro Optical Systems saw gains following positive revenue reports.
Mixed performance was noted among the Big Four banks, and Droneshield’s stock plummeted 22.3% after a significant prior increase. The Australian dollar dipped to 67.42 US cents.