| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39753.75 | 32.39 | 0.08% |
| S&P 500 | 5584.54 | -49.37 | -0.88% |
| Nasdaq | 18283.41 | -364.04 | -1.95% |
| VIX | 12.92 | 0.07 | 0.54% |
| Gold | 2418.00 | -3.90 | -0.16% |
| Oil | 82.89 | 0.27 | 0.33% |
US MARKET
The S&P 500 retreated from a record, dropping 0.88%, while the Nasdaq Composite declined 1.95% despite earlier highs, with Nvidia falling over 5%.
The Dow edged up slightly by 0.08%. The Russell 2000 Index saw a 3.6% rise amid expectations of a Federal Reserve rate cut due to a surprising drop in the consumer price index (CPI) to a 3% annual rate, prompting a shift towards small caps, housing stocks like Home Depot and D.R. Horton, and industrials like Caterpillar.
Lower CPI also fueled speculation of imminent rate cuts, with the chance of a reduction in September soaring to 93% according to CME FedWatch.
The market’s response reflects a broader reassessment of investment strategies in anticipation of changing economic conditions.
LOCAL MARKET
The Australian share market rallied to near its all-time high, with the S&P/ASX200 index climbing 0.93% to close at 7,889.6, just shy of its record.
Similarly, the All Ordinaries index also rose by 0.93% to 8,133.4. This surge followed positive cues from Wall Street and dovish remarks from Fed Chairman Jerome Powell, suggesting potential US rate cuts in 2024.
All sectors on the ASX200 improved, with property and tech leading gains.
Notable stocks hitting highs included Commonwealth Bank, JB Hi-Fi, and Telix Pharmaceuticals, the latter rising 10.5% due to favorable Medicare payment updates.
In the mining sector, gold companies shined with significant gains, while major banks like CBA and NAB also advanced, although ANZ fell 1.2% amid regulatory concerns.