| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39344.79 | -31.08 | -0.08% |
| S&P 500 | 5572.85 | 5.66 | 0.10% |
| Nasdaq | 18403.74 | 50.98 | 0.28% |
| VIX | 12.37 | -0.11 | -0.88% |
| Gold | 2366.40 | 2.90 | 0.12% |
| Oil | 82.19 | -0.14 | -0.17% |
US MARKET
US stocks surged to record highs on Monday ahead of key economic data releases this week. Investors are closely watching the June CPI report on Thursday, with Core CPI expected to rise 3.1% year-over-year, compared to May’s 3.3%. More inflation data will be out on Friday with the June PPI report, expected to increase by 0.1% month-over-month.
These reports will provide insights for the Federal Reserve’s interest rate decisions for the rest of the year. Market forecasts suggest the Fed might cut rates during the September FOMC meeting. Fed Chair Jerome Powell will testify to Congress on Tuesday and Wednesday, with several other Fed officials scheduled to speak throughout the week.
Earnings season starts this week, with major banks like JPMorgan, Wells Fargo, and Citigroup releasing their second-quarter results on Friday.
In other news, a short-seller who impacted Adani Group’s market value by $153 billion, made just $4 million. Jamaica can’t access catastrophe-bond funds despite Hurricane Beryl’s damage due to air pressure levels. BCA Research predicts a 32% stock market crash in 2025 due to a Federal Reserve-induced recession.
Technical analyst Katie Stockton of Fairlead Strategies sees continued gains for the S&P 500 and Nasdaq 100 indexes, which hit record highs. The Nasdaq Composite climbed 0.3 percent, while the Dow Jones slipped. Among tech stocks, Apple rose 0.7 percent, boosting its market cap to $US3.49 trillion, and Nvidia added 1.9 percent, raising its valuation to $US3.15 trillion.
LOCAL MARKET
Australian shares are set to rise at the open, with ASX futures up 17 points, or 1.6 percent, around 7am AEST. The positive movement follows gains in the tech sector, with companies like Apple and Nvidia pushing global markets higher.
“Current projections have the S&P 500 reporting double-digit earnings growth in 2024, but Q2 earnings need to impress for that to materialize,” said Josh Gilbert, market analyst at eToro. Markets expect to see 8.5 percent earnings growth year-over-year, with growth led by communication services, technology, healthcare, and energy.
Additionally, Indonesia’s billionaire Salim family has made a $393 million bid for Australia’s largest fully permitted copper project, taking a swipe at BHP.