| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39331.85 | 162.33 | 0.41% |
| S&P 500 | 5509.01 | 33.92 | 0.62% |
| Nasdaq | 18028.76 | 149.46 | 0.84% |
| VIX | 12.03 | -0.19 | -1.55% |
| Gold | 2340.30 | 6.90 | 0.29% |
| Oil | 83.08 | 0.27 | 0.33% |
US MARKET
US stocks slumped Tuesday morning as investors geared up for the latest jobs market data and commentary from central bank officials. Major indexes dipped, and Treasury yields fell, with the 10-year bond yield down five basis points to 4.425%.
At 9:30 a.m. ET, Fed Chairman Jerome Powell is scheduled to speak at the European Central Bank forum, where he will discuss monetary policy alongside ECB’s Christine Lagarde and Roberto Campos Neto, Brazil’s central bank president. The spotlight this week is firmly on the jobs market, with the latest job openings data set for release later Tuesday morning, ahead of the key nonfarm payroll report for June, due out on Friday. Moderate softening in both reports would be well received by markets, raising hopes for a potential Fed interest rate cut this year. Currently, futures markets anticipate a policy pivot starting in November.
The stock market is coming off a positive session on Monday, with indexes jumpstarting the year’s second half in the green. Tesla shares rose on stronger-than-expected deliveries and a positive outlook from Wall Street analysts. The carmaker reported 442,956 vehicle deliveries in the second quarter, a 4.8% annual slump but higher than the 439,000 expected by analysts.
In other news, JPMorgan’s chief strategist described Trump’s trade and immigration plans as an “elixir for stagflation.” BlackRock’s latest deal is set to make Preqin’s founder richer than Larry Fink, and financial guru David Ramsey criticized universal basic income, calling it “straight out of the Karl Marx playbook.”
LOCAL MARKET
Australian shares are set to edge higher, taking cues from Wall Street, where US equities advanced and bond yields declined after Federal Reserve Chairman Jerome Powell indicated that the disinflationary path remains intact, hinting at potential rate cuts later this year.
Overnight on Wall Street, the S&P 500 closed above 5500 for the first time, marking its 32nd record high this year, finishing 0.6 percent higher at 5509.01.
At the European Central Bank’s policy gathering in Portugal, Powell stated that the US economy has made significant progress toward the Fed’s 2 percent inflation target.
In other news, Liontown Resources’ future is closely tied to a $379 million funding deal with a Korean battery giant. Liontown CEO Tony Ottaviano affirmed that the company’s flagship Kathleen Valley mine is on track to be in production on time and on budget by the end of the month.
Meanwhile, APA Group announced it expects a non-cash impairment of $145 million for its Moomba Sydney Ethane pipeline, which will result in a full write-down of the pipeline’s book value in its financial year 2024 statements.