| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39164.06 | 36.26 | 0.09% |
| S&P 500 | 5482.87 | 4.97 | 0.09% |
| Nasdaq | 17858.68 | 53.53 | 0.30% |
| VIX | 12.24 | -0.31 | -2.47% |
| Gold | 2337.70 | 1.10 | 0.05% |
| Oil | 81.88 | 0.14 | 0.17% |
US MARKET
Stocks inched higher on Thursday, with the S&P 500, Dow, and Nasdaq recording marginal gains as investors looked forward to Friday’s release of PCE inflation data.
Micron Technology saw a 5% decline in its shares following less-than-optimistic guidance for the upcoming quarter, heightening concerns over a potential slowdown in the tech sector. Walgreens Boots Alliance experienced a nearly 20% drop after revising its profit forecast downward, despite surpassing revenue expectations.
U.S. jobless claims decreased to 233,000, lower than anticipated, while the final estimate for Q1 GDP was adjusted up to 1.4%, indicating slow but stable economic growth.
Market participants are gearing up for the personal consumption expenditures data, closely monitored by the Fed for inflation insights, with the CME FedWatch Tool showing a 58% probability of a rate cut in September.
Commodity markets saw an uptick as West Texas Intermediate crude climbed 1.3% to $81.95 a barrel, and gold prices increased by 0.9% to $2,334.50 per ounce.
Bitcoin marginally rose to $61,681, and the 10-year Treasury yield slightly dropped by two basis points to 4.296%.
LOCAL MARKET
The Australian share market nearly recovered from its early losses after an initial plunge due to unexpected inflation data, hinting at possible rate hikes in 2024.
The S&P/ASX200 initially dropped 1.65% to a four-week low but ended the day down just 0.3%. The All Ordinaries also fell slightly by 0.25%. The market is up 0.8% for the month, though down 1.8% for the quarter and up 2.2% for the year.
Real estate suffered the most, with major companies trading ex-dividend.
Judo Capital Holdings saw the steepest decline in the ASX200, dropping 6.3%.
The major banks and some mining stocks also finished lower, while Resmed in healthcare rose by 4.1%. Conversely, Baby Bunting surged 19% after reporting improved sales from new strategies.
The Australian dollar closed at 66.67 US cents, slightly down from 66.84 at the previous close.