| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39127.80 | 15.64 | 0.04% |
| S&P 500 | 5477.90 | 8.60 | 0.16% |
| Nasdaq | 17805.16 | 87.50 | 0.49% |
| VIX | 12.55 | -0.29 | -2.26% |
| Gold | 2309.40 | -3.80 | -0.16% |
| Oil | 80.73 | -0.17 | -0.21% |
US MARKET
US stocks saw modest gains on Wednesday, with significant momentum provided by Amazon’s near 4% increase in stock price, marking its entry as the fifth US company to achieve a valuation over $2 trillion. This boost for tech stocks comes as the market anticipates economic reports, including the crucial PCE inflation data due on Friday. Federal Reserve officials have emphasized their cautious approach to potential interest-rate cuts, making clear that upcoming economic data will guide their decisions.
Treasury yields rebounded slightly from their three-month lows, with the 10-year Treasury yield rising by 8 basis points to 4.31%. This shift occurs amidst a shaky few sessions in the market, raising questions about whether recent stock performance dips are temporary or hint at a more significant retreat. Nvidia’s influence on broader market trends has been a focal point of these discussions.
In other market news, Rivian shares soared over 23% following an announcement of a potentially lucrative alliance with Volkswagen , projected to enhance its finances by up to $5 billion. FedEx also saw a significant uptick, with shares jumping over 15% after its profit forecasts for 2025 surpassed analyst expectations.
Meanwhile, Chipotle experienced a modest 0.3% rise in share price as its 50-for-1 stock split—the largest in NYSE history—took effect. Investors continue to monitor these developments closely, looking for indicators of market direction amid fluctuating conditions.
LOCAL MARKET
Australian shares are set to open lower following mixed global market activity. In New York, shares gained, driven by significant tech companies like Apple, Amazon, and Tesla, while European markets fell ahead of the upcoming French elections.
ASX futures dropped 81 points, signalling a weak start, compounded by domestic inflation data reaching 4% annually to May, surpassing forecasts. This has led to revised expectations from NAB’s economics team, suggesting that the Reserve Bank of Australia might delay interest rate cuts, potentially not beginning until May 2025 and gradually reducing rates to 3.10% by mid-2026.
In corporate news, Baby Bunting anticipates its net profit for 2024 to remain between $2 million and $4 million, despite a 0.7% drop in same-store sales recently. The retailer’s stock has fallen 37% this year.
Additionally, Qatar is reportedly discussing acquiring up to a 20% stake in Virgin as the airline’s plans for an ASX listing remain uncertain. These developments suggest a cautious optimism in market trends, despite the overarching pressures of international political events and economic data.