| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39411.21 | 260.88 | 0.67% |
| S&P 500 | 5447.87 | -16.75 | -0.31% |
| Nasdaq | 17496.82 | -192.54 | -1.09% |
| VIX | 13.33 | 0.13 | 0.98% |
| Gold | 2345.10 | 0.60 | 0.03% |
| Oil | 81.72 | 0.09 | 0.10% |
US MARKET
US stocks closed mixed on Monday, while the Dow Jones Industrial Average rose, the S&P 500 and Nasdaq 100 dropped slightly, influenced by a continued downturn in Nvidia shares which fell about 2% to $123.88. Nvidia’s decline follows a substantial rally last week, contributing to broader market fluctuations. As the earnings season has wrapped up, the attention of investors has now turned towards key economic data releases expected this week.
One of the most anticipated pieces of data is the Federal Reserve’s preferred Personal Consumption Expenditures (PCE) inflation gauge, due on Friday. Economists are predicting the core PCE to register at 2.6% for May, a slight decrease from April’s 2.7%.
Other significant reports include initial jobless claims, pending home sales, and a second revision of the first-quarter GDP. These figures will provide insights into the current state of the US economy and could influence the Federal Reserve’s decisions regarding interest rate cuts, which markets expect might begin in September.
Meanwhile, concerns about American consumer spending are emerging, hinting at a potential recession driven by consumer behaviour. Despite these concerns, market analyst Ed Yardeni remains optimistic about the market’s trajectory, projecting that the S&P 500 could reach 8,000 by the end of the decade.
As of recently, the major U.S. stock indices showed mixed movements: the Dow Jones Industrial increased by 260.88 points, a gain of 0.67%, while the S&P 500 dropped by 16.75 points, a decline of 0.31%. The Nasdaq composite saw a decrease of 192.54 points, down 1.09%.
LOCAL MARKET
Australian shares are set to open higher, reflecting positive movements on Wall Street despite a downturn in semiconductor stocks, including Nvidia. ASX futures indicated a rise of 36 points to 7761 as of 7:30 am AEST. This uptick follows a 0.8% percent decline in the S&P/ASX 200 Index on Monday, although it is still poised to end the month with a gain. Meanwhile, Collins Foods is scheduled to announce its full-year earnings today.
In commodities, Brent crude oil prices rose by 1 percent to $US86.12, marking an over 8 percent increase this month. Rodrigo Catril from the National Australia Bank highlighted that new speculative buying combined with short-covering has fuelled this recent price surge.
In corporate news, Synlait Milk faces potential insolvency if it does not secure a $NZ130 million loan approval by July 15. The Energy & Minerals Group has scrapped its acquisition plans for a stake in Coronado Global Resources due to regulatory hurdles. Qantas has committed to expanding its fleet with 14 new DeHavilland Dash 8 turboprop Q400 aircraft, with funding secured through its net capital expenditure program. Additionally, SkyCity has decided to sell its 10 percent stake in Europe-based Gaming Innovation Group.
On the uranium front, Paladin Energy is proposing to acquire Fission Uranium to develop a Canadian mine by 2029, aiming to meet rising global uranium demand. This strategic move is part of Paladin’s ambition to establish a $5.26 billion global entity.
Lastly, ResMed’s shares might face further pressure after a significant drop in its US-traded shares, influenced by a new study showing that Eli Lilly’s weight loss drug could lessen the severity of sleep apnoea, impacting ResMed’s market.