| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39150.33 | 15.57 | 0.04% |
| S&P 500 | 5464.62 | -8.55 | -0.16% |
| Nasdaq | 17689.36 | -32.23 | -0.18% |
| VIX | 13.20 | -0.08 | -0.60% |
| Gold | 2333.60 | 2.40 | 0.10% |
| Oil | 80.60 | -0.13 | -0.16% |
US MARKET
US stocks dipped slightly on Friday following a sharp tech stock reversal on Thursday. Nvidia swung nearly 7% on Thursday, rising 3% before falling 3.5%. Other AI tech stocks also declined sharply on Thursday and continued to drop on Friday, with Nvidia down another 2%, and Dell, Broadcom, and Super Micro Computer down 1% to 2%.
With earnings season over, investors are focusing on economic data releases next week, including US retail sales, industrial production, jobless claims, and speeches from Federal Reserve officials. Recent increases in jobless claims and a downturn in housing starts have raised recession concerns. GlobalData TS Lombard noted that the slowdown in housing starts, particularly single-family homes, signals rising inventory and a drop in traffic.
On Friday, the S&P 500 closed down 0.16%, the Dow Jones finished up 0.04%, and the Nasdaq composite was down 0.18%.
Other news includes Bank of America’s declaration that the ‘cardboard-box recession’ is over, the EIA’s forecast of big electricity bill increases in four US regions this summer, and the CBO’s projection that US debt will reach $56 trillion in 10 years.
In commodities and crypto, West Texas Intermediate crude oil rose 0.26% to $81.50 a barrel, Brent crude increased 0.21% to $85.89 a barrel, gold edged up 0.30% to $2,375.50 per ounce, the 10-year Treasury yield dropped to 4.23%, and Bitcoin fell 1.65% to $63,777.
LOCAL MARKET
The Australian share market ended slightly higher as the financial year closes. The S&P/ASX200 rose 26.6 points, or 0.34%, to 7,796 on Friday, while the All Ordinaries gained 28.4 points, or 0.35%, to 8,040.5. The ASX200 increased by 0.82% this week.
Positive trends in the US boosted the market, though the Reserve Bank of Australia’s decision to hold rates steady added uncertainty. June quarter inflation data, due July 31, will be crucial.
Utilities led gains, climbing 1.9% as Origin Energy rose 3.3%. Gold miners performed well, with Evolution rising 4.2%. BHP edged up 0.1%, while Fortescue dropped 0.9%. Lithium miners Pilbara and Liontown fell 2.8% and 5.1%, respectively. Mineral Resources dropped 7.0% after announcing the closure of its Yilgarn iron ore mine.
Among the big four banks, Westpac was flat, CBA fell 0.1%, NAB rose 0.1%, and ANZ fell 0.9%.
Booktopia’s shares remained suspended as it seeks funding.
One Australian dollar was buying 66.64 US cents, slightly down from 66.70 US cents on Thursday.
Next week, consumer price index data for May will be released, coinciding with the end of the financial year. The ASX200 is up 8.2% for the year.
The NZX 50 fell 89.42 points, or 0.77%, while the Nikkei dropped 36.55 points, or 0.09%.