| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 3834.86 | 56.76 | 0.15% |
| S&P 500 | 5487.03 | 13.80 | 0.25% |
| Nasdaq | 17862.23 | 5.21 | 0.03% |
| VIX | 12.30 | -0.45 | -3.53% |
| Gold | 2342.50 | -4.40 | -0.19% |
| Oil | 81.57 | -0.07 | -0.09% |
US MARKET
Dow Jones futures dipped slightly while S&P 500 and Nasdaq futures saw modest gains, despite U.S. stock markets being closed for the Juneteenth holiday. Tuesday saw mild gains across major indexes, fuelled by the rise of AI-related stocks like Nvidia, which surpassed the market caps of Apple and Microsoft.
Notably, Nvidia and the Nasdaq are nearing overextended levels. In stock movements, ELF Beauty saw a breakout, while Palantir Technologies and Super Micro Computer also gained but remain within buyable ranges. Goldman Sachs and Granite Construction were close to entry points.
Following the market closure, KB Home reported earnings that exceeded expectations, hinting at a potential rebound from its recent performance.
This market activity comes amid mixed economic data with retail sales underperforming expectations while industrial production exceeded them. U.S. crude oil prices rose significantly, and the 10-year Treasury yield saw a decrease. Investor focus remains high on tech and AI sectors, as exemplified by Nvidia’s continued market ascent and its recent acquisition of start-up Shorline.io for approximately $100 million.
Looking ahead, investors are preparing for a series of key economic events later this week, including decisions from the Bank of England and data on U.S. housing starts and jobless claims. These developments could provide clearer direction for the markets as they assess the potential for ongoing economic resilience and the impact of global monetary policies.
LOCAL MARKET
Australian shares are set to open lower, extending the losses from Wednesday’s session. ASX futures have decreased by 17 points to 7744, and the Australian dollar is trading at approximately US66.72 cents.
In local market news, burrito giant Guzman y Gomez is scheduled to debut on the ASX at 12pm after a successful initial public offering that raised nearly $335 million, pricing shares at $22 each and valuing the company at $2.2 billion.
Additionally, the first bitcoin fund managed by Van Eck is set to launch on the ASX following regulatory approval, joining other bitcoin ETFs from Monochrome and Global X on the alternative Cboe exchange. In a competitive move, Global X has reduced its ETF management fees to 0.59 percent, aligning with Van Eck’s new offering.
In corporate news, Mineral Resources, led by Chris Ellison, plans to shut down iron ore mines, impacting around 1000 workers, and is seeking to reposition them within other parts of the company. Meanwhile, women’s specialty fashion retailer City Chic is conducting a capital raise of $27.5 million at a steep discount, after documents revealed a 30 percent plunge in sales and significant financial losses.