EQUITIES
| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38589.16 | -57.94 | -0.15% |
| S&P 500 | 5431.60 | -2.14 | -0.04% |
| Nasdaq | 17688.88 | 21.32 | 0.12% |
| VIX | 12.66 | 0.72 | 6.03% |
| Gold | 2345.60 | -3.50 | -0.15% |
| Oil | 78.50 | 0.05 | 0.06% |
US MARKET
US stocks were mostly unchanged on Friday. The S&P 500 and Nasdaq had strong weekly performances, driven by Apple’s AI strategy and Elon Musk’s pay package at Tesla.
The Dow lost 0.2%, the S&P 500 dipped slightly, and the Nasdaq gained 0.1%, hitting a record close for the fifth straight day. This week, the S&P 500 rose about 1.5%, and the Nasdaq jumped over 3%, both boosted by tech sector strength.
A surprising drop in wholesale price pressures encouraged investors, anticipating two interest rate cuts this year. However, the Fed adjusted its projected rate cuts from three to one in 2024, creating market uncertainty.
Tesla shares fell 2% after shareholders approved Musk’s pay package. European stocks also declined amid concerns about France’s upcoming election.
Adobe shares surged nearly 15% after positive AI sales projections.
The Australian sharemarket closed lower, marking its third loss in four sessions and the third weekly decline in four weeks.
The S&P/ASX200 index fell 25.4 points, or 0.33%, to 7,724.3, nearly erasing Thursday’s gains. For the week, the ASX200 dropped 135.7 points, or 1.73%. The broader All Ordinaries declined 27.7 points, or 0.35%, to 7,974.8.
Despite positive signals from Wall Street, domestic rate cut hopes faded after a strong labor report showing 38,700 new jobs in May. ANZ now predicts the Reserve Bank will delay rate cuts until February 2025, unlike other banks expecting a cut this November.
Eight of the ASX’s 11 sectors fell, with telecommunications being the hardest hit, dropping 1.1%. The mining sector also saw declines, particularly among gold miners. Major banks were mostly lower, with Westpac, ANZ, and CBA dipping slightly, while NAB remained flat.
Telix Pharmaceuticals fell 0.9% after canceling a US IPO. Tabcorp rose 10.1% following news of a tax review proposal for corporate bookmakers.
The Australian dollar was at 66.13 US cents, down from 66.45 US cents on Wednesday.