| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38798.99 | 87.18 | -0.22% |
| S&P 500 | 5346.99 | -5.97 | -0.11% |
| Nasdaq | 17133.13 | -39.99 | -0.23% |
| VIX | 12.22 | -0.36 | -2.86% |
| Gold | 2310.00 | -15.00 | -0.64% |
| Oil | 75.44 | -0.09 | -0.12% |
US MARKET
U.S. stocks dipped Friday after a stronger-than-expected jobs report, complicating potential Fed interest rate cuts.
The Nasdaq and Dow each dropped 0.2%, and the S&P 500 fell 0.1%. Despite this, all three indexes gained over the week: Nasdaq up 2.4%, S&P up 1.3%, and Dow up 0.3%.
In May, the U.S. added 272,000 jobs, beating expectations. The unemployment rate rose to 4%, the first increase since January 2022.
Treasury yields increased, with the 10-year yield up 14 basis points to over 4.4%.
GameStop (GME) shares fell 39% after reporting first-quarter results and announcing another stock sale. The stock swung wildly, with trading halted during influencer Keith Gill’s first YouTube livestream since January 2021.
Stocks were steady Thursday as investors awaited jobs data and Nvidia slid on regulatory concerns.
The local share market climbed for the fifth time in six sessions, posting its best weekly gains of the year. On Friday, the S&P/ASX200 rose 38.2 points, or 0.49%, to 7,860.0. For the week, it increased 2.05%. The All Ordinaries finished up 38.5 points, or 0.48%, at 8,112.8.
AMP’s chief economist Shane Oliver credited the gains to a positive lead from the US and weaker domestic economic growth, boosting confidence in potential rate cuts by the Reserve Bank of Australia. He warned of high volatility and risk of a deeper correction. Friday’s US jobs report could further influence the market. Weaker data might boost rate cut expectations, while strong data could have the opposite effect, said IG market analyst Tony Sycamore.
Ten of the ASX’s 11 sectors finished higher, with consumer discretionaries rising 1.2%, led by Aristocrat Leisure, up 1.9%, and Domino’s Pizza Enterprises, up 2.3%. The gold sub-sector also performed well, with Newmont up 2.9%, Resolute Mining up 7.3%, and West Africa Resources up 2.0%.
In the mining sector, BHP grew 1.1% to $44.53, Fortescue added 1.3% to $24.37, and Rio Tinto rose 0.6% to $125.31. Among the Big Four banks, CBA reached an all-time high of $125.55, up 0.6%, ANZ rose 0.4% to $29.18, and NAB advanced 0.7% to $35.23. Westpac was flat at $26.97.
The tech sector lagged, with Life360 dropping 6.1% to $13.80 as its shares began trading on the Nasdaq. In small caps, LTR Pharma soared 25.9% to 80.5 cents after positive clinical trial results for its erectile dysfunction nasal spray.
The Australian dollar was buying 66.72 US cents, up from 66.60 US cents on Thursday.
The NZX 50 lost 116.45 points, or 0.98%, to 11,856.56. The Nikkei dropped 19.58 points, or 0.05%, to 38,683.93.