| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38886.17 | 78.84 | 0.20% |
| S&P 500 | 5352.96 | -1.07 | -0.02% |
| Nasdaq | 17173.12 | -14.78 | -0.09% |
| VIX | 12.58 | -0.05 | -0.40% |
| Gold | 2394.70 | 3.80 | 0.16% |
| Oil | 75.60 | 0.05 | 0.07% |
US MARKET
US stocks traded mixed on Thursday. Nvidia extended gains after becoming the world’s second-most-valuable company. The ECB cut interest rates for the first time since 2019.
Jobless claims rose to 229,000, a four-week high but still historically low. The May nonfarm payroll report is expected to show 175,000 new jobs. Rate cut expectations have increased, with the first cut expected in September, possibly July if inflation trends lower. Nvidia’s market cap hit $3.01 trillion after a 5% rally.
S&P 500 finished down 0.02%, the Dow Jones closed up 0.20%, and the Nasdaq ended the day down 0.09%.
The ECB cut rates and upped its inflation forecast. Mike Novogratz predicts bitcoin could reach $100,000. UBS sees signs of a market bubble with six out of eight indicators flashing.
Oil futures rose: WTI crude up 0.6%, Brent crude up 0.5%. Gold edged up to $2,376 per ounce. The 10-year Treasury yield rose to 4.312%. Bitcoin edged up 0.1% to $71.058.
The Australian share market closed at a two-week high on Thursday, driven by US economic data boosting hopes for rate cuts and easing slowdown fears. The S&P/ASX200 rose 52.8 points to 7,821.8, and the All Ordinaries gained 52.1 points to 8,074.3.
Wall Street’s Nasdaq and S&P500 hit all-time highs after weak ADP job figures and a strong ISM service-sector report. This data increased hopes for a US rate cut by November.
The Bank of Canada cut rates, and the European Central Bank is expected to follow.
All ASX sectors finished in the green, with tech leading. Nvidia overtook Apple as the world’s second-most valuable company.
The Big Four banks all rose, with Commonwealth Bank up 1.1% to $124.85.
Skycity Entertainment dropped 13.7% after lowering its profit guidance. IDP Education fell 7.5% due to new visa restrictions. Coronado Global Resources was the biggest gainer, up 6.5%. Goldminers rebounded, while Rio Tinto fell 0.9%, and BHP rose 0.3%. The Australian dollar was buying 66.60 US cents, up from 66.57 US cents.
The S&P/ASX200 rose 52.8 points to 7,821.8. The All Ordinaries gained 52.1 points to 8,074.3. The NZX 50 lost 23.70 points to 11,973.01. The Nikkei gained 213.34 points to close at 38,703.51.