| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38771.29 | 140.26 | 0.36% |
| S&P 500 | 5291.34 | 7.94 | 0.15% |
| Nasdaq | 16857.05 | 28.38 | 0.17% |
| VIX | 13.16 | 0.05 | 0.38% |
| Gold | 2347.20 | -0.20 | -0.01% |
| Oil | 72.85 | -0.40 | -0.55% |
US MARKET
The S&P 500 staged a midday reversal, rising 0.2% to 5,291.34, marking its third consecutive day of gains and bringing its yearly advance to 11%. The Nasdaq also gained 0.2% to 16,857.05, while the Dow Jones Industrial Average climbed 0.4% to 38,711.29.
Recent concerns about economic growth and consumer spending, highlighted by mixed earnings from major retailers, have led to increased market volatility. In April, U.S. job openings fell to a three-year low of 8.1 million, adding to these concerns ahead of Friday’s jobs report.
Oil prices also reflected economic apprehensions, with Brent crude falling over 1% to $78 a barrel, its lowest since February. Consequently, Exxon Mobil dropped 1.6%, while Marathon Oil and Hess declined 1.8% and 0.8%, respectively.
Despite these issues, some investors remain optimistic. Joseph Amato of Neuberger Berman noted that inflation and interest rates are trending lower. The 10-year Treasury yield decreased for the fourth day in a row to 4.335%.
Meme stocks were also in the spotlight, with GameStop shares dropping 5.4% after a surge following a post by Reddit user Keith Gill.
International markets experienced more volatility, with Indian stocks and the rupee falling due to election results. Mexico’s and South Africa’s currencies were similarly affected by recent elections.
Australian shares are set to open lower, with ASX futures down 5 points or 0.1% to 7750 at 7am AEST. US stocks closed modestly higher after early losses, with the latest JOLTS jobs data indicating a slowing economy, potentially leading to rate cuts.
Local investors will focus on declines in iron ore, oil, and gold. Iron ore fell below $US108 a tonne in Singapore, partly due to Cargill ceasing its steel trading in mainland China amid a property downturn.
Oil prices continued to drop after OPEC+ decided not to cut output further. Gold prices have seen modest selling, with TD Securities noting a potential next selling trigger at $US2209 an ounce.
Today, the Australian Bureau of Statistics will release quarterly GDP figures, expected to show a 0.2% gain. Reserve Bank of Australia governor Michele Bullock will also appear before the Senate.
In company news, Infratil and Qualitas Real Estate Income Fund shares trade ex-dividend, and Treasury Wine Estates shares will be watched following an update.
Northern Minerals experienced a ransomware attack, with sensitive data leaked after Chinese investors were ordered to sell.