| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39671.04 | -201.95 | -0.51% |
| S&P 500 | 5307.01 | -14.40 | -0.27% |
| Nasdaq | 16801.54 | -31.08 | -0.18% |
| VIX | 12.29 | 0.43 | 3.63% |
| Gold | 2382.60 | -10.30 | -0.43% |
| Oil | 77.27 | -0.30 | -0.45% |
US MARKET
Wall Street ended lower on Wednesday as investors digested the Fed’s latest policy meeting minutes. Nvidia shares rose over 4% in extended trading after forecasting higher-than-expected quarterly revenue.
All three major U.S. stock indexes fell after the Fed minutes showed concerns about inflation and indicated that disinflation may take longer than expected. Greg Bassuk, CEO at AXS Investments, said the Fed’s confirmation of inflation worries and investor concerns about an overinflated market contributed to market jitters. Mixed quarterly results from Target and TJX also raised questions about U.S. consumer resilience. Nvidia’s upcoming report could test the AI-driven rally in U.S. stocks.
U.S. existing home sales fell below estimates, while hotter-than-expected British core inflation data reduced hopes for a Bank of England rate cut. British PM Rishi Sunak called a July 4 election, with polls favouring the Labour Party.
The Dow Jones fell 201.95 points, or 0.51%, to 39,671.04, the S&P 500 lost 14.4 points, or 0.27%, to 5,307.01, and the Nasdaq dropped 31.08 points, or 0.18%, to 16,801.54. European shares declined on strong British inflation data and potential Chinese tariffs on imported cars. The STOXX 600 index lost 0.34%, and MSCI’s global stock gauge shed 0.39%. Emerging market stocks rose 0.12%.
LOCAL MARKET
Australian shares are set to fall, tracking Wall Street’s decline after the US Federal Reserve’s recent meeting minutes signaled concerns about persistent inflation. ASX futures were down 74 points, or 0.8%, to 7796 at 6:25am AEST, with the S&P 500 slipping 0.3%.
The Fed minutes revealed a willingness to tighten policy further if necessary. Treasuries fell, led by short-dated debt, oil dropped below $US82 a barrel, and gold experienced its largest one-day decline since April, falling 1.7% to around $US2,379 a tonne.
Elsewhere, BHP’s US-listed shares fell 4.7% after Anglo American rejected its latest offer but gave BHP a week to improve it. Origin Energy is delaying the closure of its Eraring power station in New South Wales after a new deal with the state government.
Nufarm reported shrinking profits and falling revenue in its latest half-year report, while Xero saw a 22% revenue increase to $NZ1.7 billion in FY24. Several companies, including GQG Partners, Gold Resources, Karoon Energy, Pepper Money, Resolute Mining, Stanmore Resources, and Ventia Services, are hosting AGMs, with Aristocrat Leisure and Orica trading ex-dividend.