| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40003.59 | 134.21 | 0.34% |
| S&P 500 | 5303.27 | 6.17 | 0.12% |
| Nasdaq | 16685.97 | -12.35 | -0.07% |
| VIX | 11.99 | -0.43 | -3.46% |
| Gold | 2425.60 | 7.90 | 0.33% |
| Oil | 80.10 | 0.04 | 0.05% |
US MARKET
The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, ending a strong week fueled by positive inflation data and rate cut optimism. The S&P 500 rose 1.5% for the week, helped by Walmart’s strong earnings and cooling inflation in April’s CPI report, raising hopes for a Federal Reserve rate cut.
Next week will focus on AI developments, with Microsoft hosting AI events and Nvidia reporting earnings on Wednesday. Fundstrat’s Tom Lee advised continued stock purchases, expecting AI advancements to boost prices.
At Friday’s close, the S&P 500 was at 5,303.30, up 0.12%, the Dow Jones at 40,004.35, up 0.34%, and the Nasdaq at 16,685.97, down 0.07%.
Notable events included JPMorgan CEO Jamie Dimon’s warning about underestimated inflation, BlackRock’s CIO Rick Rieder suggesting rate cuts, and Stanley Druckenmiller reducing his Nvidia stake by 72%. Golfer Scottie Scheffler was detained at the PGA Championship, and an OpenAI executive resigned, highlighting AI risks. GameStop’s stock plunged after announcing a share sale and revenue drop.
In markets, WTI crude rose 1.04% to $79.56 a barrel, Brent crude increased 0.84% to $83.97 a barrel, gold rose 1.48% to $2,420.70 per ounce, the 10-year Treasury yield rose to 4.42%, and Bitcoin jumped 2.60% to $66,945.
LOCAL MARKET
The Australian share market fell on Friday due to possible profit-taking but still recorded its fourth consecutive week of gains. The S&P/ASX200 dropped 66.9 points, or 0.85%, to 7,814.4, and the All Ordinaries declined 67.8 points, or 0.83%, to 8,082.3. Despite this, the ASX200 rose 0.8% for the week.
Better inflation news and moderate US economic growth supported the market. Domestically, softer wage data and a rising unemployment rate raised hopes for quicker interest rate cuts by the Reserve Bank.
Ten of the ASX’s 11 sectors finished lower, with mining gaining 0.4%. Technology was the biggest loser, dropping 3.1%, with Wisetech Global down 3.6% and Dicker Data plunging 13.2%.
Bendigo and Adelaide Bank was the top gainer, climbing 8.2% on a positive trading update. Among the Big Four banks, CBA dropped 1.0%, ANZ fell 0.5%, NAB edged 0.1% lower, and Westpac rose 0.2%.
In the mining sector, BHP rose 0.8%, Rio Tinto climbed 1.4%, and Fortescue added 1.2%. Lithium miners saw gains, with Pilbara up 2.2% and Liontown up 4.9%.
NextEd Group grew 12.2% as it reported an 11% increase in international student enrollment.
The Australian dollar was at 66.74 US cents, slightly down from 66.78 US cents at Thursday’s close.
The NZX 50 lost 0.24% to 11,699.79, while the Nikkei dropped 0.34% to 38,787.38.