| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39558.11 | 126.60 | 0.32% |
| S&P 500 | 5246.68 | 25.26 | 0.48% |
| Nasdaq | 16511.18 | 122.94 | 0.75% |
| VIX | 13.42 | -0.18 | -1.32% |
| Gold | 2361.90 | 2.20 | 0.08% |
| Oil | 78.45 | 0.43 | 0.56% |
US MARKET
Optimism in the financial markets was uplifted today by comments from Federal Reserve Chair Jerome Powell, indicating no immediate rate hikes. This positive sentiment spurred gains, particularly in the technology sector following Alphabet’s announcement of advanced AI applications, which helped its shares rise by 0.7%.
Conversely, Home Depot saw a minor decline of 0.1% after reporting a drop in big-ticket sales, reflecting a consumer shift towards smaller home improvement projects. The announcement of increased tariffs on various Chinese imports by President Biden influenced market movements, causing shares of Li Auto to decrease over 2%, while Tesla’s shares rose more than 3%.
Renewed interest in meme stocks led to a significant surge, with GameStop’s shares jumping 60% due to influential social media posts, alongside substantial gains in AMC and Koss Corp.
Trading volumes were high, with 13.66 billion shares traded as the market awaits the Consumer Price Index report due tomorrow, which is critical for future Federal Reserve decisions.
The Dow Jones Industrial Average ended the day up by 126.60 points or 0.32%, closing at 39,558.11. The S&P 500 advanced 25.26 points or 0.48%, finishing at 5,246.68, just shy of its March record. The Nasdaq Composite led the gains, advancing 122.94 points or 0.75%, to close at a new record of 16,511.18.
LOCAL MARKET
Australian shares are poised for a positive start today, buoyed by the recent federal budget announcement that commits to a significant increase in net spending, totaling more than $24 billion over the next four years. ASX futures indicated a rise of 36 points, or 0.5%, to 7,799 as of early this morning, ahead of key U.S. inflation data due later tonight.
The spotlight in today’s trading session will likely be on the mining sector. The federal government has outlined considerable support for the critical minerals sector, including $17.6 billion in tax credit support and a $6.7 billion tax incentive for hydrogen projects, aiming to bolster these vital industries.
Additionally, BHP’s shares traded in the U.S. saw a notable increase of 2.8% following Anglo American’s announcement of its strategic refocus on potash, copper, and iron ore assets.
This news comes in the wake of BHP’s recent failed attempt to take over Anglo American, which experienced a decline of 3.2% in its London-listed shares after rejecting BHP’s second takeover offer.