| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38807.33 | 96.04 | 0.25% |
| S&P 500 | 5354.03 | 62.69 | 1.18% |
| Nasdaq | 17187.90 | 330.86 | 1.96% |
| VIX | 12.63 | -0.53 | -4.03% |
| Gold | 2374.30 | -1.20 | -0.05% |
| Oil | 74.31 | 0.24 | 0.32% |
US MARKET
US stocks rose on Wednesday after soft jobs data raised hopes for Fed rate cuts. All three benchmark indexes gained, while long-dated bond yields fell. The 10-year Treasury yield dropped to 4.308%. The S&P 500 was up 1.18% to 5,354.03, the Dow Jones rose 0.25% to 38,807.33, and the Nasdaq increased 1.96% to 17,187.90.
ADP reported 152,000 private-sector jobs added in May, below the expected 175,000. Annual wage growth stayed at 5%, indicating a cooling job market. Weaker hiring trends suggest a favorable outlook for rate cuts as central bankers look for signs of slowing economic activity.
Investors await the nonfarm payroll report on Friday, expecting 175,000 jobs added. Bank of America predicts 200,000 jobs and a 3.8% unemployment rate. BofA analysts expect rate cuts in December and four more in 2025, depending on inflation.
Markets expect the Fed to hold rates steady at the next meeting but are optimistic about cuts by year-end. The CME FedWatch tool shows a 60% chance of a 50 basis points cut by year-end.
Texas may get its own stock exchange with less regulation than NYSE or Nasdaq. JPMorgan’s expert warns that the meme stock resurgence is a negative market indicator.
In commodities and crypto, WTI crude rose 0.82% to $73.85 a barrel, Brent crude increased 0.77% to $78.12 a barrel, gold rose 0.51% to $2,339.99 per ounce, and Bitcoin climbed 2.89% to $71,012.
The local bourse finished higher on Wednesday after weak economic data reduced the chances of a surprise rate hike from the Reserve Bank. The S&P/ASX200 rose 31.9 points, or 0.41%, to 7,769.0, while the All Ordinaries gained 28.1 points, or 0.35%, to 8,022.2.
Australia’s GDP grew just 0.1% in the first quarter, the fifth consecutive quarterly drop per capita. This weak growth eased inflation concerns, lowering rate hike fears. Futures markets now show 50-50 odds for a rate cut in December.
Telecommunications was the biggest gainer, rising 2.0%. Carsales owner CAR Group climbed 3.4% to $35.71, and Seek rose 4.9% to $23.78 after selling its Latin American operations. Mining companies fell due to lower commodity prices, with BHP, Fortescue, and Rio Tinto all declining.
All Big Four banks were higher, with CBA up 0.8% to $123.47. In health care, Cyclopharm soared 21.1% to $1.695 after its Technegas lung imaging agent received a US Medicare reimbursement code.
Bitcoin climbed 3.1% to $70,910. The Australian dollar was at 66.57 US cents, down from 66.66 US cents on Tuesday.
The NZX 50 added 116.17 points to 11,996.71, while the Nikkei dropped 347.29 points to 38,490.17.