| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38239.66 | 153.86 | 0.40% |
| S&P 500 | 5099.96 | 51.54 | 1.02% |
| Nasdaq | 15927.9 | 316.14 | 2.03% |
| VIX | 15.03 | -0.34 | -2.21% |
| Gold | 2346.3 | -0.8 | -0.03% |
| Oil | 83.54 | -0.31 | -0.37% |
US MARKET
U.S. stocks rose Friday, ending a losing streak. Strong earnings from Google and Microsoft, along with steady inflation data, fueled the rebound.
The Nasdaq surged 2%, finishing the week up 4.2%. The S&P 500 climbed 1%, ending the week 2.7% higher. The Dow Jones rose 0.7% for the week, with a 0.4% gain on Friday.
Alphabet (GOOGL) reported a $23.6 billion profit in Q1, introducing its first dividend and approving a $70 billion stock buyback. Microsoft (MSFT) announced a 20% earnings growth in its fiscal third quarter, beating expectations.
Inflation, measured by the PCE index, stayed at 0.3% in March. Core inflation, excluding food and energy, remained at 0.3% in March and 2.8% over the past year.
Wall Street was relieved by the lack of inflation surprises, easing concerns raised by yesterday’s GDP estimate.
Following the PCE data, Treasury yields fell, while the dollar rose slightly. Stocks recovered from early losses the previous day, closing lower due to concerns about Meta’s rising AI expenses and the GDP report.
LOCAL MARKET
The Australian stock market closed the week with concerns over rising inflation, signaling potential interest rate hikes by the Reserve Bank. The S&P/ASX200 index fell by 1.39%, ending the week slightly up by 0.11%, while the broader All Ordinaries dropped by 1.26%.
Wall Street also experienced a downturn after U.S. data showed a surge in price growth, leading to speculation that the Federal Reserve might delay its interest rate cut. Australian investors are now considering the possibility of the Reserve Bank raising rates amid persistent inflation, with some forecasting a hike to 4.6% at the next meeting.
Despite concerns over stagflation, reflected in slowed U.S. GDP growth, the March Personal Consumption Expenditures index is awaited for further insights into the economy.
The ASX sectors closed in the red, with real estate stocks hit the hardest. BHP, the largest company, saw a decline of 4.6% after its bid for Anglo American was rejected. However, fellow iron miners Rio Tinto and Fortescue saw gains as iron ore prices rose.
Goldminer Newmont reported increased revenue, pushing its shares up by 13.9%. Meanwhile, the big four banks all saw declines, and furniture retailer Nick Scali surged after a placement for UK expansion plans.
ResMed reported a 25% increase in first-quarter profits, boosting its shares by 9.6%. However, Super Retail Group faced a decline following legal action against the company.
The Australian dollar was at 65.39 US cents, slightly up from the previous day.
The NZX 50 lost 141.34 points or 1.20% to 11,805.09, while the Nikkei gained 306.28 points or 0.81% to close at 37,934.76.