| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38503.69 | 263.71 | 0.69% |
| S&P 500 | 5070.55 | 59.95 | 1.20% |
| Nasdaq | 15696.64 | 245.33 | 1.59% |
| VIX | 15.69 | -1.25 | -7.38% |
| Gold | 2335.1 | -6.5 | -0.28% |
| Oil | 83.39 | 0.03 | 0.04% |
US MARKET
Tech stocks boosted US markets on Tuesday ahead of major earnings reports.
The Nasdaq Composite surged 1.6%, extending its rebound for a second day, while the S&P 500 rose 1.2%, and the Dow Jones Industrial Average climbed 0.7%. General Motors, United Parcel Service, and GE Aerospace reported strong earnings, with Tesla also announcing despite a drop in profit and revenue, it’s fast-tracking new vehicle launches, driving its shares up in after-hours trading.
Concerns over Iran-Israel tensions, oil prices, and bond yields had recently stalled the market’s momentum, but with oil prices cooling and Treasury yields stabilizing, investor sentiment has improved. The S&P 500 is up 6.3% for the year.
Brent crude closed at $88.42 a barrel, down from its recent peak, and the 10-year Treasury note yield edged down. US private sector growth slowed in April, easing concerns of an overheating economy. New-home sales exceeded expectations, boosting home-builder stocks. In earnings, GM, GE Aerospace, and Danaher surged, while MSCI dropped after missing revenue expectations.
European stocks rose on strong earnings from Novartis and SAP. Upcoming earnings from Meta, Microsoft, and Alphabet will be closely watched, particularly for insights into the AI market
LOCAL MARKET
Newmont dropped 4.6 per cent to a two-week low of $56.95, Evolution fell 1.5 per cent to $3.95 and Northern Star dropped 3.5 per cent to $14.74 on a mixed third-quarter update.
Elsewhere in the materials sector, BHP rose 0.2 per cent to $45.50 while Fortescue dropped 0.8 per cent to $24.60 and Rio Tinto dipped 0.2 per cent to $129.57. Overall the mining sector was down 0.3 per cent, joining energy and industrials as modest losers. The ASX’s eight other sectors gained ground, with tech the best performers, rising 1.7 per cent as Wisetech Global climbed 2.7 per cent to $91.60.
Elsewhere, the Big Four banks all finished higher, with CBA rising 1.5 per cent to $114.58, NAB adding 1.3 per cent to $33.84, and ANZ and Westpac both up 0.9 per cent, to $28.47 and $25.97, respectively. Lifestyle Communities was the biggest loser on the ASX200, falling 13.5 per cent to a nearly two-year low of $12.32 after the retirement village developer said its beachside and northwest Melbourne sales had been lagging behind expectations due to customers taking longer selling their existing homes than forecast.
“Despite … improved supply chain dynamics, we continue to experience inflationary pressures in labour costs globally, transport costs in Europe and ongoing fluctuations in fuel prices,” chief executive Graham Chipchase said.
In small caps, cannabis company Vitura Health plunged 31.3 per cent to a more than two-year low of 11c after a partner said it would terminate a services agreement with Vitura’s pharmacy prescribing platform, threatening to create a “material disruption to Vitura’s operations.” The Australian dollar was buying 64.53 US cents, up from 64.33 US cents at Monday’s ASX close.
Also on Tuesday, a biannual survey by global trading platform IG found 65 per cent of its clients believed the ASX 200 would rise in the next six months, the most bullish results since January 2022. Looking forward, the Australian Bureau of Statistics will on Wednesday release the March quarter inflation data that be key in deciding whether the Reserve Bank cuts interest rates later this year.
The benchmark S&P/ASX200 index finished Tuesday up 34.3 points, or 0.45 per cent, at 7,683.5, while the broader All Ordinaries rose 35.9 points, or 0.45 per cent, to 7,937.9.