| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39512.84 | 125.08 | 0.32% |
| S&P 500 | 5222.68 | 8.60 | 0.16% |
| Nasdaq | 16340.87 | -5.40 | -0.03% |
| VIX | 12.55 | -0.14 | -1.10% |
| Gold | 2368.20 | -6.80 | -0.29% |
| Oil | 78.03 | -0.23 | -0.29% |
US MARKET
The S&P 500 edged up 0.2% to 5,222.68, marking its third consecutive week of gains. The Dow Jones increased by 0.3% to 39,512.84, while the Nasdaq slightly dipped.
Rising optimism about potential Federal Reserve rate cuts and strong corporate earnings helped drive the market.
Gen Digital soared 15.3% after surpassing profit forecasts and announcing a $3 billion stock buyback.
Novavax jumped 98.7% due to a lucrative deal with Sanofi on its COVID-19 vaccine. Conversely, Akamai Technologies dropped 11% after its financial outlook disappointed.
Treasury yields rose following a report showing a drop in U.S. consumer sentiment and rising inflation expectations.
The 10-year Treasury yield increased to 4.50%. Markets await further updates on U.S. inflation, with potential rate cuts by the Fed anticipated.
LOCAL MARKET
The Australian share market ended higher for the third consecutive week, supported by global optimism for potential interest rate cuts.
The S&P/ASX200 and All Ordinaries indices rose by 0.35% and 0.36%, respectively.
The Reserve Bank’s recent pause on rate hikes encouraged expectations of no further increases soon, amidst ongoing inflation concerns.
The energy sector climbed 1.9% following a new government strategy to enhance gas use for net zero emissions goals, despite environmental criticisms.
Major banks posted gains, with Commonwealth Bank advancing after a favorable court ruling. In contrast, tech firm Life360 fell after reporting a quarterly loss, despite growth in revenue and subscribers.
The mining sector experienced slight declines. Additionally, regional indices also showed positive movement; the NZX 50 increased by 0.07% and the Nikkei rose by 0.41%.
The Australian dollar strengthened slightly against the US dollar.