| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 37775.38 | 22.07 | 0.06% |
| S&P 500 | 5011.12 | -11.09 | 0.22% |
| Nasdaq | 15601.50 | -81.87 | -0.52% |
| VIX | 18.00 | -0.21 | -1.15% |
| Gold | 2394.70 | -3.30 | -0.14% |
| Oil | 82.62 | -0.11 | -0.13% |
US MARKET
US stocks, led by the S&P 500, endured their worst week in 2024 with a sixth consecutive day of decline.
Geopolitical tensions, notably Israel’s symbolic missile strike on Iran, initially unsettled markets on Friday. However, concerns deepened when Super Micro Computer unexpectedly released earnings, causing its stock to plummet by 23% and dragging down Nvidia by 10%, resulting in a $183 billion loss in market value.
Tech giants like Meta Platforms, Amazon, and Netflix also suffered losses. Netflix’s decision to cease reporting net subscriber growth from 2025 onwards further dampened investor sentiment.
Despite some companies exceeding earnings expectations, overall market sentiment remained cautious.
Major indexes closed as follows on Friday: S&P 500 at 4,967.23 or -0.88%, Dow Jones Industrial Average at 37,986.40 or 0.56%, and Nasdaq Composite at 15,282.01 or -2.05%.
In other news, Ibotta’s IPO minted over 150 new millionaires, Mark Zuckerberg surpassed Elon Musk in wealth, and Tesla’s stock continued to decline following a Cybertruck recall.
Taylor Swift’s name appeared in Wall Street earnings calls, and JPMorgan warned of a potential bitcoin price decline due to an upcoming halving.
In commodities, bonds, and crypto markets, prices saw moderate fluctuations.
LOCAL MARKET
The local share market hit its lowest point since February amid fears of a broader conflict in the Middle East.
The S&P/ASX200 index closed down 0.98% to 7,567.3, marking a weekly loss of 2.8%, while the All Ordinaries fell 1.03% to 7,817.4.
Reports of Israeli missile strikes on Iran rattled investor confidence, prompting concerns about a market correction. AMP chief economist Shane Oliver noted that stretched valuations and high investor optimism had made equities vulnerable to volatility, exacerbated by worries of US inflation and Middle East tensions impacting global oil supplies.
Bonds, gold, and oil prices rose as investors sought safe havens, with energy stocks least affected. Woodside saw a 31% revenue drop in the first quarter, but CEO Meg O’Neill remained optimistic about growth projects.
Mining stocks reversed previous gains, with BHP, Rio Tinto, and Fortescue Metals all declining.
Gold miners benefited from increased risk sentiment, while the Big Four banks and interest rate-sensitive tech stocks also saw losses.
The Australian dollar weakened to 63.96 US cents.
The NZX 50 lost 0.34%, and the Nikkei dropped 2.73% at the time of writing.