EQUITIES
| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38,904.04 | 307.06 | 0.80% |
| S&P 500 | 5,204.34 | 57.13 | 1.11% |
| Nasdaq | 16,248.52 | 199.44 | 1.24% |
| VIX | 16.03 | -0.32 | -1.96% |
| Gold | $2,332.00 | -$13.20 | -0.55% |
| Oil | $86.03 | -$0.88 | -1.01% |
US MARKET
A robust monthly jobs report sparked a stock-market rally after a sluggish period, driving major indexes higher at the end of a volatile week.
The S&P 500 rose by 1.1%, the Nasdaq Composite gained 1.2%, and the Dow Jones Industrial Average climbed by 0.8%.
All 11 sectors of the S&P 500 saw gains, indicating broad market strength.
Investors and analysts examined the jobs data for signs of underlying labour market health. Despite some concerns, the report indicated strong job gains, low unemployment, and moderate wage growth, keeping hopes alive for a potential interest rate cut in June.
Some investors saw the report as confirmation that the economy remains in a favorable state, neither overheated nor sluggish, which has driven stock indexes to record highs.
Mona Mahajan, from Edward Jones, noted the resilience of the labour market and suggested that wage growth could help alleviate inflation concerns.
The jobs report reignited the stock-market rally after worries over rising commodity prices, geopolitical tensions, and the Federal Reserve’s rate policy had dampened investor sentiment earlier in the week.
Although Friday’s gains partially offset losses, the S&P 500 still experienced its largest weekly decline since January.
Rising oil prices were a concern for investors, as they could strain consumer spending and potentially impact inflation and economic growth.
Energy companies saw gains, while shares of Donald Trump’s social-media company and Tesla experienced notable declines.
Gold prices surged, reflecting investor anxiety about inflation, with some individuals turning to gold as a hedge against rising prices.
LOCAL MARKET
The Australian stock market closed lower across all 11 sectors, with the S&P/ASX200 down 44 points to 7,773 and the All Ordinaries falling 46.5 points to 8,026.
For the week, the ASX200 declined by 1.6% from its Easter Thursday peak.
The energy sector held steady, benefiting from higher oil prices, with major petroleum producers seeing gains.
Woodside, Santos, Ampol, and Viva rose slightly, while Beach Energy fell.
Real estate dipped slightly, possibly influenced by expectations of future interest rate cuts by the US Federal Reserve.
The materials sector declined, with BHP, Rio Tinto, and Fortescue all experiencing losses.
Gold miners continued to perform well after gold hit a record high of $2,295 an ounce.
The Big Four banks had mixed results, with Westpac and ANZ unchanged, NAB slightly down, and CBA falling.
Overall, the financial sector was down by 0.4%.
In smaller stocks, Vitura Health saw a 3.0% rise after announcing its venture Cortexa would manufacture MDMA for clinical use.
The Australian dollar slightly weakened, trading at 65.70 US cents.
On the broader market, the NZX 50 fell by 0.19%, while the Nikkei closed 2.00% lower.