| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39,127.14 | -43.10 | -0.11% |
| S&P 500 | 5,211.49 | 5.68 | 0.11% |
| Nasdaq | 16,277.46 | 37.01 | 0.23% |
| VIX | 14.33 | -0.28 | -1.92% |
| Gold | $2,320.90 | $39.10 | 1.71% |
| Oil | $85.65 | $0.50 | 0.59% |
US MARKET
US stocks are expected to decline as traders await a speech by Federal Reserve Chair Jerome Powell, possibly dampening hopes for June interest-rate cuts.
Futures for the S&P 500 and Nasdaq 100 are down 0.1%, while the Dow Jones Industrial Average is set to open flat.
Yields on 10-year US Treasury notes remain stable after reaching a 2024 high earlier this week.
Stocks saw their worst day in nearly a month due to strong job openings and factory data, causing the market to revise rate cut expectations.
Approximately 40% of traders now believe the Fed will maintain borrowing costs through June. Powell’s speech at noon will be closely watched for clues on the central bank’s stance. Concerns about inflation and prolonged high interest rates are affecting market sentiment.
Global indexes, including Tokyo’s Nikkei 225 and Europe’s Stoxx 600, are also struggling.
LOCAL MARKET
The Australian share market closed lower following a robust Easter period, reaching a record high on Tuesday.
The S&P/ASX200 index dropped by 105.4 points to 7,782.5, marking its lowest level since March 26. Similarly, the broader All Ordinaries fell by 112.2 points to 8,033.6.
Market analysts attribute this decline to the challenge of sustaining high levels after a prolonged strong run. Notably, utilities and energy sectors showed slight growth, with increases of 0.16% and 0.06%, respectively.
The materials sector declined by 0.9%, with BHP down by 0.6%, Rio Tinto up by 0.4%, and Fortescue falling by 0.9%.
Among the big four banks, Westpac dropped by 1.0%, ANZ fell by 1.3%, Commonwealth Bank declined by 1.74%, and NAB dropped by 1.9%.
Westgold Resources faced a significant drop of 14.8% due to downgraded production guidance following flooding and wet weather.
The Australian dollar strengthened slightly to 65.2 US cents.
In the broader market context, the NZX 50 lost 55.36 points or -0.46% to 12,040.49, while the Nikkei dropped 387.06 points or -0.98% to close at 39,451.85.