| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39,170.24 | -396.61 | -1.00% |
| S&P 500 | 5,205.81 | -37.96 | -0.72% |
| Nasdaq | 16,240.45 | -156.38 | -0.95% |
| VIX | 14.61 | 0.96 | 7.03% |
| Gold | $2,306.50 | $24.80 | 1.09% |
| Oil | $85.52 | $0.37 | 0.43% |
US MARKET
US stocks declined for a second consecutive day following stronger-than-expected economic data on Monday, reducing hopes for a June interest rate adjustment by the Federal Reserve.
March’s manufacturing activity surged, marking the first monthly expansion in 16 months, allowing the Fed to consider a more patient approach to rate cuts. This shift in expectations prompted a Treasury sell-off and a rise in the 10-year yield.
Investors await insights from Fed Chairman Jerome Powell’s remarks on interest rate policy.
Major indices showed declines at Tuesday’s opening bell.
Notable events include robust company profits averting layoffs, India’s increased purchases of US oil, and Tesla’s potential resurgence in the electric car market. In commodities, crude oil prices rose, gold edged up, Treasury yields climbed, and Bitcoin fell.
LOCAL MARKET
The Australian share market closed slightly lower despite hitting a record intraday high in the morning. The S&P/ASX200 index reached 7,910.5 points but finished down 0.11% at 7,887.9 points. The All Ordinaries also fell by 0.1% to 8,145.8 points.
Traders analysed Reserve Bank minutes, indicating no discussion of rate hikes at the March meeting, the most dovish since May 2022. Overseas, an Israeli airstrike in Damascus raised oil prices to a five-month high.
Among sectors, materials gained 1.1%, led by BHP and Rio Tinto, while Fortescue dipped 1.1%. Gold miners and uranium companies surged with soaring commodity prices. Gold reached over $2,255 per ounce. Energy saw uranium miners rise as prices rebounded to $88.50 per pound.
In finance, NAB rose 0.5%, ANZ and Westpac were flat, and CBA dipped 0.2%. Treasury Wine Estates grew by 2.7% following China’s tariff drop on Australian wine. Mesoblast soared 71.2% after FDA approval news.
The Australian dollar dropped to less than 65 US cents.
In other markets, the NZX 50 lost 0.08%, and the Nikkei gained 0.09%.