| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44,371.51 | -279.13 | -0.63% |
| S&P 500 | 6,259.75 | -20.71 | -0.33% |
| Nasdaq | 20,585.53 | -45.14 | -0.22% |
| VIX | 16.4 | 0.62 | 3.93% |
| Gold | 3,370.40 | 44.7 | 1.34% |
| Oil | 68.75 | 2.18 | 3.27% |
OVERVIEW OF THE US MARKET
Cautious sentiment pulled stocks lower as financials and health care weakened, despite the “One Big Beautiful Bill” (OBBBA) support, with the tariff deadline extension to August 1 still in focus. Treasury yields rose slightly, and the dollar held steady. Oil prices nudged higher amid stable conditions.
The S&P 500 fell 0.33% to 6,259.75, and the Nasdaq Composite dipped 0.22% to 20,585.53, pulling back from recent highs. West Texas Intermediate crude edged to $68.00 a barrel, supported by energy sector gains. In after-hours trading, NIO Inc. surged, reflecting speculative interest.
Energy stocks rose 0.48%, buoyed by oil price stability, while consumer discretionary gained 0.33%. Financials dropped 1.00%, and health care fell 0.88%, hit by profit-taking. The OBBBA’s $3.3 trillion stimulus, with tax cut extensions, provided a backdrop, but the August 1 tariff deadline kept markets wary.
Middle East tensions remain muted, with the Israel-Iran ceasefire holding, stabilizing oil markets. Market expectations price two rate cuts by year-end, with September favoured, as fiscal stimulus and trade uncertainties linger. The start of the trading week on Monday could set the tone based on weekend developments.
OVERVIEW OF THE AUSTRALIAN MARKET
The ASX 200 closed 0.11% lower at 8,580.1, ending a 13-week winning streak with its third weekly loss, despite a strong materials sector. The session saw mixed performance, with materials leading gains while tech and property lagged.
Materials surged 1.82%, driven by BHP (+2.8%), Rio Tinto (+2.3%), and Fortescue (+2.9%) as iron ore hit a two-month high. Rare earths miners Lynas (+16.7%) and Iluka (+22.9%) soared on a $400 million Pentagon investment in MP Materials. Property fell 1.51%, with Goodman Group down 1.8%, and tech dropped 1.06%, led by Xero (-1.5%). The OBBBA’s global impact offered some support.
The RBA’s hold at 3.85% continues to pressure rate-sensitive sectors, with investors eyeing future cuts. The ASX 200’s weekly loss suggests caution, with the next trading session on Monday in focus.