| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41,953.32 | -11.31 | -0.03% |
| S&P 500 | 5,662.89 | -12.4 | -0.22% |
| Nasdaq | 17,691.63 | -59.16 | -0.33% |
| VIX | 19.8 | -0.1 | -0.50% |
| Gold | 3,052.00 | 8.2 | 0.27% |
| Oil | 68.3 | 1.14 | 1.70% |
US MARKET
US equities closed lower on Thursday, giving back some of the prior session’s gains as investors reassessed economic risks and the Fed’s response to potential inflation and slowing growth. The S&P 500 fell 0.2%. The Nasdaq 100 slid 0.3%. The Dow Jones Industrial Average wavered. Megacaps were mixed, with Apple Inc. down and Nvidia Corp. closing higher. A gauge of homebuilders advanced after a surprisingly solid reading on existing home sales. The yield on 10-year Treasuries was little changed at 4.24%. The dollar rose 0.3%. The pound held losses as the Bank of England voted to stay put on rates amid a turbulent global backdrop.
Market sentiment remained cautious after the Federal Reserve kept rates unchanged but raised its inflation forecast while trimming economic growth projections. Fed Chair Jerome Powell sought to reassure investors, calling tariff-driven inflation “transitory,” yet concerns lingered. Adding to the uncertainty, President Trump ramped up pressure on the Fed to cut rates, fueling expectations of market volatility.
Broadcom led chip stocks lower with a 2% drop, while Accenture tumbled 7.4%. Micron and Nike are set to report earnings after the bell.
LOCAL MARKET
The S&P/ASX 200 Index gained 1.16% to close at 7,919 on Thursday, rebounding from the previous session’s losses. The rise followed strong gains on Wall Street, as the Federal Reserve held rates steady but signaled two interest rate cuts this year. Fed Chair Jerome Powell also downplayed the potential impact of US President Donald Trump’s tariffs on inflation as likely being short-lived or transitory.
In Australia, investors digested data showing the unemployment rate stayed at 4.1% in February, while employment unexpectedly declined. Earlier this week, RBA Assistant Governor Sarah Hunter said that the central bank was more cautious than markets about the prospect for further rate cuts.
Financial stocks led the rally, with gains from Commonwealth Bank (2.2%), Westpac (1.6%), NAB (1.4%), and ANZ Group (1.5%). Gold miners also posted strong performances, including Northern Star Resources (3.1%) and Evolution Mining (2.7%).
ASX futures predicted the index would open 17 points, or 0.2% lower, slipping back after reporting its best day in six weeks on Thursday