USA Equities
| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41,911.71 | -890.01 | -2.08% |
| S&P 500 | 5,614.56 | -155.64 | -2.70% |
| Nasdaq | 17,468.32 | -727.9 | -4.00% |
| VIX | 27.86 | 4.49 | 19.21% |
| Gold | 2,889.10 | -10.3 | -0.36% |
| Oil | 65.75 | -0.28 | -0.42% |
US MARKET
Stocks in the US wrapped up a tough week with a rally on Friday, as the S&P 500 jumped 2.1%, the Dow Jones popped 674 points, and the Nasdaq 100 rose 2.5%. Easing fears of a government shutdown and investor resilience to weak consumer sentiment data helped lift markets. Senate Minority Leader Chuck Schumer signaled support for a Republican-backed funding bill, reducing political uncertainty.
However, the University of Michigan’s consumer sentiment index plunged to 57.9, its lowest since November 2022, reflecting concerns over inflation and tariffs. Tech stocks led the rebound, with Nvidia soaring 5.3%, while Tesla, Meta, Amazon, and Apple all rose over 1%. Palantir also jumped 8.3%, defying concerns over potential defence spending cuts.
Despite Friday’s gains, the S&P 500 and Nasdaq fell over 2% each for the week, while the Dow posted a 3.1% decline—its worst weekly performance since March 2023.
AUSTRALIAN EQUITY MARKET WRAP
The S&P/ASX 200 Index climbed 0.52% to close at 7,790 on Friday, recovering losses from the previous session as mining stocks surged on stronger metals prices. However, the benchmark index lost 2% for the week, logging its fourth consecutive weekly decline. Market sentiment has been pressured this week by US President Donald Trump’s decision to impose a 25% tariff on imported steel and aluminium, impacting roughly $1 billion worth of Australian exports.
Trump also reaffirmed his stance on implementing reciprocal tariffs against global trading partners, set to take effect on April 2. Despite broader market concerns, iron ore and gold miners led the gains, with notable advances from BHP Group (+1.1%), Fortescue (+2.7%), Rio Tinto (+1%), Northern Star Resources (+2.8%), and Evolution Mining (+4.6%).
Investors are expected to buy back into the Australian sharemarket on Monday following the strongest rally on Wall Street since the US presidential election as traders stepped back into battered stocks. Futures trading on Friday suggested the S&P/ASX 200 Index was set to jump more than 80 points on Monday morning, or 1.1%, after weeks of relentless selling pushed the bourse down more than 10% from its recent peak into a technical correction.