| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44156.73 | 130.92 | 0.30% |
| S&P 500 | 6086.37 | 37.13 | 0.61% |
| Nasdaq | 20009.34 | 252.56 | 1.28% |
| VIX | 15.10 | 0.04 | 0.27% |
| Gold | 2766.30 | 7.10 | 0.26% |
| Oil | 75.41 | -0.42 | -0.55% |
US MARKET
Tech stocks drove markets higher on Wednesday, with Netflix shares hitting a record high on stronger-than-expected earnings. The Nasdaq Composite rose 1.3%, while the S&P 500 gained over 0.6%, closing just below its record high. The Dow Jones Industrial Average added 0.3%, continuing its momentum from a strong Tuesday rally.
Optimism around President Donald Trump’s push to position the US as a leader in artificial intelligence lifted investor sentiment. A $500 billion private-sector investment plan and eased safety regulations spurred gains in tech, offsetting concerns over potential new tariffs on Chinese imports and the European Union.
Oracle shares climbed nearly 7% on AI investment prospects, while SoftBank in Tokyo jumped 11%, and Arm Holdings surged 16%. Despite heightened trade worries, Tuesday’s rally was fueled by the absence of immediate China-specific measures in Trump’s initial policies. Chinese stocks fell on Wednesday, weighed by fears of escalating trade tensions.
Corporate earnings also shaped the market. Johnson & Johnson reported better-than-expected sales and profits, but its shares slipped due to a stronger dollar. Procter & Gamble shares rose after exceeding sales forecasts. Markets remain focused on earnings and trade developments as the week unfolds.
Australian shares are set to open lower, with ASX futures down 0.4%, or 35 points, signaling a reversal of Wednesday’s modest gains. This comes despite a strong lead from Wall Street, as weakness in commodity prices weighs on sentiment.
Myer shareholders overwhelmingly backed a merger with Premier Investments’ clothing brands, with 95% supporting the deal ahead of Thursday’s shareholder meeting. Bain Capital raised its offer for Insignia to $4.60 per share, matching a rival bid from CC Capital and representing a 7% premium over its initial offer.
Fortescue Metals posted record iron ore shipments of 49.4 million tonnes in the December quarter, despite disruptions from wet weather in the Pilbara. Meanwhile, Netwealth reported record net inflows for the December quarter, driven by enhancements to its technology platform.
The Australian dollar slipped 0.2% to US62.72¢. Other key market moves included gold rising 0.4% to $2,755 an ounce, Brent crude down 0.5% to $78.93 a barrel, and US 10-year yields at 4.61%, compared to 4.46% for Australia.