| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44910.65 | 188.59 | 0.42% |
| S&P 500 | 6032.38 | 33.64 | 0.56% |
| Nasdaq | 19218.17 | 157.69 | 0.83% |
| VIX | 13.51 | -0.59 | -4.18% |
| Gold | 2673.90 | -7.10 | -0.26% |
| Oil | 68.15 | 0.15 | 0.22% |
US MARKET
The US stock market is set to extend its record-breaking momentum into December, bolstered by a surge in global optimism and strong commodity prices, including iron ore climbing above $US100 per tonne. The S&P 500 closed at an all-time high on Friday, capping a stellar November with a 5.7 percent gain, its strongest month of the year, as investors poured a record $US141 billion into equities over the past four weeks.
Market sentiment has been fueled by growing confidence in the economic agenda of President-elect Donald Trump. Proposals to reduce taxes, ease regulatory burdens, and pursue a balanced approach to tariffs have reassured investors of potential pro-growth policies. The nomination of Scott Bessent as Treasury Secretary has further supported expectations of measured economic strategies, driving positive market sentiment.
US equity markets are benefiting from these developments, with the Dow Jones Industrial Average and Nasdaq Composite also advancing to record levels last week. The optimism around economic growth and fiscal policies has bolstered sectors sensitive to cyclical growth, including industrials and materials.
As December begins, the strong performance of US equities underscores the market’s optimism about the incoming administration’s ability to deliver on its growth-oriented agenda. Combined with robust global commodity prices and positive economic signals, the foundations appear solid for further gains as the year-end approaches.
LOCAL MARKET
The Australian sharemarket is poised to continue its record-breaking momentum into December, supported by a surge in iron ore prices above $US100 ($154) per tonne. This positive trend is fueling optimism for a potential “Santa rally” as the year-end approaches. Futures indicate the S&P/ASX 200 will open 21 points higher on Monday at 8457.2, positioning the benchmark index just shy of its all-time high of 8477.1, reached last Thursday.
The local market closed at 8436.2 on Friday, buoyed by strong performances in the resources sector and favorable global sentiment.
Domestically, the release of retail sales data by the Australian Bureau of Statistics today will provide critical insights into consumer spending as the holiday season approaches. Corporate updates will also feature prominently, with Metcash set to report its half-year results.
Additionally, Downer EDI has made headlines with CEO Peter Tompkins confirming the sale of the Spotless New Zealand catering business to Doltone Hospitality Group. This sale follows Doltone’s recent redevelopment of Sydney’s Paddy’s Markets food precinct and further demonstrates the group’s expansion into diverse hospitality ventures.