| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 45014.04 | 308.51 | 0.69% |
| S&P 500 | 6086.49 | 36.61 | 0.61% |
| Nasdaq | 19735.12 | 254.21 | 1.30% |
| VIX | 13.45 | 0.15 | 1.13% |
| Gold | 2674.30 | 6.40 | 0.24% |
| Oil | 68.73 | -1.21 | -1.73% |
US MARKET
US stocks surged on Wednesday, driven by a strong tech rally, with all three major indexes achieving record closing highs. The Dow Jones Industrial Average rose by over 300 points, or 0.7%, to close above the 45,000 mark for the first time in its history. The S&P 500 gained 0.6%, closing at a new high of 6,086.49, while the Nasdaq Composite climbed 1.3%, ending at a record 19,735.12.
Major technology companies led the rally, with Amazon reaching intraday all-time highs and Apple setting new records amid robust demand for its products. Nvidia saw a 3% gain, nearing its own record, while Salesforce experienced a significant 11% jump following better-than-expected quarterly revenue, driven by optimism around its artificial intelligence offerings.
Investors responded positively to Federal Reserve Chair Jerome Powell’s comments at the New York Times DealBook Summit, where he described the US economy as being in “remarkably good shape.” Powell’s remarks suggested that the central bank could afford a more cautious approach to monetary policy, increasing expectations for a 25 basis point rate cut at the upcoming December 18 Federal Reserve meeting. Market probabilities for the cut, as tracked by the CME FedWatch tool, have risen to 77%, up from 67% a week ago.
In corporate news, UnitedHealth Group suspended its investor day after Brian Thompson, CEO of its UnitedHealthcare division, was tragically shot in Manhattan on Wednesday morning. The news cast a shadow over an otherwise upbeat trading session, as markets continued to digest Powell’s optimistic economic outlook and its implications for monetary policy.
LOCAL MARKET
Australian shares are expected to open higher on Thursday, buoyed by a positive lead from Wall Street, where technology stocks drove gains overnight. ASX futures were up 11 points, or 0.1 percent, as of early morning trade, indicating a positive start for the local market.
Technology companies are likely to remain in focus, with Atlassian’s strong performance overseas adding to sentiment. The company’s shares surged 6.6 percent in New York after announcing a multi-year strategic collaboration agreement with Amazon Web Services.
Domestically, Fisher & Paykel Healthcare shares are set to trade ex-dividend today, which may influence trading activity in the healthcare sector. Broader market attention is expected to turn towards developments in the tech space and any updates impacting key industries.