| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44765.71 | -248.33 | -0.55% |
| S&P 500 | 6075.11 | -11.38 | -0.19% |
| Nasdaq | 19700.26 | -34.86 | -0.18% |
| VIX | 13.54 | 0.09 | 0.67% |
| Gold | 2655.00 | -21.20 | -0.79% |
| Oil | 68.45 | -0.09 | -0.13% |
US MARKET
US stock markets closed mixed on Friday, with the Dow Jones Industrial Average slipping 0.3% to 44,642.52, the S&P 500 edging up 0.2% to 6,090.27, and the Nasdaq gaining 0.8% to finish at 19,859.77.
Lululemon Athletica surged 15.89%, leading the S&P 500 gainers, followed by Hewlett Packard Enterprise, up 10.62%, and Ulta Beauty, rising 8.99%, supported by strong earnings and positive outlooks. Conversely, UnitedHealth Group fell 5.07%, The Cooper Companies dropped 4.39%, and Halliburton declined 4.13%, weighed down by sector-specific concerns.
Analysts remain optimistic heading into the holiday season, citing resilient fundamentals and expectations of further gains driven by strong performances in technology and consumer sectors. The so-called Santa rally appears to be underway, suggesting the market may retest highs as the year-end approaches.
LOCAL MARKET
The rally that propelled Wall Street to its 57th record high of the year has also fueled the Australian sharemarket, with optimism expected to carry into 2025. Despite this, Monday’s opening may start with a modest dip, as futures suggest the S&P/ASX 200 Index could slip 0.3% or 25 points. This follows last Tuesday’s record close of 8495 points – the fourth in less than two weeks.
Market analysts from Tribeca Investment Partners, AMP, and TMS Capital highlight December as historically strong for the Australian market, buoyed by investor optimism in the lead-up to Christmas.
Jun Bei Liu, portfolio manager at Tribeca, noted the onset of the “Santa rally,” forecasting further gains for the ASX 200 before year-end. She predicts the index could climb “another couple of percent,” with strategists suggesting it may even test the 8600 mark.
“The rally has been driven by solid economic fundamentals and a clear downside in the rate cycle,” Ms. Liu explained. She also observed that the rally is broadening, with gains extending beyond the financial and technology sectors, which have led this year, into small-cap stocks and other underperforming areas.