| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42635.20 | 106.84 | 0.25% |
| S&P 500 | 5918.25 | 9.22 | 0.16% |
| Nasdaq | 19478.88 | -10.80 | -0.06% |
| VIX | 17.70 | -0.12 | -0.67% |
| Gold | 2692.60 | 20.20 | 0.76% |
| Oil | 74.29 | 0.97 | 1.32% |
US MARKET
U.S. futures edged lower Thursday during a market holiday for Jimmy Carter’s funeral, with investors focused on Friday’s nonfarm payrolls data, expected to show 165,000 new jobs and steady 4.2% unemployment. Treasuries stabilized after recent sell-offs, while the dollar strengthened slightly.
Fed officials, including Boston’s Susan Collins, emphasized a cautious approach to rate cuts, signaling rates will remain steady until inflation cools significantly. Bitcoin slid to $91,785 amid inflation concerns, while Brent Crude hit a three-month high at $77.10 a barrel.
Australian shares are set to open higher on Friday, with a rebound in iron ore prices expected to buoy mining stocks. ASX futures indicate a 33-point or 0.4% rise in the S&P/ASX 200 Index at the open, recovering from a 0.2% decline in the prior session.
The Australian dollar dropped to a two-year low of US61.70¢ overnight following softer-than-expected retail sales data. This spurred bond traders to heighten expectations of an interest rate cut by the Reserve Bank of Australia in February, with money markets now pricing a 74% likelihood of a 25-basis-point reduction, up from 60% a week ago. Any rate cut is likely to further pressure the Aussie dollar.
In other markets, the UK pound slid to its lowest level in over a year as concerns grew over the Labour government’s ability to manage the deficit, dragging UK government bonds lower.
Star Entertainment remains in the spotlight as lenders warn the casino operator could face voluntary administration within months if a rescue deal isn’t secured. Shares in the company tumbled by a third on Thursday, reflecting investor apprehension. Meanwhile, Australian banks are outperforming miners in the ASX’s ongoing sector rotation, although historical patterns suggest a reversal is inevitable.