| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39291.97 | -52.82 | -0.13% |
| S&P 500 | 5576.98 | 4.13 | 0.07% |
| Nasdaq | 18429.29 | 25.55 | 0.14% |
| VIX | 12.51 | 0.14 | 1.13% |
| Gold | 2370.40 | 2.50 | 0.11% |
| Oil | 81.69 | 0.28 | 0.34% |
US MARKET
Stock indexes are close to record levels as Fed Chair Jerome Powell is set to testify, and upcoming CPI data may influence interest rate decisions. Investors anticipate the start of the 2nd-quarter earnings season, with U.S. stocks near highs and bond yields climbing.
Powell’s testimony could hint at future rate cuts, and Thursday’s inflation report is expected to show a 3.1% increase from last year.
The tech sector, boosted by Nvidia’s 2% rise, contributes to market highs.
Market activity also includes Nvidia’s strong demand, potential stock market corrections, and increased bankruptcy rates.
In commodities, WTI crude and Brent crude saw slight decreases, while gold prices and Bitcoin increased.
The Dow closed down -0.13% to 39,291.97, the S&P 500 closed up 0.07% to 5,576.98 and the Nasdaq ended the day on an increase of 0.14% to 18,429.29.
LOCAL MARKET
Wall Street’s bullish sentiment has influenced the local market, leading to gains across all sectors of the ASX ahead of Fed Chair Jerome Powell’s Senate testimony.
The S&P/ASX200 index rose 0.86% to 7,829.7, while the All Ordinaries increased by 0.79% to 8,075.2.
Powell is expected to advise patience on rate cuts.
Domestically, business and consumer surveys suggest a slowing Australian economy, reducing pressure for rate hikes.
Telecommunications and financials led sector gains, with significant rises for Telstra and REA Group.
In finance, major banks posted gains, and Insignia Financial saw a notable increase amid M&A speculation.
The mining and industrials sectors also saw increases, while Bapcor rejected a buyout offer.
The Australian dollar slightly appreciated against the US dollar.