| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39721.36 | 429.39 | 1.09% |
| S&P 500 | 5633.91 | 56.93 | 1.02% |
| Nasdaq | 18647.45 | 218.16 | 1.18% |
| VIX | 12.85 | 0.34 | 2.72% |
| Gold | 2377.70 | -2.00 | -0.08% |
| Oil | 82.39 | 0.29 | 0.35% |
US MARKET
The S&P 500 and Nasdaq Composite hit new highs, buoyed by optimism for potential interest rate cuts.
Both indices recorded consecutive record closes, with gains across all sectors.
Investor confidence rose after Fed Chair Jerome Powell’s testimony suggested rate cuts could be near, noting a cooling labour market.
Major stocks like Nvidia, Apple, and Tesla also saw significant gains.
Upcoming inflation data and further testimony are expected to provide more insights into future rate adjustments.
LOCAL MARKET
The Australian share market closed lower despite efforts to rebound from early losses, ending down by 0.16% at 7,816.8 on the S&P/ASX200 and 0.21% at 8,058.3 for the All Ordinaries.
Jerome Powell’s testimony to the US Senate didn’t provide the expected boost, even as US markets rose.
Meanwhile, New Zealand’s central bank hinted at possible rate cuts in 2024, which slightly buoyed sentiment.
Sector performance was mixed, with telecommunications notably up due to Telstra’s price hike, while the materials sector, including major miners like BHP and Rio Tinto, declined.
Mixed results were also seen among the big four banks. The Australian dollar held steady against the US dollar.