| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43914.12 | -234.44 | -0.53% |
| S&P 500 | 6051.25 | -32.94 | -0.54% |
| Nasdaq | 19902.84 | -132.05 | -0.66% |
| VIX | 13.92 | 0.34 | 2.50% |
| Gold | 2705.20 | -51.50 | -1.87% |
| Oil | 70.01 | -0.28 | -0.40% |
US MARKET
Wall Street slipped as fresh inflation data weighed on investor sentiment and raised uncertainty over the Federal Reserve’s policy path. The Dow Jones Industrial Average and S&P 500 both dropped about 0.5%, while the Nasdaq Composite fell 0.6%. Apple shares rose to a record high, closing up less than 1%. The 10-year Treasury yield climbed 5 basis points to 4.32%, its highest level since late November.
The market digested a hotter-than-expected 0.4% increase in the November producer price index, overshadowing optimism from an in-line consumer inflation reading earlier in the week. While bets on a December Fed rate cut remain at nearly 99%, the PPI data has fueled speculation about a possible pause in January, with Fed officials adopting a cautious tone on further policy changes.
Sentiment was further dampened by a weak revenue forecast from Adobe, whose shares plunged nearly 14%, highlighting challenges in monetizing AI investments.
LOCAL MARKET
Australian shares are set to open lower, with S&P/ASX 200 futures down 0.7% after Wall Street losses and a strong local jobs report dampened hopes for an early RBA rate cut. Iron ore rose towards $US106 per tonne on signs of increased Chinese spending, while oil and gold prices fell. The Australian dollar remains near four-month lows at US63.65¢.
In corporate news, Insignia Financial received a $4 per share takeover bid from Bain Capital. Beam Dental secured 77% shareholder support to acquire Pacific Smiles for $1.95 per share. GPT Group will invest $482 million in a retail partnership with Perron Group.
Rio Tinto committed $2.5 billion to its Argentine lithium project, and South32 gained approval to extend its Worsley Alumina project. Synlait raised its milk price forecast for 2024/25, while Iress reaffirmed its earnings guidance and plans to reinstate dividends.
Westpac and Premier Investments hold AGMs today, and Metcash trades ex-dividend.