| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43910.98 | -382.15 | -0.86% |
| S&P 500 | 5983.99 | -17.36 | -0.29% |
| Nasdaq | 19281.40 | -17.36 | -0.09% |
| VIX | 14.71 | -0.26 | -1.74% |
| Gold | 2604.40 | 13.30 | -0.51% |
| Oil | 67.97 | -0.07 | -0.10% |
US MARKET
The recent rally in U.S. stocks cooled on Tuesday as investors weighed the sustainability of recent gains and assessed the policy implications of President-elect Donald Trump’s Cabinet selections.
The Dow Jones Industrial Average declined 0.8%, shedding around 350 points. The S&P 500 slipped over 0.25%, and the Nasdaq Composite edged down about 0.1%, recovering from steeper losses earlier in the session.
Boeing (BA) led declines in the Dow, falling more than 2.5% due to significant production slowdowns in October attributed to worker strikes. Both the Dow and S&P 500 experienced their steepest single-day losses since October 31.
A rise in Treasury yields contributed to the stock market’s pullback. The 10-year Treasury yield climbed approximately 12 basis points, reaching around 4.43%. Analysts on Wall Street are cautioning that the post-election rally might be nearing its end after pushing major indices to all-time highs. According to a recent report from Bank of America, U.S. equity exposure has reached an 11-year peak, suggesting a potential setup for profit-taking, as noted by Citi strategists.
Attention now shifts to Wednesday’s release of the October Consumer Price Index report, a key indicator that will be closely watched for signs of cooling inflation, in line with the Federal Reserve’s goals.
LOCAL MARKET
Australian shares are expected to drop today as the post-U.S. election rally in global markets shows signs of slowing.
According to Citi strategist Chris Montagu, U.S. equity positioning remains extended and heavily bullish, with recent inflows driving activity. The upcoming release of U.S. Consumer Price Index data, scheduled for 12:30 a.m. AEDT, is the next major event on the horizon, with investors looking for signs that may influence global market direction.
Commonwealth Bank CEO Matt Comyn has reported slow economic growth within Australia, announcing a net profit of approximately $2.5 billion for the first quarter of the 2025 financial year. Other major companies, including Aristocrat Leisure, James Hardie, Life360, and Light & Wonder, are set to release earnings today. Several firms, such as Beach Energy, Endeavour Group, Johns Lyng, Nuix Sims, and Tyro Payments, will also hold their annual general meetings, offering further insights into company performance.
MinRes has disclosed that it failed to report certain related-party transactions, with the West Australian miner stating that it could not explain the omission, as doing so would require “speculating.” With the U.S. inflation report looming, these domestic and international factors are likely to shape Australian market movements today.