| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43958.19 | 47.21 | 0.11% |
| S&P 500 | 5985.38 | 1.39 | 0.02% |
| Nasdaq | 19230.73 | -50.68 | -0.26% |
| VIX | 14.02 | -0.69 | -4.69% |
| Gold | 2578.40 | -27.90 | -1.07% |
| Oil | 68.04 | -0.08 | -0.12% |
US MARKET
US stocks closed mixed on Wednesday as investors assessed fresh consumer inflation data, which appears to keep the Federal Reserve on track for a potential rate cut next month.
The Nasdaq Composite shed early gains to finish down about 0.3%, while the S&P 500 held steady, ending just above the flatline. Meanwhile, the Dow Jones Industrial Average managed a modest rise of around 0.1%.
October’s Consumer Price Index report showed inflation largely in line with expectations, with prices up 2.6% year over year and 0.2% from the previous month. Core inflation — excluding food and energy — also met forecasts, rising 3.3% year over year and 0.3% monthly.
Inflation concerns have resurfaced as post-election market enthusiasm begins to temper. Anticipation of potential economic boosts from incoming policies has driven Treasury yields higher, pointing to increased borrowing costs.
The data aligns with the Federal Reserve’s path toward a December rate cut. Speaking at Yahoo Finance’s Invest conference, Minneapolis Fed President Neel Kashkari noted that any significant inflation surprise could prompt the Fed to reconsider its approach. Currently, the CME FedWatch tool indicates that more than 80% of traders expect a December rate cut.
LOCAL MARKET
Australian shares are expected to open higher, following Wall Street’s modest gains, as US inflation data strengthened the likelihood of a Federal Reserve rate cut next month.
Explosives manufacturer Orica reported a full-year net profit of $525 million, with earnings before interest and tax rising 15% to $806 million, and declared an unfranked final dividend of 28¢ per share. Nufarm, a farm chemical company, saw a 29% drop in underlying EBITA to $313 million for FY24, with a statutory net loss of $6 million. GrainCorp’s net profit fell to $62 million in FY24 from $250 million the prior year, with a final dividend of 24¢ per share, including a special dividend of 10¢ per share. The company maintained its ordinary dividend but reduced the special dividend by 6¢.
Today, Cettire, Computershare, Flight Centre, Goodman Group, Guzman y Gomez, Inghams, Seven Group, and Superloop will hold their annual general meetings.