| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40008.39 | 242.75 | 0.61% |
| S&P 500 | 5455.21 | 20.78 | 0.38% |
| Nasdaq | 17192.60 | 4.99 | 0.03% |
| VIX | 16.19 | -1.93 | -10.65% |
| Gold | 2485.10 | 5.40 | 0.22% |
| Oil | 77.33 | 0.35 | 0.45% |
US MARKET
US stocks rose modestly after July’s inflation report aligned with forecasts, reinforcing expectations of a Federal Reserve rate cut next month. By close, the Dow Jones had climbed 0.61% to 40,008.39, the S&P 500 increased by 0.38% to 5,455.21, and the Nasdaq edged up 0.03% to 17,192.60.
The inflation data, indicating a 2.9% increase year-over-year, just shy of the projected 3%, and a core inflation rise of 0.2%, matching expectations, bolsters the case for a September rate cut. Analysts note that the impacts of previous rate hikes are moderating inflation, pointing towards a potential reduction in rates to support the economy.
The market is closely watching for signs of economic softening, with significant attention on forthcoming economic data releases. Meanwhile, commodities like gold and oil also saw gains, with gold increasing by 0.19% to $2,484.40 and oil rising by 0.45% to $77.33.
LOCAL MARKET
The Australian share market rose for the fourth consecutive day, with the S&P/ASX200 up 0.3% to 7,850.7 and the All Ordinaries increasing by 0.35% to 8,070.2, buoyed by strong earnings reports from major companies and a rally on Wall Street due to cooler U.S. producer prices.
The Reserve Bank of New Zealand cut its rates for the first time in four years, contributing to broader market gains. Most sectors advanced, though materials dropped by 1.9% due to losses among major iron ore companies. Commonwealth Bank rose 1.3% on a higher-than-expected dividend despite a profit decline, while the ASX fell 3.7% due to legal issues.
In other notable movements, Evolution Mining and Pro Medicus saw significant gains after positive earnings reports, and the Australian dollar hit a three-week high against the U.S. dollar.