| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43750.86 | -207.33 | -0.47% |
| S&P 500 | 5949.17 | -36.21 | -0.60% |
| Nasdaq | 19107.65 | -123.07 | -0.64% |
| VIX | 14.31 | 0.29 | 2.07% |
| Gold | 2570.50 | -16.00 | -0.62% |
| Oil | 68.62 | 0.19 | 0.28% |
US MARKET
US stocks fell on Thursday as the post-election rally lost momentum and investors responded to remarks from Federal Reserve Chair Jerome Powell, who indicated there was no rush to lower interest rates.
Markets dipped following Powell’s comments, with the Dow Jones Industrial Average sliding 0.5%, or over 200 points. The S&P 500 declined 0.6%, and the Nasdaq Composite was down 0.65%. Despite the pullback, stocks remain close to recent highs, with hopes for a December rate cut buoyed by recent consumer inflation data. However, slightly firmer-than-expected wholesale inflation in October has stirred new questions about the Fed’s rate path for next year.
The market’s attention is now on how the Fed views inflation trends, with Powell emphasizing the Fed’s cautious approach, stating it would be “watching carefully” to ensure inflation stays within an acceptable range. Meanwhile, Republicans secured a narrow House majority, granting President-elect Donald Trump and his party control of Washington—a “trifecta” that allows for the swift implementation of Trump’s economic agenda, which has been a key driver of the recent stock rally.
However, signs of fatigue in the “Trump trade” are emerging. Tesla shares fell over 5% following reports that the Trump administration may eliminate the $7,500 EV tax credit for consumers.
Elsewhere, vaccine stocks like Moderna and Novavax declined after reports suggested that Trump is considering appointing anti-vaccine advocate Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
LOCAL MARKET
Australian shares are set for a positive start, with ASX futures up 49 points or 0.6% at 7.20 am AEDT, despite a pullback in US markets overnight. US equities retreated as traders re-evaluated future rate cut expectations following Federal Reserve Chairman Jerome Powell’s cautious comments on monetary policy.
Locally, attention will be on the Sohn Australia Conference in Adelaide today, where notable billionaires, bankers, and fund managers are set to gather.
AGMs are scheduled for Healius, Lendlease, Mesoblast, Mirvac, PEXA, and Sandfire Resources, making them stocks to watch closely.