| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43717.48 | -110.58 | -0.25% |
| S&P 500 | 6074.08 | 22.99 | 0.38% |
| Nasdaq | 20173.89 | 247.17 | 1.24% |
| VIX | 14.69 | 0.88 | 6.37% |
| Gold | 2670.20 | -5.60 | -0.21% |
| Oil | 70.64 | -0.65 | -0.91% |
US MARKET
U.S. stocks closed higher on Monday as investors anticipated key interest rate decisions from global central banks later this week. The S&P 500 rose 0.4%, while the Nasdaq 100 climbed 1.5% to a new record high, driven by gains in Broadcom Inc. and Tesla Inc. Bitcoin also reached a fresh high, reflecting strong market sentiment. A widely expected quarter-point rate cut by the Federal Reserve on Wednesday is expected to boost stocks further, despite weaker-than-expected retail sales data from China weighing on Asia and Europe’s markets. Analysts suggest that Fed Chair Jerome Powell’s comments and upcoming U.S. economic data, like retail sales and the PCE Price Index, could shape market direction.
LOCAL MARKET
The Australian share market is expected to open lower, with ASX futures down 14 points, or 0.2%, as of 8 am AEDT. This decline comes despite a strong performance on Wall Street, where major US technology stocks led gains. Tesla surged 6.4% to close at $US463.02, driven by optimism around its growth potential. Analyst Dan Ives from Wedbush Securities set a 12-month price target of $US515 for Tesla, with a bullish case of $US650. Alphabet (Google) also climbed nearly 4%, helping lift the Nasdaq Composite and the S&P 500, while the Dow Jones Industrial Average closed lower.
Bitcoin reached a record high of $US107,794 following comments from President-elect Donald Trump, who reaffirmed plans to establish a US bitcoin strategic reserve. This announcement sparked enthusiasm among cryptocurrency investors, driving the price to new heights. In the semiconductor sector, Bank of America named Nvidia, Broadcom, and Marvell Technology as its top AI-related stocks for 2025. The bank projected global semiconductor sales to rise 15% to $US725 billion in 2025, albeit at a slower growth rate compared to this year’s 20% pace.
In other market news, Brent crude prices fell to $US74 per barrel due to concerns about weakening demand from China, the world’s largest crude importer. On the ASX, Westpac announced that CFO Michael Rowland will retire next year, with a search for his successor underway. Meanwhile, KKR’s $2.2 billion acquisition of Perpetual’s wealth management and corporate trust business faced delays over concerns about potential tax liabilities. PEXA has appointed Russell Cohen as CEO, replacing Glenn King, while fruit processor SPC is set to resume trading on the ASX after merging with the publicly listed Original Juice Company. Looking ahead, Orica will host its annual general meeting, and Elders shares will trade ex-dividend.