| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43449.90 | -267.58 | -0.61% |
| S&P 500 | 6050.61 | -23.47 | -0.39% |
| Nasdaq | 20109.06 | -64.83 | -0.32% |
| VIX | 15.87 | 1.18 | 8.03% |
| Gold | 2663.50 | -6.50 | -0.24% |
| Oil | 70.26 | -0.45 | -0.64% |
US MARKET
US stocks fell broadly on Tuesday, with the Dow Jones Industrial Average registering its ninth consecutive decline, the longest losing streak since February 1978. The Dow closed down 0.6%, shedding 267 points to settle at 43,449. The S&P 500 dropped 0.4%, while the Nasdaq Composite fell 0.3%, a day after the tech-heavy index closed at a record high.
The Federal Reserve’s final meeting of the year began on Tuesday, with markets overwhelmingly anticipating a 0.25% rate cut on Wednesday. However, investors remain cautious, with some suggesting it could be the last cut for the foreseeable future as inflation remains stubborn. All eyes are on the Fed’s signals for interest rate policy heading into 2024, particularly the outlook for January.
November retail sales data offered a glimpse into the economy’s resilience, rising 0.7% month-over-month, surpassing forecasts of a 0.6% increase. Strong holiday spending underpinned the gains, reflecting solid consumer demand despite economic uncertainty.
Nvidia shares declined over 1% and remain more than 10% off their November highs, continuing to draw investor attention as the chipmaker’s recent rally cools. Bitcoin briefly broke above $108,000 before retreating to just over $106,500, extending its recent rally amid rising interest in alternative assets.
LOCAL MARKET
The Australian dollar fell 0.6% overnight to 63.35 US cents, its lowest level this year, as concerns over commodity exports and a stronger US dollar continued to weigh on the currency. The decline follows recent weakness in mining stocks, muted retail sales data from China, and an underwhelming stimulus package from Beijing. Australian shares are expected to edge lower in line with Wall Street, with ASX futures down 14 points, or 0.2%, near 8 AM AEDT.
Vulcan Energy secured a €879 million ($1.4 billion) loan from Export Finance Australia and seven commercial banks to fund its €2.2 billion Phase One Lionheart Project in Germany. Neoen secured $1.4 billion in debt funding from Australian and international lenders, including $100 million from the Clean Energy Finance Corporation, to support battery and solar projects totalling 1.3 gigawatts of capacity.
National Australia Bank will hold its annual general meeting today, while KKR’s $2.2 billion deal for Perpetual’s wealth and corporate trust business faces uncertainty after an independent expert questioned the transaction. Meanwhile, four Brazilian municipalities have exited BHP’s Samarco class action litigation following an alternative $US31.7 billion ($50 billion) compensation agreement with the Brazilian government.