| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41606.18 | -15.90 | -0.04% |
| S&P 500 | 5634.58 | 1.49 | 0.03% |
| Nasdaq | 17628.06 | 35.93 | 0.20% |
| VIX | 17.61 | 0.47 | 2.74% |
| Gold | 2596.90 | 4.60 | 0.17% |
| Oil | 71.13 | 0.01 | 0.00% |
US MARKET
Stocks rose Tuesday after stronger-than-expected retail sales data eased recession fears. Retail sales increased 0.1% last month, beating forecasts of a 0.2% decline, suggesting consumer strength remains intact. This comes just ahead of the Federal Reserve’s likely rate cut on Wednesday, with most expecting a 50-basis-point reduction.
The positive sales data indicates the Fed may not need to be aggressive in easing, as the economy shows signs of stability. Scott Helfstein of Global X noted that modest retail growth should support reasonable GDP performance, signaling the economy is still in a mid-cycle expansion.
At the open, the S&P 500 rose 0.36%, the Dow was up 0.33%, and the Nasdaq gained 0.68%. Investors are now focused on the Fed’s decision and its implications for the market.
LOCAL MARKET
Australian shares are set to fall, following weakness in New York as investors await the US Federal Reserve’s policy decision early Thursday (AEST).
ASX futures are down 39 points or 0.5% near 7am AEST. The S&P/ASX 200 hit a fresh record of 8140.9 on Tuesday. The Australian dollar was trading at US67.57¢, up from last week’s low of US66.20¢. It could approach US68¢ if the Fed cuts rates by 50 basis points.
In focus today are investor meetings with A2 Milk and Patriot Battery Metals. Key stocks trading ex-dividend include Flight Centre, Auckland International Airport, and Service Stream. Macquarie Group is considering selling a stake in Wavenet, and Crown Resorts is mulling the sale of its exclusive Melbourne golf course.