| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42156.97 | -173.18 | -0.41% |
| S&P 500 | 5708.75 | -53.73 | -0.93% |
| Nasdaq | 17910.36 | -278.81 | -1.53% |
| VIX | 19.26 | 2.53 | 15.12% |
| Gold | 2682.50 | -7.80 | -0.29% |
| Oil | 70.77 | 1.04 | 1.45% |
US MARKET
U.S. stocks fell on Tuesday, with the S&P 500 losing 0.9%, weighed down by concerns over the economic fallout from a strike by dockworkers at major East and Gulf Coast port facilities. The labor action by the International Longshoremen’s Association threatens to disrupt supply chains, potentially exacerbating inflationary pressures. The Dow Jones Industrial Average declined 0.4%, while the tech-heavy Nasdaq dropped 1.5%, dragged down by weakness in the technology sector.
Humana shares plunged 11.8% following the release of its Medicare Advantage plans for 2025. Despite new benefits, concerns over Medicare reimbursement rates remain a challenge for the health insurer.
Shares of Amentum Holdings tumbled 20.2% after a strong debut in the previous session. The stock, which was recently added to the S&P 500, followed a common trend of sharp volatility after index inclusion.
Rising tensions in the Middle East sent crude oil prices up 3.7%, boosting oil and gas stocks. APA Corp. climbed 4.9%, with ConocoPhillips and Marathon Oil gaining 3.9% and 3.8%, respectively. Defense stocks also rallied, with Lockheed Martin rising 3.6%.
Dell Technologies shares slid 4.5% after CEO Michael Dell sold a $1.2 billion stake, raising investor concerns.
LOCAL MARKET
Australian shares are expected to open cautiously, following a decline on Wall Street as investors shifted towards safe-haven assets such as bonds and gold. Oil prices surged amid supply concerns after Iran launched missiles at Israel, briefly spiking more than 5% before easing when no immediate casualties were reported. The key uncertainty remains the evolving situation in the Middle East and whether the movement towards haven assets will gather momentum or reverse.
Futures suggest the S&P/ASX 200 will open flat on Wednesday after dropping 0.7% on Tuesday, which followed a series of record highs in prior sessions. Bespoke Investment noted that the S&P 500’s average intra-month peak-to-trough decline in October is 4.6%, the largest of any month, indicating substantial market swings and increased volatility.
On the corporate front, both CSL and HMC Capital will be paying dividends to shareholders. Macquarie Group is reportedly exploring the sale of its offshore wind development arm, Corio Generation, as the bank prepares for significant investment decisions in its green energy portfolio. Meanwhile, Morgan Stanley has highlighted companies like Rio Tinto, REA Group, and JB Hi-Fi as holding significant franking credits, though accessing them remains a complex process.