| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42025.19 | 522.09 | 1.26% |
| S&P 500 | 5713.64 | 95.38 | 1.70% |
| Nasdaq | 18013.98 | 440.68 | 2.51% |
| VIX | 16.33 | -1.90 | -10.42% |
| Gold | 2611.20 | -3.40 | -0.13% |
| Oil | 72.07 | 1.16 | 1.64% |
US MARKET
US stocks rallied Thursday as investors continued to respond positively to the Federal Reserve’s 50 basis point rate cut, the first in over four years. The Dow climbed 500 points, while the Nasdaq rose 2.4% and the S&P 500 gained 1.5%, reaching new record highs. Weekly jobless claims further reinforced optimism, with a drop of 12,000 to 219,000, marking the largest decline in over a month.
In his press conference, Fed Chair Jerome Powell reiterated the central bank’s view that the economy remains strong, with unemployment expected to rise slightly to 4.4% by the end of the year. Despite this, the labor market remains robust. Powell emphasized that the Fed’s intention with the rate cut is to maintain the current strength in employment. Meanwhile, analysts predict further rate reductions, with projections of an additional 50 basis point cut this year and more in 2025.
LOCAL MARKET
Australian shares are expected to continue their rally, following record highs on Wall Street driven by optimism around the Federal Reserve’s potential for a soft landing. Tech stocks saw significant gains, bitcoin rose, and gold edged closer to a record high, while the Australian dollar traded above US68¢.
Tom Essaye of Sevens Report noted that markets are eager to move higher, with the Fed’s rate cut adding momentum. On Friday, Myer will release earnings, and Inghams will trade ex-dividend. US-listed shares of BHP and Rio Tinto also saw gains, with BHP rising 4% and Rio Tinto up 3.6%.