| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42931.60 | -344.31 | -0.80% |
| S&P 500 | 5853.98 | -10.69 | -0.18% |
| Nasdaq | 18540.00 | 50.45 | 0.27% |
| VIX | 18.37 | 0.34 | 1.89% |
| Gold | 2738.40 | -0.40 | -0.01% |
| Oil | 70.43 | -0.13 | -0.18% |
US MARKET
US stocks edged lower on Monday as investors paused following a six-week rally in the major indexes, with record highs for the S&P 500 and Dow Jones Industrial Average. This dip comes as the market prepares for a busy week of third-quarter earnings reports from major companies like Coca-Cola, Tesla, and UPS.
Despite Monday’s slight decline, the third-quarter earnings season has been strong so far. Of the 14% of S&P 500 companies that have reported results, 81% have exceeded profit estimates by an average of 6%, with real revenue growth accelerating to 2%. These results reflect solid market fundamentals, as highlighted by Fundstrat’s Tom Lee, who noted that the positive outcomes continue to support broader market strength.
This week will be relatively quiet in terms of economic data, although Federal Reserve officials are set to give several speeches, providing potential insights into the central bank’s thinking on interest rates and the economy.
In other news, Disney announced plans to name a successor to CEO Bob Iger by early 2026, while bitcoin’s long-term outlook is being quietly bolstered by trends in estate planning. Meanwhile, investors concerned about the possibility of a stock market bubble are exploring safer havens for their money.
LOCAL MARKET
The Australian share market closed higher on Monday, despite significant losses for two major ASX50 companies facing executive scrutiny. The benchmark S&P/ASX200 index rose by 61.2 points, or 0.74%, to 8,344.4, while the broader All Ordinaries gained 52.9 points, or 0.62%, to 8,604.1. Ten out of the eleven sectors on the ASX ended the day in positive territory, with technology being the only sector to drop, falling 3% in its worst decline in 11 weeks.
Wisetech Global led the losses in the tech sector, plunging 14.6% to a two-month low after its board announced it was investigating media reports involving the conduct of CEO Richard White. Similarly, Mineral Resources dropped 13.8% following news that its managing director, Chris Ellison, was under investigation for tax-related matters. Despite these setbacks, other major mining stocks performed well. BHP rose 1.4%, Fortescue added 1.5%, and Rio Tinto climbed 1.9%.
The financial sector was mostly positive, with CBA, NAB and Westpac all posting gains, while ANZ slipped 0.3%. In the consumer discretionary sector, Nick Scali fell 4.1% following warnings about higher freight costs impacting its profit margins. Meanwhile, Amotiv surged 10.2% after announcing a share buyback plan.
The Australian dollar traded slightly lower, buying 67.01 US cents, down from 67.08 US cents at the close of Friday’s session.