| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42924.89 | -6.71 | -0.02% |
| S&P 500 | 5851.20 | -2.78 | -0.05% |
| Nasdaq | 18573.13 | 33.12 | 0.18% |
| VIX | 18.20 | -0.17 | -0.93% |
| Gold | 2761.90 | 2.30 | 0.08% |
| Oil | 72.24 | 1.68 | 2.38% |
US MARKET
Stocks declined on Tuesday as rising bond yields weighed on investor sentiment. The market faced its second consecutive losing session, with major indexes dropping amid concerns over interest rates.
The US 10-year Treasury yield, which jumped 11 basis points on Monday, exceeded 4.2% for the first time since July. Although yields have since stabilized at around 4.176%, the increase suggests that traders are adjusting their outlook on future rate cuts by the Federal Reserve. Recent comments from Fed officials have signaled a preference for gradual and modest reductions in interest rates, a shift driven by strong economic data. This has led investors to recalibrate their expectations for a more aggressive easing cycle.
Earnings season remains in focus, with Tesla set to release its third-quarter results on Wednesday, followed by Boeing on the same day, and UPS on Thursday.
In other developments, Wall Street analysts remain divided over the market’s outlook, with both bullish and bearish cases gaining traction. Short-seller Carson Block has opted not to bet against Tesla, while Wall Street continues to raise its price target on Nvidia due to enduring optimism. Meanwhile, China is on track to become Russia’s largest pipeline gas customer this year.
LOCAL MARKET
Australian shares are set to open higher, rebounding from yesterday’s sharp 1.7% drop. ASX futures are up 15 points, or 0.2%, to 8,529 as of 5:22 AM AEDT. The sell-off was driven by investor reassessments, pushing expectations for interest rate cuts into mid-next year.
Locally, WiseTech is under scrutiny amid board concerns over founder Richard White’s personal conduct. MinRes faces an ASIC probe into CEO Chris Ellison’s alleged tax evasion. Domain CEO Jason Pellegrino announced his resignation, while Fletcher Building reported margin pressures. QBE Insurance is facing accusations of misleading customers.
AGMs for Tabcorp and Codan are scheduled today.