| Name | Price | Change | % Chg |
|---|---|---|---|
| Dow | 42,982.43 | -106.59 | -0.25% |
| S&P 500 | 6,092.16 | -0.02 | 0.00% |
| Nasdaq | 19,973.55 | 61.02 | 0.31% |
| VIX | 16.76 | -0.72 | -4.12% |
| Gold | 3,353.10 | 10 | 0.30% |
| Oil | 65.04 | 0.12 | 0.18% |
OVERVIEW OF THE US MARKET
Bullish investors drove stocks higher amid easing Middle East tensions and balanced comments from Federal Reserve Chair Jerome Powell on prospects for rate cuts. Treasury yields and the dollar fell. Oil tumbled.
The S&P 500 rose 1.1% and the Nasdaq 100 climbed 1.5%, notching its first record since February. West Texas Intermediate crude plunged nearly 15% over two sessions to settle around $64 a barrel. In late hours, FedEx Corp. forecast a worse-than-expected profit.
Tech stocks shone, with Nvidia gaining 4.3% to notch its first record close since early January and retaking the title of largest company by market size, ahead of Microsoft . Big tech companies helped lead the rebound from the lows of April’s tariff-fueled market meltdown, and their rapid recovery has some investors piling back in.
Traders continued to keep a very close eye on Middle East developments. Israel and Iran appeared to be honoring a ceasefire agreement unexpectedly announced by US President Donald Trump, after the American leader reacted angrily to early breaches of the deal by both sides.
Oil prices nudged higher, suggesting the selloff of the past three sessions could have overshot. While the Israel-Iran truce appears fragile, analysts say moves in oil futures are likely to stay subdued—as long as neither side attacks energy-export infrastructure or disrupts shipping through the Strait of Hormuz.
Powell’s remarks before the House Financial Services Committee came on the heels of the Fed’s decision last week to stay on hold. He reiterated his view that policymakers need not rush to adjust policy, a counter to recent statements from Fed Governors Christopher Waller and Michelle Bowman that signaled the two would be open to lowering rates as soon as July.
The risks facing the stock market are swiftly diminishing as economic growth remains solid despite the turmoil from tariffs and geopolitics. Equities have been remarkably resilient over the past two months as the S&P 500 bounced sharply from April lows, putting it less than 1% away from its record high.
Oil plunged for the second straight day as Trump signaled he wants to keep oil flowing out of Iran after brokering a ceasefire between Tehran and Israel.
Prices have slumped amid the significant de-escalation of a conflict that has rocked the energy-rich Middle East. Trump said in a social-media post that China can continue buying Iranian oil and that he hopes the country will also be purchasing “plenty” from the US.
OVERVIEW OF THE AUSTRALIAN MARKET
ASX 200 closed flat on Wednesday, as early profit-taking and weakness in commodity stocks offset a strong overnight lead.
Materials dragged the market lower, led by heavy selling in major miners as gold prices fell sharply. Financials (+1.15%) outperformed, driven by strength in the banks following a research upgrade to NIM forecasts.
Corporate activity was in focus, with Infragreen (+12.0%) surging post-IPO, Humm Group (+11.5%) jumping on a takeover bid, and Xero entering a trading halt after announcing a US$2.5bn acquisition of US-based payments firm Melio.