| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42374.36 | -140.59 | -0.33% |
| S&P 500 | 5809.86 | 12.44 | 0.21% |
| Nasdaq | 18415.49 | 138.83 | 0.76% |
| VIX | 19.08 | -0.16 | -0.83% |
| Gold | 2748.80 | 19.40 | 0.71% |
| Oil | 70.33 | -0.44 | -0.62% |
US MARKET
The Nasdaq led gains on Thursday amid a mixed trading session, driven by a surge in Tesla’s shares following strong quarterly results and an optimistic sales forecast, boosting hopes for a solid earnings season. Meanwhile, the Dow continued its slide, extending the previous day’s sharp sell-off as IBM’s disappointing third-quarter revenue dragged the index lower.
The Nasdaq Composite rose 0.8%, while the S&P 500 edged up 0.2% after briefly dipping into negative territory earlier in the day. The Dow Jones Industrial Average recovered from steeper losses but still closed down nearly 150 points, or 0.3%. Tesla posted its largest quarterly profit in over a year, propelling its shares over 20% higher — the biggest single-day gain since May 2013.
Boeing shares dropped 1% after workers rejected a proposed pay deal, following the company’s recent $6 billion quarterly loss, adding to a challenging period for Dow stocks.
In the bond market, the 10-year Treasury yield eased slightly to around 4.20% after reaching 4.25% on Wednesday, amid concerns that the Federal Reserve may not cut interest rates as quickly as previously anticipated. Earlier, data revealed a surprise drop in weekly jobless claims to 227,000, down from the revised 242,000 the previous week. Filings have shown volatility in areas recently impacted by hurricanes.
LOCAL MARKET
Australian shares are set to open higher on Friday, following a mixed session on Wall Street, where strong corporate earnings and a surge in Tesla shares eased concerns ahead of the US elections. Futures indicate the S&P/ASX 200 will rise 0.2 per cent, or 15 points, at Friday’s open, after a 0.1 per cent dip on Thursday.
Bond yields have surged this week in both the US and Australia amid reassessed rate expectations. Federal Reserve Bank of Cleveland President Beth Hammack noted that more work is needed to manage inflation.
Locally, Qantas is set for a trading update, while WiseTech will draw attention after CEO Richard White’s resignation amid misconduct allegations. Mineral Resources will also be watched after reports of discounted equipment sales to board members for use at their New Zealand estate.