| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42208.22 | 83.57 | 0.20% |
| S&P 500 | 5732.93 | 14.36 | 0.25% |
| Nasdaq | 18074.52 | 100.25 | 0.56% |
| VIX | 15.39 | -0.50 | -3.15% |
| Gold | 2683.20 | 6.50 | 0.22% |
| Oil | 71.50 | -0.04 | -0.06% |
US MARKET
US stock indexes extended their gains on Tuesday, building on Monday’s record close. The Dow Jones Industrial Average and the S&P 500 both reached new all-time highs, buoyed by rising expectations that the Federal Reserve will implement another half-point interest rate cut in November. According to the CME’s FedWatch Tool, the likelihood of such a cut has climbed to 53%.
Investors are closely analyzing data and Federal Reserve commentary to assess the trajectory of monetary policy following the Fed’s first rate cut in four years. While dovish remarks from two Fed presidents earlier in the week provided support for markets, Fed Governor Michelle Bowman offered a contrasting view on Tuesday. Bowman, who dissented against the September rate cut, cited concerns over inflation, stating that it remains too high given the current strength of the labor market.
Investors are also awaiting consumer confidence data and the Richmond Fed’s manufacturing index, both of which are set for release later in the day.
LOCAL MARKET
Australian shares are expected to open higher ahead of the release of key consumer price data, which will provide insight into inflation trends. ASX futures were up 25 points, or 0.3%, around 7am AEST.
In Australia, the market’s attention will be on the consumer price data due at 11:30am AEST. Economists expect the annual growth rate to ease to 2.7%, down from 3.5%.
Copper and lithium stocks performed strongly, with Freeport-McMoRan rising 7.9%, Southern Copper up 7.2%, Albemarle advancing 2%, and Arcadium climbing 3%. Australian miners BHP and Rio Tinto surged, benefiting from the commodities rally. In local news, consumer price data is due at 11:30am AEST, with economists expecting annual growth to ease to 2.7%.