| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43,433.12 | -188.04 | -0.43% |
| S&P 500 | 5,956.06 | 0.81 | 0.01% |
| Nasdaq | 19,075.26 | 48.88 | 0.26% |
| VIX | 19.1 | -0.33 | -1.70% |
| Gold | 2,931.40 | 0.8 | 0.03% |
| Oil | 68.77 | 0.15 | 0.22% |
US MARKET
Stocks in the US closed mixed on Wednesday, with the S&P 500 breaking its four-day losing streak, finishing slightly in the green, while the Nasdaq 100 added 0.2%. However, the Dow Jones dropped 186 points amid renewed tariff concerns after President Trump announced a 25% levy on European autos and confirmed tariffs on Mexico and Canada set to take effect on April 2.
Nvidia shares surged 3.7% ahead of its highly anticipated earnings report, seen as a key test for the AI trade. Lowe’s advanced 2% after reporting a 0.2% increase in same-store sales, marking its first positive growth in nearly two years. General Motors climbed 3.7% following news of a 25% increase in its quarterly dividend.
Treasury yields fell for a sixth consecutive session as traders reassessed economic risks. Market participants are now focused on Friday’s PCE inflation data, the Federal Reserve’s preferred gauge, for further insights into interest rate policy. Bitcoin got hammered, down 5%, marking up a 12% loss over the last two days.
The combination of lower yields, stronger dollar and weaker stocks is an indication investors are starting to see the possible negative loop that broad tariffs can have on growth. Some investors are also noting how DOGE related cuts will also have a negative growth impact given the multiplier effect of government spending. Meantime, another strong Treasury auction reflected weaker economic data — supporting a rotation from stocks to bonds.
LOCAL MARKET
The S&P/ASX 200 Index fell 0.14% to close at 8,241 on Wednesday, marking a six-week low, as mining stocks led the decline due to weaker metals prices. Australian shares also mirrored losses on Wall Street, driven by growing economic concerns.
In economic news, Australia’s Monthly CPI Indicator held steady at 2.5% in January, defying expectations of a slight increase to 2.6%. This result provides additional support for the Reserve Bank of Australia’s recent interest rate cut, although the central bank has indicated a cautious approach toward further policy adjustments.
The mining sector saw significant losses, with BHP Group down 1.5%, Fortescue falling 6.2%, and Northern Star Resources declining 2.8%. In corporate news, Appen plummeted 33.3% after the AI-training company reported a decline in work volumes at the start of the fiscal year. Flight Centre also dropped 10.2% following lower half-year profits.
Australian shares futures were lower, reversing early double-digit gains and following moves in New York, after US President Donald Trump made clear he plans to soon announce 25 per cent tariffs on exports from the European Union. ASX futures were 0.2 per cent lower, or down 15 points, on Thursday, predicting the index would extend the prior session’s losses.