| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42454.79 | -132.71 | -0.31% |
| S&P 500 | 5712.2 | -64.45 | -1.12% |
| Nasdaq | 17899.01 | -372.84 | -2.04% |
| VIX | 18.33 | 1.18 | 6.88% |
| Gold | 3024.9 | 2.4 | 0.08% |
| Oil | 69.72 | 0.07 | 0.10% |
US MARKET
Three days of relative peace were broken on Wall Street, with big tech driving major stock benchmarks lower, as concern about a trade war’s impact on the economy and inflation resurfaced to squelch risk appetites. The S&P 500 slid 1.1%, failing to stay above its key 200-day moving average. The Nasdaq 100 fell 1.8%. The Dow Jones Industrial Average dropped 0.3%. A Bloomberg gauge of megacaps sank 3%. The Russell 2000 slipped 1%.
Nvidia and Tesla plunged more than 5.5%, while major tech firms like Meta, Amazon, and Alphabet slid over 2%. Auto stocks also weakened after reports that President Trump would introduce new tariffs on vehicle imports at 4 p.m. ET, with General Motors slipping 3%. Uncertainty surrounding the scope and impact of these tariffs has fuelled market volatility, raising fears of retaliation and broader economic fallout.
Meanwhile, energy stocks gained as oil prices climbed following US threats of tariffs on nations buying Venezuelan crude. Investors now await Friday’s PCE inflation report, a key factor in the Federal Reserve’s next policy decision.
LOCAL MARKET
The S&P/ASX 200 Index climbed 0.71% to close at 7,999 on Wednesday, marking its fifth consecutive session of gains, fuelled by mining and banking stocks. Investors assessed fresh economic data showing Australia’s monthly CPI indicator eased to a three-month low of 2.4% in February, defying forecasts for no change from January’s 2.5% reading.
Meanwhile, the Australian government announced on Tuesday two additional personal income tax cuts for 2026 and 2027, totalling A$17.1 billion over the forward estimates. Top performers in the mining and banking sectors included BHP Group (+1.2%), Fortescue (+0.8%), ANZ Group (+3%), and Commonwealth Bank (+1.1%). In corporate news, Paladin Energy tumbled 11.6% after retracting its 2025 production forecasts due to operational disruptions at its Namibia uranium mine. In contrast, Vulcan Energy surged 12.8% despite reporting a wider loss in 2024 compared to the previous year.
ASX 200 futures were 37 points, or 0.5% lower, predicting the local bourse would snap a five-day winning streak. That’s after concerns about the impact of Donald Trump’s global trade war resurfaced on Wall Street overnight, sending stocks plummeting.