| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44736.57 | 440.06 | 0.99% |
| S&P 500 | 5987.37 | 18.03 | 0.30% |
| Nasdaq | 19054.84 | 51.18 | 0.27% |
| VIX | 14.60 | -0.64 | -4.20% |
| Gold | 2626.40 | -85.80 | -3.16% |
| Oil | 69.08 | -2.16 | -3.03% |
US MARKET
U.S. stocks advanced on Monday, with small-cap equities nearing new highs and the Dow Jones Industrial Average surging over 400 points, fueled by optimism surrounding President-elect Donald Trump’s nomination of Scott Bessent as Treasury Secretary.
The Dow climbed 0.9%, closing at a record high, while the S&P 500 gained 0.3%. The tech-heavy Nasdaq Composite also rose 0.3%, even as Nvidia slipped more than 4%. The Russell 2000 index, which tracks small-cap stocks, jumped 1.6%, finishing just shy of a record after hitting an intraday peak.
With U.S. markets closed Thursday for Thanksgiving and operating on a shortened schedule Friday, investors focused on Monday’s rally and the implications of Bessent’s appointment. Considered a market-friendly pick, Bessent’s selection late Friday helped ease concerns about the potential inflationary impacts of the incoming administration’s policies.
Eyes are now on Wednesday’s release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, which could provide a clearer picture of inflation dynamics as the Fed navigates the transition to the new administration. Economists anticipate a modest increase in the core PCE, a key metric for monetary policy decisions.
LOCAL MARKET
Australian shares are set to edge higher, buoyed by a strong overnight rebound in iron ore prices, which adds momentum to the record-breaking rally on the ASX during the previous session. Futures for the ASX 200 indicate a 26-point, or 0.3%, gain early in the day.
Domestically, investors will be closely monitoring corporate updates, with Brickworks and Ramsay Health Care holding their annual general meetings today. Shares in Newmont Mining will trade ex-dividend, potentially impacting its share price and dividend-related trading activity.
As the ASX looks poised for gains, attention will remain on the commodities sector and global developments that could shape market sentiment throughout the trading session.