| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42175.11 | 260.36 | 0.62% |
| S&P 500 | 5745.37 | 23.11 | 0.40% |
| Nasdaq | 18190.29 | 109.09 | 0.60% |
| VIX | 15.37 | -0.04 | -0.26% |
| Gold | 2695.10 | 10.40 | 0.39% |
| Oil | 67.46 | -2.23 | 3.20% |
US MARKET
US stocks surged on Thursday, with the S&P 500 closing at a record high as investors reacted positively to a mix of strong economic data, upbeat earnings from Micron Technology, and fresh stimulus pledges from China.
A final report on US second-quarter GDP growth exceeded Wall Street’s expectations, while weekly jobless claims unexpectedly dropped to their lowest level in four months, further boosting investor sentiment. Looking ahead, investors are keenly awaiting Friday’s release of the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation.
On the corporate front, Super Micro Computer shares fell 12% after reports from The Wall Street Journal that the Department of Justice is investigating the company, following a short-seller report from Hindenburg Research last month.
The S&P 500 hit a record high, led by gains in materials and information technology sectors, while energy was the only laggard. The Dow rose 0.6%, the S&P 500 gained 0.4%, and the Nasdaq was up 0.6%.
LOCAL MARKET
Australian shares are poised to open higher, lifted by strong overnight gains in US-listed BHP and Rio Tinto shares. This follows a surge in iron ore prices, which climbed back above $US100 per tonne in Singapore after China announced broader efforts to boost growth.
Commodities saw a boost, with copper surpassing $US10,000 per tonne, gold hitting another record, and silver reaching its highest level since 2012. ASX futures were up 19 points, or 0.2%, at 7am AEST.
Analysts at TD Securities noted that the market is benefiting from earlier pessimism about China’s economy, expecting continued momentum in commodities. However, experts like Scotiabank’s Derek Holt stress the need for more concrete details on China’s plans.
Meanwhile, Star Entertainment faces scrutiny ahead of Friday’s trading, while Rio Tinto aims to begin copper production from its Arizona project by the end of the decade, pending final permits.