| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 44722.06 | -138.25 | -0.31% |
| S&P 500 | 5998.74 | -22.89 | -0.38% |
| Nasdaq | 19060.48 | -115.10 | -0.60% |
| VIX | 14.10 | 0.00 | 0.00% |
| Gold | 2636.40 | 15.10 | 0.58% |
| Oil | 68.77 | 0.00 | 0.00% |
US MARKET
US stocks slipped, ending a seven-day rally that had pushed the S&P 500 to record highs. The S&P 500 fell 0.4%, the Nasdaq 100 dropped 0.6%, and the Dow Jones Industrial Average lost 0.3%. A Bloomberg index tracking the “Magnificent Seven” mega cap stocks slid nearly 1%, with Dell and HP tumbling over 11% on disappointing earnings.
Economic data showed the Fed’s preferred inflation measure, the core personal consumption expenditures index, rose 2.8% year-on-year in October, reinforcing expectations that the Fed will hold rates steady in the near term. The resilient labor market and strong economic growth support this outlook, though sticky inflation complicates the Fed’s path to price stability.
JPMorgan Chase’s equity team, led by Dubravko Lakos-Bujas, issued a bullish 2025 S&P 500 target of 6,500, citing opportunities outweighing risks despite geopolitical and policy uncertainties. The S&P 500 has already gained over 25% this year, outpacing global peers and benefiting from AI-driven tech rallies.
In corporate news, Autodesk announced cost-cutting measures, Urban Outfitters reported strong Anthropologie-driven sales, and Nordstrom raised its annual sales forecast after better-than-expected results. Seasonal trends suggest potential for continued market strength, with historical data showing the S&P 500 typically gains into year-end when it’s already up for the year.
With markets closed for Thanksgiving, attention turns to Eurozone inflation data and Black Friday sales for further economic insights.
LOCAL MARKET
Australian shares are set to open higher this morning, with ASX futures up 21 points, or 0.3 per cent, at 8am AEDT. The S&P/ASX 200 is gradually approaching its record high from earlier this week, though gains may be moderated by a soft performance on Wall Street overnight.
Closer to home, Western Australian lithium producers, including Mineral Resources and IGO, are expected to be in focus after the state government unveiled a support package featuring tens of millions of dollars in interest-free loans to stabilize the sector amid a global price slump.
Investors will also turn their attention to Star Entertainment Group as the casino operator faces its annual general meeting today, where its board is expected to address ongoing challenges. Meanwhile, Fisher & Paykel Healthcare reported increased profits and revenue for the six months to September, citing the normalization of staffing and hospital capacity as key drivers.