| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42233.05 | -154.52 | -0.36% |
| S&P 500 | 5832.92 | 9.40 | 0.16% |
| Nasdaq | 18712.75 | 145.56 | 0.78% |
| VIX | 19.34 | -0.46 | -2.32% |
| Gold | 2785.30 | 4.20 | 0.15% |
| Oil | 67.42 | 0.21 | 0.31% |
US MARKET
US stocks traded lower Wednesday morning as investors awaited major corporate earnings reports and key economic data. Snap, Advanced Micro Devices, and Alphabet will report third-quarter results after today’s close, while Meta and Microsoft are set to announce their earnings later this evening, followed by Apple and Amazon on Thursday.
Tuesday’s market dipped as traders anticipated an influx of corporate financials and economic indicators. Major indexes edged down while bond yields rose, with the 10-year Treasury yield up to 4.326%. Earnings season is well underway, with about 37% of S&P 500 companies having reported so far, of which 75% have beaten expectations, aligning with the 10-year average.
Upcoming economic data will likely shape the outlook for potential Fed rate moves. Investors are focused on third-quarter GDP data out on Wednesday, with a forecast of 3.2% growth for the period. Friday’s jobs report is expected to show an increase of 110,000 jobs in October, a significant drop from September’s 254,000.
In other market developments, election-related headlines are moving the markets, and Trump Media and Technology stock saw notable volatility Tuesday following a Trump event in Madison Square Garden, with trading temporarily halted. The Nasdaq 100 climbed 1% to a record, while the S&P 500 rose 0.2% and the Dow fell 0.36%.
LOCAL MARKET
The Australian share market is set to edge higher, following gains in major US tech stocks, with ASX futures up 3 points to 8278 at 6 a.m. AEDT.
Today, Australia’s inflation data will be in focus, with expectations of a drop to 2.9% for the year through September. Corporate updates include Woolworths’ first-quarter sales and briefings from Pilbara Minerals, Lynas Rare Earths, Whitehaven Coal, BHP, and Bega Cheese.