| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 40743.33 | 203.40 | 0.50% |
| S&P 500 | 5436.44 | -27.10 | -0.50% |
| Nasdaq | 17147.42 | -222.78 | -1.28% |
| VIX | 17.69 | 1.09 | 6.57% |
| Gold | 2455.10 | 3.20 | 0.13% |
| Oil | 75.32 | 0.59 | 0.79% |
US MARKET
Ahead of a crucial Fed meeting and Big Tech earnings, US stocks declined, led by a significant drop in Nvidia.
The S&P 500 fell 0.5%, and the Nasdaq Composite lost 1.3%, while the Dow Jones Industrial Average rose 0.5%.
The market anticipates the Fed’s rate decision, July jobs data, and earnings from major tech companies, questioning if the recent downturn in stocks is ending.
Notably, Nvidia’s shares fell 7%, reflecting broader concerns over AI investments in tech sectors. Key earnings reports from Microsoft and others like Apple, Amazon, and Meta are upcoming, with Wall Street keen to see if AI investments yield results.
Meanwhile, the Fed is expected to maintain current rates but might hint at a future cut.
LOCAL MARKET
The Australian share market closed lower, with the S&P/ASX200 and All Ordinaries indices falling by 0.46% and 0.58%, respectively.
Despite recovering from early sharp losses, Fortescue Metals notably dropped 10.2% after a significant share sell-off.
Upcoming are Australia’s inflation report and central banks’ rate decisions, alongside major US tech earnings.
Other highlights include a surge in Credit Corp shares after its earnings report and mixed results in the mining and financial sectors.
Woolworths announced an executive change, and tech firm Appen reported strong quarterly revenue growth.