| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42141.54 | -91.51 | -0.22% |
| S&P 500 | 5813.67 | -19.25 | -0.33% |
| Nasdaq | 18607.93 | -104.82 | -0.56% |
| VIX | 20.35 | 1.01 | 5.22% |
| Gold | 2799.00 | 17.90 | 0.64% |
| Oil | 69.07 | 1.86 | 2.77% |
US MARKET
US stocks closed lower on Wednesday as Alphabet’s strong earnings fueled optimism for Big Tech, though it wasn’t enough to lift tech-heavy indexes. Meanwhile, critical economic data on GDP and labor markets continues to shape the Federal Reserve’s outlook as it weighs its next rate decision.
All three major indexes fluctuated throughout the day before closing in the red. The Dow Jones Industrial Average slipped 0.2%, the S&P 500 declined over 0.3%, and the Nasdaq Composite lost nearly 0.6%. The latest government report indicated that US GDP growth slowed to a 2.8% annualized rate in the last quarter, slightly below expectations. Nonetheless, consumer spending remains robust as inflation continues to ease.
Additionally, ADP’s October report on private payrolls showed surprising growth, adding complexity ahead of Friday’s official jobs report. Big Tech stayed in focus as Alphabet’s earnings underscored progress in its AI investments, with shares up nearly 3%.
After the market closed, Meta (META) and Microsoft (MSFT) continued the Big Tech earnings wave. Both exceeded Wall Street’s revenue and EPS forecasts, though Meta’s ambitious spending plans weighed on its shares, while Microsoft ticked higher.
LOCAL MARKET
Australian shares are positioned for a positive open today, with ASX futures up 43 points, or 0.5%, suggesting a recovery from yesterday’s 0.8% decline. Strong earnings from US tech leaders are expected to provide support to local sentiment as traders shift their focus to domestic market updates.
In spotlight today, Woolworths will hold its AGM, where investors will be keen to hear about the company’s plans amid rising competition in the grocery sector. Coles is set to release its quarterly sales report, giving further insight into the retail landscape. Wesfarmers, another key player in the Australian market, will also host its AGM, providing updates on its diversified business interests, particularly in retail and industrials.
With consumer spending and inflation remaining focal points in the broader economy, updates from these major players will be closely watched to assess the resilience of the Australian market.