| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 43,621.16 | 159.95 | 0.37% |
| S&P 500 | 5,955.25 | -28 | -0.47% |
| Nasdaq | 19,026.39 | -260.54 | -1.35% |
| VIX | 19.43 | 0.45 | 2.37% |
| Gold | 2,928.60 | -34.6 | -1.17% |
| Oil | 69.12 | -1.58 | -2.23% |
US MARKET
US stocks rebounded on Friday, ending a five-session losing streak, as technology giants and cryptocurrency-related stocks led gains across major indices. Investor sentiment improved after Mike Johnson, a key ally of President-elect Donald Trump, retained his position as Speaker of the House on the first ballot. The outcome boosted hopes for a more unified Republican front in advancing Trump’s policy agenda, providing a tailwind for markets.
Economic data added to the positive tone, with the Institute for Supply Management reporting its Purchasing Managers Index rose to a nine-month high of 49.3 in December, up from 48.4 the previous month. Analysts pointed to improved new orders, low customer inventories, and the possibility of tariffs pulling forward demand as factors supporting the stronger reading.
In corporate news, shares in US Steel tumbled 6.5 per cent after President Joe Biden blocked Nippon Steel’s US$15 billion takeover bid, citing national security concerns. The decision has raised questions about the future of foreign investment in critical US industries.
LOCAL MARKET
Australian shares are expected to rise at the open, with futures pointing to a 23-point, or 0.3 per cent, increase for the benchmark index. This follows a modest recovery in the local market late last week, driven by gains in energy stocks on Thursday and Friday. Despite early weakness in the shortened holiday trading week, the index managed to close flat over the four-day period.
The Australian dollar fell further to trade around US62¢, reflecting ongoing weakness in the Chinese yuan. The currency, often viewed as a proxy for China’s economic performance, remains under pressure after declining nine per cent last year.
Iron ore prices continued their slide, dropping 2.6 per cent to US$98.30 per tonne. This adds to concerns about softening demand from China, Australia’s largest trading partner, and could weigh on local mining stocks in today’s session.