| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42528.36 | -178.20 | -0.42% |
| S&P 500 | 5909.03 | -66.35 | -1.11% |
| Nasdaq | 19489.68 | -375.30 | -1.89% |
| VIX | 17.82 | 1.78 | 11.10% |
| Gold | 2663.10 | 15.70 | 0.59% |
| Oil | 74.42 | 0.86 | 1.17% |
US MARKET
US stocks reversed early gains to close sharply lower as investors digested fresh economic data and recalibrated expectations for Federal Reserve interest rate cuts. The S&P 500 fell 1.1%, the Nasdaq Composite dropped 1.9%, and the Dow Jones Industrial Average ended down 0.4%, after fluctuating throughout the session.
Tech stocks led the declines, with Nvidia tumbling over 6% despite CEO Jensen Huang unveiling ambitious artificial intelligence plans, including a new AI superchip, during his CES keynote. Nvidia’s retreat marked a sharp reversal from its record close the previous day, making it the Dow’s worst-performing stock.
Economic data added to investor uncertainty. The Institute for Supply Management’s manufacturing PMI showed continued sector expansion, but the prices paid index surged to a nearly two-year high of 64.4, signaling renewed inflationary pressures. Capital Economics economist Thomas Ryan noted that rising prices remain a concern for the Fed, especially as tariffs and immigration curbs are expected to stoke inflation further this year.
Meanwhile, JOLTS job openings in November exceeded expectations, while hiring slowed, and the quits rate—a measure of worker confidence—fell to 1.9% from 2.1% in October. This data sets the stage for Friday’s pivotal December jobs report, which will likely shape the Fed’s next moves.
LOCAL MARKET
Australian shares are set to open slightly lower following a technology-led sell-off on Wall Street, which erased earlier gains. ASX futures indicate a 10-point drop, or 0.1%, for the S&P/ASX 200, threatening to end the local market’s four-day winning streak. The Australian dollar softened overnight, slipping 0.2%.
WiseTech remains in focus as it enters the year with strong cultural and operational momentum, emphasizing its people and products as core value drivers. Meanwhile, JPMorgan highlighted that increased superannuation fund holdings in Australia’s major banks last year contrast with fund managers’ broader retreat from the sector.