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AU Morning Wrap: ASX bounces led by tech and materials

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Moomoo News AU wrote a column · May 19, 2022 19:27
G'day, mooers! Check out the latest news on today's stock market!
• Miners outperformed in falling US market
• Australian shares opened higher on Friday; ASX 200 up 0.57 per cent
• Stocks to watch: Woolworths, Carnaby, IGO
- moomoo News AU
AU Morning Wrap: ASX bounces led by tech and materials

Wall Street Summary
The S&P 500 fell closer to a bear market as soft factory output and weak earnings from Cisco added to growth worries. Bargain-hunting in megacap growth stocks lifted the indices off their lows.
The $S&P 500 Index (.SPX.US)$ lost 23 points or 0.58 per cent. The broadest of the three major benchmarks closed roughly 18 per cent off its January peak. The $Dow Jones Industrial Average (.DJI.US)$ dropped 237 points or 0.75 per cent. The $Nasdaq Composite Index (.IXIC.US)$ dipped 30 points or 0.26 per cent.

AU Market Watch
Australia's S&P/ASX 200 looks likely to lose more ground at the open after the S&P 500 and Dow Jones Industrial Average both closed at their lowest levels since March 2021. ASX futures are down 0.1%. The benchmark index lost 1.65% Thursday, wiping out its gains for the week and putting it on course for a fifth straight weekly loss. It hasn't had such a losing streak since 2016.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.57 per cent to 7105 as of 10:20 am.
Stocks to Watch
$Woolworths Group Ltd (WOW.AU)$: Woolworths Group plans to buy an 80 per cent interest in online marketplace retailer MyDeal at all-cash consideration of $1.05 per share, representing a premium of 62.8 per cent to the last closing price of $0.65 per share.
$Carnaby Resources Ltd (CNB.AU)$: Mining explorer Carnaby Resources says its Greater Duchess Copper Gold project in Mount Isa has recorded "exceptional drill results" and flagged the prospect of more.
$IGO Ltd (IGO.AU)$: IGO says it has successfully produced battery-grade lithium hydroxide over several days. Once product samples have been independently verified, the product qualification process will start.

Ex-dividend Companies: $Kelly Partners Group Holdings Ltd (KPG.AU)$

Dividends Paid Companies: $Cromwell Property Group (CMW.AU)$, $Jupiter Mines Ltd (JMS.AU)$, $Katana Capital Ltd (KAT.AU)$

Commodities
• Iron ore prices reclaimed the US$130 a tonne level.
• Oil prices bounced from session lows of US$105 to US$111 as the EU nears a deadline to pay for Russian oil with a rubles account.
• Gold is having its best days since March and finally acting like a safe haven again. A pullback in Treasury yields, the US dollar and concerns about economic growth is driving positive inflows for the yellow metal.

Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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