AU Morning Wrap: ASX Flat; Tabcorp Falls
G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq still climbed to a fifth closing high
• ASX flat; Tabcorp falls
• Stocks to watch: Tabcorp, Bapcor, Life360
Wall Street Summary
Major stock indexes pulled back Friday, but the Nasdaq still climbed to a Fifth closing high. For the week, the $S&P 500 Index (.SPX.US)$ advanced 1.58%, while the $Dow Jones Industrial Average (.DJI.US)$ fell 0.54%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ climbed 3.24%.
AU Market Watch
The Australian stock market opened lower on Monday, with energy leading the losses, as investors remained cautious before the Reserve Bank's rate decision and concerns about France's upcoming elections. The benchmark index fell by 0.1% or 6.3 points to 7718, extending the previous week's decline of 1.7%, marking the biggest drop in two months.
Four of the eleven sectors flashed red, with energy slumping the most due to weaker oil prices. Brent crude oil fell by 0.2% to $US82.41 a barrel, causing $Ampol Ltd (ALD.AU)$ to recede by 1%, $Santos Ltd (STO.AU)$ by 0.5%, and $Woodside Energy Group Ltd (WDS.AU)$ by 0.3%.
Index-heavy $Rio Tinto Ltd (RIO.AU)$ was steady, but $BHP Group Ltd (BHP.AU)$ retreated by 0.2%, and $Fortescue Ltd (FMG.AU)$ lost 0.8% after iron ore prices shed 1.1% over the week, nearing the $US100 psychological level.
ASX 200 futures are currently trading at 7,713, down by 9 points, indicating a 0.12% decrease.
Commodity
Oil Prices Dip, But Weekly Gains Remain Strong on 2024 Demand Outlook
Oil futures prices settled slightly lower on Friday, with Brent crude futures down by 13 cents at $US82.62 a barrel, and West Texas Intermediate (WTI) US crude futures down by 17 cents at $US78.54. However, the week saw a 4% rise in prices for both Brent and the US benchmark, marking the highest weekly increase in percentage terms since April. Despite the dip in prices on Friday, losses were limited due to forecasts for strong demand in the future.
The US Energy Information Administration (EIA) slightly upgraded its oil demand growth estimate for 2024, and the Organisation of the Petroleum Exporting Countries maintained a forecast for relatively strong growth of 2.2 million barrels a day.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $66,588, up by 0.61% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,616, up by 1.49% in the past 24 hours.
Stocks to Watch
Australian wagering company $Tabcorp Holdings Ltd (TAH.AU)$ has announced the appointment of Gillon McLachlan as its new CEO, effective August 5. McLachlan, who spent almost ten years as CEO of the Australian Football League, will take over from David Attenborough.
Automotive parts retailer $Bapcor Ltd (BAP.AU)$ has secured $400 million in loans of four and five years, which will be used to refinance debt and for general corporate purposes. The company has also named George Saoud as its new CFO.
Family-tracking app $Life360 Inc (360.AU)$ has exercised the over-allotment option of 862,500 shares of common stock, also known as "greenshoe," at the offer price of $US27.00 per share.
Economic Calendar (AEST)
12:00 pm: China Industrial Production, Retail Sales, Fixed Asset Investment and Unemployment Rate (May)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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