AU Morning Wrap: ASX Hits New Record High; Gold Prices Surge
G'day, mooers! Check out the latest news on today's stock market!
• The Dow Jones Industrial Average and the S&P 500 closed at record highs Tuesday
• ASX 200 to open at record highs, Russell 2000 jumps 3%, Gold prices surge
• Stocks to watch: SGR, BHP, CTT, WAF, GMG
Wall Street Summary
The Dow Jones Industrial Average and the S&P 500 closed at record highs Tuesday. Both indexes also hit all-time intraday highs just before 3 pm EST. Shortly after the 4 pm EST close, the $S&P 500 Index (.SPX.US)$ climbed 0.64%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.19%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.20%.
This week will be a light one for macroeconomic news, with many Federal Reserve speakers and Initial Jobless claims on Thursday. Federal Reserve Governor Adriana D. Kugler said Tuesday she anticipates "it will be appropriate to begin easing monetary policy later this year" if economic conditions continue to evolve in a favorable manner with more rapid disinflation and employment softens while remaining resilient. She addressed the National Association for Business Economics Foundation in Washington."If the labor market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later," Kugler said. "Alternatively, if incoming data do not provide confidence that inflation is moving sustainably toward 2 percent, it may be appropriate to hold rates steady for a little longer." Federal Reserve President Jerome Powell spoke Monday, saying the Fed would likely lower rates before inflation to 2%.
AU Market Watch
Australian shares opened higher, tracking gains from Wall Street as traders anticipate a potential interest rate pivot by the Federal Reserve in September. The benchmark $S&P/ASX 200 (.XJO.AU)$ Index increased by 0.4%, or 31.8 points, to 8031.1, briefly reaching a new record intraday high of 8040.2. Technology and real estate stocks, sensitive to interest rates, saw substantial gains, with property stocks rallying 1.5%. Notable performers included $Goodman Group (GMG.AU)$, $Scentre Group (SCG.AU)$, and $Charter Hall Group (CHC.AU)$.
Commodity
Spot bullion rose as high as $US2469.66 an ounce, moving past the previous all-time peak set in May. ASX gold miners tracked the higher gold price, with $West African Resources Ltd (WAF.AU)$ up 4.8 per cent and $Bellevue Gold Ltd (BGL.AU)$ rising 3.2 per cent.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $65,354, up by 1.19% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,461, down by 0.36% in the past 24 hours.
Stocks to Watch
$The Star Entertainment Group Ltd (SGR.AU)$ saw a 1.4% increase in its shares after reactivating all its electronic gaming machines and tables, which had been shut down due to system performance issues.
$BHP Group Ltd (BHP.AU)$ shares dipped by 0.4% despite the company meeting its financial year 2024 production guidance for all commodities, with metallurgical coal reaching the upper end of its revised forecast.
Online luxury retailer $Cettire Ltd (CTT.AU)$ surged 4% after providing more details about its upcoming financial performance, confirming that it will report gross revenue between $975 million and $980 million for the 12 months ending in June.
Economic Calendar (AEST)
4:00 pm: UK Inflation Rate (Jun)
10:30 pm: US Building Permits (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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