AU Morning Wrap: ASX Nears Record High; Telix Rallies
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• S&P 500 surpasses 5,600 milestone, closing at record high
• ASX nears record high; Telix rallies
• Stocks to watch: Boss Energy, Paladin, Telix Pharmaceuticals
• S&P 500 surpasses 5,600 milestone, closing at record high
• ASX nears record high; Telix rallies
• Stocks to watch: Boss Energy, Paladin, Telix Pharmaceuticals
Wall Street Summary
US stocks advanced for the seventh session on Wednesday, lifting the $S&P 500 Index(.SPX.US$ above 5,600 for the first time ever. The index hit a fresh all-time high and closing high, climbing 1.02% to 5,633. The $Nasdaq Composite Index(.IXIC.US$ hit an all-time high and closing high as well, climbing 1.18% to 18,647. The $Dow Jones Industrial Average(.DJI.US$ recently was up 0.5% and the Nasdaq Composite index was rising 1.09%.
AU Market Watch
Australian equities experienced a robust opening, climbing 1.1 percent to surpass the 7900-point mark, edging closer to the all-time intraday high of 7910.5 points set on April 2. The market's broad-based rally was in step with Wall Street's sprint to historic highs, buoyed by continued advancements from the technology giants.
Domestically, sectors sensitive to interest rate fluctuations saw notable increases in the early trading hours. The technology sector advanced by 1.6 percent, while real estate entities saw a 1.7 percent uplift.
The rise in gold prices also propelled the mining sector, as the value of the precious metal soared to $US2372 per ounce this past Thursday. In tandem, benchmark oil futures demonstrated strength. Shares of Newmont, a key player in the industry, experienced a significant uptick, rising 3.3 percent to reach $67.50.
ASX 200 futures are currently trading at 7,886.5, up by 13.5 points, indicating a 0.17% increase.
Commodity
Crude Oil Prices Climb as US Inventory Drop Signals Rising Demand
Crude oil prices continued their upward trend for a second consecutive day, buoyed by indicators of escalating demand which, in turn, lifted market sentiment. In the midst of a broader risk-on disposition in financial markets, West Texas Intermediate (WTI) ascended past the $82 per barrel mark, building on a 0.9% increase from Wednesday. Meanwhile, Brent crude edged close to $85 per barrel.
Data revealing a substantial drawdown in U.S. crude inventories served as a catalyst for the price surge. Stockpiles shrank by 3.4 million barrels over the previous week, a sign of tightening supply amid heightened consumption. The uptick in demand was further evidenced by rising metrics of jet fuel and gasoline use, particularly noteworthy as the summer travel season progresses in the world's leading oil consumer.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $57,716, down by 0.48% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,100, up by 1.19% in the past 24 hours.
Stocks to Watch
Shares in uranium mining companies experienced a sector-wide surge as the price of nuclear fuel increased. $Boss Energy Ltd(BOE.AU$ saw a notable rise of 6.1 percent, mirroring $Paladin Energy Ltd(PDN.AU$'s identical gain of 6.1 percent.
$Telix Pharmaceuticals(TLX.US$ saw its shares soar by 13.3 percent, reaching $19.98. This significant uptick followed the company's announcement regarding anticipated regulatory changes in the United States concerning reimbursement for diagnostic radiotherapy treatments.
Economic Calendar (AEST)
4:00 pm: UK GDP (May)
10:30 pm: US Inflation Rate (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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