AU Morning Wrap: ASX Opens Higher Before Jobs Data; Sigma Falls

The $S&P 500 Index(.SPX.US)$ climbed to a new high, breaking above 5,400 for the first time on Wednesday, following the Federal Reserve's latest policy announcement and May's inflation data, which indicated a reduction in pricing pressure. The broader market index rose by 0.85%, closing at 5,421.03. $Nasdaq Composite Index(.IXIC.US)$ also achieved a record high, gaining 1.53% and ending at 17,608.44 on Wednesday. Meanwhile, the $Dow Jones Industrial Average(.DJI.US)$ slipped 0.09%, or 35.21 points, concluding at 38,712.21.

The tech sector rose by 2 per cent, with $WiseTech Global Ltd(WTC.AU)$ climbing 2.7 per cent to reach nearly $100 per share. $Sigma Healthcare Ltd(SIG.AU)$ is currently in a trading halt following competition regulator ACCC's concerns about the proposed merger with Chemist Warehouse.

Uranium stocks are also rebounding after a recent dip in the uranium price. $Boss Energy Ltd(BOE.AU)$ is up 5.5 per cent to $3.26, while $Paladin Energy Ltd(PDN.AU)$ added 2.7 per cent to $14.26.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.63¢, an increase of 0.02%.

$Gold Futures(AUG4)(GCmain.US)$ initially surged by 1.1% following the US inflation report, but eventually settled up by just 0.36% during the overnight session. This fluctuation in price was also observed in the $VanEck Gold Miners ETF(GDX.AU)$, which saw an increase of 0.7% from session highs of 3.1%. Other commodities, such as nickel, copper, and palladium, also experienced similar price fluctuations.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $68,054, up by 0.98% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,549, up by 1.34% in the past 24 hours.

$ASX Ltd(ASX.AU)$, the stock exchange operator, has released its expense growth rate forecast for fiscal 2024, anticipating a rate of approximately 15%, which is at the higher end of their guidance. Additionally, ASX Ltd projects a growth rate of 6% to 9% for fiscal year 2025. The primary driver for the increase in spending for the next financial year is ongoing technology-related investments, which includes expenses related to software licensing, equipment costs, as well as depreciation and amortisation.

Australia's competition watchdog has expressed concerns over $Sigma Healthcare Ltd(SIG.AU)$'s proposed merger with Chemist Warehouse, citing potential consequences for the pharmacy retail industry. According to the watchdog, the $8.8 billion deal "would substantially lessen competition in pharmacy retailing" and "may lead to increased prices for the goods and services provided in pharmacies."