AU Morning Wrap: ASX Rises; Zip Shares Soar 11%
G'day, mooers! Check out the latest news on today's stock market!
• US stocks tick down after Treasury yield hits 5%
• ASX rises; Ansell drops
• Stocks to watch: NEXTDC, Ansell, Zip
- Moomoo News AU
Wall Street Summary
Investors have been waiting for the right moment to jump back in the frigid bond market. On Monday, some of them took the plunge.
A monthslong bond selloff helped push the 10-year U.S. Treasury yield above 5 per cent on Monday morning for the first time since 2007. Some investors saw the milestone as a buying opportunity, quickly pushing yields back to 4.836%. Yields rise as prices fall.
The stock market's response to Monday's reversal was mixed. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.6 per cent, or 191 points. The $S&P 500 Index (.SPX.US)$ ticked down 0.2 per cent, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 0.3 per cent.
AU Market Watch
The Australian sharemarket opened higher on Tuesday as investors shrugged off the volatility on the bond market overnight.
The benchmark $S&P/ASX 200 (.XJO.AU)$ index rose 0.4 per cent or 24.8 points to 6868.9 at market open, buoyed by gains in the information technology sector.
Technology stocks were the best performing, tracking gains on the tech-heavy Nasdaq. $Nextdc Ltd (NXT.AU)$ rallied 3.2 per cent, $Megaport Ltd (MP1.AU)$ jumped 3.2 per cent, $Technology One Ltd (TNE.AU)$ up 0.9 per cent and $WiseTech Global Ltd (WTC.AU)$ rose 0.5 per cent.
Stocks to Watch
$Ansell Ltd (ANN.AU)$: Medical glove and surgical suits group Ansell dropped 1.5 per cent. Its CEO said supply and demand in the industry as the COVID-19 pandemic fades would likely be back towards normal in the second half of 2023-24.
$Zip Co Ltd (ZIP.AU)$: Buy now pay later operator Zip Co surged 11.7 per cent following a 31.9 per cent increase to $204.4 million in its first quarter revenue.
$Perseus Mining Ltd (PRU.AU)$: Gold miner Perseus added 1.6 per cent after a decline in its all in site costs at $US937 an ounce in the September quarter.
Trading Ex-div: None
Dividends Paid: None
Listing: None
Economic Calendar (AEST):
9:00 am: Australia Manufacturing and Services PMI
5:00 pm: Germany Consumer Confidence
6:30 pm: Germany Manufacturing PMI
12:45 am: US Manufacturing and Services PMI
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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