AU Morning Wrap | ASX Steady Amid Middle East Tensions, Tech Stocks Lead Gains

Moomoo News AU joined discussion · Yesterday 08:13

G'day, mooers! Check out the latest news on today's stock market!

• Markets Rebound to End a Volatile Week on a High Note

• ASX To Rise

• Stocks to watch: GOG, PME, etc.

AU Morning Wrap | ASX Steady Amid Middle East Tensions, Tech Stocks Lead Gains

Wall Street Summary

Despite a tumultuous week marked by a temporary port strike, fluctuations in Chinese stocks due to stimulus measures, and geopolitical tensions in the Middle East, markets showed resilience, returning to their September closing averages by last Friday.

After trading hours, major indices reported gains: the $S&P 500 Index (.SPX.US)$ climbed by 0.90%, the $Dow Jones Industrial Average (.DJI.US)$ increased by 0.81%, and the $Nasdaq Composite Index (.IXIC.US)$ saw a rise of 1.22%. This turnaround underscores a robust market recovery, navigating through various global economic and political challenges.

AU Market Watch

Australian shares climbed this morning, driven by gains in tech stocks, while investors considered the risks associated with escalating conflict in the Middle East and possible oil supply disruptions.

The S&P/ASX 200 rose by 0.03 percent, reaching 8152.6 points, just shy of 40 points from its record closing high of 8212.2 set in late September. The index broke a three-week winning streak on Friday. Trading volume is low, as much of the country is celebrating the Labour Day holiday.

Energy shares increased, but their gains were limited as oil prices opened lower in Asia. Brent crude declined by 0.6 percent to $77.62 a barrel, while West Texas Intermediate dropped to $74. Santos fell by 0.2 percent, while Woodside saw a slight increase of 0.1 percent.

Crypto

As of the latest data, $Bitcoin (BTC.CC)$ is priced at $62,825, rose 1.32% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,440, up by 1.16% in the past 24 hours.

Stocks to Watch

Florida-based investment firm $GQG Partners Inc (GQG.AU)$ saw a decline of 2.9 percent despite reporting inflows of $2.2 billion ($3.2 billion) in September.

In contrast, healthcare imaging company $Pro Medicus Ltd (PME.AU)$ gained 0.5 percent following the announcement of a $98 million contract renewal with US-based Mercy Health, which includes a higher transaction fee.

Economic Calendar (AEST)

No major economic announcements.

Source: Dow Jones Newswires, AFR

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