AU Morning Wrap: ASX Up at Open; Retail Stocks Flat Before May Sales Report
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 surpasses 5500 milestone in historic close
• ASX up at open; retail stocks flat before May sales report
• Stocks to watch: Booktopia, APA, Sayona
• S&P 500 surpasses 5500 milestone in historic close
• ASX up at open; retail stocks flat before May sales report
• Stocks to watch: Booktopia, APA, Sayona
Wall Street Summary
Indexes traded higher Monday, while overall, there were more declining equities than advancing. Just after the 4 pm close, the climbed 0.13%, while the climbed 0.27% after hitting a fresh all-time high Friday at the close of the first half of the year.The similarly hit all-time highs Friday, and climbed 0.84% Monday.
Indexes advanced late Tuesday for the second day of the second half. Just after the close, the $S&P 500 Index(.SPX.US$ climbed 0.62%, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.41%and the $Nasdaq Composite Index(.IXIC.US$ climbed 0.84%.
AU Market Watch
Australian stocks opened with modest gains, drawing momentum from a bullish Wall Street as US equity markets climbed and bond yields receded. This market optimism followed Federal Reserve Chairman Jerome Powell's affirmation that the "disinflationary path is intact," hinting at the possibility of interest rate reductions in the upcoming months.
At the commencement of trading, the benchmark $S&P/ASX 200(.XJO.AU$ witnessed an uptick of 0.3 percent, an increase of 22.2 points, reaching 7740.4. Across the board, a majority of sectors saw green, with seven out of eleven posting gains.
Leading the pack, the real estate sector, which is particularly sensitive to interest rate fluctuations, showed strong performance. $Stockland Corp Ltd(SGP.AU$ experienced a surge of 1.4 percent, while $Charter Hall Group(CHC.AU$ and $Scentre Group(SCG.AU$ saw their share prices ascend by 1.5 percent and 0.6 percent, respectively.
ASX 200 futures are currently trading at 7,723.5, up by 1.5 points, indicating a 0.02% increase.
Commodity
Oil edges higher on signs of major drawdown in US inventories
Oil climbed to trade near a two-month high on signs of a significant drawdown in US crude stockpiles. West Texas Intermediate pushed above $US83 a barrel after a modest drop on Tuesday. Brent closed above $US86. The American Petroleum Institute reported crude inventories shrank 9.2 million barrels last week, according to people familiar with the data. If confirmed in official figures later Wednesday, that would be the largest drop in barrel terms since January.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $62,172, down by 1.07% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,422, down by 0.41% in the past 24 hours.
Stocks to Watch
Embattled online book retailer $Booktopia Group Ltd(BKG.AU$ has been placed in voluntary administration. McGrathNicol has been appointed to handle the process. Shares will remain suspended after they were halted in mid-June as the company searched for more funding.
$APA Group(APA.AU$ shares fell 0.7 per cent after it said it expected a non-cash impairment of $145 million to its Moomba Sydney Ethane pipeline. The forecasted impairment would result in a full write-down of the book value of Moomba Sydney Ethane pipeline and will be recorded in its financial year 2024 statements.
Lithium producer $Sayona Mining Ltd(SYA.AU$ has appointed former Adani country head Lucas Dow as managing director and chief executive. He has also worked as an executive within ASX listed mining companies, including BHP and South32.
Economic Calendar (AEST)
9:00 am: Australia Ai Group Industry Index (Jun)
11:30 am: Australia Retail Sales (May)
12:00 am: US ISM Services PMI (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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