AU Morning Wrap: Australian Stock Market Gains Momentum with Tech Rally
G'day, mooers! Check out the latest news on today's stock market!
• Nvidia, Tesla, rest of Mag 7 lift stock market higher
• Australian stock market gains momentum with tech rally
• Stocks to watch: Woodside Energy, Transurban, Brainchip
Wall Street Summary
The $S&P 500 Index (.SPX.US)$ recovered from its biggest weekly slump since April, and the $Nasdaq Composite Index (.IXIC.US)$ rebounded, buoyed by gains in $NVIDIA (NVDA.US)$, $Tesla (TSLA.US)$ and the rest of their Magnificent Seven peers.
Nvidia, which dominates the semiconductor market for chips used to power artificial intelligence applications saw its shares climb 4.8% Monday, recouping some of its loss last week. Earlier Piper Sandler analyst Harsh Kumar raised his price target on the stock, optimistic that the company's quarterly revenue will again blow past analysts' estimates.
The S&P 500 gained 1.1% to close at 5,564.41 Monday, while the Nasdaq rose 1.6% to 18,007.568. The $Dow Jones Industrial Average (.DJI.US)$ added 0.3% to 40,414.44.
AU Market Watch
As trading commenced this morning, the Australian stock market experienced an upward shift, driven by a robust rally in US technology shares. The $S&P/ASX 200 (.XJO.AU)$ index rose by 0.5 percent, reaching 7973.4, with technology stocks leading the surge, climbing 2 percent in value. This positive trend follows a significant recovery in the Nasdaq Composite during the initial US trading session of the week, which comes in anticipation of the quarterly earnings reports from major players such as $Alphabet-C (GOOG.US)$ and $Tesla (TSLA.US)$.
ASX 200 futures are currently trading at 7,954.5, up by 79.5 points, indicating a 1.01% increase.
Commodity
Crude oil prices declined for a second straight session on Monday, plunging to their lowest levels in over a month. Market participants shifted their focus away from U.S. President Joe Biden's announcement to withdraw from the presidential race, redirecting their attention to the burgeoning inventories and indicators of faltering demand.
Brent crude futures witnessed a decrease of 23 cents, or 0.3%, closing at $82.40 per barrel, marking the lowest point since June 11. Concurrently, U.S. West Texas Intermediate (WTI) crude futures for August delivery concluded their trading period on Monday, dropping 35 cents to settle at $79.78 a barrel, which also represented a one-month nadir.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $67,669, down by 0.68% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,449, down by 2.37% in the past 24 hours.
Stocks to Watch
$Woodside Energy Group Ltd (WDS.AU)$, in its June quarterly report, announced a 2 percent increase in revenue to $3.03 billion, affirming its commitment to achieving its financial targets. Despite this positive development, Woodside's shares experienced a slight downturn of 1.2 percent, trading at $28.26. This followed a 2 percent decrease from the previous day's trading session.
$Transurban Group (TCL.AU)$ has entered into a collaborative endeavor with the Queensland government to enhance the Logan Motorway's western segment. This announcement was met with investor approval, as evidenced by a 0.7 percent rise in share value, with prices reaching $12.84.
$BrainChip Holdings Ltd (BRN.AU)$, once celebrated as a leading ASX-listed tech company, has temporarily suspended trading of its shares in anticipation of an upcoming capital raising initiative.
Economic Calendar (AEST)
No major economic announcements.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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