AU Morning Wrap: Australian stock market rebounds, gaining momentum from miners rally
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• Nvidia, Alphabet, Microsoft drag S&P, Nasdaq lower
• Australian stock market rebounds, gaining momentum from miners rally
• Stocks to watch: Mineral Resources
• Nvidia, Alphabet, Microsoft drag S&P, Nasdaq lower
• Australian stock market rebounds, gaining momentum from miners rally
• Stocks to watch: Mineral Resources
Wall Street Summary
Google parent $Alphabet-C(GOOG.US$, $Microsoft(MSFT.US$ and $NVIDIA(NVDA.US$ led the slump in Magnificent Seven stocks, dragging down the S&P 500 and the Nasdaq amid mounting speculation big money is moving from this year's biggest gainers to unloved equities.
The $S&P 500 Index(.SPX.US$ slipped 0.5% to close Thursday at 5,399.22, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ declined 0.9% to 17,181.72. The $Dow Jones Industrial Average(.DJI.US$ backed the trend, gaining 0.2% to 39,935.07, highlighting the divergence between previously high flying mega-caps and the rest of the stock market.
AU Market Watch
The Australian stock market opened on a positive note, recovering from earlier losses sustained this week. he benchmark $S&P/ASX 200(.XJO.AU$ Index experienced a 0.6 percent rise, climbing 44 points to reach 7,905.2 as trading commenced, with a majority of sectors—ten out of eleven—experiencing gains. This uptick comes on the heels of a 1 percent decline witnessed the previous day.
Leading the charge, the materials sector saw a notable surge, ascending 1.5 percent. Mining giants $BHP Group Ltd(BHP.AU$ and $Fortescue Ltd(FMG.AU$ were significant contributors to this rise, with BHP's shares increasing by 2 percent and Fortescue Metals' shares appreciating by 2.3 percent.
Iron ore futures signaled a robust market, advancing 1.9 percent to $US101.55 per ton on the Singapore exchange as of Friday morning, despite an overnight dip below the $US100 mark per ton.
Commodity
Gold prices experienced a decline, demonstrating a lack of appeal as a safe haven asset despite a growing aversion to risk among traders. This shift in sentiment coincided with a significant appreciation of the Japanese yen. Spot gold registered a decrease of 0.9% to $2,376.11 per ounce.
Concurrently, turmoil continued to unsettle the broader commodity markets, exemplified by copper prices plummeting to their lowest point in nearly four months. This downward trajectory was fueled by persistent worries regarding China, the foremost importer, and its impact on market dynamics. Compounding the bearish outlook for commodities, recent indicators of manufacturing activity have pointed to contraction in major economies, including the United States, Germany, and Japan. These weak signals have cast a shadow over copper's prospects.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $66,063, up by 0.98% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,188, down by 4.41% in the past 24 hours.
Stocks to Watch
$Mineral Resources Ltd(MIN.AU$ has announced that it is poised to achieve its forecasted production guidance for the fiscal year 2024. This confirmation comes as part of the mining company's most recent trading update. The reported production figures show a 9 percent increase compared to the previous year, with a total output of 269 metric tons. This performance aligns with the company's projected guidance, which estimated production would fall between 260 and 280 metric tons.
Economic Calendar (AEST)
10:30 pm: US Core PCE (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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