AU Morning Wrap: Commodities Rally Lifts Shares, Fortescue Hits Record High
G'day, mooers! Check out the latest news on today's stock market!
• Stocks extend post-Fed rally on Wall Street
• Resources boost ASX
• Stocks to watch: Fortescue Metals, Newmont, Pilbara Minerals
- Moomoo News AU
Wall Street Summary
Stocks extended their year-end rally. The $S&P 500 Index (.SPX.US)$ rose 0.3 per cent, $Nasdaq Composite Index (.IXIC.US)$ added 0.2 per cent, $Dow Jones Industrial Average (.DJI.US)$ was up 0.4 per cent, closing at a new record high.
Investors have recently been betting that the Fed will pivot to lowering interest rates next year, and the central bank helped confirm that view Thursday by forecasting three rate cuts in 2024.
AU Market Watch
A rally in metals and energy prices lifted the $S&P/ASX 200 (.XJO.AU)$ 0.5 per cent in early trade as the falling US dollar boosted the price of copper, gold, oil, iron ore and natural gas.
The materials sector added 1.1 per cent, with $Fortescue Ltd (FMG.AU)$ hitting a new record high of $27.78. $Rio Tinto Ltd (RIO.AU)$ and $BHP Group Ltd (BHP.AU)$ both gained, with gold miners also higher as its price reached $US2052 an ounce.
Stocks to Watch
$Sigma Healthcare Ltd (SIG.AU)$: Chemist Warehouse target Sigma is down 4.8 per cent to 99.5¢ asa the two groups push to get a proposed merger across the line. Analysts are divided on whether the ACCC will approve the deal.
Earlier this morning the regulator knocked back a proposed merger between pathology group Healius and Australian Clinical Labs.
$Block Inc (SQ2.AU)$: Afterpay-owner Block jumped 4.5 per cent in early trade to $111.50 as investors cheered plans to slash interest rates in the US.
$Pilbara Minerals Ltd (PLS.AU)$: Heavily shorted lithium play Pilbara Minerals added 1 per cent as commodity prices rally.
$Newmont Corp (NEM.AU)$: Gold miner Newmont jumped 2.3 per cent as the gold price surged to $US2051 an ounce overnight.
Trading Ex-div: None
Listing: None
Economic Calendar (AEST):
1:00 pm: China Industrial Production, Retail Sales, Fixed Asset Investment (Nov)
1:00 pm: China Unemployment Rate (Nov)
1:45 am: US Manufacturing and Services PMI (Dec)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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