US markets closed higher on Friday, with the Dow Jones Industrial Average hitting a new all-time high, closing at 44,296.51.
The S&P 500 also saw its fifth straight positive session, finishing at 5,969.34. However, gains were somewhat tempered by slides in tech giants Nvidia and Alphabet.
Looking at sector performance, energy stocks experienced a significant boost, spurred by rising tensions in the Ukraine-Russia conflict. This pushed Brent and West Texas Intermediate benchmarks 6 per cent higher last week. Conversely, base metals and iron ore prices dipped due to concerns about potential tariffs impacting Chinese demand.
In the currency markets, the Australian dollar gained 0.5 per cent last week, reaching 65.30 US cents, although it's down slightly this month.
Bitcoin also made headlines, nearing the US$100,000 mark, with some market analysts predicting it could reach US$150,000 before Christmas.
Turning to the ASX, futures indicate a positive opening on Monday, with the S&P/ASX 200 expected to gain 0.6 per cent or 52 points to 8445.8 from Friday's record closing high.
This bullish sentiment is likely driven by investor optimism surrounding the potential Trump administration, and the strong performance of energy stocks.
In company news, Air New Zealand expects its earnings before tax for the first half of FY25 to be between $NZ120 million ($107 million) and $NZ160 million, while also cautioning about a continued aircraft shortage due to maintenance delays.
Synlait Milk has raised its forecast base milk price for the 2024/2025 season to NZ$9.50 per kg milk solid (kgMS), an increase from NZ$9.00, driven by stronger global commodity prices.
Meanwhile, Afterpay-owner Block, which has a substantial Bitcoin exposure, experienced a 27 per cent increase this month.
Smartpay is due to release earnings release, and AGMs for Pro Medicus, Southern Cross Media, and Regal Partners.
Disclaimer
The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2024 – Finance News Network
Source: Finance News Network
