US markets started the trading day in positive territory with the S&P 500 briefly passing the 5,500 level for the first time ever before giving up early gains and settling lower by the close.
The S&P 500 closed down 0.25 per cent and the Nasdaq finished 0.79 per cent lower. The Dow Jones bucked the broader trend by closing up 0.77 per cent. Stocks are headed for a winning week, with the S&P 500 and Nasdaq notching new records.
Turning to US sectors, the worst performer was Technology which finished down 1.6 per cent. The best performing sector was Energy which finished 1.86 per cent higher.
After opening higher AI giant Nvidia closed 3.5 per cent lower by the close as the recent surge finally ran out of steam and investors took a breather. Nvidia stock has climbed more than 160 per cent this year.
In other company news Darden Restaurants closed up 1.5 per cent after reported better than expected earnings. Gilead Sciences surged 8.5 per cent after confirming a successful late-stage trial of its HIV prevention shot.
On the macro front, fresh economic data added to the view that the economy is softening, with higher-than-expected weekly jobless claims and poor housing starts and permits. A reading of the Philadelphia Fed Manufacturing Index also came in below estimates.
In European news, the Bank of England held rates steady, yet left the door open for a pivot to rate cuts in the months ahead. Norway’s central bank also held steady. In contrast, the Swiss National Bank unexpectedly cut its key rate by 25 basis points, making it the SNB’s second cut this year.
Futures
The SPI futures are pointing to a 0.1 per cent rise.
Currency
One Australian dollar at 7.30am was buying 66.57 US cents.
Commodities
Gold has added 0.94 per cent. Silver has gained 4.23 per cent. Copper has risen 1.63 per cent. Oil has added 0.72 per cent.
Figures around the globe
European markets closed higher. London’s FTSE added 0.82 per cent, Frankfurt gained 1.03 per cent, and Paris closed 1.34 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei added 0.16 per cent, Hong Kong’s Hang Seng lost 0.52 per cent while China’s Shanghai Composite closed 0.42 per cent lower.
Yesterday, the Australian share market closed flat at 7,769.44.
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
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.
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Source: Finance News Network
