AU Morning Wrap: ASX to Edge Up Before RBA Rate Call; Seek Lowers Revenue Forecast
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 higher, Morgan Stanley says tech rally is overdone
• ASX to edge up before RBA rate call, oil surges
• Stocks to watch: Northern Star, Seek, Super Retail
- Moomoo News AU
• S&P 500 higher, Morgan Stanley says tech rally is overdone
• ASX to edge up before RBA rate call, oil surges
• Stocks to watch: Northern Star, Seek, Super Retail
- Moomoo News AU
Wall Street Summary
The $Dow Jones Industrial Average(.DJI.US$ rose while the Nasdaq Composite fell Monday, as investors weighed weaker-than-expected manufacturing data and a rise in oil prices on the first trading day of the second quarter.
The $S&P 500 Index(.SPX.US$ ticked up 15.20 points, or 0.4%, to 4124.51. The Dow industrials added 327 points, or 1%, to 33601.15. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ declined 32.45 points, or 0.3%, to 12189.45.
U.S. stocks are coming off a tumultuous first quarter in which the major indexes proved fairly resilient in the face of a banking crisis that caught the financial world by surprise in March. All three major stock indexes finished the first three months of the year with gains.
AU Market Watch
Australian shares may edge higher. Energy shares surged in New York, lifting the Dow Jones, as benchmark oil advanced more than 6 per cent. Tesla tumbled.
ASX futures were up 7 points, or 0.1 per cent, to 7254 at 7am AEST, reversing earlier modest declines.
The local currency leapt 1.5 per cent, putting US68¢ on the radar screen; the Bloomberg dollar spot index slipped 0.4 per cent.
The Reserve Bank of Australia will issue a rate decision after its policy meeting at 2.30pm AEST on Tuesday.
Stocks to Watch
$Northern Star Resources Ltd(NST.AU$: Gold is trading above $US2000 ($2946) this morning as yields on government bonds extend a steep run of losses sparked by the collapse of Silicon Valley Bank.
Gold miner Northern Star is up more than 12 per cent over the past month, with Newcrest Mining adding more than 10 per cent and Gold Road up 9.6 per cent.
$Seek Ltd(SEK.AU$: Seek's financial year 2023 revenue will be about $15 million lower than forecast, at around $1.245 billion as job ad volumes soften on the employment classifieds site.
The weakness detected in third-quarter revenue will be offset by lower operating costs, Seek said.
The company reiterated its guidance for $560 million in EBITDA and $250 million in annual net profit.
$Super Retail Group Ltd(SUL.AU$: Super Retail Group's founder and non-executive director Reg Rowe will retire from the company's board, effective today.
Super Retail also announced the appointment of Mark O'Hare as a non-executive director of the company effective today.
O'Hare was nominated by Rowe as his nominee non-executive director. He is Rowe's long-time business adviser and is the chairman of the advisory group of Re-Grow Capital Group, which is Rowe's private investment group.
With his late wife Hazel, Rowe founded Super Retail Group's original business in 1972 and served as managing director until 1996. He was chairman from 1996 to 2004 and has been a non-executive director since the company listed on the ASX in 2004.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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