AU Morning Wrap: ASX Flat; James Hardie Jumps 12%

The $Nasdaq Composite Index(.IXIC.US)$ led the way, climbing 0.9%, in its eighth straight daily gain and its longest streak in two years. The tech-heavy index is now up 30 per cent on the year.

The $S&P 500 Index(.SPX.US)$ and $Dow Jones Industrial Average(.DJI.US)$ extended their runs of consecutive daily gains to seven. The S&P 500 rose 0.3 per cent to bring its year-to-date climb to 14 per cent. The Dow Jones added 0.2 per cent, or about 57 points, to nudge its 2023 gain to 3per cent.

The benchmark $S&P/ASX 200(.XJO.AU)$ added just 3.9 points to 6981 at market open despite gains in US mega-cap tech stocks, as investors paid little heed to Federal Reserve policymakers warning that there is more work to do to tame inflation. The All Ordinaries rose 2.6 points.

The materials sector was the worst performer as iron ore, gold and oil retreated overnight amid renewed concerns about China's economy following mixed trade data on Tuesday. $BHP Group Ltd(BHP.AU)$ dropped 2.3 per cent, $Fortescue Ltd(FMG.AU)$ lost 1.4 per cent and $Rio Tinto Ltd(RIO.AU)$ declined 2.5 per cent.

$James Hardie Industries PLC(JHX.AU)$: Building materials company James Hardie surged 12 per cent after posting a 2 per cent increase to its net income at $US178.9 million ($278 million) in the second quarter of fiscal 2024. It booked global net sales at $US998.8 million.

$Atlas Arteria Ltd(ALX.AU)$: IFM Investors' dealmakers went straight from watching Melbourne Cup on Tuesday afternoon to shopping for more shares in ASX-listed toll roads group Atlas Arteria.