AU Morning Wrap: ASX Hits Record High, NAB's McEwan to Join BHP

Moomoo News AU wrote a column · Feb 29 17:46

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 logs best February in 9 years
• ASX hits record high
• Stocks to watch: National Australia Bank, Life360

AU Morning Wrap: ASX Hits Record High, NAB's McEwan to Join BHP

Wall Street Summary

The $Nasdaq Composite Index(.IXIC.US)$ closed at a record high Thursday for the first time since 2021.

The tech-heavy index rose 0.9 per cent, snapping a streak of 569 trading days without a new high. The $S&P 500 Index(.SPX.US)$ advanced 0.5 per cent, also setting a fresh record, while the $Dow Jones Industrial Average(.DJI.US)$ gained 0.1 per cent, or 47 points.

AU Market Watch

$S&P/ASX 200(.XJO.AU)$ set a record high of 7733.2 points in early trade on Friday with the benchmark index tracking to its sixth gain in seven sessions as markets bet central banks will pivot to rate cuts in 2024.

Gains in the technology and resources sector pushed the market 0.2 per cent higher.

Lithium miners jumped as benchmark futures traded in China for the battery metal extended a week-long rebound.

Stocks to Watch

$National Australia Bank Ltd(NAB.AU)$: National Australia Bank's outgoing chief executive Ross McEwan will join the board of BHP on April 3.

$Life360 Inc(360.AU)$: Life360, the tracking app guided for revenue up to $US375 million in 2024 and narrowed its loss to $US28.1 million in 2023. As at the period end it had monthly active users of 61.4 million.