AU Morning Wrap: ASX Lifts; CPI in Focus
G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq soars as Tesla kicks off "Mag 7" earnings
• ASX lifts; CPI in focus
• Stocks to watch: Fortescue, Nick Scali, Perpetual, Cleanaway
• Nasdaq soars as Tesla kicks off "Mag 7" earnings
• ASX lifts; CPI in focus
• Stocks to watch: Fortescue, Nick Scali, Perpetual, Cleanaway
Wall Street Summary
Indexes held onto the green Tuesday with a deluge of Q1 earnings finally underway that sent markets into rebound territory. $Tesla(TSLA.US$ missed earnings expectations, but still gained after hours.
The $S&P 500 Index(.SPX.US$ traded +1.20%. The $Dow Jones Industrial Average(.DJI.US$ climbed about 0.69%, and the $Nasdaq Composite Index(.IXIC.US$ climbed 1.59%.
Last week, market indexes pulled back hard. The S&P 500 and Nasdaq are still lower by about -0.22% and -1.67% compared to their starting prices last Monday.
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$ fell by 0.77% to 4.94%, while the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ declined 0.40% to 4.61% as of 18: 00 ET on April 23.
AU Market Watch
The Australian sharemarket opened higher, following a resurgence on Wall Street led by strong performances from tech megacaps. The benchmark S&P/ASX 200 Index increased by 0.4%, or 30.6 points to 7714.1, driven by gains in the healthcare and information technology sectors.
Today, traders are focused on Australia's March quarter inflation figures, with the market fully expecting the Reserve Bank to begin easing, but not until 2025.
ASX 200 futures are currently trading at 7,743, up by 6.5 points, indicating a 0.08% increase.
Commodity
Oil Prices Rise, Driven by Risk-On Sentiment
Amid a decreasing premium for geopolitical risk, oil prices gained as a result of a risk-on mood prompted by the prospect of looser monetary policy. West Texas Intermediate settled near $US83 a barrel following a fluctuation in a range of over $US2. The equity market rallied after US business activity showed growth at its slowest pace this year. The weakening economic data is being interpreted as a bullish sign for markets, as traders analyze clues for the US Federal Reserve's next move on lower interest rates.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $66,522, down 0.44% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,216, up 0.22% in the past 24 hours.
Stocks to Watch
$Fortescue Ltd(FMG.AU$ has maintained its shipments guidance at 192 to 197Mt, despite experiencing derailment and weather impacts during the third quarter. The company now expects shipments to fall towards the lower end of the range.
Furniture retailer $Nick Scali Ltd(NCK.AU$ has confirmed its acquisition of UK-based Anglia Home Furnishings, trading as Fabb Furniture, for a nominal price of £2 ($3.82).
$Perpetual Ltd(PPT.AU$ saw a 6% rise in assets under management for the March quarter, which helped to offset $5.2 billion in net outflows. As of March 31, total assets under management were recorded at $227.4 billion, compared to $213.9 billion in December 31.
$Cleanaway Waste Management Ltd(CWY.AU$ has dismissed rumors of a potential takeover by Seven Group, following reports that Seven was seeking financing for the acquisition.
Economic Calendar (AEDT):
11:30 am: Australia Inflation Rate (Mar)
10:30 pm: US Durable Goods Orders (Mar)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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