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Crucial Wednesday: Inflation report and FOMC rate decision
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AU Morning Wrap: ASX Opens Higher Before Jobs Data; Sigma Falls

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Moomoo News AU joined discussion · Jun 12 19:37
G'day, mooers! Check out the latest news on today's stock market!
• Third day of US index records
• ASX opens higher before jobs data; Sigma falls
• Stocks to watch: ASX, Sigma
AU Morning Wrap: ASX Opens Higher Before Jobs Data; Sigma Falls
Wall Street Summary
The $S&P 500 Index(.SPX.US)$ climbed to a new high, breaking above 5,400 for the first time on Wednesday, following the Federal Reserve's latest policy announcement and May's inflation data, which indicated a reduction in pricing pressure. The broader market index rose by 0.85%, closing at 5,421.03. $Nasdaq Composite Index(.IXIC.US)$ also achieved a record high, gaining 1.53% and ending at 17,608.44 on Wednesday. Meanwhile, the $Dow Jones Industrial Average(.DJI.US)$ slipped 0.09%, or 35.21 points, concluding at 38,712.21.
AU Market Watch
Australian shares opened higher, rising by 0.8 per cent to reach 7778 points. The increase was driven by gains in the property, banking, and tech sectors, offsetting the previous two-day losses due to falling commodity prices.
The tech sector rose by 2 per cent, with $WiseTech Global Ltd(WTC.AU)$ climbing 2.7 per cent to reach nearly $100 per share. $Sigma Healthcare Ltd(SIG.AU)$ is currently in a trading halt following competition regulator ACCC's concerns about the proposed merger with Chemist Warehouse.
Meanwhile, shares in stock exchange operator fell 7.7 per cent to $58.35 after warning about increasing costs.
Uranium stocks are also rebounding after a recent dip in the uranium price. $Boss Energy Ltd(BOE.AU)$ is up 5.5 per cent to $3.26, while $Paladin Energy Ltd(PDN.AU)$ added 2.7 per cent to $14.26.
At 11.30am AEST, jobs data for May is expected to show a decline in the jobless rate by 0.1 per cent to 4 per cent, according to consensus forecasts.
ASX 200 futures are currently trading at 7,784.5, up by 2 points, indicating a 0.03% increase.
The $AUD/USD(AUDUSD.FX)$ is trading at US66.63¢, an increase of 0.02%.
Commodity
$Gold Futures(AUG4)(GCmain.US)$ initially surged by 1.1% following the US inflation report, but eventually settled up by just 0.36% during the overnight session. This fluctuation in price was also observed in the $VanEck Gold Miners ETF(GDX.AU)$, which saw an increase of 0.7% from session highs of 3.1%. Other commodities, such as nickel, copper, and palladium, also experienced similar price fluctuations.
Crypto
As of latest data, $Bitcoin(BTC.CC)$ is priced at $68,054, up by 0.98% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,549, up by 1.34% in the past 24 hours.
Stocks to Watch
$ASX Ltd(ASX.AU)$, the stock exchange operator, has released its expense growth rate forecast for fiscal 2024, anticipating a rate of approximately 15%, which is at the higher end of their guidance. Additionally, ASX Ltd projects a growth rate of 6% to 9% for fiscal year 2025. The primary driver for the increase in spending for the next financial year is ongoing technology-related investments, which includes expenses related to software licensing, equipment costs, as well as depreciation and amortisation.
Australia's competition watchdog has expressed concerns over $Sigma Healthcare Ltd(SIG.AU)$'s proposed merger with Chemist Warehouse, citing potential consequences for the pharmacy retail industry. According to the watchdog, the $8.8 billion deal "would substantially lessen competition in pharmacy retailing" and "may lead to increased prices for the goods and services provided in pharmacies."
Economic Calendar (AEST)
10:30 am: Australia Consumer Confidence
11:30 am: Australia Unemployment (May)
10:30 pm: US PPI (May)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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