AU Morning Wrap: ASX Shares Rise; Treasury Wine Gains

Moomoo News AU wrote a column · Mar 12 18:43

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 ends at new all-time high
• ASX shares rise; Treasury Wine gains
• Stocks to watch: Liontown Resources, Treasury Wines, Core Lithium

AU Morning Wrap: ASX Shares Rise; Treasury Wine Gains

Wall Street Summary

On Tuesday, the stock market experienced a surge in prices following the release of U.S. inflation data that was largely in line with expectations. This news gave investors the green light to invest in high-performing tech companies like Nvidia and Meta Platforms.

The $Dow Jones Industrial Average(.DJI.US)$ closed at 39,005.49, up 0.61%, while the $S&P 500 Index(.SPX.US)$ reached a new record high of 5,175.27, increasing 1.12% since the previous session on March 7. The $Nasdaq Composite Index(.IXIC.US)$ also rose by 1.54%, closing at 16,265.64.

AU Market Watch

The Australian stock market is expected to open with gains, following the upward momentum in New York where traders have increased their expectations for a rate cut in June.

Stocks to Watch

Shares of $Liontown Resources Ltd(LTR.AU)$ rose by 10% to reach $1.44 following its announcement of securing a $550 million debt funding facility with major banks, including Commonwealth Bank and National Australia Bank. Meanwhile,

$Treasury Wine Estates Ltd(TWE.AU)$ CEO, Tim Ford, expressed his optimism about the potential removal of Chinese tariffs on Australian wines, following the Chinese Ministry of Commerce's draft intention to do so.

$Core Lithium Ltd(CXO.AU)$'s Gareth Manderson and another independent director have resigned as the miner continues to suffer losses and impairments, with the prospects of a restart for its Northern Territory mine appearing bleak.