AU Morning Wrap: ASX Up Over 1%; Aristocrat Jumps on Earnings Beat

Meme stocks are Pulling back after a two day rush. The $S&P 500 Index(.SPX.US)$ broke 5,300 and joined the Nasdaq and Dow Jones ending the day at new record highs after the CPI print. Just after 4 PM EST, the $S&P 500 Index(.SPX.US)$ traded up 1.17% past an all time high. The $Nasdaq Composite Index(.IXIC.US)$ opened, setting an all-time closing high, and kept up a 1.40% climb to finish the day at 16,742.39.The $Dow Jones Industrial Average(.DJI.US)$ reached a record close 39,908.07, up 0.88%.

The $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ was 4.73%, the $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ was 4.35%.

The $S&P/ASX 200(.XJO.AU)$ rose by 1.29% in early trade, driven by gains in the gold miners and interest rate sensitive sectors such as tech, retail, and property stocks. This surge followed US inflation data that raised expectations of an interest rate cut by the Federal Reserve in September, leading to record highs in all three major US benchmarks and lower bond yields.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.99¢, an increase of 0.09%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $61,609, down 1.99% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $2,887, down 2.01% in the past 24 hours.

$Aristocrat Leisure Ltd(ALL.AU)$ has announced a 16.8% increase in profits to $723.3 million for the six months to March 31 and a 20% increase in dividends.

$Incitec Pivot Ltd(IPL.AU)$ has revealed plans to sell its fertilisers business to an Indonesian suitor.

$Graincorp Ltd(GNC.AU)$ has reported a decline in its net profit and sales over the six months to March 31, which the company attributed to poor weather conditions.