AU Morning Wrap: Shares Down as Miners Hit; Gold, Iron Ore Drop
G'day, mooers! Check out the latest news on today's stock market!
• Dow marked worst day this year
• Shares down as miners hit; gold, iron ore drop
• Stocks to watch: Appen, Newmont
• Dow marked worst day this year
• Shares down as miners hit; gold, iron ore drop
• Stocks to watch: Appen, Newmont
Wall Street Summary
Stocks fell on Thursday, with the Dow marking its worst day of 2024, despite Nvidia seeing a $221 billion boost in its market cap on the day. The $Dow Jones Industrial Average(.DJI.US$ ended 605 points lower, or down 1.5%. The $Nasdaq Composite Index(.IXIC.US$ lost 0.4%, and the $S&P 500 Index(.SPX.US$ was down 0.27%.
AU Market Watch
At the opening on Friday, Australian shares declined by 1%, reflecting the general weakness across commodities and the previous sell-off in Wall Street.
Iron ore price fell below $119 per tonne, while gold dropped below $2340 per ounce as investors reduced their expectations of rate cuts in the US and bond yields increased.
As a result, $BHP Group Ltd(BHP.AU$'s shares decreased by 0.9% to $44.50, $Mineral Resources Ltd(MIN.AU$ saw a drop of 1.7%, and $Evolution Mining Ltd(EVN.AU$, a gold mining company, experienced a decrease of 1.8% to $3.74.
ASX 200 futures are currently trading at 7,745.5, down 14.0 points, indicating a 0.18% decrease.
Commodity
Spot gold dropped by 1.7% to $2337.75/oz at 1:31 in New York
Brent crude decreased by 1.1% to $81.03 per barrel
Iron ore fell by 2.3% to $119.55 per tonne.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $67,782, down 2.10% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,770, up 0.83% in the past 24 hours.
Stocks to Watch
Following its announcement at the AGM that it anticipates reaching break-even on an operating basis in financial year 2024, shares in $Appen Ltd(APX.AU$, an online labour hire and data entry company, increased by 6.8%.
Gold miners $Newmont Corp(NEM.AU$ saw a decline, with its shares dropping by 1% to $62.40 due to the easing of gold prices.
Economic Calendar (AEDT)
9:30 am – JPY – National core CPI
4:00 pm – EUR – German final GDP, British retail sales
10:30 pm – CAD – Core retail sales, corporate profits
10:30 pm – USD – Durable goods order
12:00 midnight – USD – University of Michigan revised consumer sentiment and inflation expectations
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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