AU Morning Wrap: Shares Rise; Gold Hits Record High

Moomoo News AU wrote a column · Mar 6 17:41

G'day, mooers! Check out the latest news on today's stock market!
• Stocks rebound as Powell expects a pivot to rate cuts
• ASX to rise; gold hits record high
• Stocks to watch: Origin, Commonwealth Bank

AU Morning Wrap: Shares Rise; Gold Hits Record High

Wall Street Summary

On Wednesday, US investors processed Federal Reserve Chair Jerome Powell's remarks that rate cuts are still possible this year, resulting in a sharp rebound for tech stocks, which had led a significant decline in the broader market the day before.

The $Nasdaq Composite Index(.IXIC.US)$, which is heavily weighted towards technology stocks, surged by almost 0.6%. The $S&P 500 Index(.SPX.US)$ also rose by 0.5%, while the $Dow Jones Industrial Average(.DJI.US)$ increased by 0.2%, with both indices recovering from losses that exceeded 1%.

AU Market Watch

Australian stocks are set to increase, following a recovery in New York on the back of Federal Reserve Chairman Jerome Powell's statement that he anticipates a shift towards interest rate cuts later this year.

At 10:17am AEDT, the $S&P/ASX 200(.XJO.AU)$ is up 0.1% to 7743.3 points, with a decline in energy stocks weighing on the index.

Stocks to Watch

Following the failure of Brookfield's bid, AusSuper's valuation of $Origin Energy Ltd(ORG.AU)$ has been validated. Despite disagreements over the takeover offer, AusSuper's CEO has expressed support for Origin's management, but has not ruled out the possibility of seeking a board seat in the future.

In a move towards digital banking, $CommBank(CBA.AU)$ will be closing down 45 Bankwest branches, with another 15 set to be converted to the CBA brand.