Daily Updates

Wall Street saw further gains on Friday, resulting in the best trading week in 2024 so far, as hopes for a 50bps fed funds rate cut on Wednesday continued to mount. Increases were again broad-based, with the strongest gains in utilities, communication services and cyclically sensitive industrials.

US stocks saw further gains last night, as market participants continue to anticipate a rate cut from the Fed next week, with the probability of a 50bps cut picking up again after mixed US economic data. The rise in stock prices was broad-based, with communication services seeing the strongest gain. This followed positive trading sessions in Europe and most of the Asia-Pacific region.

Wall Street saw renewed strong increases last night, supported by a rise in Nvidia shares, which helped offset the slight upside surprise to the monthly US core CPI figures. The tech-heavy Nasdaq surged by 2.2%, while the S&P 500 rose by 1.1% and the Dow Jones edged up 0.3%.

US stocks were mixed on Tuesday night ahead of the US presidential debate this morning (9.00 am AWST) and the US CPI due for release tonight. The S&P 500 and Nasdaq rose, with gains in most sectors, while the Dow Jones declined a little.

US equities began the week positively, with the S&P 500 climbing 1.2% ahead of Wednesday’s release of the all-important US CPI, after falling for all four trading days last week (Monday was a holiday). The gains followed a strong session in Europe, where traders are looking forward to an interest rate cut from the ECB on Thursday.

Wall Street saw further declines on Friday, concluding the worst week since March 2023, following the disappointing US employment figures. The scale of the equity losses was limited by dovish comments by Fed Governor Christopher Waller.