US markets saw some ‘reasonable outcomes in weekly terms'
'You saw the Dow Jones outperform with a gain of 1.7 per cent, the S&P 500 up by around 0.9 of a per cent,' he told Sky News Australia.
'There were some sizeable company moves.'
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Perth Now
3 hours ago
- Perth Now
Wall Street slips amid caution about tech stocks
Wall Street's main indexes have declined and the Nasdaq has hit a two-week low as a rally in technology stocks cooled and caution prevailed ahead of the Federal Reserve's highly anticipated Jackson Hole symposium later this week After driving much of the market's recovery from the April sell-off, tech stocks are pulling back as investors reassess high valuations in the sector. The S&P 500 technology index slid 1.7 per cent on the day. Deepening concerns of government interference with companies, sources said US President Donald Trump's administration was looking into taking equity stakes in chip companies such as Intel in exchange for grants under the CHIPS Act - just weeks after unprecedented revenue-sharing deals with Nvidia and AMD. Nvidia slid 2.8 per cent and Advanced Micro Devices lost 3.0 per cent while Intel and Micron fell about 6.0 per cent each. Nvidia's quarterly results on August 27 are keenly awaited for clues on demand for artificial intelligence. Other megacap growth names such as Apple and Meta also came under pressure, falling 1.4 per cent and 2.3 per cent, respectively. "To see a little pullback here after a big move up is perfectly normal and healthy," said Adam Sarhan, chief executive of 50 Park Investments in New York. "If the selling gets worse then you'll see a rotation out of tech and into undervalued areas of the market like biotech or healthcare stocks or small-cap stocks." In early trading on Wednesday, the Dow Jones Industrial Average fell 17.55 points, or 0.04 per cent, to 44,904.72, the S&P 500 lost 39.62 points, or 0.62 per cent, to 6,371.75 and the Nasdaq Composite lost 272.45 points, or 1.28 per cent, to 21,042.50. The S&P 500 and the Nasdaq marked their worst session in over two weeks on Tuesday following a similar tech sell-off. Minutes from the Fed's July meeting, where interest rates were left unchanged, are expected at 2pm ET. It could set the tone before the central bank's annual conference in Jackson Hole, Wyoming, between August 21 and 23. Chair Jerome Powell is expected to speak on Friday and his remarks will be scrutinised for insight on monetary policy, even as investors price in a 25-basis-point interest rate cut in September, according to data compiled by LSEG. Remarks from Governor Christopher Waller and Atlanta Fed president Raphael Bostic are expected later in the day. Investors also monitored allegations that Fed Governor Lisa Cook was involved in mortgage fraud. Earnings from big retailers, seen as a barometer for the health of US consumers, are also in the spotlight this week as sentiment has taken a hit from concerns that tariffs could drive prices higher. Target plunged 8.2 per cent after the company named a new CEO and retained its annual forecasts that were lowered in May due to weak demand for the discretionary merchandise it sells. Cosmetics giant Estee Lauder fell 2.5 per cent after tariff-related headwinds weighed on its annual profit forecast. On the trade front, the Commerce Department slapped 50 per cent import levies on more than 400 "derivative" steel and aluminium products. Advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE. Declining issues outnumbered advancers by a 1.61-to-1 ratio on the Nasdaq. The S&P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 17 new highs and 75 new lows.
The Age
9 hours ago
- The Age
ASX finishes higher as banks, retailers rise; James Hardie shares plummet
Welcome to your five-minute recap of the trading day. The numbers The Australian sharemarket finished higher on Wednesday after a flurry of company earnings results as gains by the big four banks and the nation's retailers more than offset a plunge by building materials maker James Hardie and losses by energy stocks and CSL. The S&P/ASX 200 closed up 21.80 points, or 0.3 per cent, to 8918, having shrugged off early wobbles by lunchtime. Seven of its 11 industry sectors advanced, with the banks, consumer discretionary stocks and real estate investment trusts leading the gains. The index had lost 0.7 per cent on Tuesday, its steepest drop since August 1. The Australian dollar slipped 0.1 per cent to US64.45¢. The lifters The big four banks all posted solid gains. Commonwealth Bank, the nation's biggest and the biggest stock on the ASX, rose 0.8 per cent. Westpac added 2.5 per cent, NAB climbed 3.7 per cent and ANZ was up 2 per cent. Financial stocks make up almost a third of the entire ASX, meaning their performance has a major influence on the market overall. Loading Consumer discretionary stocks also advanced. Wesfarmers, owner of Kmart and Officeworks, rose 2.6 per cent, electronics retailer JB Hi-Fi was up 2 per cent and furnishing chain Harvey Norman added 1.2 per cent. The Lottery Corp jumped 7 per cent after revealing $749.3 million in operating full-year earnings, down 9.4 per cent from its record jackpot year in 2024.
Perth Now
10 hours ago
- Perth Now
ASX climbs as banks lead rally
Australia's sharemarket edged higher on Wednesday, bouncing back slightly after a two-day slump driven by CSL's record one-day fall. The S&P/ASX 200 rose 21.8 points, or 0.25 per cent, to 8,918, while the broader All Ordinaries added 3.6 points to 9,177.4. The Australian dollar slipped slightly to 64.7 US cents. Over the past five days, the index has gained 1.03 per cent and sits just 0.5 per cent below its 52-week high. Banks continued to support the market, with all four major lenders climbing. Commonwealth Bank added 0.79 per cent to $172.40, Westpac jumped 2.47 per cent to $38.23, NAB surged 3.68 per cent to $42.03, and ANZ rose 1.95 per cent to $33.41. IG analyst Tony Sycamore said the ASX 200 had performed 'really well'. 'The ASX 200 is insulated because we don't have the concentration of tech stocks that hit the US markets,' Mr Sycamore said. 'One of the reasons why we're seen as a more defensive market is because we've got the banks, and the banks have done well again today.' Seven of the 11 sectors higher. After Tuesday's shock fall of 16.89 per cent in CSL shares, the healthcare giant continued to weigh on the sector, which slipped 1.28 per cent. Other sectors on the decline included information technology (-2.32 per cent), materials (-1.16 per cent), and energy (-1.23 per cent), while consumer discretionary (+1.93 per cent), real estate (+1.80 per cent), and financials (+1.43 per cent) led the winners. 'Elsewhere, we saw some fall in CSL extent today, so there is certainly an exodus which continues from that particular stock, and it does feel like the market's the wrong way around with regards to CSL,' Mr Sycamore said. 'It was certainly a shock yesterday, and in terms of early season bombshells, probably the biggest one I can recall in recent memory.' Top performers on Wednesday included HMC Capital, up 17.74 per cent to $3.85, and Centuria Capital Group, which gained 11.63 per cent to $2.40. Synlait Milk (+8.11 per cent), Service Stream (+7.92 per cent), and Strickland Metals (+7.69 per cent) also posted strong gains. A mix of defensive gains and high-profile falls saw the S&P/ASX 200 rise 0.25 per cent, as investors weighed fresh earnings shocks against solid bank performance. NewsWire/ Gaye Gerard. Credit: News Corp Australia However, some high-profile falls highlighted ongoing volatility. James Hardie plunged 27.83 per cent to $32, while Arafura Rare Earths (-13.64 per cent), Elsight (-13.53 per cent), and Electro Optic Systems (-13.09 per cent) were among the biggest decliners. Mr Sycamore said after recent market jitters and high-profile earnings shocks, investors were seeking safer options. 'The lure of the banks is proving to be appealing,' Mr Sycamore said. 'Given recent uncertainty, investors are moving towards stocks with cheaper valuations. For example, CBA trading at $172 now compared to $192 a couple of months ago makes it look more attractive. 'We're moving into a period where people are going to be more selective and favour cheaper, more defensively valued stocks.' Miners gave back some of Tuesday's gains. BHP, which rallied 1.57 per cent on Monday, retreated slightly in Wednesday's session, reflecting a broader pullback in the sector. 'Big mining stocks had a bad day today, but their valuations aren't expensive by any stretch of the imagination,' Mr Sycamore said. 'We're seeing more stock selection based on value rather than just momentum, which has been driving markets for a while.'
