ASX Live Coverage Summary – Thursday, July 3
Welcome to our live coverage of the Australian Securities Exchange (ASX) for Thursday, July 3. We’re eager to introduce this new format, offering a high volume of updates pre-market and regular insights throughout the day. To keep up, please refresh this page manually for the latest information and don’t hesitate to provide feedback on how we can improve your experience.
Market Insights: What’s Influencing Stock Movements?
[8:45 am] On Wednesday, there was a notable shift in the market as investors moved away from high-growth technology stocks in favour of defensive, value, and small-cap stocks. This trend saw the Nasdaq decline by 0.82%, while the Dow Jones Industrial Average rose by 0.91%. In contrast, today has seen a reversal of these trends, with the Dow slightly lower but the Nasdaq gaining 0.94% to achieve a new all-time high.
Key factors influencing today’s movements include:
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Technology Recovery: Stocks like Tesla (+4.9%), Nvidia (+2.5%), and Apple (+2.2%) are leading the charge as investors return to technology shares.
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Trade News: Former President Trump has announced a new trade deal with Vietnam that includes a 20% tariff on Vietnamese exports to the U.S. and a 40% tariff on products transshipped through Vietnam.
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Job Market Data: The U.S. private sector reported an unexpected contraction of approximately 33,000 jobs in June, diverging sharply from the anticipated gain of 115,000 and marking the first negative month since March 2023.
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Tesla’s Quarterly Results: The carmaker’s second-quarter deliveries were more aligned with market expectations, presenting a solid performance amidst a challenging sales environment and intense price competition in China.
- Banking Sector Actions: Major banks in the U.S., including JPMorgan, Bank of America, Wells Fargo, and Citigroup, have announced new share buybacks and increased dividends following successful outcomes in recent Federal Reserve stress tests.
— By Kerry Sun
Morning Update
[8:30 am] The S&P/ASX 200 futures are down by 11 points (-0.12%) in contrast to a robust performance from Wall Street, where the S&P 500 and Nasdaq both achieved record highs.
For those unfamiliar with our coverage, please check out today’s Morning Wrap to get up to speed.
This concise overview of the ASX market updates highlights the key dynamics driving stock performance today, reflecting shifts in investor sentiment and crucial economic indicators.
