ASX Live Coverage – Thursday, July 10: Key Market Insights
Welcome to our live coverage of the Australian Securities Exchange (ASX) for Thursday, July 10. We’re thrilled to introduce this new update format, featuring a flurry of posts prior to market opening and consistent updates throughout the day. Remember to refresh your page manually to stay updated, and we appreciate your feedback on how we can enhance this experience.
Market Drivers
8:48 AM Update: US indices are seeing a rebound, with the S&P 500 breaking a two-day losing streak. Below are the prominent factors influencing market performance overnight:
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Technology Sector Resurgence: The tech sector showcased impressive performance, growing by 0.94%. Leading firms such as Broadcom (+2.2%), Nvidia (+1.8%), Meta (+1.6%), and Amazon (+1.4%) contributed significantly to market gains.
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Nvidia’s Milestone: Nvidia has now achieved its second consecutive all-time high, momentarily surpassing a market capitalisation of US$4 trillion, marking a historical first. Currently, Nvidia stands approximately US$200 billion ahead of Microsoft, the second-largest company by market cap.
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Declining Yields and Volatility: The US 10-year Treasury yield decreased by 6 basis points to 4.33%, supported by robust demand during a US$39 billion 10-year auction. Additionally, the S&P 500 Volatility Index (VIX) dropped to 15.95, the lowest level since February 21.
- Stable Trade Relations: In terms of tariffs, former President Trump issued a few more tariff letters overnight, but overall developments related to tariffs and trade have been minimal.
Morning Market Snapshot
8:31 AM Update: S&P/ASX 200 futures have risen by 41 points (+0.48%), pushing the market closer to all-time highs, now just 0.30% away.
For those new to our updates, catch up on the Morning Wrap for insights on market expectations.
This encapsulated overview highlights the critical elements impacting the Australian market today, reflecting the positive momentum seen in the US and the implications for local traders.
