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Thursday Morning Wrap: Market Insights and Developments
ASX 200 futures are up 41 points (+0.48%) as of 8:30 am AEST.
Key Highlights:
- The S&P 500 managed to reverse a two-day decline and is now just 0.3% away from its all-time peak.
- Nvidia set a new all-time high, becoming the first firm to temporarily surpass a market capitalisation of US$4 trillion.
- Today’s trading on the local market is relatively subdued, with few corporate announcements or updates noted so far.
Overnight Summary
Date: Thu 10 Jul 25, 8:22 am (AEST)
Major Indices Performance:
| Index | Value | Change (%) |
|---|---|---|
| S&P 500 | 6,263 | +0.61% |
| Dow Jones | 44,458 | +0.49% |
| NASDAQ Comp | 20,611 | +0.94% |
| Russell 2000 | 2,252 | +1.07% |
Country Indices:
| Country | Value | Change (%) |
|---|---|---|
| Canada | 26,972 | +0.26% |
| China | 3,493 | -0.13% |
| Germany | 24,550 | +1.42% |
| Hong Kong | 23,892 | -1.06% |
| India | 83,536 | -0.21% |
| Japan | 39,821 | +0.33% |
| United Kingdom | 8,867 | +0.15% |
Commodities (USD):
| Commodity | Value | Change (%) |
|---|---|---|
| Gold | 3,317.09 | +0.47% |
| Copper | 5.4803 | -2.92% |
| WTI Oil | 68.29 | -0.14% |
Currency Market:
| Currency Pair | Value | Change (%) |
|---|---|---|
| AUD/USD | 0.6537 | +0.03% |
Cryptocurrency:
| Cryptocurrency | Value | Change (%) |
|---|---|---|
| Bitcoin (USD) | 111,050 | +1.97% |
| Ethereum (AUD) | 4,229 | +5.93% |
Miscellaneous:
| Item | Value | Change (%) |
|---|---|---|
| US 10 Yr T-bond | 4.342 | -1.65% |
| VIX | 15.94 | -5.18% |
US Sector Performance
Date: Thu 10 Jul 25, 8:22 am (AEST)
| Sector | Change (%) |
|---|---|
| Utilities | +1.00% |
| Information Technology | +0.94% |
| Communication Services | +0.93% |
| Consumer Discretionary | +0.73% |
| Industrials | +0.70% |
| Materials | +0.54% |
| Health Care | +0.43% |
| Financials | +0.30% |
| Real Estate | -0.02% |
| Energy | -0.50% |
| Consumer Staples | -0.55% |
S&P 500 Session Chart
Market Overview:
- Major US indices closed positively, approaching their respective highs. The S&P 500’s resilience is attributed mostly to a buoyant tech sector.
- Nvidia’s stock climbed by 1.8% as it reached unprecedented market cap levels, favouring tech stocks overall.
- The market showed signs of stability amid lower bond yields and increased mergers and acquisitions activity, with little major news impacting trading today.
Stocks and Corporate News
- Oppenheimer enhanced its outlook for Microsoft due to promising potential in AI.
- Amazon faced a significant drop in Prime Day sales, down 41% on the first day.
- Perplexity unveiled its AI-driven web browser, called Comet.
- Merck is nearing a substantial acquisition deal targeting Verona Pharma.
- Nissan has postponed US EV production due to the end of tax incentives.
Central Banks and Policy Updates
- Recent FOMC minutes indicate a division among policymakers over potential rate cuts amid inflation concerns.
- The BoJ is monitoring inflation impacts from rising commodity prices while confirming timing for potential rate hikes is uncertain.
- The Reserve Bank of New Zealand is maintaining rates but anticipates possible future cuts.
Key Events Ahead
- Today’s ASX market remains relatively quiet with few announcements and an overall subdued trading atmosphere.
- Notable corporate updates include:
- Aurelia Metals reported a preliminary production of 45.4koz against a guidance of 40-50koz.
- Black Cat Syndicate has expanded its project tenure significantly.
- Vulcan Energy plans an increase in share capital amid ongoing cash contributions.
Conclusion
The market displays a cautious optimism as tech stocks fuel gains while broader themes of inflation and supply chain issues linger. Keep an eye on the upcoming financial data that may further shape market sentiment.
