Thursday Morning Market Wrap
ASX 200 Futures Slide by 37 Points
As of 8:30 am AEST, ASX 200 futures have declined by 37 points or 0.43%.
Key Highlights:
- The Nasdaq 100 achieved a significant milestone by reaching a record high, while the S&P 500 remained stable. However, the Equal-weight S&P 500 dropped by 0.72%, reflecting a lack of broad market strength.
- Overnight trading was uneventful, with market attention shifting from ongoing tensions in the Middle East to the impending tariff deadline.
- Notably, Nvidia shares surged by 4.3%, reclaiming the title of the world’s most valuable company from Microsoft.
Market Overview
Global Indices Snapshot (as at Thu 26 June, 8:25 am AEST)
| Major Indices | Value | % Change |
|---|---|---|
| S&P 500 | 6,092 | 0.00% |
| Dow Jones | 42,982 | -0.25% |
| NASDAQ Composite | 19,974 | +0.31% |
| Russell 2000 | 2,136 | -1.16% |
| Country Indices | Country | Value | % Change |
|---|---|---|---|
| Canada | 26,566 | -0.57% | |
| China | 3,456 | +1.04% | |
| Germany | 23,498 | -0.61% | |
| Hong Kong | 24,475 | +1.23% | |
| India | 82,756 | +0.85% | |
| Japan | 38,942 | +0.39% | |
| United Kingdom | 8,719 | -0.46% |
| Commodity Prices (USD) | Commodity | Value | % Change |
|---|---|---|---|
| Gold | 3,333.26 | +0.31% | |
| Copper | 4.9179 | +0.59% | |
| WTI Oil | 64.92 | +0.85% |
Currency and Cryptocurrency Updates
- AUD/USD: 0.6509 (+0.29%)
- Bitcoin: $107,454 (+1.51%)
- Ethereum: $3,728 (-0.55%)
Overnight Summary
US markets showed mixed results with significant benchmarks retracing early gains. The breadth of market performance was negative, highlighting weaknesses beneath surface gains. The weaker-than-anticipated profit guidance from FedEx (-3.2%) added pressure, reflecting general uncertainties in demand due to tariff issues.
Nvidia’s stock performance led the rally, hitting an all-time high while the Nasdaq 100 reached new highs for the first time since February, buoyed by resilient fundamentals.
| Sector Performance | US Sectors | % Change |
|---|---|---|
| Information Technology | +1.18% | |
| Communication Services | +0.51% | |
| Health Care | +0.09% | |
| Financials | -0.38% | |
| Energy | -0.43% | |
| Materials | -0.79% | |
| Industrials | -0.93% | |
| Consumer Discretionary | -1.13% | |
| Utilities | -1.37% | |
| Consumer Staples | -1.39% | |
| Real Estate | -2.46% |
Current Economic Contexts
- Central bank officials, including Fed Chair Jerome Powell, indicate that there isn’t an immediate rush to implement rate cuts, stressing the need for trade deal assurances before policy changes are made.
- Global geopolitical dynamics remain tense yet tenuous, especially concerning ceasefire agreements between Israel and Iran.
ASX Today
In local news, the following developments could impact market sentiment:
- ALS Ltd raised $22.5 million through a share purchase plan, falling short of its $40 million target.
- Chalice Mining is advancing its Gonneville project with an expected pre-feasibility study in Q4 2025.
- GenusPlus adjusted its FY25 guidance to forecast a 28-32% organic EBITDA growth.
Market Outlook
The ASX is likely to begin on a bearish note, influenced by overseas trends and overall market breadth issues. Watch for further developments in US markets, especially as major indices appear delicate amidst tariff concerns and broader economic signals.
Key Events to Watch
- Economic Reports (AEST):
- 4:00 pm: Germany Consumer Confidence (July)
- 10:30 pm: US Durable Goods Orders (May)
- 10:30 pm: US GDP Final (Q1)
This wrap gives a thorough overview of the current market dynamics, providing insights helpful for investors and market observers in Australia and beyond.
