The ASX found its footing today, snapping back from a six-month low as investors embraced a more dovish tone from the US Federal Reserve. After nearly $40bn was wiped off the local market late last week, today’s relief rally felt well-timed and broad-based. Rate-sensitives led the bounce, but we also saw solid rotation across industrials, healthcare and selected pockets of materials.
The ASX limped into the weekend, chalking up its fourth straight weekly loss. That’s a tough run by any measure, putting November’s losses at ~5% so far — the worst monthly showing since September 2022. Ongoing uncertainty around US interest rates after a slightly stronger-than-expected US labour report showed 119k jobs added vs. 50k expected, while risk off flows have knocked the likes of Bitcoin, now trading $US86k down from $US125k high.
The ASX bounced from six-month lows yesterday, staging a strong move as investors piled back into stocks after Nvidia delivered blockbuster earnings that blew past expectations. The update reignited confidence in the AI thematic, helping the local market snap out of its recent slump - lifting nine of eleven sectors into the green. Unsurprisingly, tech was strong, supported by a rally in US futures, although good moves across the resources saw the material sector claim top stop – only just!
The local market spent the morning stabilising after yesterday’s selloff, with Nvidia’s earnings result tomorrow morning remaining in the focus. Strength across energy, gold and defensive names helped the market keep its head above water for most of the morning, until softness prevailed into the close as investors took risk off the table with a volatile session likely in store for tomorrow.
The ASX200 copped a heavy bout of selling today, sliding to a five-month low of 8444 as the market buckled under the weight of RBA inflation commentary this morning, and a thumping sell-off in tech as traders trimmed positions ahead of Nvidia’s make-or-break earnings after-market Thursday morning our time.
The local market looked set for another down day and its fifth straight in the red, before a strong midday rally turned sentiment around. After a ~200-point rout over the past week, the buy-the-dip mentality finally re-emerged as US futures rose, driving the index back into positive territory – albeit, only just.
The Australian market copped another heavy bout of selling today, with sentiment rattled by growing fears that interest rates in both the US and Australia aren’t coming down any time soon. The move follows Wall Street’s largest one-day fall in a month and caps the ASX’s worst week since March.
The ASX200 dropped sharply today, falling to a ten-week low after a strong jobs report dashed hopes of near-term RBA rate cuts, sending the rate-sensitive real estate and tech sectors down. The roaring gold sector provided a buffer, while the psychological 8700 level proved itself as a support, with a broad ~55pt rally softening the blow into the close.
The ASX finished lower today with decent sessions from miners and energy stocks more than offset by weakness in technology and financials, as selling in CBA struck again, capping broader momentum.
The ASX200 wavered through Tuesday’s session, opening up strongly after steps toward a resolution for the U.S government shutdown saw U.S markets rip overnight.
The ASX limped into the weekend, chalking up its fourth straight weekly loss. That’s a tough run by any measure, putting November’s losses at ~5% so far — the worst monthly showing since September 2022. Ongoing uncertainty around US interest rates after a slightly stronger-than-expected US labour report showed 119k jobs added vs. 50k expected, while risk off flows have knocked the likes of Bitcoin, now trading $US86k down from $US125k high.
The ASX bounced from six-month lows yesterday, staging a strong move as investors piled back into stocks after Nvidia delivered blockbuster earnings that blew past expectations. The update reignited confidence in the AI thematic, helping the local market snap out of its recent slump - lifting nine of eleven sectors into the green. Unsurprisingly, tech was strong, supported by a rally in US futures, although good moves across the resources saw the material sector claim top stop – only just!
The local market spent the morning stabilising after yesterday’s selloff, with Nvidia’s earnings result tomorrow morning remaining in the focus. Strength across energy, gold and defensive names helped the market keep its head above water for most of the morning, until softness prevailed into the close as investors took risk off the table with a volatile session likely in store for tomorrow.
The ASX200 copped a heavy bout of selling today, sliding to a five-month low of 8444 as the market buckled under the weight of RBA inflation commentary this morning, and a thumping sell-off in tech as traders trimmed positions ahead of Nvidia’s make-or-break earnings after-market Thursday morning our time.
The local market looked set for another down day and its fifth straight in the red, before a strong midday rally turned sentiment around. After a ~200-point rout over the past week, the buy-the-dip mentality finally re-emerged as US futures rose, driving the index back into positive territory – albeit, only just.
The Australian market copped another heavy bout of selling today, with sentiment rattled by growing fears that interest rates in both the US and Australia aren’t coming down any time soon. The move follows Wall Street’s largest one-day fall in a month and caps the ASX’s worst week since March.
The ASX200 dropped sharply today, falling to a ten-week low after a strong jobs report dashed hopes of near-term RBA rate cuts, sending the rate-sensitive real estate and tech sectors down. The roaring gold sector provided a buffer, while the psychological 8700 level proved itself as a support, with a broad ~55pt rally softening the blow into the close.
The ASX finished lower today with decent sessions from miners and energy stocks more than offset by weakness in technology and financials, as selling in CBA struck again, capping broader momentum.
The ASX200 wavered through Tuesday’s session, opening up strongly after steps toward a resolution for the U.S government shutdown saw U.S markets rip overnight.
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