.svg "close (3)"){kind=small}
Image Source: Adobe Stock
Morning Research Notes - 21.08.24
Wall Street indexes fell slightly on Tuesday, ending an eight-day winning streak, as investors awaited insights from the upcoming Jackson Hole Symposium on future interest rate decisions. Spot gold prices gained by 0.3% to $US2511.90 per ounce. Brent crude fell by 2.76% to $US77.24 per barrel, while iron ore prices gained by 0.3% to $US95.50 per tonne.
On Tuesday, Wall Street experienced its first decline in eight sessions as indexes fell slightly after a strong rally. The S&P 500 dropped 0.2% to 5,597.12 points, the NASDAQ Composite decreased 0.4% to 17,814.98 points, and the Dow Jones Industrial Average fell 0.2% to 40,834.97 points. The pullback came ahead of the Jackson Hole Symposium, where Federal Reserve Chair Jerome Powell is expected to address future interest rate policies. JD.com saw a significant 9% drop following news that Walmart plans to sell its stake in the company, while Keysight Technologies surged 11% on better-than-expected earnings. In contrast, La-Z-Boy's stock fell 4% due to weaker-than-anticipated guidance despite strong earnings results.
The Australian market continued its bullish trend from Monday, with the ASX 200 closing 0.22% higher. This positive trend was reflected across all major indices, with Materials, Financials, Info Tech, Health Care, and Utilities closing 0.92%, 0.25%, 1.29%, 0.25%, and 0.90% higher, respectively. Commodity markets also continued their bullish trend from Monday, with Aluminum, Copper, Zinc, and Nickel seeing price gains of 2.76%, 0.4%, 0.97%, and 1.93%, respectively.
Sky profit falls amid tough conditions, lifts dividend, Data#3 FY profit jumps 17pc, and Imdex posts record earnings, revenue. (Source: AFR)
Chart of the day
The McKinsey Global Survey shows a notable shift in economic outlook from March to June 2024, with a growing expectation of a recession. In March, 63% of respondents predicted a soft landing, but by June, confidence in that scenario dropped to 47%, while the expectation of a recession rose sharply from 38% to 53%. The belief that growth would accelerate also declined, from 26% in March to just 16% in June, reflecting increased concerns about an economic downturn.
Source: McKinsey & Company
If you want to receive our top 3 income stocks click on the button below:
Invest Well,
Australian Stock Report
