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Morning Research Notes - 30.08.24
Despite Nvidia’s stock dropping over 6%, the S&P 500 managed a slight gain, with mixed performances across major indices and notable movements in key stocks. Commodities experienced a bullish day on Thursday: Spot gold saw an increase of 0.8%, reaching $US2524.06 per ounce. Brent crude also experienced a rise, climbing 1.4% to $US79.78 per barrel. Similarly, iron ore prices went up by 1%, now standing at $US101.90 per tonne.
Yesterday, the S&P 500 managed a slight gain despite a significant drop in Nvidia’s stock, which fell over 6% due to a disappointing outlook. The Dow Jones Industrial Average rose by 0.6%, while the NASDAQ Composite fell by 0.2%. Economic data showed U.S. GDP growth at 3% for Q2, surpassing expectations, and unemployment claims were slightly lower than anticipated. Additionally, Apple’s stock increased by over 1% following news of potential investment in OpenAI. Meanwhile, Dollar General’s stock plummeted by 30% after cutting its annual sales forecast.
On Thursday, the Australian markets experienced a slight bearish trend. The ASX 200 closed 0.33% lower, reflecting mixed performance across major indices. The Materials, Health Care, and Utilities sectors fell by 0.67%, 0.05%, and 1.04%, respectively. In contrast, the Financials and Info Tech sectors rose by 0.32% and 0.07%. Commodities also had a mixed day, with Aluminium and Copper prices falling by 1.69% and 0.21%, respectively, while Zinc and Nickel prices increased by 0.25% and 0.63%.
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Chart of the day
Kazatomprom, the world’s largest uranium producer, recently announced a production cut. However, this move isn’t expected to significantly boost uranium prices as most investors believed it would. Although there was a brief price increase as a shortage in supply was expected, the market quickly resumed its downward trend. This is because the cut was anticipated, Kazatomprom has enough inventories to meet obligations, and contracting activity remains weak. While the current spot price is close to a key support level, further downside is limited, with potential for a bounce or prolonged consolidation.
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Source: Livewire
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