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Wall Street gains as soft labour market data is released

ASR Team

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Morning Research Notes - 08.07.24


US equities broadly gained on Friday, with treasury yields falling on the back of soft data from the monthly jobs report. Spot gold gained 1.5%, with the current price per ounce standing at $2392.16. Volatility, as measured by the VIX index, increased by 1.8% to $12.48.

The S&P 500 reached record highs on Friday, closing at 5,566.75, amid rising expectations of Federal Reserve rate cuts following a June jobs report indicating a cooling labor market. The Nasdaq and Dow Jones Industrial Average also saw gains, rising 0.9% and 0.2%, respectively. Treasury yields fell as the economy added 206,000 jobs in June, down from May's 218,000, with downward revisions for previous months and a slight rise in the unemployment rate to 4.1%. This bolstered the likelihood of a rate cut in September.

Tech stocks, led by Meta Platforms Inc., surged, although Nvidia fell on a downgrade. Tesla gained on news of increased sales in China, while Macy's stock soared on a potential acquisition bid. Conversely, Chinese EV stocks dropped due to proposed EU tariffs, and cryptocurrency stocks recovered slightly despite Bitcoin's recent volatility amid concerns over potential selloffs from Mt. Gox creditors.

The ASX 200 decreased by 0.12% on Friday, with Materials (-0.50%) and Financials (-0.45%) closing lower, whereas Utilities (0.44%), Info Tech (0.41%) and Health Care (0.74%) closed higher. Commodity markets ended the day broadly higher, with Zinc (0.24%), Copper (0.85%), Aluminium (0.08%) and Nickel (1.33%) seeing gains, whilst Iron ore (-3.0%) experienced losses.

In other news, GQG’s funds top $229b, Core Lithium tops guidance, and Ramelius hits top end of FY24 guidance (Source: AFR)


Chart of the day

Today's chart shows Morgan Stanley's opinions on commodities at their current spot prices and where they see the biggest upside/downside by 4Q24. MS appears to see the biggest upside from current spot prices in Copper, Metallurgical Coal and Iron ore. They see the greatest downside in Lithium Carbonate, Cobalt and Alumina.


Image Source: Livewire, Morgan Stanley Research

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