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Morning Research Notes - 19.11.24
On Monday, US markets experienced a mixed performance, with gains in the S&P 500 and NASDAQ Composite driven by big tech and Tesla, while the Dow Jones Industrial Average saw a slight decline. Major commodities had a positive day: Spot gold rose 1.8% to $US2,609.68 per ounce, while iron ore increased 2.5% to $US99.15 per tonne and Brent crude climbed 3.3% to $US73.40 per barrel.
Yesterday, Wall Street saw a mixed close with the S&P 500 rising 0.4% and the NASDAQ Composite gaining 0.6%, driven by a rally in big tech and Tesla. However, the Dow Jones Industrial Average fell by 55 points, or 0.1%. Tesla’s stock surged over 5% on hopes for a federal framework for self-driving vehicles, while big tech stocks like Apple and Alphabet also performed well. Roku jumped 7% after an upgrade from Baird. In contrast, Spirit Airlines filed for bankruptcy protection, and Nvidia slipped 1% ahead of its earnings report due to concerns over its new AI chips. The market now focuses on upcoming earnings and economic data, including Friday's PMI figures.
On Monday, the Australian stock market closed higher, with the ASX 200 rising by 0.18%. This mixed momentum was reflected across major sectors, as Financials, Information Technology, and Healthcare saw declines of 0.27%, 0.79%, and 0.88%, respectively. In contrast, the Materials and Consumer Staples sectors ended the day in the green, gaining 1.15% and 1.82%, respectively. Major commodities also had a bullish session, with Aluminium, Copper, Zinc, and Nickel rising by 5.05%, 3.27%, 3.55%, and 1.08%, respectively.
Chart of the day
During Trump’s first term as President, he took a strong stance against China’s strategic competition, a position that has since gained support from both political parties. As competition between the two largest economies has intensified, China is expected to remain a major focus in Trump’s second term. To boost its slowing domestic economy, China announced a 6 trillion yuan debt refinancing plan for local governments on November 8. This follows a significant monetary stimulus from the People’s Bank of China on September 24, which lifted Chinese stocks and raised hopes for more fiscal support.
Source: London Stock Exchange Group
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